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Thanks for your info! Upvoted!!
It is clear that the banks want KYC on the blockchain. The current assumption seems to be all crypto is evil money laundering instruments until proven otherwise.
I blogged about this recently involving the Tezos controversy but it's all connected. If banks require we use only the white tokens then all the black tokens essentially can't be cashed out. Game over.
It is not a bad thing that banks are stopping people from using debt to buy cryptos. This falls on the industry to figure out better gateways from fiat to crypto while remaining secure. This will be challenging but could be the key to ensure higher adoption and usage.
All fiat is debt so how does that make any sense?
Very true! However, I refer to debt as something an individual needs tonoay back like credit cards. Fiat is an asset for the holder but a debt to the issuer like the US for USD. That is the context I meant...
Banks also are banning debit cards. Has nothing to do with "credit". More importantly fiat is no asset. Fiat is debt. If it were an asset it would be a stock (something which grows in value over time) or land. One of the worst mistakes in my opinion is to hold money in a bank expecting the value of that money to go up over time like an asset.
The problem with KYC on the blockchain is how will they keep privacy? In my opinion no one needs to know how many of what tokens are in your portfolio. They may need to verifythat you are not a terrorist, or on some sanctions list, as I totally get that part but they don't need to know your holdings to know you're safe.
If it can be done privately then there is hope but if not then we will have a caste system in crypto between white and black chains until consensus is reached. Expect a lot of forks.
yeah well wells Fargo sucks and apparently keeps your info and sells it and makes accounts for you. sooooooo yeah
Fargo ban maybe related to gambling
https://steemit.com/bitcoin/@rebeccamqamelo/reality-check-it-doesn-t-matter-whether-bitcoin-exists-or-not-1
Hey Omar its great that show to us all that kind of transparency when stating that you are going to take sponsors once a month and I'm really happy Enjin will be the first one since as u mentioned before they are a project trying to solve a serious obstacle i​n the gaming industry.