But how do you use KYC to gatekeep anything regarding crypto? For example, how the thing which happened to Steam and Itch could happen in crypto world?
An exchange, intermediary, or market manager gets large, then blacklists the wallets or bank accounts of the company? Basically the same thing that happened with traditional currency. To my knowledge, theres nothing preventing that.
What stops the company to maintain a team of people whose work is to register new wallets and accounts on exchanges all day every day? How exchange going to figure out that a certain person’s account is linked to the company? Even if they will hire detectives, what will they do if there is a whole team with rotating people? Also, exchanges don’t ask you to pay taxes or declare where you got money from, that happens after you take money from them to your fiat bank accounts. Also, you can go to another exchange. There are countless exchanges, more than 2, and new ones can open every day (a big difference compared to payment processors, where just 2 basically monopolized the market).
Also, exchanges don’t ask you to pay taxes or
What stops the company to maintain a team of people whose work is to register new wallets and accounts on exchanges all day every day? How exchange going to figure out that a certain person’s account is linked to the company? Even if they will hire detectives, what will they do if there is a whole team with rotating people? Also, exchanges don’t ask you to pay taxes or declare where you got money from, that happens after you take money from them to your fiat bank accounts.
So basically, set up a whole new, extra inaccessible payment system (that definately won’t be intercepted by middle men) to be able to make transactions. And then how do you convert back to the dollar? You’re in the same position.
There are countless exchanges, more than 2, and new ones can open every day (a big difference compared to payment processors, where just 2 basically monopolized the market).
There are countless payment processors and digital wallets, and new ones open regularly. You just don’t hear about them (esspecially in North America) because unregulated capitalism has allowed Visa, Mastercard and PayPal to monopolize the market. What stops that from happening again?
But how do you use KYC to gatekeep anything regarding crypto? For example, how the thing which happened to Steam and Itch could happen in crypto world?
An exchange, intermediary, or market manager gets large, then blacklists the wallets or bank accounts of the company? Basically the same thing that happened with traditional currency. To my knowledge, theres nothing preventing that.
What stops the company to maintain a team of people whose work is to register new wallets and accounts on exchanges all day every day? How exchange going to figure out that a certain person’s account is linked to the company? Even if they will hire detectives, what will they do if there is a whole team with rotating people? Also, exchanges don’t ask you to pay taxes or declare where you got money from, that happens after you take money from them to your fiat bank accounts. Also, you can go to another exchange. There are countless exchanges, more than 2, and new ones can open every day (a big difference compared to payment processors, where just 2 basically monopolized the market).
So basically, set up a whole new, extra inaccessible payment system (that definately won’t be intercepted by middle men) to be able to make transactions. And then how do you convert back to the dollar? You’re in the same position.
There are countless payment processors and digital wallets, and new ones open regularly. You just don’t hear about them (esspecially in North America) because unregulated capitalism has allowed Visa, Mastercard and PayPal to monopolize the market. What stops that from happening again?