The stuff I'm seeing recently with KYT is really putting the fear into me. Don't know why more people aren't discussing this more in #bitcoin.
Is everyone just hoping that the fungibility of their coins will be fine in N years? What happens after all the "genius" AI tools flagged them for wrongthink or being in a lineage of transactions with a sanctioned entity?
"Oh, this UTXO was in a mixer? We have to hold on to this by law, sorry"
Replies (3)
Do you mean, what happens if the AI/chain analysis can't detect anything bad? Hopefully that will be the case after privacy mechanisms.
> not being able to detect = all is bad
This is what I mean. KYC/KYT will become this and then the whole system gets hijacked by the governments.
It is starting as a blacklist (from my understanding), but will turn to a whitelist.
Yes, in the same line of reasoning true private/anonymous/fungible money will not be allowed by goverment.
Government overreach can't be fixed by money.
We have to fix that.
If we have fixed goverment most requirements for that true private/anonymous/fungible money is also gone.
