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> financial privacy I agree with you on simplifying payment processing, but what exactly is financial privacy good for except tax evasion? Is there an epidemic

• mahyarm 14y ago
  What good is it to not let people know how much you make, how much is in your bank account or not wear a rolex in a ghetto? Tax evasion is not the only reason why you want your finances private.
  • lmm 14y ago
    >What good is it to not let people know how much you make, how much is in your bank account or not wear a rolex in a ghetto? It helps protect the establishment and preserve the status quo. That's about it. It would be in most people's interest for these things to be public.
• laSeek 14y ago
  Privacy is privacy - you don't know how important it is until you don't have it. The main payment processors operate a mafia of sorts - it's a closed shop - tx fees are fixed and determined by them. One aspect of bitcoin is that is allows the person sending a payment & the person processing that payment (the mining pools) to negotiate the price. The theory being that transactions with a better tx fee will be included in blocks quicker than those that don't. By freeing up these aspects of the systems we use to send & receive payment - you allow other forces to come into play.