Alright, this is just a prepaid access system built on top of crypto. I strongly believe the need for a prepaid access system to lower transaction fees for moving money digitally, but the companies backing this are some of the most vile. This consortium are never going to do anything in the users' interest. If they're making bank on interest from deposits, that's never going to flow back.
As well, all these companies (sellers of prepaid access) are going to need to be registered as Money Service Businesses (MSB) in the US. That puts them under all the AML/KYC laws. So we don't even get our libertarian wet dream of money without the red tape. We'll see what their privacy protections look like.
I want this technology to exist. I would rather pay 5 cents per news article I read than being prompted for a 10 dollar per month subscription. However, I want this to fail miserably due an extreme lack of faith in the companies behind it. All these companies will fight for regulation that cements their position and prevents others from entering the market.
As well, all these companies (sellers of prepaid access) are going to need to be registered as Money Service Businesses (MSB) in the US. That puts them under all the AML/KYC laws. So we don't even get our libertarian wet dream of money without the red tape. We'll see what their privacy protections look like.
I want this technology to exist. I would rather pay 5 cents per news article I read than being prompted for a 10 dollar per month subscription. However, I want this to fail miserably due an extreme lack of faith in the companies behind it. All these companies will fight for regulation that cements their position and prevents others from entering the market.