708 sats \ 1 reply \ @ODELL 16 Feb 2022 \ on: My Beef with No-KYC cheerleaders. bitcoin
Everything has tradeoffs. It is important as a community to educate newcomers on the risks and tradeoffs of using regulated services and let them make an educated decision based on that information. Most are not aware of the privacy risks of using regulated bitcoin services.
With that said, here are my responses point by point.
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Liquidity is a chicken and egg problem. If more people use it then it will have better liquidity. Have to start somewhere. Agree the UX is not great, but it is not horrible once you get comfortable with it, hodlhodl has a better UX that you may consider.
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Even if you dont wear a mask or use a burner it is a massive privacy improvement over full KYC onboarding on a regulated service.
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Mining is not for everyone but it is more accessible than mainstream influencers would have you believe. Especially in the US where we have residential rates much lower than most of the developed world.
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This will get easier as adoption increases.
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Same as above.
There are many people that are locked out of the traditional regulated financial system. These people are also locked out of regulated bitcoin services. Bitcoin ATM usage is higher in poorer neighborhoods, this is not a coincidence.
I do not understand the attempt to draw extreme scenarios here. It is a matter of tradeoffs and reducing risk, not eliminating risk altogether. Small improvements based on educated decisions can bring substantial benefits in terms of privacy, for example limiting your KYC exposure to a single bitcoin onramp rather than signing up for a handful of KYC services as many newcomers do.
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