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What makes you think the Chinese oligarchs wont be given an anonymous enough backdoor? There's no such thing as a backdoor for some limited group of people. If
by onion2k 5y ago
What makes you think the Chinese oligarchs wont be given an anonymous enough backdoor?
There's no such thing as a backdoor for some limited group of people. If there's a backdoor then it's for anyone who can discover it and chooses to use it. This is the flaw in the thinking of every single politician who ever talks about encryption and crypto. You can't compromise the security in something and expect it to remain a secret. Things are either secure by design, or they're not secure.
- tyre 5y agoIn this case the government could mandate that every address be KYCed. Then they give out some addresses with either fake KYC stubs or don’t KYC them at all. This wouldn’t be done at the protocol level, in the same way one can get around TLS via MITM without sabotaging the encryption algorithms.
- rtkwe 5y agoThat's only true in digital systems. In bureaucracies it's easy to do, you just have someone approve exceptions based on unspecified rules and label non-compliant accounts as compliant or ignore their non-compliance. There's a recurrent meme in the tech world to try to treat the law and governments like rigid rule bound computers but they're not, it's a system composed of people and people bend rules every day.