Bitcoin heralds great promise to break the symbiosis between banks and governments that allow the erosion of our financial privacy. But in the absence of banks, Bitcoin comes with its own set of problems. With Bitcoin, money flows are more traceable than ever.
Two interesting things happened today that are an indication of things to come, and both involve public debate on how an individual transferred money.
was the first track to a student with a "Hi Mom!" Sign in the background on television, but instead of just a hello, the huge sign contained a QR code calling for Bitcoin donations Many people other than the person's mother decided to donate because they thought it was a cool shot -. and so as, in fact, that the poor student received more than $ 25,000 night, as people used the gift of instructions included in the QR code in an instant flashed on television
where it gets really interesting is that someone traced how the donations were used and today there was a follow-up story noting that the student had donated 11 bitcoin. - about $ 13,000 - to Sean Outpost , a shelter for homeless Ceci. is notable for generosity, but in this context it is noteworthy because everyone could control how the individual has chosen to spend his gifts. Private money is more private.
The second story revolves around a heist against a single deep web store contraband bitcoin, Sheep market , where 96,000 Bitcoin was stolen (over 100 million US dollars - not small potatoes by any measure, put that amount into perspective, it is more than the GDP of several countries)
Where will this interesting is that skilled detectives the bitcoin. community are able to follow the money. Literally. In real time. Laundering of loot becomes impossible. As Bitcoin ledger is public, there is no hiding that kind of quantity (remember again, we talk about the GDP of a small country).
So to all the promises of Bitcoin freedom, we must remember that each technology can be used for good and for evil.
Never in history has every single monetary transaction was entered into a public searchable database, transparent to everyone, friends and enemies alike.
It is true that we are entering an era where a government can not force collect taxes (but still has the ability to make you sorry for not paying). However, we are also in an era where the government may ask you why you donated a small sum - say, a cup of coffee -. The opposition party banned by the funds you have received the paycheck last month
All that glitters is not Bitcoin, and privacy remain your own responsiblity.
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