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Happened to run across a bitcoin wallet that had a 0.1 BTC transfer limit (2 BTC transfer limit with a KYC authentication). Founder's justification was that transfer caps would limit money laundering.

2:33 PM · Mar 31, 2019Twitter Web Client

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1/ The primary motivation for wanting to keep money private from the state isn't tax evasion or laundering money. If it's natural to want to keep phone records and msgs private, the same logic should protect the free flow of our assets. #crypto #bitcoin

Do Kwon

@stablekwon

Mar 31, 2019

2/ The concept of state oversight on the flow of capital is a recent phenomenon. When given the choice between control and laissez faire, the state usually errs on the side of control, unless explicitly forbidden by its founding charter #Constitution

Do Kwon

@stablekwon

Mar 31, 2019

3/ Decentralized assets won't lead to more tax evasion, it will lead to a different set of constraints for tax collection and capital controls, and will therefore lead to a different mandate for the state's control of private assets

Do Kwon

@stablekwon

Mar 31, 2019

4/ There will be pressures to the contrary; state impulses tend to run self-preserving and conservative. States crack down on exchanges because it is harder to control the unlicensed many over the licensed few.

Do Kwon

@stablekwon

Mar 31, 2019

5/ The onus for the builders in this space should be to steer the dialogue toward new monetary paradigms that preserve users' and stakeholders' freedoms. Capitulating completely do NOT accomplish this.