A ridiculous regulation on crypto, an enemy of bitcoin

One of the biggest privacy issues in today's society is the over-use of the Customer Knowledge (KYC) and Money Laundering (AML) laws. Although many crypto-currencies were designed to avoid these invasive practices, the KYC and AML directives, reinforced by political parasites and their followers, perverted the original crypto-anarchist ideologies conveyed by the cypherpunks.

Also read: Bitcoin species captured 90% of October's crypto spend in Australia

KYC / AML are the real cryptocurrency scams

When people talk about scams in the cryptocurrency sector, they are usually interested in a given project or initial coin offerings (ICOs) that have generated billions of dollars in 2017 and 2018 However, the biggest scam of the blockchain ecosystem is the have pushed their statist ideals into the cryptography industry. KYC / AML's practices have greatly increased and influencers want politicians to bless and define digital currencies such as BTC. Financial regulations known as customer knowledge and anti-money laundering laws require companies based on cryptography to verify the identity of their customers and to ensure that customers pay taxes by reporting unusual behavior. Even though these practices are immoral, unethical and cause significant friction, bureaucrats and law enforcement agencies use these methods to track and monitor all financial transactions that they do. can observe.

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The biggest problem with KYC / AML regulation is probably how companies and big companies track and store data that hackers can exploit. Thousands of businesses accumulate significant amounts of important information about a person's identity, residence, social security and credit numbers, as well as credit information on centralized servers. Hackers and opportunists routinely visit these servers and, due to serious leaks, individuals' personal information may be sold on the black market. Data from the 2014 data breach report released by Risk Based Security researchers indicate that 4.1 billion records were compromised in the first six months. Bitcoins and other crypto-currencies were built to avoid KYC / AML's invasive practices and if these regulations did not exist, collateral damage, such as massive violations, would be significantly reduced. However, many services are currently invading the cryptography industry and grossly transposing KYC / AML standards into our daily practices.

Politicians have adopted the standards of conformity of digital currency

On November 4, the New York Times explained how "little-known companies collect your data." In this report, the editorialist Kashmir Hill had access to a secret score intended for consumers, which reveals in particular "all the messages that I sent to hosts on Airbnb; years of Yelp delivery orders; a log of all the times I opened the Coinbase app on my iPhone. The 400 pages of data derived from a company called Sift and the data collected on the journalist's current affairs are quite shocking.

"Sift knew, for example, that I had used my iPhone to order chicken tikka masala, vegetable samosas and garlic naan on a Saturday night in April, three years ago," wrote Hill. "He knew that I had used my Apple laptop to connect to Coinbase in January 2017 to change my password. Sift was aware of a nightmare that I had been living in the California wine country in Thanksgiving, as indicated by my messages to the Airbnb host of a rental called "Cloud 9".

There are also accidents such as Bitmex encryption exchange that has slipped and dumped almost all of the customer's registered emails. The problems of the trading platform did not stop there because, after the leak, hackers sold the information disclosed via the Telegram channels. The Bitmex Hack group on Telegram greets visitors with a message saying, "Thank you Arthur Hayes." Data breaches have disrupted the cryptography industry from the beginning. KYC / AML info only worsens the situation of the end users.

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"Get up, you have nothing to lose, but your barbed wire fences"

When Satoshi Nakamoto launched Bitcoin for the first time, the cypherpunks of the time feared that it could be used as a means of exchange outside the existing regulatory framework. Crypto-currencies have been adopted by people with strong anarchist and libertarian beliefs, as their assets can mitigate government regulation and essentially eliminate all coercion and violence on the part of the state. In fact, many cipherers believe that digital currencies are a tool for strengthening free markets and self-government.

"Just as printing technology has altered and reduced the power of medieval guilds and the structure of social power, cryptological methods will fundamentally alter the nature of corporations and the government's interference in economic transactions," he said. wrote in 1988 Timothy C. May, cypherpunk.

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Digital currency users can enhance the security of their operations (opsec) with tools such as Tor, Tails and Cashshuffle.

Nowadays, however, there are many supporters of cryptocurrency beg for traditional institutions and governments to accept Bitcoin. They blatantly allow corporate fascism and regulatory capture to spread the network effect, knowing that the original cypherpunk values ​​are disappearing. What these political parasites do not want you to know is that you can still access digital currencies and exit the traditional financial system.

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Did you know that you can buy and sell BCH privately using our local non-depository Bitcoin Cash trading platform? The local market.Bitcoin.com has thousands of participants from around the world who are currently trading BCH. And if you need a Bitcoin wallet to store your coins securely, you can download one here.

Cryptocurrency users can still conduct transactions with digital currencies in an extremely private way using tools such as Tor and VPNs. They can get to know and understand the encryption of Tails mail and PGP email based on the operating system. There are encrypted email applications such as Signal, Viber, Dust, Threema, Wickr and Cyphr. Decentralized trading platforms such as local.Bitcoin.com, Localethereum.com, Bisq, Barterdex, Radarrelay, Kyberswap and Uniswap. Other tools can be used like Openbazaar, Haven Privacy and Whonix installation. Bitcoin Cash (BCH) users can mix their UTXOs using the Cashshuffle decentralized mixing platform.

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Digital asset developers can use encrypted messaging services, encrypted email, and distributed markets like Openbazaar.

The fact is that there are still many people who share the ideals of the past of the cypherpunk and hope to separate the money from the state in the same way that the church was removed. There are a multitude of tools that can keep people off the KYC / AML radar and these invasive acts can be avoided. Over the past decade, many fraudulent digital currency projects have attracted ignorant investors, but the biggest crimps of the crypto-technology industry are those who embrace the existing status quo and have helped to introduce the State of supervision (KYC / AML) in the cryptocurrency. industry.

Want to know more about Bitcoin? Check out our start page. Would you like to know more about freedom, volunteering, the principle of non-aggression (NAP), etc.? Check out the links below.

What do you think of the relationship between cryptocurrency and freedom? Tell us what you think about it in the comments section below.

Disclaimer: This article is an opinion piece. The opinions expressed in this article are those of the author. Bitcoin.com is not responsible for the content, accuracy or quality contained in the article. Readers should exercise due diligence before taking any action related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to have been caused by or in connection with the use of or reliance upon the information contained in this article. ;opinion.


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Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.

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