I KNEW IT! I knew the reason the BAYC $APE coin was taking so long. It's because the sellouts over at Yuga Labs had to figure out how to coordinate their efforts with every government authority with a badge. The company's newest "fuck it" text is nothing more than an invitation to KYC. They say their friends at Animoca require this, but Animoca invests in like 150% of the crypto projects out there and I've never seen KYC required before. Not once. I'm in projects and coins backed by Animoca; no KYC until now. Until BAYC.
The truly hilarious part is that the BAYC founders were recently doxxed against their will by some piece of shit faggit writer who had nothing better to do. They put out statements saying how hurt they were. So now they want to hurt everyone else, I guess.
Oh yeah, and you don't even get to know what the KYC is for. (It will end up being for $APE, you morons. The distribution of the coin is based on a valuation by guess who, Animoca. They are setting you up to take 50% of your coins back in taxes. Hell, they may even do it automatically in the smart contract, just like a paycheck. 50% to your wallet, 50% to the government Metamask. Ha!)
I called it in my own mind but I never made these thoughts known. I guess I was holding out hope that someone besides me in the crypto space had some integrity. Nope. And the BAYC/MAYC "community" — these are a bunch of spoiled, rich western trust fund baby fuckin fags who may meme a couple of jokes about the IRS showing up at your door, but they'll all KYC. Don't let anyone fool you. They've always been a pussy community, and this is just par for the course.
I know this for sure because MAYC and BAYC are kicking people out of the their group who express this side of the debate. These are faggits who are worried about "tone" and fuckin "attitude" and not the core issues. As an investor, understand the direction crypto is going as a whole. Most people will just bow down and bend over. Invest accordingly.
Any project that is stupid enough to incorporate in the United States and has Animoca or Andreeseen Horrorwitz (I spelled it wrong, IDC) will most certainly try to honeypot your personal information before long. Because there is no way to corral individuals individually, the US government hopes to use private monopoly power to create records of "blue chip" NFT holders. The government doesn't have to buy crypto coins directly like some people say they will (just print up a whole bunch of fake money, buy the whole market, then tank it). You see, they just put regulations on companies like Animoca. Then they give Animoca all of the free printed money to buy up every crypto project. Then Animoca says "we have to comply" and forces you to KYC to get rewards. They save face that way because you'll willingly give up 50% of your shit to taxes if this is the case. Even though the government offers you no protection if your shit gets hacked or you lose your password.
This is the same way the US government confiscated gold. Yes, they made a law that holding gold was illegal, but people with any spine didn't pay attention to that. The way they got the gold was to force banks, holders of individuals' gold, to hand it over. Same with NFTs. They want to entice you to put all of your value in these top NFTs like bored apes then regulate the hell out of those bored apes. Your value then becomes their value, basically.
What's the response? First would be to get out of the project altogether. There's a better option, though. Because all of the pussy fags in bayc will KYC, and Animoca/Yuga/a16z really DOES have all the money, you sideline yourself if you sell. Money will invariably be sucked away from borderline projects into this mainstream. You need to keep a foot in the door here for liquidity to invest in legitimate projects.
NFTFI.com is the one legit platform to borrow against your NFTs. Any ape that I may or may not have access to will be put up as collateral here. I'll continue to borrow against it to give me liquidity for other projects outside of the monopoly that's forming in bayc/Animoca/etc. If you borrow, have successful investments, pay back the loan and immediately borrow again, you create cash flow with Animoca's money without a need to KYC.
PathDAO and OpenGuild are also testing out the first legitimate unsecured loan programs in crypto. I know for PathDAO you have to KYC, but they are based outside of the United States. This may offer a bit more privacy for US citizens, because the company won't necessarily have to comply as quickly as Animoca with recordkeeping. I don't know if OpenGuild requires KYC or not.
Stay one step ahead. Share your alpha for keeping your privacy AND your cash flow in the comments. Remember — these governments are not here for your protection. What protection does KYCing to Animoca Brands give you? Will they refund your ape if you get hacked? Nope! This is nothing but a government cash grab. They want tax dollars from you while providing no services.
Also, make SURE you are diversified into NFTs outside of the US. A lot of the current "blue chips" are these faggy little shits based out of LA and NYC — Azuki, Cyberbrokers, BAYC/MAYC — and they get a LOT of money. Even fuckin goody-two-shoes projects like On Chain Monkey are based in NYC/LA, and if they ever got big enough, they'd get the pressure put on them, and they'd KYC also. But there are others outside of this paradigm! It's never been easier to diversify into a global marketplace than through NFTs. Just do a check on LinkedIn to make sure a good selection of your NFTs are from companies outside of the US. It's not hard! Spread the value around and you make a better world with less war while supporting great artists from around the world. (Better yet, your artists aren't on LinkedIn and their "companies" aren't companies at all.) Let's do this!