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Thread on Bitcoin privacy:
I haven't been involved in #Bitcoin
in a while because it seems I have to give up the very freedom and privacy it awards in order to trade, or utilize its derivatives offered by mainly KYC outlets.
(1)
I haven't been involved in #Bitcoin
in a while because it seems I have to give up the very freedom and privacy it awards in order to trade, or utilize its derivatives offered by mainly KYC outlets.(1)
Redefining trust is one the primary goals of #Bitcoin , your transaction, is between you and the counter-party peer - "a contract is a contract" This can be performed by just knowing the history of actions the peer has taken if cryptographically logged, even in anonymity.
(2)
, your transaction, is between you and the counter-party peer - "a contract is a contract" This can be performed by just knowing the history of actions the peer has taken if cryptographically logged, even in anonymity.(2)
KYC ultimately destroys this relationship between peers, even if that peer is an institution because the peer is forcing a third party into the equation to manage risks of trust. It is incompatible with the concept of a web of trust.
(3)
(3)
Institutions don't need KYC to be trustworthy.
Imagine a high volume exchange who has no known owner, and the exchange itself is a black box of cryptographic public keys. The exchange itself also being represented by a key.
(4)
Imagine a high volume exchange who has no known owner, and the exchange itself is a black box of cryptographic public keys. The exchange itself also being represented by a key.
(4)
Over the years the exchange completes billions, in transactions, never loses a single Bitcoin, and the owners are never revealed beyond a public key - as anonymous as Satoshi.
(5)
(5)
This has never become a reality, (albeit slightly realized with say, @bisq_network).
What we got were MtGox, Bitcoinica, Coinbase, Gemini, and so many other so-called "institutions".
(6)
What we got were MtGox, Bitcoinica, Coinbase, Gemini, and so many other so-called "institutions".
(6)
Point being KYC, is not real trust. Trust, freedom, and privacy, are not mutually exclusively. You shouldn't have to relinquish one to gain the others.
We are in a time where coin taint is slowly destroying the should be fungible nature of #Bitcoin as a currency, due to KYC.
(7)
We are in a time where coin taint is slowly destroying the should be fungible nature of #Bitcoin
as a currency, due to KYC.(7)
As such I firmly believe KYC and #Bitcoin are incompatible. The very concept of KYC forces the user to relinquish freedoms they probably didn't even know they had. It will likely always exist in some form, but should be fought against at all costs.
(8)
are incompatible. The very concept of KYC forces the user to relinquish freedoms they probably didn't even know they had. It will likely always exist in some form, but should be fought against at all costs.(8)
