For me the biggest issue with chain analysis is the attack on fungiblity, 1 bitcoin is 1 bitcoin but if authorities are tainting coins for let's say drug trafficking why can't they do that for other things and continue to erode the untainted supply so those with bitcoin can now not get access to liquidity from KYC exchanges

I guess in response it drives more coinjoins P2P transfers and synthetic assets and coupons like your pear credit which isn't the worst fall back, I'm just not a fan of this narrative that there is dirty bitcoin, either its all clean or its all dirty