RE: Will we (Steemians) ever be forced to do KYC/AML/KYD?

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Will we (Steemians) ever be forced to do KYC/AML/KYD?

in kyc •  6 years ago 

"Without KYC/KYD you cannot trust anyone or service on a blockchain nor hold bad actors accountable."

There is no need for any KYC, KYD, or even KYF and similar crap. The blockchain is about not having to trust anybody - do your homework ;-)

kyc weedcash
6 years ago by

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      ·  6 years ago (edited)

    Ya, we (all) know it's not needed. Thanks for your opinion.

    That's what I'm doing (my homework) thanks (again), so your saying it's immune or? And why?

    Have you lost any funds to a steem related dApp?

    Have you heard of FAFT? How does the new regulations apply to our STEEM based exchanges?

    :-)_?

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      [-]
        ·  6 years ago 

      Trustless block-chain is immune if it is enough decentralized (jurisdiction independent so to speak). Dapps may be immune if they follow the same logic.

      Have I lost any funds to a Steem related dApp? Nope. But even if I had, I would blame myself and not lack of regulation/KYC or whatever...

      And KYC is not about trust and/or security - it's about the powers that be controlling your assets...

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        [-]
          ·  6 years ago 

        You mean this? http://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html

        They will try to regulate this area, no doubt. But it will be more or less unenforceable ;-) Not sure about Steem though, as this system is not really decentralized enough in my opinion.

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          [-]
            ·  6 years ago (edited)

          I'm gonna just ignore your previous comment, it's funny.

          But yes, that's what I was inquiring about (thanks for the link, lol). Not sure how 'unenforceable' it is given that Binance, Bancor, KuCoin and Shapeshift (pre FAFT example) were all FORCED to introduce new security measures due to regulation changes; most recently banning US citizens from some services albeit they are building US tailored services to fill the void.

          STEEM is decentralized to a great degree, our STEEM exchanges are not.

          A bit of context: I will be attending a forum on Digital Assets and Security Tokens this Monday at the Jamaica Stock Exchange. Only 300 attendees, to whom I will be introducing STEEM and Steem Engine's STO service.

          Thanks for the reply

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            [-]
              ·  6 years ago 

            I think that they've banned US IP holders, not US citizens ;-)

            Steem is not decentralized - the whole thing is being controlled by probably a dozen accounts with wallets thick enough to vote in/out any witnesses they want.

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              [-]
                ·  6 years ago 

              They banned US citizens and enforced that by banning US (and a few other countries) IP addresses . In regards to Binance, they are building US specific arms to their services.

              A (whole) dozen? I thought it was less 😒

              Posted using Partiko iOS

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                [-]
                  ·  6 years ago 

                You know and I know that this sort of ban is like token compliance... Anyway, if normal exchanges are killed by over-regulation then there would be dexes, and possibly also dexes set up on the TOR network to fill the gap.

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                  2 votes