Tether Gold (XAUt)

[IyemRoker]

Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :
-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?
The problem is with KYC and everyone doesn't want their privacy to be disturbed.

Hi Iyem,
everyone among who?
I'm pretty sure you mean the crypto community.

Yep, you think that's right.
Many cryptocurrency lovers do not support the presence of KYC because no one wants to interfere with their personal lives and they tend to be very private.

One major problem when crypto people discuss about benefits of cryptos for society or economy is that they look at things from the point of view of crypto traders and not of ordinary people.
In my view, gold-backed stablecoins exist in order to serve ordinary people, not crypto traders.

So I ask you now, considered the benefits of gold-backed stablecoins I listed above, what do you think will ordinary people choose between opportunity and anonymity?

If we refer to ordinary people, of course this opportunity takes precedence over anonymity because ordinary people like me are not hypocrites to look for profit opportunities in every place.
But I also support privacy in the cryptocurrency environment because it also makes me comfortable being able to flip a coin without knowing who the owner is and where it came from.

That means, the KAU and KAG markets are completely targeted at ordinary people, right?
For the cryptocurrency community it may be a choice of two or more than ordinary people.

[Peter90]

That means, the KAU and KAG markets are completely targeted at ordinary people, right?

KAU and KAG - the entire Kinesis Monetary System - were designed in order to serve the need for "good money" of ordinary people.
At least this is my understanding based on the speeches of their CEO, on the discussions within their telegram group, and on what they are doing in Indonesia.

Back to anonymity, I think KAUs and KAGs one day could be traded anonymously on some exchange that doesn't request KYC.
But those anonymous accounts won't be eligible for the Holder's yield and the Velocity yield.

As I said, it's a trade-off between anonymity and opportunity.

[Peter90]

Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :

-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?

The problem is with KYC and everyone doesn't want their privacy to be disturbed.
Never mind out there, on the altcoinstalks forum there are also many people who don't want to and don't agree with KYC issues.
It seems like KAU and KAG trading will feel hampered if every member who wants to trade has to use KYC. This is only my experience with forum and cryptocurrency space.

This is what happen if your crypto company don't KYC, Iyem



If the regulators aren't fast enough to come after you, it will be your - regulated - competition which will rat you out.



“While direct legal actions against offshore entities and decentralized firms are complex, indirect measures and international cooperation could potentially hinder the usage of tether,” analysts led by Nikolaos Panigirtzoglou wrote.

Forthcoming stablecoin regulation will probably put “indirect pressure on tether as its attractiveness would diminish relative to stablecoins with more transparency and greater compliance with new regulatory KYC/AML standards” the authors wrote, adding that this issue would also apply to decentralized finance (DeFi), where USDT is used as a source of collateral and liquidity. KYC refers to customer identification and AML to anti-money laundering regulations."

coindesk.com

Currently, a crypto company that don't KYC can't expand globally.
Regulated (KYC) crypto companies have a huge strategical advantage vs. unregulated (no KYC) ones, and this advantage will play itself out in time.