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224 sats \ 5 replies \ @Scoresby 31 Aug
This rings true for me. I don't know if I agree that the lack of interest in actually holding one's own keys is as innocuous as she thinks, but it is probably true that in the neat future privacy crackdowns will e a greater threat to bitcoin than lack of self-custody.
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209 sats \ 4 replies \ @brunenzio 31 Aug
I completely agree with you. The fact that people are not interested in understanding how to better take care of their savings is a symptom of a terrible disease that has to do with indifference and lack of engagement with serious matters.
Accordingly, there's a lot of room for imposing stronger and stronger KYC policies that will make harder and harder to enter/navigate the BTC ecosystem without a sufficiently strong push back.
The consequences of all this for my little stack are potentially quite bad, and I don't know what I can practically do to make a difference. I hope it will not become one of those global systemic problems that can be solved only by complex simultaneous collective actions too fast, otherwise I conjecture it will be a shit show.
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0 sats \ 3 replies \ @stack_harder 1 Sep
start with non-kyc buys on robosats or your p2p platform of choice
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0 sats \ 2 replies \ @brunenzio 1 Sep
Robosats and P2P are something I plan to understand, but they don't address the issues mentioned here.
Given the current trend about enforcing KYC and other form of controls on BTC, one should be careful to not mix KYC BTC with non-KYC BTC to avoid potential future "headaches". This additional level of complexity will drive more and more people far from BTC environment.
Of course, if you plan to live on BTC only, and, most importantly, have to possibility to do so, you may be untouched by KYC measures and tax-related nightmares, but this is not the average person.
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50 sats \ 1 reply \ @stack_harder 1 Sep
imo, only a very small percentage, relatively speaking, would even be bothered by it.
right or wrong, they will live in a fully kyc world without batting an eyelid. They will pay their tax on their gains etc and will be more than happy to do so.
If the gov wants them to do a retina scan and dna swab to open an account, they'll do that too.`
And that's the percentage that even has the balls to get into btc in the first place. the true average person still thinks bitcoin is a scam and trusts the government implicitly
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0 sats \ 0 replies \ @brunenzio 1 Sep
That's exactly the point! The vast majority of people do not care about privacy-related things, and the inference is that this attitude will make things way worse for privacy-conscious people interested in BTC.
P2P services are ok for some BTC users, but most of the privacy-conscious people who may be interested in BTC will not have the strength to manage two completely separated stashes of BTC.
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36 sats \ 3 replies \ @Solomonsatoshi 1 Sep
No mention of the four year cycle then Lyn?
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35 sats \ 2 replies \ @siggy47 OP 1 Sep
I don't know what her opinion is on the cycle, but I'm sure she has been asked about it, considering that she is interviewed constantly.
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36 sats \ 1 reply \ @Solomonsatoshi 1 Sep
I would be genuinely interested in what she has to say about it- it just seems the four year cycle was talked about a lot as we approached the halving and rising part of the cycle but now that we approach the time when it would tend to decline in price it is much less talked about.
Reading between the lines of her post it seems she might say 'this time is different due to institutional adoption' etc and maybe it is.
I agree that governments are hellbent on attacking BTC privacy via the KYC angle and that angle taken to its ultimate extent could result in effectively banning privately held Bitcoin. What I don't get is her lack of concern about Treasury and institutional accumulation when these will all be KYCed and in the case of ETFs and Strategy give governments additional pretext to ban private custody as they will say- 'you can still enjoy BTC price exposure/SoV via ETFs or Strategy shares so there is no real need for private custody and the money laundering and criminal elements that might misuse it.'
All fiat issuing governments inherently have strong motive to preserve their fiat MoE hegemony and power and so to channel Bitcoin narrative into it being a KYCed speculative commodity achieves that preservation while suppressing any development of P2P payments.
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35 sats \ 0 replies \ @siggy47 OP 1 Sep
I don't agree with this at all, but I have to respect Lyn's opinion. She knows more about this than me.
Re the four year cycle, I guess it doesn't really matter. There will be bull and bear markets. Personally I have no doubt we're looking at a real bear market in the not so distant future, but that's because this is now my third cycle and it just has the same feel. Not very analytical, I know.
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