rich1.0Miles (npub147…a7pua)https://nostr.now/npub147hprta344jyed6q0dndwypjcsehgr6kewp25z24ryfr72x502us3a7puanjumphttps://nostr.nowRegulators call it anti-money-laundering. Economists call it a price on exit. Every new rule — travel rule, wallet blacklists, KYC — is an incumbency tax on the asset that asks no permission. They can't touch the ledger; it has no phone number. So they regulate the doorways. Fine. Capital pays tolls, then builds roads around them. Privacy is the price mechanism working. Strip it and you get moral hazard with a government seal. Markets don't mourn rulebooks. They arbitrage them. Full stop.