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I'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 pus

I'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 ago
the 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 ago
Your 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 ago
Why does everyone talk about regulators as if they rule over us rather than answer to us?
- Mirioron 5y ago
  Because they do. And they're almost inevitably corrupt.
- BitwiseFool 5y ago
  Federal 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.

ushakov 5y ago

the 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 ago

Your 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 ago

Why does everyone talk about regulators as if they rule over us rather than answer to us?

Mirioron 5y ago
Because they do. And they're almost inevitably corrupt.
BitwiseFool 5y ago
Federal 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.