I am somewhat apprehensive about the use of DID (decentralized ID), I would rather pure anonymous systems, but giving DID a financial incentive via fiat/crypto trading might be the kick it needs to build something great here.
DID is the only way you can anonymously comply with regulation. Jack isn't dumb, he still has Twitter to protect even if he's using square to build his new empire.
Looks like a bit of a shell game to me. Make whatever elaborate, obtuse system you want, at the end of the day:
1. BC needs on and off ramps with fiat, or it's DOA for general use.
2. Those ramps have to be organizations, not individuals, and they have to abide by KYC rules, or they'll get shut down.
3. No technological system is going to change #2. Make all the weird digital ID systems you want, at the end of the day you still need a CoinBase asking for 3 different IDs, a voice print and a vial of your blood before you're allowed to buy BC.
The real problem though is that BC is just a terrible product. If it was good enough, the ramp problem would solve itself because people would be breaking down the door to use it any way they could. But it isn't. It's awful. BC is:
1. Painfully slow
2. Agonizingly user-hostile
3. Completely pointless to 90% of the population.
I'd LOVE if BC actually worked well and was widely available. But that's because I'm a nerd. We all are. The vast majority of people don't spend their days thinking about how evil the Fed is or all the ways banks and Credit Card companies are screwing them. If they think about it at all, it's just a passing thought about "Man, I wish these fees/interest rates weren't so high." But there's not enough frustration there to drive a new product.
BC was an experiment, and experiments take time. But the experiment has been run now. The results are in. BC is a scam. A grift. An eternal revolving door where new suckers are lured on board with promises of riches and then drained of their money as the market is manipulated by a few whales for the millionth time. BC isn't capable of anything else. It's time to move on.
3 comments
[ 2.8 ms ] story [ 16.6 ms ] threadI am somewhat apprehensive about the use of DID (decentralized ID), I would rather pure anonymous systems, but giving DID a financial incentive via fiat/crypto trading might be the kick it needs to build something great here.
Bullish as always on Bitcoin!
1. BC needs on and off ramps with fiat, or it's DOA for general use.
2. Those ramps have to be organizations, not individuals, and they have to abide by KYC rules, or they'll get shut down.
3. No technological system is going to change #2. Make all the weird digital ID systems you want, at the end of the day you still need a CoinBase asking for 3 different IDs, a voice print and a vial of your blood before you're allowed to buy BC.
The real problem though is that BC is just a terrible product. If it was good enough, the ramp problem would solve itself because people would be breaking down the door to use it any way they could. But it isn't. It's awful. BC is:
1. Painfully slow
2. Agonizingly user-hostile
3. Completely pointless to 90% of the population.
I'd LOVE if BC actually worked well and was widely available. But that's because I'm a nerd. We all are. The vast majority of people don't spend their days thinking about how evil the Fed is or all the ways banks and Credit Card companies are screwing them. If they think about it at all, it's just a passing thought about "Man, I wish these fees/interest rates weren't so high." But there's not enough frustration there to drive a new product.
BC was an experiment, and experiments take time. But the experiment has been run now. The results are in. BC is a scam. A grift. An eternal revolving door where new suckers are lured on board with promises of riches and then drained of their money as the market is manipulated by a few whales for the millionth time. BC isn't capable of anything else. It's time to move on.