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Know-Your-Customer Compliance is Economically Illiterate (Nostr, L0la L33tz)primal.net/e/note1yepwyjvqd5gnfj9xpdkr6dc0d3ag8dfmuj8djvtezx8lwnatvdrqauevtt
2288 sats \ 10 comments \ @denlillaapan 28 Jan econ
Excellent (enraging!) post by L0la—there's nobody I zap more on Nostr than her. Getting bank-compliance staff messing with you is the freakin worst!
Argument in meme form:
(ignore the Monero logo; it's a good meme.)
Backstory is that some low-life bank compliance person came after L0la:
The highest indication of bank money not being money is precisely this; that its spending is permissioned, and that it violates/undermines/puts obstacles in the way of money's PUREST AND SIMPLEST FUNCTION.
the amount of complete nonsense work – and with that costs – this system creates both for the Government and private institutions is absolutely astonishing. If there ever was a true bullshit job, compliance officer would no doubt be it.
These dudes literally make a living making the world worse. Afuera! (and then straight to jail!)
Lots of resources in the comments for turning BTC into goods and services and/or paying fiat bills
Peace, friends, and be careful out there.
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106 sats \ 2 replies \ @Scoresby 28 Jan
The monero meme from above is actually something Giacomo Zucco said about bitcoin, (which I turned into a picture with Lauren Bacall in 2022)
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102 sats \ 0 replies \ @denlillaapan OP 28 Jan
Ah, much better. I steal it
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0 sats \ 0 replies \ @nitter 28 Jan bot
https://xcancel.com/BitcoinScoresby/status/1604871975515688960
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25 sats \ 1 reply \ @0xIlmari 28 Jan
The "kindly assist us" is actually key here. It is the exchanges and banks that are forced by regulation to KYC/AML, not the customers themselves.
But they're trying to shift this responsibility onto customers and make it their problem.
Of course, they have all the right to deny service to people who don't comply, but if people started leaving in droves in response to this bullshit, they would either have to shut down or finally start pushing back on the regulators.
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0 sats \ 0 replies \ @denlillaapan OP 28 Jan
The not-so-quiet revolution! Love it
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25 sats \ 0 replies \ @Colonial 28 Jan freebie
Without privacy, there is no freedom.
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33 sats \ 1 reply \ @Aardvark 28 Jan
The hardest thing I had to explain to my mother is that she doesn't own any of her money, or retirement funds.
It wasn't hard to explain it, it was hard to break it to her. Nobody likes to face the realization that their entire means of survival is based solely on the trust of institutions holding her investments.
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21 sats \ 0 replies \ @denlillaapan OP 28 Jan
Crazy.
That's the real rugpull. Waking up from the matrix
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48 sats \ 1 reply \ @Undisciplined 28 Jan
I'm so bullish on bitcoin killing all this shit, en route to winning the War of True Moneyness.
As people increasingly start using bitcoin, just because it's less of a pain in the ass, all of the tradfi legacy firms will have to choose whether they want to try to keep up and make life better for their customers or just die off.
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21 sats \ 0 replies \ @denlillaapan OP 28 Jan
using bitcoin, just because it's less of a pain in the ass, indeedz
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