RE: @ura-soul Witness Update - Anarchy vs. Empire: TRON Replaces Top Witnesses and Takes Over the STEEM Blockchain
I should add that my economic treatment of Steem, or rather my failure to treat it economically, has been due to my abandonment of banks, and banks being necessary for exchanges, and exchanges necessary to make Steem money.
As long as this system is governing the economy of a cryptocurrency, I will not use it as money. I cannot trust banks, who have stolen $hundreds of thousands from me. Decentralization is the key to monetization of cryptocurrencies without the intervention of banks, and in the event banks can be excluded from cryptocurrency transactions, I will be willing to entertain them.
That does not mean I will spend them as money. There will have to be nominal security features to enable trust, and I know of few cryptocurrencies that meet my standards today, and none of them use centralized exchanges with KYC.
I do not expect crypto to be usable as money for me, due to these reasons.
Is KYC a stock exchange like the New York stock exchange?
KYC is an abbreviation for Know Your Customer, which requires banks and similar institutions to collect identifying information on their customers, which authorities can use to track and prosecute those customers.
I wonder if KYC violates the 4th amendment potentially.
It certainly violates the 10th, and regardless of it's relation to the text of the Constitution, subjects property owners to the power of government overlords to enjoy the use of their property, which is contrary to the principle of sovereignty.
Exactly