BlockProf @theblockprof

Prof of Forensic Accounting & Corporate/Securities/Banking Law, Expert Witness, Crypto Policy Ninja veritasanalyticsllc.com United States Joined October 2011

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Arjun Khemani @arjunkhemani

2 days ago

.@ErikVoorhees: It’s actually good, from the Trojan horse perspective, that Bitcoin was traceable enough for traditional institutions to tolerate it. “When Bitcoin came out, everyone called it private, thought of it as private. It was referred to as anonymous in every news story. And in some ways, it is very private and very anonymous. But the truth is that it’s also extremely trackable and traceable. It is not private in reality. And the question is, should it have been from the start? And at first I thought, yes, it should have been more private. And that was a mistake in its design. However, I think if Bitcoin had been anonymous truly from the start, like a Zcash or a Monero, it would have had such antagonism from the state. I don’t know that the state could have snuffed it out, but they would have tried much harder. And I think it’s actually good, from the Trojan horse metaphor perspective, that it was traceable enough that the traditional institutions could tolerate it. They’ve never liked it, but they could at least tolerate it because there is some traceability. And that has allowed Bitcoin to grow. And I think in its shadow, that other crypto assets are actually anonymous is very healthy. The strength of cryptocurrency as a concept in society, I think, is served best when Bitcoin itself is not perfectly private, but other assets are. That is a very difficult thing, I think, for the state to combat. And that decentralization of attributes is really, really crucial. So, yeah, I’m very glad that there are other coins that are private. I want there to be more of them, and I want them to be more popular. And I think it’s okay that Bitcoin itself is not.”

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BlockProf @theblockprof

6 months ago

@TuongvyLe12 If anon tokens don’t vote they can’t be used to obtain control. And in any event anyone attempting a hostile takeover has 13D reporting obligations, company can sue. Lack of surveillance capability makes SEC’s job harder I’ll grant. I’m ok with that.

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BlockProf @theblockprof

6 months ago

@TuongvyLe12 That’s a state corporate law issue that doesn’t need the SEC’s help. It can be fixed without surveillance by a modified token that limits dividends and voting rights that can trade in DeFi anonymously.

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BlockProf @theblockprof

6 months ago

@TuongvyLe12 Subpoenas and warrants.

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BlockProf @theblockprof

6 months ago

@zooko

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BlockProf @theblockprof

6 months ago

@CryptoTaxGuyETH

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BlockProf @theblockprof

6 months ago

@summermersinger @BlockchainAssn @StarkWareLtd @AleoHQ @Zcash @zooko

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BlockProf @theblockprof

6 months ago

@HeatherReyhan Versace.

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BlockProf @theblockprof

6 months ago

@milesjennings

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BlockProf @theblockprof

6 months ago

Bad faith that “compliant privacy” is a buzzword I don’t like? It true that I don’t like it. You are clearly doing a lot to try to thread the needle. I respect that. I remain concerned that at the intersection of TradFi and DeFi, compliance will spill over. I am concerned that embedded smart contract compliance is not the panacea that this new ZK compliance theme in crypto believes. Regulators overreach and compliance grows like a weed, regulators expectations about what smart contracts will be required to do will grow the same way. And I worry a lot of ZK compliance providers will not try to thread a needle as you are doing here.

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BlockProf @theblockprof

6 months ago

Nothing would stop SEC from permitting an adapted form of tokenized equity from living in DeFi KYC free. Nothing in Genius Act prohibits stables from being run through @RAILGUN_Project. ZK privacy compliance tools for regulated institution compliance is great. For individuals peer to peer, very scary. I fear ease of compliant privacy tools, particularly as ZK ID, will begin on TradFi side and infect DeFi, and ultimately will become the opposite of what they purport to be. And providers of those tools will be strongly tempted to lobby regulators to force their use crypto wide.

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BlockProf @theblockprof

6 months ago

@LucasTodeschin2 What I want is tokenized equity that lives in DeFi in sovereign wallets KYC-free.

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BlockProf @theblockprof

6 months ago

@JoeSaluzzi @taylorjbarr @JerryMoran

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BlockProf @theblockprof

6 months ago

@dmartkc @SECPaulSAtkins It is indeed unfortunate that US Treasury is currently continuing the lawlessness of the Biden and Obama admins, I will agree with you there.