Topic: Where Compliance and Crypto Meet (Read 142 times)

compliance AKA regulation is not what people think.
regulation is more about allowing businesses to wear a shiny sherrifs badge and police its own customers under the ruse of protection.

but people using businesses as custodians(banks2.0) is the complete opposite solution to the whole point of blockchains.
yea i get it some people want gateways in and out of fiat-crypto. but using businesses as long term custodians and relying on businesses for long term 'security' is just not logical for the point of blockchains purpose.

most people think using custodians protects/insures them. but what they dont realise is the insurance is not a instant handout. some people can be waiting years for reimbursment and even then only get pennies on the dollar.

here is a foolish example of what cipertrace services could lead to
the foolish thing is, when an exchange claims 'we been hacked' the ceo can be the 'hacker' taking the coins himself for retirement.
he then spends them. the coins circulate to other exchanges with a new recipient. then things like ciphertrace want to freeze the account of the recipient(unwitting victim to be handed coins) loses his value. and guess what. the CEO that retired gets given back coins that he said were hacked(takn by him in first place)

meanwhile the recipient that had his accounts frozen then has to pay out legal expenses to defend himself and explain where/how he got the funds and try to fight to ven get a chance of being seen as innocent, let alone losing out twice via frozen accounts and then legal expense.

where as. if people just learn the point of blockchains 'your private key, your private property' then compliance, custodians and regulation are not required.

too many people want regulation. not fir personal security(as thats a laugh) but purely for the HOPE that it draws in new adopters for a pump and dump.
however, these new adopters wont be investing in coins on exchanges. but on private investment markets. markets where coins are locked up and dont move and the price is just a bet/gamble up or down. and not an actual coin swap/trade.
(ETF are locked batches of coins that then are given a share price. and its the share price people gamble on not a real coin price)

There's a lot of talk about compliance and crypto and for a good reason. Whether we are fans of it or not, compliance of some shape or form is going to come.

Came across this interview with Dave Jevans CEO of CipherTrace and I really like his perspective of how compliance will help adoption and how a demand for their services will only help crypto not deter from it. He even says 'as form cypherpunks and privacy advocates it is up to them to build the next generation of AML and invesigation capabilities."

I think what they do is super promising for the space even some people might think otherwise. Regardless, compliance is coming.

https://bitcoinchaser.com/interview-with-dave-jevans-ceo-of-ciphertrace/