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bitcoin is private to the public, but public to the prominent

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Snowden Discusses Bitcoin’s Lack of Privacy​

In a recent interview, Edward Snowden discussed his concerns with Bitcoin privacy, other cryptocurrencies, and the ethics of governance.
  • “Bitcoin is not an anonymous ledger,” said Edward Snowden.
  • “You get chain analysis people and whatnot who are doing fairly devious things with it,” he added, discussing companies focused on on-chain analysis.
  • Speaking on the privacy of Bitcoin, Snowden stated that “it’s really just private to the public, but it’s public to the prominent, shall we say.”
Edward Snowden, whistle-blower and president of the Freedom of the Press Foundation – a San Francisco-based nonprofit dedicated to protecting journalists – recently took an interview to discuss Bitcoin, other cryptocurrencies, privacy, and nation-state influence.

“Bitcoin is not an anonymous ledger, it is a truly public ledger, and those things are always out there,” Snowden explained as he recounted his experience with Wikileaks, in which there was a seemingly insurmountable amount of pressure from the U.S government to shut the organization and his story down.

Bitcoin allowed “time and distance,” as Snowden said, which ultimately allowed him to communicate with and meet the necessary journalists that would eventually lead to his escape to Russia, as well as the release of his leak.

Time and distance is an important distinction that is separate from the idea of safety. Possessing safety would assume Bitcoin was capable of hiding identity and traceability perpetually, however, Snowden knew this was not the case, nor was he taking extensive steps to be anonymous, as he explains in the interview.


The mark against anonymity is not necessarily a critique, but rather a statement of fact when proper steps toward anonymity are not taken. Companies have an entire business model built on tracking Bitcoin and other cryptocurrency transactions, through which Bitcoin Magazine has reported stories on the traceability of transactions for donation causes.

Snowden explored chain analysis companies saying, “You get chain analysis people and whatnot who are doing fairly devious things with it,” including objectives like “trying to get a financial edge out of the on-chain analysis.”

Snowden addressed the idea of privacy as it relates to one’s capacity to discern or obtain information when compared to public capability of discerning or obtaining that exact same information.

“When you think about Bitcoin having a public ledger, well, once a dollar enters the banking system, there is a private ledger that is available to the people who are performing financial surveillance,” he explains. “So it’s really just private to the public, but it’s public to the prominent, shall we say.”

When asked why cryptocurrency and financial privacy are important for whistle-blowers, Snowden responded that “there’s this question we all have to ask ourselves: What is the role of the government in a free and open society?”

Snowden went on to explain that it is important to examine the roles nation-states actually play in our lives, as it relates to the philosophical question of what role they should be playing. Snowden then brings to bear the consideration that an open and free society, or one that wishes to be so, must also do everything in its power to achieve its idyllic state.
 

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Snowden is saying what many in IT have known for years.
 

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Snowden is saying what many in IT have known for years.

it helps the message by having a big name behind it. good to see his warning imo
 

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The mark against anonymity is not necessarily a critique, but rather a statement of fact when proper steps toward anonymity are not taken.

Obviously, if it’s a ledger, then they can trace the transactions.

As far as pinning it to someone specifically on either end, that’s up to the user as to how much secrecy they want.
 

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Obviously, if it’s a ledger, then they can trace the transactions.

As far as pinning it to someone specifically on either end, that’s up to the user as to how much secrecy they want.

this is why imo demand for the codes will stagnate/fade. one of the big selling points has recently been revealed as a liability. this isnt common knowledge yet - but is becoming more common as data/facts trickle out
 

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Bitcoin’s Achilles heel is the ledger. Big players and nations can cripple bitcoin just by shifting coins from one wallet/account to another and then to another wallet/account. Basically a bitcoin legal denial of service. Will they stop transactions all together? No, but they can severely limit transactions. Once the service degradation hits a level that users will not tolerate that will be the implosion point to the cryptocurrency.
 

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Bitcoin’s Achilles heel is the ledger. Big players and nations can cripple bitcoin just by shifting coins from one wallet/account to another and then to another wallet/account. Basically a bitcoin legal denial of service. Will they stop transactions all together? No, but they can severely limit transactions. Once the service degradation hits a level that users will not tolerate that will be the implosion point to the cryptocurrency.

The miners will be more than happy to process all of it. They get paid to do so.

There is a lot of infrastructure in place to handle all of it.
 

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The miners will be more than happy to process all of it. They get paid to do so.

There is a lot of infrastructure in place to handle all of it.
Friend drives a delivery truck and this week he walked into a place that had 500 servers running and he was delivering pallets more of servers.
 

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But, but, but.... Bitcoin....
 

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Friend drives a delivery truck and this week he walked into a place that had 500 servers running and he was delivering pallets more of servers.
this right here...we are all aware of the degradation of the electrical grid and the tear-out of electrical generating facilities, world wide

we're heading right towards an apex of which, once there, there's nowhere left to go


epic...
 

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Knock it off, it's the "new gold"!
 

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the stats regarding these markets betray what they are capable of,

you don't have to know squat and you can still see it

'number of active hodlers'

'more long term hodlers just came on line'

'number of eth and btc tokens in profit' ...........meaning they know exactly when each was bought as compared to current market and assign a value to that

to be clear though, they aren't assigning it to a persons name, they are following the tokens/transactions around, wallets, what have you

getting into the who owns what is a whole different level of financial archaeology that must be employed

being open source, this stuff is all available to those with time and resources to search and document it

whether it is on exchanges, or in private wallets, what is active, if a whale went active, etc

with the other side to this being, is it that bad to have more transparency compared to .gov where even those inside .gov haven't a clue about any of it?

jmo of course
 

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Bitcoin’s Achilles heel is the ledger. Big players and nations can cripple bitcoin just by shifting coins from one wallet/account to another and then to another wallet/account. Basically a bitcoin legal denial of service. Will they stop transactions all together? No, but they can severely limit transactions. Once the service degradation hits a level that users will not tolerate that will be the implosion point to the cryptocurrency.
There are many possible attacks against a public decentralized ledger system like crypto, and bitcoin's genius and success was in successfully addressing all of them, at least to a practical degree.

Denial of service in Bitcoin and other crypto is prevented on a practical level by an open market of transaction fees. To make a transaction you pay a fee. As more people want to make transactions, fees go up as users outbid others to use the limited transaction space. Denial of service requires making all possible transactions and outbidding everyone else in fees, constantly, on an ongoing basis. It's been done on Bitcoin for short periods of time, but it's very expensive.

Because if this strategy the crypto with the highest usage/demand ends up with the highest fees, and that's ethereum by far. Ethereum brings in 50x the fee revenue of Bitcoin, and it is 50x more valuable than Bitcoin by this metric. Surprisingly 6 crypto networks are more valuable than Bitcoin by this metric, including lesser known networks like Avalanche.

Fees on Ethereum the last year have exceeded $100 million a day at times. To denial of service attack ethereum would require paying more than that on an ongoing basis for no other reason than to stop people using the network. So it's possible, but you'd have to spend $billions. And trandactions could still get through by anyone willing to pay a higher fee.

After eth upgrades with sharding it will be able to handle 64x more transactions and will be that much more expensive to DNS attack.
 
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I've been doing my taxes and if you actually use crypto in your own wallets, US crypto tax requirements essentially require you to use crypto accounting software to track all the transactions, fees, and everything else so it can be taxed. The accounting tools now are incredibly powerful and several things have become clear to me:

1) You often can just drop in the PUBLIC address(es) of your wallet(s) and the accounting tool will quickly link all your wallets together and tabulate all your transactions, cost basis, gains, and taxes due. This means in some cases you can drop in SOMEONE ELSE'S public wallet address and get all their transactions and tax forms.

2) The IRS requires significant amounts of data to be reported to them including buy/sell dates for all crypto assets. I have pages and pages of data being sent to the IRS listing even dozens of tiny couple cent fees (which are also taxed). Even though the exact wallets and address are not sent to the IRS, the buy/sell information is more than enough info for the IRS to easily find your crypto wallets if those transactions happened on a public blockchain.

3) The problem isn't crypto, the problem is the western governments are now extremely invasive. Because western governments tax income and pretty much everything else, they require complete financial submission. So there really is no financial privacy, even outside of crypto.

4) If you want actual privacy and actual freedom, you have to leave the big western countries for smaller countries that don't tax everything and don't bother to track everything you do. I know people who basically don't do taxes, don't spend days accounting all their finances and crypto, and don't have big brother watching everything they do because they live in places that don't tax income.
 

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They are protecting us from drug dealers and terrorists…
 

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I just noticed I've got pages and pages of transactions reported that have zero gain/loss and ZERO TAX because the crypto was USD stablecoins and fixed to the dollar, but it's all tracked and reported anyway.
 

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crypto pumpers/promoters, you have unwittingly been a part of a horrific scheme

long article of reality at link


==================================

Around 90 central banks are either in the process of experimenting with or are already piloting central bank digital currencies (CBDCs). In a world of just over 190 countries that is a large contingent, but given they include the European Central Bank (ECB) which alone represents 19 Euro Area economies, the actual number of economies involved is well over 100. They include all G20 economies and together represent more than 90% of global GDP.

Three CBDCs have already gone fully live in the past two years: the so-called DCash in the Eastern Caribbean, the Sand Dollar in the Bahamas and the eNaira in Nigeria. The International Monetary Fund, the world’s most powerful supranational financial institution, has been lending its expertise in the roll out of CBDCs. In a recent speech the Fund’s President Kristalina Georgieva lauded the potential benefits (on which more later) of CBDCs while heaping praise on the “ingenuity” of the central banks busily trying to conjure them into existence.

One way central banks could use its expanded influence is to exert control over people’s spending habits. In June 2021, the Daily Telegraph reported (behind paywall) that the Bank of England had asked Government ministers to decide whether a central bank digital currency should be “programmable”. According to Tom Mutton, a director at the Bank of England, “There could be some socially beneficial outcomes from that, preventing activity which is seen to be socially harmful in some way.” This could bring huge advantages for both government and central banks, says Lyons:

The Fed could directly subtract taxes and fees from any account, in real time, with every transaction or paycheck, if it wished. There could be no more tax evasion; the Fed would have a complete record of every transaction made by everyone. Money laundering, terrorist financing, any other unapproved transaction would become extremely difficult. Fines, such as for speeding or jaywalking, could be levied in real time, if CBDC accounts were connected to a network of “smart city” surveillance. Nor would there be any need to mail out stimulus checks, tax refunds, or other benefits, such as universal basic income payments. Such money could just be deposited directly into accounts. But a CBDC would allow government to operate at much higher resolution than that if it wished. Targeted microfinance grants, added straight to the accounts of those people and businesses considered especially deserving, would be a relatively simple proposition.

Other potential forms of programming applications include setting expiry dates for stimulus funds or welfare payments to encourage users to spend it quickly.

As the FT reported, central bank digital currencies will almost certainly have to go hand in hand with digital IDs: “What CBDC research and experimentation appears to be showing is that it will be nigh on impossible to issue such currencies outside of a comprehensive national digital ID management system. Meaning: CBDCs will likely be tied to personal accounts that include personal data, credit history and other forms of relevant information.”

Combining digital currencies with digital IDs while phasing out, or even banning, the use of cash would grant governments and central banks the ability not only to track every purchase we make but also to determine what we can and cannot spend out money on.

They could also be used to strongly encourage “desirable” social and political behavior while penalizing those who do not toe the line. As Lyons points out, “The most dangerous individuals or organizations could simply have their digital assets temporarily deleted or their accounts’ ability to transact frozen with the push of a button, locking them out of the commercial system and greatly mitigating the threat they pose. No use of emergency powers or compulsion of intermediary financial institutions would be required: the United States has no constitutional right enshrining the freedom to transact.”

No limit on negative interest rates.

Beyond having far greater control over people’s spending habits, central banks would also have the possibility of taking interest rates into far deeper negative territory. If there is no cash, there is no means for people to escape negative rates no matter how negative they go. This is one of the benefits often lauded by Harvard economist Kenneth Rogoff of a completely cashless society. Yet central banks continue to insist that physical cash will not be eliminated once the CBDCs are fully operational. But as I’ve noted previously, central banks are not exactly known for keeping their word.

Financial exclusion on steroids.

One of the most important benefits of cash is its universality, making it a vital public good, particularly for the poorest and most vulnerable in society. Also excluded in a purely cashless society would be anyone who objected to having others spy on their transactions (h/t hickory). As I note in my book, Scanned: Why Vaccine Passports and Digital Identity Will Mean the End of Privacy and Personal Freedom, if central banks and governments were to do away with cash or to vastly accelerate its demise by penalizing its use (while incentivizing the use of CBDCs), we would probably see a huge increase in financial exclusion:

Even proponents of CBDCs admit that central bank digital currencies could have serious drawbacks, including further exacerbating income and wealth equality.
“The rich might be more capable than others of taking advantage of new investment opportunities and reaping most of the benefits,” says Eswar Prasadm a senior fellow at the Brookings Institute and author of The Future of Money: Hoe the Digital Revolution Is Transforming Currencies and Finance. “As the economically marginalized have limited digital access and lack financial literacy, some of the changes could harm as much as they could help those segments of the population.”
So, not only will the introduction of CBDCs strip global citizens of one of the last vestiges of freedom, privacy and anonymity (i.e., cash), it could also exacerbate the upward transfer of wealth and power that many societies have witnessed since the COVID-19 pandemic began.
Lyons warns that CBDCs, “if not deliberately and carefully constrained in advance by law,… have the potential to become even more than a technocratic central planner’s dream. They could represent the single greatest expansion of totalitarian power in history.”

Given how much is at stake, CBDCs are among the most important questions today’s societies could possibly grapple with - not only from a financial or business perspective but also from an ethical and legal standpoint. They should be under discussion in every parliament of every land, and every dinner table in every country in the world.
 

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crypto pumpers/promoters, you have unwittingly been a part of a horrific scheme

More like taxpayers for corrupt governments have unwittingly been part of a horrific scheme.
 

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More like taxpayers for corrupt governments have unwittingly been part of a horrific scheme.

or even wider net, the voters/non voters (which includes many non tax payers)

the difference is that these people were not promoting it - hoodwinked by the (intl banker) who used profit motive to incentivize the development and the marketing. not unlikely the (int'l banker) was in the market, driving the prices up, to achieve these goals
 

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or even wider net, the voters/non voters (which includes many non tax payers)

the difference is that these people were not promoting it - hoodwinked by the (intl banker) who used profit motive to incentivize the development and the marketing. not unlikely the (int'l banker) was in the market, driving the prices up, to achieve these goals
Say it with me: CBDC is not crypto, CBDC is not crypto, CBDC is not crypto.

But yeah, CBDC is coming, and I'm sure most everyone will totally ignore it unless it's somehow forced on us.
 

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A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Wikipedia
 

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The blockchain is an incredible decentralized exchange network.
There's also a reason it took the FBI years to catch just two individuals from the 2016 Bitfinex exchange $3.6 billion hack. Moving crypto from wallet to wallet is on the open source ledger but your name is anonymous. Only when these individuals moved their stolen crypto to an exchange did alarm bells go off at the FBI. They could have paid people for years using fifteen shell corporations out of Curacao.
 

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"the Fed would have a complete record of every transaction made"

A private for profit company would know everything & control everything.
There is only one solution.
 

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If Bitcoin consensus ever decides the need to go "dark", it will. For now, we have Monero and others.
 

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Say it with me: CBDC is not crypto, CBDC is not crypto, CBDC is not crypto.

But yeah, CBDC is coming, and I'm sure most everyone will totally ignore it unless it's somehow forced on us.

say it with me. legal tender law. legal tender law. legal tender law. crypto will be treated like everything else that's not money -- just a commodity. the appeal of it is being downgraded every week with the actions of the (intl banker) and their puppet pols

flagging demand cares not about limited supply
 
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say it with me. legal tender law. legal tender law. legal tender law. crypto will be treated like everything else that's not money -- just a commodity. the appeal of it is being downgraded every week with the actions of the (intl banker) and their puppet pols

flagging demand cares not about limited supply
Money is POURING in from everywhere. What are you talking about?
 

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Money is POURING in from everywhere. What are you talking about?

i'm predicting the future - from my own logic/knowledge - nobody else participated in drawing it up. however, it is gratifying to see some of the forward thinkers starting to pee on the same bush. a lonely voice has become a small chorus

every day/week/month the actions by the evil empire give my theory more credence. it is they who are the drivers of what i see coming.

i will be wrong if i'm wrong about their intentions.
 

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we should all know (this guy) -- previous to leading SEC, he was in charge of protecting/promoting silver/gold manipulation

now he's in charge of crushing bitcoin and the other codes. (they) like to call their market rigging 'strong dollar policy'

1648569222466.png
 

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What a bald faced pack of lies.

MINING
bit-COIN
WALLET
+
-------------
= Imposter
 

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say it with me. legal tender law. legal tender law. legal tender law. crypto will be treated like everything else that's not money -- just a commodity.
I think you mean to say "everything that's not bank credit, federal reserve notes, or US notes". The US dollar is not "money" it is a derivative of money(gold) that has been severed from any connection to commodity supply reality.

The people that rail against bitcoin never seem to offer an alternative for digital payments aside from bank credit(suck shit) and eventually CBDCs(suck even more shit). As evidence they consistently claim that bitcoin is not private and/or that it is not secure, but they fail to point out that bitcoin is infinitely better in this regard than what it attempts to compete with...which is bank credit. If government wants to shut off your bank credit, they'll do so anytime they wish...perhaps merely because you used it to donate to a trucker rally...or to buy some speck of Russian gold. They cannot shut off bitcoin this way...and that couldn't be any more obvious at this point.

Bitcoin is not a gold replacement...it's an attempt to replace bank credit.
 

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I think you mean to say "everything that's not bank credit, federal reserve notes, or US notes". The US dollar is not "money" it is a derivative of money(gold) that has been severed from any connection to commodity supply reality.

The people that rail against bitcoin never seem to offer an alternative for digital payments aside from bank credit(suck shit) and eventually CBDCs(suck even more shit). As evidence they consistently claim that bitcoin is not private and/or that it is not secure, but they fail to point out that bitcoin is infinitely better in this regard than what it attempts to compete with...which is bank credit. If government wants to shut off your bank credit, they'll do so anytime they wish...perhaps merely because you used it to donate to a trucker rally...or to buy some speck of Russian gold. They cannot shut off bitcoin this way...and that couldn't be any more obvious at this point.

Bitcoin is not a gold replacement...it's an attempt to replace bank credit.

i hope it works out for you guys.
 

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i hope it works out for you guys.
It has worked out great. Now I'm not one of these guys that says "hodl forever", I'm a trader by nature...which is why when I see a significant downturn coming I begin cutting exposure. I've less exposure to cryptos just now than I have at any time since 2015...and that reduced exposure has led directly to more PM exposure because it's an easy way out.

That's almost entirely bitcoin subsidy halving related though...this is just what bitcoin does in these cycles and people who recognize that GTFO of the way when it's winter time. It doesn't change the fact that there is nothing else like bitcoin and cryptos in general. There is no other way to transmit wealth electronically 100% free of bankster intervention.

I get where Snowden is going in the article, I've heard similar concerns expressed before, but merely stating that bitcoin is imperfect as a hedge against gumbymint confiscation doesn't really offer any solutions. What we need is free market alternatives to private bankster credit for conducting transactions remotely. ...and aside from de-centralized crypto currencies, I ain't seeing any answers, just a bunch of complaints.
 

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again.......crypto is (their) trojan horse, davos edition


Cryptocurrency Executives Show Heavy Presence At Davos Meet​

 

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i better put my skates on now as it's going to be a huge downhill run from this point forward....


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