The most important aspect of bitcoin that needs to be pushed constantly is ownership.
Bitcoin is designed to remove disputes in small transactions. It is not designed to replace the financial system and the process of course and recovery for large transactions and holdings. When you make a large payment, the information is concerning identity is not something that you can opt-out of. Identity can be isolated only in small casual transactions.
The bitcoin whitepaper defines a chain of ownership. The White Paper does not define the ability to sell identity because this is not something that is available. You do not own your identity, you are associated with your identity and it can never change. Ownership is related to something that you can buy and sell. You cannot own a person. Slavery is not available in our societies. You can only own things that are property and your identity is not proper.
When I created bitcoin, I was not looking at solving existing solve problems of transferring large amounts of money. It is very simple to transfer large amounts of money over the existing Internet. It was very simple twenty years ago to transfer large amounts of money. The problem that needed solving and remains in need of solving is the ability to send amounts under one cent.
When you send small amounts over the Internet, identity does not matter. The rules that are associated with KYC do not kick in until you reach a value of hundreds of dollars or more. In some instances, it can be thousands of dollars. Bitcoin never needed for this level of transaction. By law, once you exceed the AML/KYC level the merchant needs to know your identity. They do not need to know your identity when you’re buying a coffee or paying twenty cents access to a paper or article.
This completely ignorant myth that bitcoin is going to replace central banks is completely utterly asinine.
For large transactions, exchanges and other entities are legally required to verify your identity. This is a process that can be incorporated into wallets. The existing regulations within the UK and Europe already cover this for amounts over €200. MLD5 is already law.
Every single note that is transferred as cash out of the bank is recorded. Every serial number on every note that goes into every bank is recorded. It has been for a long time. This concept that bitcoin is different is wrong because just like banks, cash is traceable.
I have pointed out before that the Yorkshire Ripper was in part found because of the serial number of a 5 pound note.
Bitcoin will never replace Fiat for anything other than small transactions
There will never be sufficient bitcoin to replace money in the global economy
To replace the global economy would require more than bitcoin can ever do. The size of blocks would have to be in zetabytes, the number of tokens would have to be 10^15 times as large. You would have to have agreement between governments.
Bitcoin is not designed and nor can it be designed to replace standard transactions and money across the entire society.
The people making that myth are simply trying to promote a false agenda to pump bitcoin
The thing that is important in bitcoin is that it can do micro payments and that it is a public ledger. All of the other mythology is completely utterly boring and useless. It is selling a myth of money based on lies to people who are upset with government problems that are generally nothing to do with government but their own inability to save and reduce their spending levels.
Too many people have been promised a path out of working into a life of leisure with no responsibility and they think that they are owed this. You are not. If you want to build a future you need to work and save and it can take decades. The myth of instant riches that has promoted by social media is toxic.
CSW
Feb 27, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1614420697350100?thread_ts=1614420697.350100&cid=C5131HKFX
https://t.me/CSW_Slack/2024
Bitcoin is designed to remove disputes in small transactions. It is not designed to replace the financial system and the process of course and recovery for large transactions and holdings. When you make a large payment, the information is concerning identity is not something that you can opt-out of. Identity can be isolated only in small casual transactions.
The bitcoin whitepaper defines a chain of ownership. The White Paper does not define the ability to sell identity because this is not something that is available. You do not own your identity, you are associated with your identity and it can never change. Ownership is related to something that you can buy and sell. You cannot own a person. Slavery is not available in our societies. You can only own things that are property and your identity is not proper.
When I created bitcoin, I was not looking at solving existing solve problems of transferring large amounts of money. It is very simple to transfer large amounts of money over the existing Internet. It was very simple twenty years ago to transfer large amounts of money. The problem that needed solving and remains in need of solving is the ability to send amounts under one cent.
When you send small amounts over the Internet, identity does not matter. The rules that are associated with KYC do not kick in until you reach a value of hundreds of dollars or more. In some instances, it can be thousands of dollars. Bitcoin never needed for this level of transaction. By law, once you exceed the AML/KYC level the merchant needs to know your identity. They do not need to know your identity when you’re buying a coffee or paying twenty cents access to a paper or article.
This completely ignorant myth that bitcoin is going to replace central banks is completely utterly asinine.
For large transactions, exchanges and other entities are legally required to verify your identity. This is a process that can be incorporated into wallets. The existing regulations within the UK and Europe already cover this for amounts over €200. MLD5 is already law.
Every single note that is transferred as cash out of the bank is recorded. Every serial number on every note that goes into every bank is recorded. It has been for a long time. This concept that bitcoin is different is wrong because just like banks, cash is traceable.
I have pointed out before that the Yorkshire Ripper was in part found because of the serial number of a 5 pound note.
Bitcoin will never replace Fiat for anything other than small transactions
There will never be sufficient bitcoin to replace money in the global economy
To replace the global economy would require more than bitcoin can ever do. The size of blocks would have to be in zetabytes, the number of tokens would have to be 10^15 times as large. You would have to have agreement between governments.
Bitcoin is not designed and nor can it be designed to replace standard transactions and money across the entire society.
The people making that myth are simply trying to promote a false agenda to pump bitcoin
The thing that is important in bitcoin is that it can do micro payments and that it is a public ledger. All of the other mythology is completely utterly boring and useless. It is selling a myth of money based on lies to people who are upset with government problems that are generally nothing to do with government but their own inability to save and reduce their spending levels.
Too many people have been promised a path out of working into a life of leisure with no responsibility and they think that they are owed this. You are not. If you want to build a future you need to work and save and it can take decades. The myth of instant riches that has promoted by social media is toxic.
CSW
Feb 27, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1614420697350100?thread_ts=1614420697.350100&cid=C5131HKFX
https://t.me/CSW_Slack/2024
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