Antti Järvinen on Tue, 3 Dec 2013 10:43:33 +0100 (CET)

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Re: <nettime> Stephen Foley: Bitcoin needs to learn from past e-currency

Florian Cramer writes:
 > Another way of looking at Bitcoin is to consider it an unintended privacy
 > nightmare in the making. 
 > This is even much worse than credit or debit cards whose transaction
 > records at least aren't fully out in the public, and which still can
 > be circumvented by paying cash.

Compared to current situation it actually gets better, or more
democratic at least. Selected influential 3-letter agencies already
have access to your bank transaction log, no matter what, if kept in
regular bank.

Now everybody has access to your bank transaction log, but so do you,
to everybodys transaction log.

While I understand that individual humans need to enjoy greater
privacy than commercial or government entities (that, to my opinion,
should not expect any privacy regarding their monetary- or other
issues) this thing that everybody has copy of everybodys wallet
relieves big and small companies and any other money-handling
organizations, including the (now almost obsolete) banks, from
producing yearly financial statements. Talk about transparency, man.


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