Remember that when value moves into BTC, it comes from some other silo, making it inaccessible to fractional reserve banks, financial market vehicles, and the speculative real estate club where it would otherwise sit. Lots of entities are interested in these silos growing, and will see their waning as a bad thing.
Storing value isn't the only reason you would buy extra property or a share of a corporation and those markets will be just fine without the public casually treating them like a savings account.
Still, theres a strong desire to slow the drain of our money from their custody, not the least because they're functionally insolvent if a selloff happens too fast. Making sats a headache to hold is the most obvious recourse, and legislation is the most handy tool to inflict it. Made to order laws are proposed and passed all the time, theres practically a price list for doing so.
All of this predicts that the kabuki dance required to comply with nuisance KYC and tax regulations will only get more complex, and the rational for it will become more ridiculous as time goes on. After all, if bitcoining was easy, everybody would do it.
#bitcoin #lightning #nostr #kyc #sov
Able Kirby
npub1ud…pd0ds
2024-05-07 16:31:11
Author Public Key
npub1udgz58rr47hxj963aytu6y4msuvpgmzgfwaz3q3hapj2d5j05clqwpd0dsPublished at
2024-05-07 16:31:11Event JSON
{
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"pubkey": "e3502a1c63afae691751e917cd12bb8718146c484bba288237e864a6d24fa63e",
"created_at": 1715092271,
"kind": 1,
"tags": [
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],
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[
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[
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"content": "Remember that when value moves into BTC, it comes from some other silo, making it inaccessible to fractional reserve banks, financial market vehicles, and the speculative real estate club where it would otherwise sit. Lots of entities are interested in these silos growing, and will see their waning as a bad thing.\n\nStoring value isn't the only reason you would buy extra property or a share of a corporation and those markets will be just fine without the public casually treating them like a savings account.\n\nStill, theres a strong desire to slow the drain of our money from their custody, not the least because they're functionally insolvent if a selloff happens too fast. Making sats a headache to hold is the most obvious recourse, and legislation is the most handy tool to inflict it. Made to order laws are proposed and passed all the time, theres practically a price list for doing so.\n\nAll of this predicts that the kabuki dance required to comply with nuisance KYC and tax regulations will only get more complex, and the rational for it will become more ridiculous as time goes on. After all, if bitcoining was easy, everybody would do it.\n\n#bitcoin #lightning #nostr #kyc #sov\n\n",
"sig": "7122505b646078562eb032ac453c840f7e7a66b8d1231b5642b23bb59f7fd438da7eecd751fd8393c42a57b775485698568cdb5fad8903050456b86b557406bf"
}