An Argument Against KYC Bitcoin That Everyone Can Understand \ stacker news ~bitcoin

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An Argument Against KYC Bitcoin That Everyone Can Understand bitcoinmagazine.com/culture/argument-against-kyc-bitcoin

1140 sats \ 7 comments \ @P2P_bitcoin 3 Aug 2022 bitcoin

118 sats \ 1 reply \ @P2P_bitcoin OP 3 Aug 2022

“If we just comply with Covid lockdowns, mandates, and restrictions, then we’ll be able to return to normal and be free.”

“If we just comply with KYC and regulations, then we’ll be able to defeat the state and central banks and be free.”

Same energy.

https://nitter.it/zedact3d/status/1553820426865893380

25 sats \ 0 replies \ @allark 3 Aug 2022

Exactly :)

105 sats \ 0 replies \ @Roll 3 Aug 2022

Just use Bisq, ATM or peer to peer

25 sats \ 3 replies \ @allark 3 Aug 2022

Monero fixes this :)

So does Lightning but to a lesser extent.

100 sats \ 2 replies \ @P2P_bitcoin OP 3 Aug 2022

Even if an identity can be obfuscated from an individual’s bitcoin transactions, the KYCing third party still retains all the user's personally identifiable information (PII), including name, address, selfies and total purchase amount.

Monero doesn't fix that.

And the point made in the article about exchanges and services disallowing deposits which were either mixed or from a coinjoin, or even warning the customer for coinjoin after withdrawal, those same services won't even touch Monero. So yes, while Monero has better privacy that on-chain bitcoin transactions that haven't had privacy protection measures (e.g., coinjoin) perform, KYC is a problem for Monero users just as it is for bitcoin users.

40 sats \ 0 replies \ @allark 3 Aug 2022

True that. KYC is just the legacy system trying to weasel, worm and threaten their way into this decentralized future. :)

25 sats \ 0 replies \ @deleted231216 3 Aug 2022

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