Bitcoin is 100% private

in LeoFinance10 days ago

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Privacy matters!

Even the IRS, Secret Service, FBI, and every other agency that manages money/regulation has already admitted that privacy is the foundation of fungibility. If you know were funds came from then they can be blacklisted, or even worse claimed by someone else who the money was stolen from.

The supreme court ruled that this cannot be allowed. If someone steals your money and spends that money, it's gone. You can't find the person who took the money as payment and demand your share back. It's already been washed, only way to get it back is with a lawsuit involving the original thief.

Bitcoin has no KYC

But that doesn't stop the regulators from digging their claws into the exchanges and the data farmers. Using KYC links to bank accounts, many wallets are accurately attributed to the identity that owns the keys. It only takes one link to a source that identifies you for everyone to know everything you've ever done on that address.

However, Bitcoin is still 100% private by design.

It is the data control grid matrix we live in that isn't private.
Without the control grid, Bitcoin is impossible to track.

So imagine it.

Imagine being able to live in a house without KYC. Imagine being able to buy and drive a car without KYC. Imagine it being legal to tint all your windows. Imagine it being legal to drive without a license plate. Imagine it being illegal to use facial recognition technology and other flavors of the overreaching surveillance network.

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Without KYC it is impossible to track Bitcoin.

And you might be thinking... well it's not possible for those things to happen. Oh, it's going to happen. Some libertarian city is going to pop up and it's going to be flippin insane. I guarantee it. Not sure if I'd want to visit as I would not be surprised to see military intervention on opening iterations of this evolution.

But without KYC... there will be scammers everywhere!

Yeah, that's very true. There will be bad-actors everywhere, and that will still be x100 times better than what we have now. The system we have now has taken us this far, and it will take us no farther. The legacy structure is breaking down at the seams, and whatever this is... is taking over in a big way. There's simply too much value to not. The writing is on the wall.

Illegal search and seizure

There's a reason why police aren't allowed to present evidence in court that was obtained illegally. In certain situations it would make sense to allow this evidence to stand. Clearly, the person implicated is guilty. However, we have learned, time and time again, that allowing the law the break the law in order to get the job done is never worth it in the long run. Once that seal is broken corruption sets in and all kinds of bad behavior stuff floods out of Pandora's box.

KYC is the exact same thing.

Requiring KYC should in itself be illegal. It simply violates too much privacy and we've gotten to the point of such extreme diminishing returns on that front that it's just simply no longer worth it. This is the way things are heading. KYC in it's current form is primed to be completely wiped off the Earth.

Changed, but not gone.

Look at my account: @edicted.

I've been here 3 years trying to build a reputation. Do you think I can just start over and boot up another random account and expect to land right where I am now? Not possible. If I were to burn my identity here it would be gone forever and I'd have to start out and ground zero and hope no one figured out my new identity. So while KYC is primed to be eliminated, wallets, addresses, and accounts still have associated reputations within the system. This is one of the things that makes Hive superior to most projects, our accounts are also user names, and those user names have a reputation.

Imagine being on the road and being able to upvote/downvote other drivers. Imagine your driving rank actually meant something and those who did well had more privileges within the system. There are going to be so many weird systems put into place it makes my head spin. This is a bad example, but the whirlwind of things to come is lingering in the background.

Conclusion

Bitcoin may be thought of as one of the easiest currencies to track, but if that's true why did it take so many resources to take down things like Silk Road and the like? All you have to do to avoid KYC is to avoid KYC. Imagine never using your name or social security number ever again. How would they ever track you, short of facial recognition? How would the facial recognition know who you are if your birth was never registered inside a KYC system? This is how crazy things are going to get. These timelines are expansive and explosive.

While there are many fantastic privacy protocols out there, they may become largely irrelevant in the extremely long term given a system that embraces privacy intrinsically. However, ironically, if we are to transition to such a system, the only thing that can get us there is privacy tech in the first place. It's somewhat of a self-defeating technology on the long term scale.

Regardless, privacy is very important, and anyone who accuses us of wrongdoing for simply wanting it as a basic human right should be called out for what they truly are: authoritarian fascists.

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Exactly why do you think they are trying to pay big bucks for hackers to break wallets etc lol. If you don't fill out KYC and attach it to your address they will never know EVER!

yup :)

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I am so glad I started following you and actually reading your stuff.

If I recall right you were a pioneer of sorts on steem in your valiant efforts against grumpy. Its been a while so excuse me for mis remembering if im wrong.

Today I learned what KYC meant as I had to look it up😄

I am pretty much all in with Hive😅

I've been here 3 years trying to build a reputation. Do you think I can just start over and boot up another random account and expect to land right where I am now? Not possible. If I were to burn my identity here it would be gone forever and I'd have to start out and ground zero and hope no one figured out my new identity.

There is a whole dynamic layer to Hive and multiple identities that is interesting. It adds a whole new dimension to catfishing.

I don't want to steer too far off the subject. But it should be interesting to see what happens in the near future with the crypto holders.

If we do see a complete internet blackout or lets say a foreseeable and predictable take down of google. Will we see a majority of crypto holders lose their saved passwords to online wallets in platforms like google and microsoft?

For sure the blockchain will start back up once the internet is back up but will peoples crypto accounts cone back online once the data control matrix is rebooted?

I dont know I feel like I rambled a bit much here than intended. Sorry im tired.

Will we see a majority of crypto holders lose their saved passwords to online wallets in platforms like google and microsoft?

These are crypto idiots...Why the hell save your passwords online???????

For the same reason people in western countries choose fast food over homemade meals.
Or why people still watch TV...
It is pretty wild but it is idiocracy all around us.

sadly true

I would prefer if I can avoid KYC but it generally gets annoying online. One of the biggest issues I see is when you need to turn crypto into fiat since banks are centralized. However I guess this could be solved if everyone accepts crypto.

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This is an interesting perspective. I honestly felt the society you're imagining was a bit too extreme in terms of freedom, but perhaps we need an example in the near future for proper comparison with the current mode of society.

The world is falling apart at the seams and Earth is a relatively large space to try new things.
I don't necessarily want these things to happen... they are just going to happen.
It is the path of least resistance and highest economic output.

The old adage of "WHO'S IN CHARGE HERE?!" is soon to be responded to with laughter. No one is in charge. That is exactly why capitalism works and communism fails. The foundation of capitalism is a free market that regulates itself, while the foundation of communism is completely unsustainable micromanagement of everything.

Crypto automates governance, making corrupt politicians irrelevant and the need for a control grid obsolete. This is a shift from negative reinforcement to positive.
KYC is only necessary if we are trying to punish people for doing bad things.
Rewarding people for doing good things does not require it.

Science fact: Power leads to inevitable changes in the brain wiring. Hence: Every power structures in the long enough time, ultimately, leads to authoritarian fascists behaviours.

Imagine being on the road and being able to upvote/downvote other drivers. Imagine your driving rank actually meant something and those who did well had more privileges within the system.

Gotta re-watch that Black Mirror episode which is literally Hive haha.

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ha the five stars one?

Yep, "Nosedive"

From that Wiki article they compare it to a Community episode called "App Development and Condiments".

I'll have to watch that one now.

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Oh I know of a place where this is being advocated for and battles rage behind the scenes away from public eye. It's a shame that laws prevent the public from knowing if they did cities like the one you mentioned above would be flattened in an instance as the community would be in uproar.

Instead, in the shadows those who wish to have a "tech city" dubbed "smart cities" just learn new ways of learning how to push their ideology through the next round.

A city that knows how many times you go to the loo and when and in preparation warms your toilet seat, knows your route so prepares your travel, even monitors your favourite locations for best times to visit and when you can get your best cut of meat. Sounds great but alot of watching and documenting is occuring.

Stop it in its tracks!

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Awesome article about KYC. There are ways to stay safe against KYC but it is getting harder. Our SimpleSwitch exchange on https://coin-logic.com doesn’t require any kind of KYC to exchange. Reblogging for the Coin Logic audience!

Regardless, privacy is very important, and anyone who accuses us of wrongdoing for simply wanting it as a basic human right should be called out for what they truly are: authoritarian fascists.

Well said, sir.

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There is IP tracking. But frankly, even the top forensics investigative authority will have to go to great lengths to track the owner without any KYC. KYC is what gives all the clues and connects the coins with a name.
Without KYC it will be bloody hard to find anyone. Those arrested were not traced with on-chain analytic tools. They were arrested after reading their posts on forums and connecting clues outside of the blockchain.

But this may mean that one day there could be software that will be able to connect everything, even saved IPs, and find where these IPs were also used previously. With Tor and some VPNs, this can be so difficult that privacy could be considered perfect.
Unless of course, we send our identity to an exchange.
Bitcoin is not completely private but not traceable either.

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This is a nice idea. Privacy is highly needed in the world where there cyber criminals everywhere who are ready to take whatsoever one has.

This is fantastic and brilliant idea I have seen about bitcoin even without kyc yet the privacy is really strong.

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But has anyone figured out how to use Bitcoin privately? Or is it just private in theory?
I used to imagine being able to rate/penalize/reward other drivers, on the go. Seemed like it would happen some day. If the world holds together, it probably won't be long before it comes out.

Is it private when it is in a blockchain ledger and the exchanges ask for KYC?

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