Capital One has warned that 100 million people’s personal information may have been lost in yet another bank hack. This comes after Equifax’s 2017 data breach gave 147 million peoples credit information to hackers.
The Equifax settlement agreement appears to be only $700 million, for 147 million customers personal information being stolen from them, less than $10 per person affected…good for Equifax! Bad for consumers!
Then there is bitcoin, requiring only internet access to get a bank account. Just get a free wallet and you have a place to securely store purchased or earned bitcoin, with no third parties required to send bitcoin to people.
Common sense should ask most people why Facebook, Whatsapp, Visa, Mastercard. Spotify and Uber (among others) would need to create currency when they could simply help users of their products transfer existing currency they own? Because greed in Silicon Valley makes stupid projects sound innovative.
Libra is completely stupid and the complete opposite of what Bitcoin does. Peer to Peer transactions without requiring 3rd parties because those parties steal, lose or charge fees to “secure” your data poorly.
Privacy in Bitcoin, Not Banks
The on-ramps and off-ramps to bitcoin (which is all we really follow) are where the privacy of bitcoin can come into question. Exchanges in the West have to follow the KYC/AML rules, when you buy or sell bitcoin through the banking system.
This is also the reason we have the anonymous exchanges in several areas of our website, it never used to be illegal to want privacy. Only when rich people want to have access to “potential enemies” information, which is what banks and governments occasionally refer to citizens as, does an entire population have to bend over and submit to their demands like the banking cartels have.
Thomas Jefferson once said:
“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered…. I believe that banking institutions are more dangerous to our liberties than standing armies…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs”
As the different privacy solutions for bitcoin continue to grow over the next ten years, from coinjoin, bitcoin mixers and even alt-coin trading (sigh), holders of bitcoin don’t ever have to worry about the protocol turning on them like the banks online solutions have continued to do over the last 20 years.