Absolutely outraged with EU parliament decision.

Just as the title suggests..

Tldr: Mad.. these laws stop nothing illegal from happeing.

I am particularly fucking angry about this. As someone who has been devoted to the idea of "banking the unbaked" and working with various projects throughout the ecosystem in doing so. This idea that within the imaginary bounds that the EU calls itself, any asset holder must present KYC is absolutely fucking absurd.

I site specifically, the immense amount of time, money, and dedication that myself and others have put into these projects. One in particular that is close to my heart is Stellar.. Stellar Lumens has given the opportunity of a banking and an on and off ramp for international remittance for some time now. (not forgetting good old Bitcoin, as well as other cryptos for what it's worth.) But projects like Steller aim to allow users with no ID, no smartphone, no address, have access to these new financial technologies and do so easily.

This obviously becomes a big issue now, as any user or entrepreneur that was using these tools, must now go through a seemingly impossible amount of red tape, to prove their identity.

Make no mistake about it. These "laws" do not keep anybody from laundering money, nor funding any type of nefarious projects. All they do is hamper or stifle the ability of their citizens to use the tools out there in cryptocurrency.

Crimes will still happen. Infact maybe even more so, as criminals realize the importance of being secret now, and will surely realize how untraceable the cash they rob off of innocent civilians at weapon point is non traceable, regardless of jurisdiction. All the shady things online that people hate to admit happen, will only accelerate, as people will huddle to privacy coins, increasing their value and marketshare, and allowing truly private tech to flourish to everyone's needs or wants. This is exactly the type of thing someone like myself did not want to happen. As much as I love the idea if XMR and privacy coins, I do realize that there are some nefarious outlets for its technology. Now there are also, some extremely positive redeeming outlets for its tech and I will start accumulating some more now due to them.

So bravo, EU parliament on being so fucking stupid. Bravo on excluding yourself and your good citizens from thriving in a new world. Bravo on rewarding those that knew this would happen, and proving them right all along.

Your 'territory' is in the process of being blacklisted from the rest of the world in regard to the 2 trillion $ market that is growing in front of you.

You really don't know what you're doing, and it's obvious.

《☆》