21 sats \ 1 reply \ @clr 29 Jul \ parent \ on: Bitcoin Conference - Snowden warnings, improve privacy in Bitcoin ASAP bitcoin
If those draconian countries do not change direction due to political pressure from the public, those with large quantities of Bitcoin will have to consider moving to countries where regulation does not block them completely.
Of course bitcoiners will have to consider moving outside of Western countries; that's almost a given. Why would one want to invest in businesses or buy properties in those decaying countries anyway? If you haven't read "The Sovereign Individual" do; it has always been clear that the competent ones will move out of the Western countries.
Changing bitcoin into a "privacy coin" when privacy coins are being banned in western countries doesn't solve your problem. It's not bitcoin that has to be changed, it's bitcoiners that have to stop bowing to KYC.
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21 sats \ 0 replies \ @rod OP 29 Jul
Good points.agree, but there are always those that get trapped
My two sats for what I have observed:
The family connection There are some that will not move due to family. Large families that are very close tend to cause that effect. Or old parents that require attention due to age and will not move
The generational wealth and business connection Some bitcoiners are part of generational wealth tied to businesses and properties and therefore moving is not as easy and I many cases neither an option they will consider
As for evolving Bitcoin implementing a BIP that adds privacy in L1, that will solve a critical problem. Now that institutions are in there is not putting the rabbit back in the hat, is done. Regulation will continue, probably western countries will force KYC no matter what, but at least, for the rest of the world, for the libertarians, the transactions will be private in L1. Wishful thinking...
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