When discussing the regulations about defi you may believe it only applies to altcoins. This is deeply wrong and misguided. First of all there are platforms being developed that use unwrapped native bitcoin. Second of all, any of these laws against DeFi in general will absolutely destroy the future of bitcoin as an independent government free tool. It will be fully controlled by KYC, globally, in every single area except private wallet to wallet transactions. anything that so much as looks like Local Bitcoins will be KYC'd with extreme prejudice. You will have no real fundamental freedom from the government. Microsoft is even developing bitcoin layer 2 smart contracts that have built in KYC.
Chainalysis will be used against you with extreme prejudice, very little bitcoin will truly be fungible, and it will be dangerous to acquire.
What the bitcoin community tries to convey as a antithesis to altcoins, to me really comes across as an antithesis to layer 2 solutions.
Bitcoiners do not want to deal with the regulations that will fundamentally dictate layer 2 and lightning network, yet if the western governments get their way, none of these layer 2 functionalities will ever exist without KYC and mass surveillance, ergo you will never see the separation of money and state.
This is why the definition of non entities, non companies, non custodians as vasp is a mortal threat to liberty and the values of bitcoin. It's why the travel rule is so bad. It prevents any real freedom from this state intrusion.
You as a community need to realize what layer 2 is, what web 3.0 is, and defend it, because it is the most important cultural battle of our lives.
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