Topic: Walking down the Crypto/Fiat Bridge (Read 122 times)

By the end of the day, no matter how much BTCBTCBTC you have, the world is still powered by $$$: all the infrastructure on which society is built and functions, runs on fiat.

Though it is my belief that Crypto will supplant fiat, just like solar will beat dinosaur juice, you still can't pour sunlight into your gas tank.

For now good blockchain tech is not about destroying and rebuilding from scratch, but bridging, those who will succeed are those who will build the bridges for the masses, hold their hands and slowly walk them to Valhalla.

In my opinion the most treacherous crevasse to cross, and as such the most lucrative is: fiat/Crypto 2 way conversion. Those who trust in the likes of Coinbase, Kraken and Tether have no idea as to how thin the rope is.

If you do have any subtle notion of how due diligence works in the financial industry you should know that compliance breaches will make the mightiest of giants bend the knee.

- Think of 2 networks: Fiat (Network A) which is wholly identified, and Crypto (Network B) which is wholly anonymous.
- Network A is controlled by nodes (banks) which control sub nodes (Bank accounts). Transactions never leave the node network and can always be traced through the nodes.
- Network B is blockchain, there is no control on who creates and control the nodes and sub nodes. As much as the transaction is traceable, there is no point on tracing anonymous addresses, you won't find shit.
- Crypto/fiat exchanges act as point of contact between Network A and Network B, but as far as they are concerned they only KYC the last point of contact that deposit the crypto into their custody.
- Should I wish to launder tainted crypto, all I need is to have a nominee(strawman) hold my Crypto/fiat account at the exchange, and all is good. Piece of cake.

Will Crypo die or be banned? The short answer is no, too many well-connected people have a stake in the game.
But the market will emulate its very own crypto apartheid, Crypto/fiat exchanges will stop withdrawal and deposit to stop exchange crypto from being tainted.
All the wild Crypto will get locked out and the biggest game in town will be getting those illegal immigrants in.

Please check us out:
Website: https://iame.io/
Twitter: https://twitter.com/iameidentity