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RE: Cryptov8 [CRV8] - The Need of Time - Bringing Banking into Blockchain
The whole point in being in crypto is to NOT use existing banking systems. Banks report (actively or passively) to Governments and spy agencies.
Further, digital information can be and is shared from UK to Europe, USA etc. Forget token privacy laws!
This means more tax of citizens (stealing their money) and
unauthorised use thereof eg making war.
This means surveillance of a persons every transaction......
Of course, most blockchain transactions are public; There are some however, that are more private as in Monero, PIVIX, Verge etc.
Sure give your KYC data to Cryptov8 and the FCA.... but understand the impications......
We need to be able to exchange CASH for crypto without any Government taxation or tracking.
As much as I hate the banks and there agenda I think crypto will have to coexist with them for a long time before they are phased out and we use only decentralized exchanges. I am a big supporter of privacy coins as well and will continue to invest in them :)
We have something in common. I think exactly the same. I even left my Bank job years ago when I found Bitcoin for more or less similar reasons.
I like it
Your points really resonates with me but what are you proposing? I mean how are you going to be able to do this.
The localbitcoin and peer-to-peer solution looks like a viable one by it lacks structure, feasibility and many other problems attached. I believe the general user care less about KYC. That data is already with the governments and institutions, you are just sharing it one more time. I totally understand your points, but I guess we are not yet ready for that.
you rightly said that until and unless we be able to exchange cash for crypto and that too without any government taxation or tracking..the real idea behind using cryptocurrencies is not fulfilled. Moreover, the chances of governments allowing cryptos through banks are almost negligible.