Topic: It's sad to imagine what Bitcoin will be like after regulation. (Read 691 times)
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December 16, 2014, 07:18:09 PM
I feel like this idea isn't put out there enough.
While during the beginning years of Bitcoin, we had at least some privacy, once regulations are in place we aren't going to have any.
Because businesses have to comply with regulations, any bitcoin transaction you do is less and less private. Coinbase, Circle, and other companies are already reporting so much to the govt. Jeremy Allaire was in a panel recently saying they have been giving the govt so many "suspicious activity reports".
Privacy isn't wanted to do bad things, it's just the principle of not putting your business out there.
In the beginning, Bitcoin was different. There was much more freedom, now with regulation, just to do anything, you have to give up your name, address, ssn, and much more.
With the blockchain being 100% transparent, and the main in and out's of the industry flow through companies like Coinbase, Circle, and others you can bet they are already tying addresses to names and watching how you spend your money. It's complete financial surveillance.
It's not long until mixers are considered money laundering, subpeona chains to find transactors, and blacklisting transactions is already becoming a reality after reading this gentoo drama.
It's a shame.
With no privacy, there is no free market. There is no freedom of speech because you always have to worry about what you say. All these projects trying to identify people online, it's not good for us ultimately. It's eroding our online freedom, the little we have left of it.
People are selling out, and welcoming regulation because it will "help bitcoin grow". But that's just another way to say human greed got the best of them.
While during the beginning years of Bitcoin, we had at least some privacy, once regulations are in place we aren't going to have any.
Because businesses have to comply with regulations, any bitcoin transaction you do is less and less private. Coinbase, Circle, and other companies are already reporting so much to the govt. Jeremy Allaire was in a panel recently saying they have been giving the govt so many "suspicious activity reports".
Privacy isn't wanted to do bad things, it's just the principle of not putting your business out there.
In the beginning, Bitcoin was different. There was much more freedom, now with regulation, just to do anything, you have to give up your name, address, ssn, and much more.
With the blockchain being 100% transparent, and the main in and out's of the industry flow through companies like Coinbase, Circle, and others you can bet they are already tying addresses to names and watching how you spend your money. It's complete financial surveillance.
It's not long until mixers are considered money laundering, subpeona chains to find transactors, and blacklisting transactions is already becoming a reality after reading this gentoo drama.
It's a shame.
With no privacy, there is no free market. There is no freedom of speech because you always have to worry about what you say. All these projects trying to identify people online, it's not good for us ultimately. It's eroding our online freedom, the little we have left of it.
People are selling out, and welcoming regulation because it will "help bitcoin grow". But that's just another way to say human greed got the best of them.
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