1/ I see lots of people panicking with the recent EU vote about noncustodial wallets, aka wallets where you control your private key. Here are my thoughts and how you will be affected from a crypto user's point of view, NOT a CEO:
2/ When I got into crypto in 2014, pretty much no one, except for probably @coinbase and @krakenfx did KYC. NO ONE else did. It was the wild, wild west. Most of you just can't remember that time, but especially with the bull run in 2017, most platforms incorporated KYC.
3/ Most people thought, this would crash the market, and there was the 2018 crash, but not because of the compliance - because of the fomo bubble bursting. And today? Sure, people find KYC annoying, but it doesn't hinder our growth as an ecosystem.
4/ The EU vote is similar to the FATF rule that has come into place, and people panic, cause they think this will take some privacy and/or control away. This is wrong: First of all, blockchains are NOT private, and this doesn't affect your ability to control at all.
5/ Most platforms such as @cakedefi etc. are FATF compliant already, so there will be very little impact on you as a customer. Already in the past, companies such as #Elliptic, #Cyphertrace, etc. made blockchain identities completely transparent - see so many hackers caught!
6/ Us having to declare large transactions, is f-ing annoying, but this was done by these tracking companies already anyways. Same, same, just different. Transactions not including exchanges are censorship resistant, so not affected at all.
7/ So, looking at all this, one can conclude 5 things:
1. The EU once again passes the innovation baton to the US and ASIA. Which is why I left that place - vote with your feet!
2. Most crypto platforms are already compliant with that rule, and not much changes for customers.
1. The EU once again passes the innovation baton to the US and ASIA. Which is why I left that place - vote with your feet!
2. Most crypto platforms are already compliant with that rule, and not much changes for customers.
8/
3. It will be a nonevent for crypto.
4. It will be a joyful event for the crypto hating media.
5. It will be just one of the steps on the long staircase of governments, media and banks to try to stifle crypto. Don't let them. The biggest driver is fear! No need for that!!
3. It will be a nonevent for crypto.
4. It will be a joyful event for the crypto hating media.
5. It will be just one of the steps on the long staircase of governments, media and banks to try to stifle crypto. Don't let them. The biggest driver is fear! No need for that!!
9/ Crypto will keep growing, because it has strong utility. Utility, nothing else can provide. They can try to slow us down, but they won't stop us! ♥️🚀♥️🚀💪💪
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