[A4ET8a8uTh0]

It may come across as snark, but I happen to believe this quote of Bill Hicks truly captures most of my thoughts on the subject.

“Rock stars against drugs – that's what we want, isn't it? Government-approved rock-n-roll? Woo! We're partying now!”

The entire reason for crypto is the already ridiculous level of control exerted over various gatekeepers. How do I know? I am part of the system.

[anm89]

The systems being proposed here have absolutely nothing to do with crypto currencies, blockchain, bitcoin, or anything tokenized. They are simply reshuffling of rules about how central bank reserve accounts work.

[coding123]

The thread directly references that the main idea for this came from Libra, a crypto digital currency that is backed by a blockchain. So I don't know where you're coming up with that.

[jdsalaro]

> The entire reason for crypto is the already ridiculous level of control exerted over various gatekeepers. How do I know? I am part of the system.

Can you elaborate on the "ridiculous level of control over various gate-keepers"?

[A4ET8a8uTh0]

Sure. None of it is secret.

There are regulations in place that enforce specific agenda under the guise of AML, fraud, sanctions, etc. For banks and MSBs type businesses that typically are covered under BSA. But even if you think you are not covered by BSA, there is always FinCEN, where OFAC's strict liability is a pretty big stick.

That was high level, but during a more recent conference I participated in ( ages ago now, but on that particular subject ), the discussion of AML professionals suggested something along the lines of 'we can already identify those illicit transactions, why can't we just stop them' ( and to a large degree it is true; your credit card, your bank, your msb knows to large degree what you are buying and what you may be into based on those purchases ). That particular conversation was about CBD products, which at the time were on a weird legal ground.

I want you to think about it. Your bank is already capable of deciding a specific type of product is bad for you. Has been for a while and there are people would like to have a say on what is bad. And they are gaining ground.

My point is, there is already sufficient amount of control each gate keeper has. All it really needs is a request from government to start gate keeping.

Hope this answer the question. There are obviously things I should not be talking about on a public forum and company specific info I can't talk about.

[chrisco255]

For sure. The government could easily freeze the funds or spending of any individual at any time. The hooks are already there. It tends to be used sparingly today, but for sure, that slippery slope will likely devolve into something Orwellian. Big brother is watching your spending.

[perardi]

I assume credit card processors blocking transactions on, say, porn sites.

Or maybe foreign money transfers?