The emergence of cryptocurrency models has caused a huge wave of waves in the liberal community. Free financial transactions without government or institutional intervention are considered to be a leap towards better individual autonomy. Blockchain, the technology behind Bitcoin and other cryptocurrencies, has been widely used in countless industries, including the financial sector it initially tried to avoid.
To make matters worse, know your customer (KYC) and anti-money laundering (AML) regulations have been introduced into the cryptocurrency field, which disappoints cryptocurrency users who advocate freedom. In addition, other well-known privacy invaders such as Google and Facebook are also exploring blockchain technology, which makes some people wonder whether this technology aimed at promoting freedom is doing the opposite.
On the other hand, some people do not object to the government or other institutions that supervise each of their financial transactions. Their position is usually "I did nothing wrong, so I have nothing to hide." For others, the principle of financial anonymity is sacred. Andreas Antonopoulos put it this way: "Anonymity is just another term for human rights."
KYC and AML are a form of totalitarian surveillance, but they have been whitewashed as consumer protection. Please don't buy it.
-Andreas Antonopoulos (@aantonop) July 17, 2014
Antonopoulos is considered a Bitcoin and blockchain expert, and for good reason. He teaches at the University of Nicosia and gives lectures on this topic around the world. He believes that financial regulation should be resisted "because it is evil" and that it leaves 4 billion people in poverty without identification. Lack of certification means a lack of ability to enter the financial system.
Antonopoulos pointed out that Bitcoin is pseudo-anonymous. By design, it does not require users to authenticate themselves (unless it is strictly tracked). This is what distinguishes it from traditional financial systems. However, for many current cryptocurrency users, it is not realistic to rely entirely on cryptocurrency. As a result, many people have turned to exchanges like Coinbase to convert their cryptocurrency into fiat currency.
The Coinbase website states: “As a regulated financial services company operating in the United States, we need to authenticate users on our platform on a regular basis.†Users must submit photos for authentication and provide other personal information before they can use the platform.
Antonopoulos said that this will not only lead to a lack of anonymity, but also a high security risk. He pointed out that even the U.S. National Security Agency (NSA) has not found a way to store data safely, and that allowing brand new companies to collect and hold such personal information and identification information will lead to catastrophic security breaches.
Although Antonopoulos hates the practice of KYC and AML, he believes that the key to letting the existing financial system no longer intervene lies in cryptocurrency and the freedom it provides to users.
Freedom of speech and blockchainBlockchain technology is being touted by many industries, far beyond many applications in the financial field. Mick Hagan of Fortune magazine believes that blockchain is an ally of freedom, and it is what society has always needed to ensure freedom of speech. He used cryptocurrency as an example, emphasizing that the government cannot prevent people from using encryption or freeze their assets. They can use cryptocurrency like fiat currency.
He also mentioned that once information is recorded on the blockchain, it cannot be deleted, which makes it a tool for bypassing government censorship.
Something that can permanently store information and keep it public is disturbing, and it seems that it may be misused. Since the data stored on the blockchain cannot be changed, incorrect or incorrect information may cause life-long problems. Think about the American legal system.
Wrong arrests and convictions occur more frequently than people think, and 40% of acquittals in 2017 were based on the exposure of official misconduct. Imagine you were wrongly convicted of murder and then acquitted, and these false records cannot be cleared.
In addition, large amounts of data on Internet and smartphone users are collected through online shopping, Google's detailed tracking program, and social media usage. It can be said that society has reached a point where technology can make complete privacy impossible. Using blockchain technology at work can track the location and temperature of a can of food all the way from the warehouse, storage, to someone’s private kitchen, and then send the information to the manufacturer when the can was opened, considering the collected data and Whether the record will be used for illegal or immoral purposes is natural.
At the expense of anonymity and privacy, are the promised benefits worthwhile? Besides, who is benefiting?
Unavoidable threatWhether most people who support various blockchain applications are considering these issues seems unlikely at this stage of blockchain development. The hype surrounding innovative technologies and the transparency they provide, as well as theoretically reducing corruption, has made most people’s understandings unable to keep up. Hype and lack of understanding have become the secret recipe for manipulation.
As the blockchain is increasingly touted as the savior of almost everything, it will cause the public to associate the blockchain with credibility and thus give up due attention. The public's comprehensive understanding of the difference between private blockchain and public blockchain and their respective meanings is limited.
Private blockchains are completely different from public blockchains, and their ability to write and/or read on the blockchain will be limited. For example, if a government uses a private blockchain to record property ownership, and only government officials can enter information, then the blockchain can eliminate the deviation in the direction of trusted third parties. In addition, the government can restrict public access to information. In short, the degree of openness of the private blockchain to the public depends on the decision of the relevant person in charge.
The blockchain project being pursued by the traditional financial industry involves a private blockchain, not the censorship-free blockchain behind Bitcoin. Antonopoulos described the financial sector’s interest in blockchain currency as a non-decentralized, non-peer-to-peer, non-censored, non-borderless version of Bitcoin that has not been realized: in essence, it is related to free-thinking people. Thinking is opposite.
However, it is easy for people to introduce blockchain into the traditional banking industry, thinking that blockchain can help them, but in reality, it will not provide more privacy than the current structure.
Before giving the green light to every blockchain project, especially if it is promoted or funded by an entity with a record of bad behavior, a lot of critical thinking is essential.
Alternative markets and communitiesIn summary, as a long-awaited solution, cryptocurrency and blockchain have been welcomed by freedom-oriented people in specific areas that use these technologies to implement their philosophy of action without government supervision. More specifically, agorism includes only voluntary communication and interaction.
BTCManager previously discussed the lack of a way for the agorist community to exchange value for goods and services outside of government surveillance. Now, with platforms such as cryptocurrency and OpenBazaar, such transactions can become possible. In fact, peer-to-peer transactions happen without a KYC agreement, which proves that there have been great improvements in privacy and anonymity.
Such a platform, coupled with the evasion of cryptocurrency-fiat currency transactions, may herald the beginning of a peaceful, voluntary, and private transaction society, and Satoshi Nakamoto will definitely be proud of this society.
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