Well, what do folks on this Litecoin thread think of the coinbase CEO's rumor of BTC/crypto regulations requiring exchanges to know the ins/outs of KYC for not only an account but you prove? somehow
your paper wallet or Trezor or whatever and keep track of all addresses in/out with KYC? (I assume that is the crux of this stupid supposed regulation? Correct me if that is a few steps beyond what it is really)
indeed..impossible indeed..it would be the same thing as China tried to do more than a few years back and all the China exchanges just picked up and left...then views changed and all came backM
Indeed, I can easily go to an exchange in Canada and use KYC and skip the entirety of the above regulation....I assume this is just another 'burnt earth' policy of dubious regulations
left by the Trump Administration to make things difficult for the incoming Biden Administration and will..if implemented by Trump Administration would be overturned promptly. (knock wood)
But, indeed, IF such a rule was made...Mimblewimble would be soooooo beyond dead in the water for Litecoin as to be 'undo'able' IMHO even if all the exchanges did leave the USA for
What do you think?
Not a slam, just saying, if it stands, the next shot would be against Mimblewimble and anon coins IMHO. Again, I can't see it working..in that it is a USA law only, but damn I can see it slapping the price
of BTC/Crypto down to sideways or much lower sideways on the next year into 2021 as this is addressed by Biden Administration and threats of US exchanges bailing out of the USA ASAP.
Anyway, thoughts on how you think this all will shake out? I myself would be my own money that Trump Administration, like Coinbase CEO says, will do this rule before Biden Administration takes over.
Likely, with a 'timeline' impossible to do by say Jan 1st, 2021. Sh*t, this will be quite the clusterf**k...I hope I'm dead wrong, but dubious Trump Administration rules seem to be the way of things till
Biden Administration takes over, so I hope not in this case...but with all our success this year, we would be a likely target of such idiocy IMHO.
Again, beat me up, give me some hope, say I'm wrong on my view it will go through and will get fixed by Biden Administration eventually but making 2021 more uncomfortable than it otherwise would
be price/regulation wise.
BTC/Crypto/LTC always drama!
Brad