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It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores
by ve55 6y ago
It is worth remember that the current state of finance is already surveillance finance. Credit card records are sold and purchased, all large chains and stores do significant customer tracking on their own, more than just every item you purchase, when, and where. Even services like Gmail scrape information from your email for every receipt that you receive, although they purchase CC data either way.
- cinquemb 6y agoI think a lot of the push back is from current banking TBTF group tbh (there was a talk about financial innovation at pearsons school in nyc a couple months ago, where folks from global central banks were pretty much just laughing)… and as someone who doesn't use FB/IG/etc, if they can chip away at the hold of existing king of the hills, they will make the rest crypto currency landscape more approachable in the future after FB eventually poisons the waters for some subset of users who prior to using what facebook cooks up and shoves down its useds throats, wern't interested in cryptocurrencies (or anything related) at all… which I'd call a win for the BCH/XMR/etc crowd. Let the tech/banking giants duke it out, and everyone else can come it an clean what's left of their carcasses eventually.
- Maxion 6y agoDon't forget that due to increasingly heavy financial regulations adopted by FATF require financial institutions to have extreme surveillance data on all financial transactions and to report anything they themselves deem to be suspicious to the authorities. This includes things such as cross-border activity (logging in from a foreign ip) to using a VPN.
- gruez 6y ago> This includes things such as cross-border activity (logging in from a foreign ip) to using a VPN. This is a thing? I don’t get the point of reporting cross border logins. Cross border transactions makes sense, but what’s so nefarious about me paying my water bill while in Mexico?
- cameronbrown 6y agoStupid laws will always be a thing.
- ve55 6y agoYup, and of course there's also FinCEN, the IRS, the BSA which includes reporting of currency transactions, suspicious transactions, FBAR where you have to disclose all foreign holdings, and many other reports. I think similar regulations will hit cryptocurrency eventually, requiring holders to report their addresses they have the private keys of, sadly.
- ethbro 6y ago> requiring holders to report their addresses they have the private keys of, sadly. This might become the law, but how would it be enforced? I thought the world leaning on Swiss banks for data was effectively an admission that anonymous accounts were unlinkable from the client side.
- cinquemb 6y ago> This might become the law, but how would it be enforced? By a few token measure that wont scale, just like current existing income tax structure. The main enforcement mechanism now is heavily reliant upon employers withholding on the behalf of employees and banks reporting on their accounts (the same entities that consider fines for felonious dealings just a cost of doing business); without it, existing tax enforcement would be toothless to most.
- the-dude 6y agoIn the US. In the EU local bankcards are used much more than CC and these are not mined. In NL shops are prohibited to build customer profiles based on their purchase history.
- deleted 6y ago[deleted]
- ethbro 6y agoMy general impression was that non-US credit card rewards kind of sucked. In the US, 2-5% is the base level of cashback from credit cards. So, a little bit of "we mine and monetize your transactions, but pay you for doing so."
- deleted 6y ago[deleted]
- kohtatsu 6y agoVisa has an opt-out for some of the data sharing: https://marketingreportoptout.visa.com/OPTOUT/request.do https://marketingreportoptout.visa.com/OPTOUT/request.do