Oddbean new post about login | logout people most probably trade on KYC exchanges like binance and okx, (i know it's awful) there are only 3 options for the payment, bank transfer, WeChat Pay and Alipay, all with in fiat.
that's not p2p
in some sense it is. payment is made peer to peer out of exchange while coins given in a custodial way.
why don't they use wallets?
I don't understand
if they transact p2p anyway, paying each other with wechat, why don't they hold the assets on a self custodied wallet where the gov cannot know what is being transacted?
point isn't in where the asset is stored. let me give you an explicit scenario- bob orders 2000 yuan of Bitcoin from Alice on binance, who has totally 20,000 worth to sell. in Alice's term she accepts only Alipay, bob gets Alice's Alipay account number in the chat box and he's sending 2000 yuan to this account, but he finds the tx suspended by Alipay because Alice's account is censored by Alipay, which *probably* due to lots of influx in Alice's account triggering the financial alarms. it's nothing about where the asset is stored, the fiat payments shall be censored whenever the system deems the tx inappropriate.
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