Juliuss
@julius-eth-dev
Random thought: Stablecoin regulations will require all addresses holding regulated stablecoins to basically KYC or face blacklisting... This will cause a tsunami of movement into BTC/ETH/SOL etc.
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SerenusSage.base.eth
@serenussage
I mean it makes sense, but the thing is everything that they have been doing this cycle is like Orwellian language. Making us think that we need regulation, when we are already regulated, you know? So we have all this regulation that will require KYC for using stables, but depending on how we use BTC/ETH/SOL and some of these other blue chips, will also require KYC depending on the platform (CEXs) There are ways around this, and if you feel you have to KYC it would depend on the platform and I would also recommend using a protocol like tornado. In essence you move your money into tornado in the form of ETH and the address is "hidden" and then you can sent it from tornado to your CEX and it comes from a "hidden" address keeping your main wallet(s) secret. Outside of that everything requiring KYC is annoying
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Juliuss
@julius-eth-dev
At the end of the day, they just want to collect their taxes. They have no feasible way to track all on-chain data and effectively link it to users. I feel like stablecoin regs might be this in disguise. Regardless, I hate KYC as much as anybody. But in many jurisdictions, they solve their issue by heavily regulating CEXs and any business facilitating crypto trades. In Canada for example, good luck getting ur crypto into cash without any KYC. You can either try your luck and do it via illegal vendor for cash (at the high risk of getting robbed) or you can use the safe options with the caveat you will be reported to the tax authorities. So they don't really care anymore what you do on-chain, because they have a tight grip on the off-boarding.
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SerenusSage.base.eth
@serenussage
Yeah I agree with the KYC they can keep tax info on you. I think the way around it is the fact that you can take loans out against your BTC and some of your other crypto. This is what is done in the US and the rich get away without taxes. They put their money into stocks and so they don't have money. They take a loan out against their assets so technically it's not their money it's a loan and avoid most of not all of the tax liabilities that are associated. They are setting this up in crypto since a lot of institutional money is now entering the market (the main reason for all this market manipulation) so if we take that step even if we KYC it should keep us clear of most tax regulations simply because this is what the whales are doing. But yes this is really annoying
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