Because a small group of corporations subject to full government financial regulations will have taken over the project.
This sets a dangerous precedent.
It sets the precedent that this well regulated group of corporations now 'control' the bitcoin software with cooperation of a group of miners.
Having set this precedent once, governments can then legally compel them to add full AML/KYC, blacklists, and whitelists, to the network.
They can no longer claim 'we can't do that'!!
If they demonstrate they directly control bitcoin just once, that means they own it forever. It is a bell that cannot be 'unrung'.
This is irrefutable and anyone who has read the history of PayPal (which originally intended to be much more like bitcoin) can see it is true.
For those who don't know:
- AML stands for 'anti-money laundering'
- KYC stands for 'know your customer'
- Whitelists are pre-approved users of the network who get preferential treatment (corporations and banks)
- Blacklists are people the government suspects of being a bad actor and are blocked from using the network. This includes entire nation states like North Korea, China, Venezuela, Iran, etc. Corporations would face criminal charges if they do not comply. Again, just read the history of PayPal. This isn't 'FUD' this is history!
Realize that most of the signers of the NYA are already subject to these regulations which they must apply to their customers.
However, since currently they can claim 'no one has control' over the bitcoin network itself they cannot be compelled to censor transactions.
Once Segwit 2X activates that will no longer be true.
I strongly urge everyone in the bitcoin community to read the book 'PayPal wars'. People need to know the history here!
Submitted September 29, 2017 at 10:53PM by jratcliff63367 http://bit.ly/2woIwTa
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