Re:ZCash (formerly Zerocash/Zerocoin) technology preview
by AnthonyMouse on Friday February 05, 2016 @09:56PM
(#11046312)
> Everything about our society will be decided by the people with the most money if people accept anonymous currencies. Democracy isn't possible when you can't hope to detect when influence is being purchased.
Traceable currency doesn't solve that problem. People don't have to use literal money to buy influence. The politician does what you want and you make sure their kid gets into the right college. Or you hire their son in law at $250K/year. Or you run advertising that isn't officially part of their campaign but helps them stay in office. Or refrain from running critical advertising.
The problem is not proving that each transaction took place. It's proving that one was a quid pro quo for another. Which the currency tells you nothing about.
> If I know someone is buying influence and I want to reject their power to do so, I can stop accepting any money they've used in that way.
And if you're one person or ten people then nothing happens. But if you have a sufficiently powerful coalition with an organizational structure capable of causing the coalition to act in unison then you become the tyranny of the majority and it is the minority who needs protecting from you.
Traceable currency doesn't solve that problem. People don't have to use literal money to buy influence. The politician does what you want and you make sure their kid gets into the right college. Or you hire their son in law at $250K/year. Or you run advertising that isn't officially part of their campaign but helps them stay in office. Or refrain from running critical advertising.
The problem is not proving that each transaction took place. It's proving that one was a quid pro quo for another. Which the currency tells you nothing about.
> If I know someone is buying influence and I want to reject their power to do so, I can stop accepting any money they've used in that way.
And if you're one person or ten people then nothing happens. But if you have a sufficiently powerful coalition with an organizational structure capable of causing the coalition to act in unison then you become the tyranny of the majority and it is the minority who needs protecting from you.