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> - widespread privacy loss through corporations (Equifax, Verizon) Bitcoin does not offer a compelling solution for privacy concerns. Intrinsically, the bloc
by dsacco 9y ago
> - widespread privacy loss through corporations (Equifax, Verizon)
Bitcoin does not offer a compelling solution for privacy concerns.
Intrinsically, the blockchain is antithetical to this: it stores a record of every transaction. It was not designed to achieve privacy, full stop (unlike, say, Zcash).
Extrinsically, you can use things like tumblers or anonymous wallets, but in practice this relies on trusted third parties (just not orthodox ones) and the reliability of your own personal opsec in the face of centralized parties "bolted on" to the blockchain to hide your activity. Moreover, the easiest way to buy and sell Bitcoin is through companies with extensive KYC requirements, essentially all of whom can and will participate with law enforcement.
Finally, there are already companies crawling the blockchain continuously to develop creditworthiness models they can sell to financial institutions. They are extremely good at uniquely fingerprinting wallets, or wallet activity, to social media profiles elsewhere.