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Call me paranoid but I think governments of the 21st century ultimately want the ability to track every single transaction they can.
by BitwiseFool 5y ago
Call me paranoid but I think governments of the 21st century ultimately want the ability to track every single transaction they can.
- cortesoft 5y agoGovernments of every century wanted that. They just didn’t have the means before.
- chippiewill 5y agoIf you're worried about that then Bitcoin isn't for you. It's not just Governments, anyone can see _every_ transaction as it's in the public ledger.
- gruez 5y agoIf that's the case why would they need these regulations? Is the whole exercise just bEUcrats trying to trying to justify their existence?
- BitwiseFool 5y agoI'm aware that full ledger visibility is a fundamental part of Bitcoin. I'm actually more concerned that the governments and central banks of the world will push for near total traceability with their own currencies. Whether that comes in the form of "GovCoins" or reporting requirements, I do not know. But I think it is practically inevitable.
- ushakov 5y agothe banks are already reporting every transaction, including your personal info see Common Reporting Standard: https://en.wikipedia.org/wiki/Common_Reporting_Standard https://en.wikipedia.org/wiki/Common_Reporting_Standard
- elmo2you 5y agoYour concerns likely are legit and justified. It appears indeed what plenty of governments are already working on and pushing towards just that .. and it won't be pretty if they ever manage to convince enough people to make it a mandatory if not the only legitimate way of monetary exchange. However, I think it's actually the current unregulated crypto currencies ecosystem that should worry people far more. Consider the shady people that operate this space and their ability to mine all kinds of data. People might be surprised how valuable and useful behavioral data of individuals can be, especially when it relates to how they behave when dealing with speculative and uncertain dynamics (like e.g. the realities of crypto currencies themselves). That's all I will say about it.
- chrisco255 5y agoWhy does everyone talk about regulators as if they rule over us rather than answer to us?
- Mirioron 5y agoBecause they do. And they're almost inevitably corrupt.
- BitwiseFool 5y agoFederal Agencies are supposed to be accountable to the people, nothing of consequence ever seems to happen to these bureaucracies when they break the rules or mismanage their operations. Agencies like the VA, IRS, and EPA are notoriously inefficient and have poor service.
- andai 5y agoThat's the whole point, and they've been talking about it since at least the 90s. They're already phasing out cash here in the Netherlands. I can no longer deposit money at my bank, I'm supposed to go hunting for an ATM that takes cash deposits. (It took me a week to find one that wasn't out of service.)