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A comment on IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency. Parent comment

Re:IMF Head Foresees the End of Banking and the Triumph of C... by arca_vorago on Monday October 02, 2017 @09:07AM (#15383471)
Indeed, this is one of my primary points as well. I've been trying to tell people like Max Keiser that for all its good, BTC is not anonymous, which is one of the primary functions of cash. The totalitarian surveillance society would love to track everyone's purchases.

On top of that, the other problem is that in a fiat fractional reserve system, there's not much stopping the big central bankers from poofing some old currency into existence so they can buy up lots of BTC et al.

That's why right now I am leaning towards Monero and similar at least semi-anonymous coins (without having to use a tumbler separate).

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Re:IMF Head Foresees the End of Banking and the Triumph of C... by ballenf on Monday October 02, 2017 @09:25AM (#15383605)
I see the privacy potential of cryptocurrency the same the privacy potential of the internet: for the average person it will be a disaster.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by tenaciousDaniel on Monday October 02, 2017 @11:19AM (#15384457)
As a counter point, you could argue that the pseudonymous nature of cryptocurrency is simply another technological hurdle that, like the scalability problem, can be overcome in time.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by nobodyorother on Monday October 02, 2017 @01:38PM (#15385974)
Not really. The trouble with deanonymization in a network is that as soon as anyone fails to follow the proper privacy protocol, the entire network can be unmasked through the social graph.

For example, Flickr users have been identified by their Twitter connections:

https://arstechnica.com/tech-policy/2009/03/pulling-back-the...

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Re:IMF Head Foresees the End of Banking and the Triumph of C... by glenneroo on Monday October 02, 2017 @06:16PM (#15388432)
I would imagine Palantir has been working on this since cryptocurrencies started being becoming popular, even though they have denied it[0]. Or somebody else such as SABR[1].

[0] https://www.coindesk.com/palantir-quantum-bitcoin-cloud-mini... [1] https://bravenewcoin.com/news/sabr-palantir-for-the-blockcha...

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Re:IMF Head Foresees the End of Banking and the Triumph of C... by semiel on Monday October 02, 2017 @12:57PM (#15385555)
Yep, and we pretty much know what the solution will look like: zero-knowledge proofs, such as the ones used by ZCash.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by EthanHeilman on Monday October 02, 2017 @01:25PM (#15385852)
zeroCash is a pretty good starting point to a solution to the privacy problem.
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Re:IMF Head Foresees the End of Banking and the Triumph of C... by iopuy on Monday October 02, 2017 @11:43AM (#15384680)
Verge would be another cryptocurrency that comes with anonymity baked in and considering it uses TOR network, I'd venture to say it is the best tool for protecting your privacy.
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