Thread - Nostr Hypermedia

Well said. I've been raising similar concerns. "Bitcoin is unstoppable" but it really isn't when KYC removes the sovereignty and onramps could be cut off in an instant. There are also the folks who underestimate the threat KYC poses. If BTC is all about self-sovereignty and ownership of your money, then how on earth is that compatible with KYC and similar regulations? If you have to ask permission to exchange your fiat for BTC, it really doesn't free you the way they claim. It also doesn't help that all supposedly 'no KYC' methods still have KYC somewhere in the pipeline. Unless you have trustworthy friends who can trade fiat for BTC, or unless you're willing to take a risk on cash-by-mail or gift card trades, you're inevitably KYCing through the payment processor you use.

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Replies (3)

Kip Ashlynn signal@kamresearch.global 2 weeks ago

I think if we can get more merchants onboard with using Bitcoin it will help become a more circular economy. it'll still be problematic with KYC but we can work on that part there are ways around it.

npub1a5la...w0c7 2 weeks ago

Peer-to-Peer, just as the whitepaper laid out. Until Bitcoin is utilized that way in a much more circular fashion, it is broken. But I have hope that it'll get there. People have to establish confidence first.

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Jacob | Five Eye Tea 2 weeks ago

But that doesn't really work if you're in a more rural area.