It’s your choice?
It’s a fact, AML/KYC procedures are taking our lifes by storm.
I have a couple of friends who no longer can buy on Amazon. Their fault: try to buy with their account when they moved to another country in Europe.
Account was blocked and a nightmare of documents to unblock was being asked.
Months after, after even forgetting about it, when they tried to use Amazon using a card under their name, no way. Seems they felt into the wrong list. They would need an endless amount of paperwork and time to go back to the right list.
And that just the start. Some smart minds have called it “self regulation” which is becoming some kind of “self oppression”.
Companies applying AML/KYC “best practices” in most technologically advanced countries are now meant to obtain and check prodigious amounts of information on behalf of governments for the sake of sleeping good at night; not because of the bad guys, but because “the good guys” might come anytime to ask for it and they might end with very real problems otherwise.
So if you are that part of the world population with access to a bank account, with a salary that allows to get to the end of the month with some bucks in the bank and you care about your financial freedom, I have bad news for you: You’re fucked.
Someone wants to have full control on what every single penny you will ever possess. Because money is power. And controlling peoples’ moneys gives real power.
However, if you are part of the elite, Uncle Sam or a big government; don’t worry too much. You will be able to go ahead with your gunrunning, drug dealing or whatever shady business you are in, as long as you have the right, high level connections.
In the upcoming mainstream digital world, regulations are designed to keep the masses under control. To stop those who like to do things differently, game changers, those who may threat the status quo. For those who make uncomfortable questions.
Cash is going away faster and faster being replaced by electronic money that knows exactly where you are, what you buy and when. Let’s call it visa.
Moving cash is getting more and more difficult. Many countries are limiting cash payments day after day. We are seeing the end of money fungibility as we now it. Your 10 bucks are no longer the same as my 10 bucks unless you proof me where the hell do your 10 bucks come from…are hiding something? Let’s call it AML policies.
Have you ever paid something and your card was rejected? Have you ever paid for a service, and minutes after you get a mail telling you the payment has been rejected because its considered suspicious for reasons you may never now? This has happened to me in many online stores and travel agencies. And it’s just the beginning. Let’s onboard Blockchain centralized tech into mainstream governments and banks, it will be a nice party going on there.
Get ready because real 21st century financial dictatorship has not yet started (remember that film?)
But, good news, open source self regulated digital currencies are here to stay, and can create a freedom window for those willing to onboard that ship.
Taking currencies out of governments control is the first step towards protecting your personal data and wealth from 3rd parties. On what, where and when you spend your money.
Creating fully private transactions (non publicly disclosed amount, destination or balance) keeps safe one of the principles of money; fungibility: That is, my coin is equal to your coin because there is no way to know its “history”.
However don’t expect this to be the next mainstream move. This is just not going to happen.
History has shown us that there is always an elite that concentrates the power and controls through different ways the masses (arms, religion, fear, media, money…) so in a globalized world of uneducated and manipulated people the best we can get are economic subsystems that just coexist with the broader mainstream system.
And thats not necessarily bad.
Those economic subsystems will be composed of milions of people globally connected that give value to the open source, self governed blockchain tech and currencies and JUST THAT, enables a whole economy to exist around it. And that’s the point: There’s no need for mainstream.
At Peer2Group we are building something whith a sense, with a vision, with a future: For the future. And that’s why supporting Komodo Backbone is part of the plan.
That’s our biggest challenge and you will find us playing things smart. Keeping things legal. Building the right team.
Welcome to the future: Remember, it’s your choice.