We have learned the hard way over the decades that if you do not have physical control of your data, it is not your data. With the new rules bank account seizure coming up, this applies also to finance :. If you do not have physical control of your money, it is not your money
So there you have it. The confiscations Cyprus last year, when the Cypriot government simply melted and confiscated / stolen / affected the economies of the People's Bank, became a global standard. Nearly all world leaders hailed as a great way for a government to escape, he was made a standard at the G20 meeting last November and it is now mandatory in the EU.
It is extremely important to remember that the money in your bank is not your money. It is legally the money from the bank, and you have a claim on the bank. This statement may become null and void for a number of reasons. Physical control is important
We first learned this way in the early days of the Internet, when the hosting services simply disappeared in bankruptcy or similar. If you do not have physical control of your data, it is not your data. (As the first online email providers have less, the email history of all its users went under, too. Same with storage services. Same thing with the start blogging platforms.)
Then we learned again that law enforcement started butting in server rooms and ask if the police server room owners could access our servers. With someone else - the hosting provider - have accepted, we did not have a say if law enforcement could simply copy our data and the data of our customers. Again: if you do not have physical control of your data, it is not your data
Then we learned again when strict new laws were passed to regulate data control personal and some business data stored outside. jurisdictions where these regulations applied - and thus, the data leaked by the laws in a foreign country. Once again:. If you do not have physical control of your data, it is not your data
Then Bitcoin came along. Fortunately we kept our coins with various storage services at first, then with very large exchange of Bitcoin, and learned that electronic money behaves exactly like data: If you do not have physical control of your key Bitcoin, it is not your Bitcoin. If you do not have a physical check of your silver , it's not your money.
And now this principle has spread to foreign central banks, too. With the latest revelation of governments considering seize money from bank accounts around the demand and will we see it come full circle in the sphere of private life - the reason that the privacy of finance , data and correspondence are three equivalent intimacies of the seven intimacies:
If you do not have physical control of your money, it is not your money
Privacy remains your own responsibility
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