Oh alright. I don't see how this invalidates the use cases? The businesses that have payment processor problems aren't illegal, and can easily prove their revenue.
And I do agree that unsustainable systems don't collapse immediately. I've been waiting for Tether to collapse for years. But I don't think cryptocurrencies as a whole are unsustainable (the larger proper exchanges that don't use Tether as their "fiat option" should survive).
In any case real estate is exempt from KYC/AML. That is supposed to be why Chinese people own so much American farmland and so many Canadian houses.
Re:Tether: The Story So Far
by CryptoPunk on Monday October 28, 2019 @10:14PM
(#21383717)
Anonymous money flows aren't illegal. There are those that would like to make them illegal, but all they've managed to institute so far is KYC/AML laws relating to third party payment processors. These laws don't apply to cash or its electronic corollary, cryptocurrency.
Until a law is created that makes unmonitored use of physical and electronic cash illegal, anonymous money flows aren't across-the-board illegal.
One obstacle elitists have in instituting such laws is that enforcement would be costly, involving heavy-handed treatment of large numbers of end-users. Trusted third parties like banks are comparatively easy targets, being much less politically costly to repress.
Something else to point out is that just because a system is unsustainable doesn't mean it will collapse immediately.