123 sats \ 0 replies \ @om 8 Aug 2022 \ on: Prefer Underground-Bitcoin over Hyperbitcoinization? bitcoin
There are two separate goals:
(1) people save in Bitcoin ("hardest money")
(2) people use Bitcoin without any AML/KYC crap ("censorship free")
It's very possible to score only one of those two. (1) without (2) would be basically EU: a world where people buy Bitcoin on a fully AML/KYC-compliant exchange but you can't really move it out or if you do, you must tell the exchange the passport and address of the payee. The world of (2) without (1) would have stablecoins running on Bitcoin tech such as Taro. Either way there will be a lot of very unhappy governments.
Neither of the two goals is achieved so far. Most importantly, KYC is ever expanding and "people who want to save in the hardest money in the world censorship free" might face the problem that their censorship free money is in fact censored - not on the protocol level, but on the police baton level. According to a recent SN poll (sorry - no link) > 50% of SN users submit to KYC to get their Bitcoin.