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Wendy McElroy: Privacy Prevents Violence and Crime

• https://news.bitcoin.com, Wendy McElroy

The ensuing article spun off a quote from U.S. Treasury Secretary, Steve Mnuchin, "One of the things we will be working very closely with the G-20 on is making sure that this doesn't become the Swiss numbered bank accounts." Mnuchin rejects decentralized crypto as payment, investment, or savings systems because it cannot be easily tracked by government.

Privacy is the battleground upon which cryptocurrency will ultimately rise or fall.  The engine of crypto, the blockchain, is founded on the premise of anonymity or pseudonymity. The blockchain was specifically designed to obsolete "trusted third parties," such as central banks, which act as data-collection centers for government.

Wei Dai and Mnuchin may seem to be polar opposites on privacy, but they are saying much the same thing, although their conclusions are antithetical. Privacy prevents violence.

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