Uh, you know those ash counters that you see like the bank. You know they can put like a stack of money, it’s like and it uh pulls it through, and it says these are again off these bills. With these 30 of these bills, where i can consort it and do all kinds of things, those cash counters, now they actually scan the serial number of every bill and they keep a database of every serum of every bit that they scan even when they’re going by 30 seconds and guess what those cash counters are now yeah, they’re networked right um, and so this is the thing.
The same thing is happening to our postal mail, the usps in the united states uh. They photograph addressing information for every piece of man they process and the these are just the challenges that we face right.
They see it as medi, like maybe they don’t know what you spent that money on uh, but they know that that cash was deposited by this person at this bank. Eventually, this business and the last time that the system writ large saw this bill was over in this state or that and it was withdrawn by this person at that time, um, and we have no idea how the federal government is using these programs.
We have no idea how the banks are used to perform sort of surveying some link analysis of how certain financial flows occur, but then, as you say, uh then we get cryptocurrency uh now cryptocurrency and by this i’m, just going to say bitcoin Um is really family comprehensively terribly on the privacy angle, and i ‘
Ve said this again, and people like tap tap, look at what tap root actually does tapper does not fix bitcoin’s, privacy problem, and there are some arguments that it makes it worse by just sort of fragmenting the dress space, making a forensic sort Of flow analysis, easy particularly expanded wallet is using an ancient address.
They sent um a payment with this new person with a new form of address right, but the change address went back to the old one. So, even though there’s, one input two outputs uh, you can tell one was a payment that one was a sort of a refund or a cheating event.
It shouldn’t, be like that. Uh there’s, no reason for it to happen. We see so many privacy coins as z ash. I have said repeatedly: uh really does the best in this space um with their shielded transactions.
The criticisms that, like these transactions, don’t occur uh by default, which is valid in my opinion. They should have it by default. Uh. There are other uh cryptocurrencies, like monero, a private school, which is having a lot of trouble being listed on exchanges.
Broadly um, which has sort of privacy by default, but it’s, a lower measure of privacy. They’re, just playing a shelving and those shell games really don’t last forever, particularly as uh technology does better and better, and we haven’t seen legally question kind of way that we want to see it done.
But they’re, both great projects, and there are many many other privacy coins out there. But, like you said, we see exchanges starting to privacy, that’s, scary. The way that you fix this, the way that you normalize this is you make bitcoin private right and you mean the main chain.
I’m, not talking about primal layer. Two, i’m, not saying lightning, shooting engines right uh. You have to mean the idea: cryptocurrency is private by design uh and once you normalize that it’s fair to complete and it’s really frustrating.
I think for a lot of people in space that the core development team for bitcoin has not prioritized this because the longer they wait, the uh more obstacles are going to be put in place to prevent that.
From being the case right now, bitcoin really can’t, be listed d de-listed by exchanges um and the the sooner we take advantage of that off, and this was never the norm in this story. A lot of this flew out of like september 11, with like counter terrorism financing and like counter-terrorism, financing like bank of america, like we want terrorists to be sending the financial flows over bank of america, because then we know what they’re doing.
We know who it’s going to. We can knock on their door and like we can vote their their their their house right. The way we we deal with these things is is is is really crazy because we struck through these no policies and we’ll panic.
I’m. Sorry i didn’t need to jump in there, but i just i think it’s important i’m sure. Maybe you could tell us a little bit more about that. When did these things just start to change from this old paradigm? Things were in terms of what the government could get from banks and what they can get right.
It’s. No longer your record. It’s. The bank’s record, so the government doesn’t need a warrant or anything like that, because the bank can voluntarily yeah i mean i, i think it’s, strategic uh. I i think if you asked a lot of these people privately, they would all say they need it.
They would all say it’s. Mistake i’ll, say they don’t, do it um, but at the same time i think a lot of these guys. Uh are not comfortable being the first to break cover um and they’re afraid of regulation right uh.
The the problem with the cryptocurrency space at uh, the largest scale today, is the people who make these decisions have the biggest stake in the system, and the system has benefited from the fact that it has not been regulated out of existence.
Or you know there’s. No temporary existence, apparently by the structure, is exists today, and so they have become fantastically welcome, and this puts a lot on the line right. I’m, not saying they have no principles.
I’m, not saying yeah. Anything like that. I’m saying they realize how much value there is for themselves and for everybody else. We’ve bought into these systems by milk rocking and it’s. Important to remember that sometimes the boat can be bigger than pulp and right now they’re, all afraid of being.
You know capsized in german ocean um, but there is like right now they’re in a puddle and there’s, a rainstorm out there and the puddle’s getting bigger uh, and i think they need to understand that. It’s, important to establish these things before the idea that hey we see ayc everywhere for everything you know we move these uh, you take something off the exchange and the exchange says well, you need to buy.
Who owns that wallet right? You need to identify uh where this came from. You need to identify. You know where you got these funds from, because you know again like bank of america or and do this to to somebody, and they have done this since september 11.
. Well. September 11th is not the precedent that’s, not the world that we want to live in until the end of time. That’s, not going to change. Unless somebody makes a change. The idea of the bitcoin protocol, the peer-to-peer electronic branch system, is the idea that we can send these payments to anyone permissionlessly, and this is true if it’s in your wallet.
But how do people fill that wallets to they get it through exchanges, and these guys are uh imposing commissioning steps that are intermediary to the transaction and the only way to defeat that uh is to allow some kind of purification step right where we remove all of The paint we remove all of the identification we remove all of the crust being imposed at this external level, this external layer in the system and return it to this idea that we can have direct training.
We cannot direct congressman, not direct interaction with anyone any time until we recognize that and realize that and enforce that, by or at least provide opportunity through the protocol level. Um crypto hasn’t gotten to where it needs to be yeah.
I mean there’s, so many problems that like even if we step away from privacy uh. We know china is trying out their digital yen and the idea what the hot exciting idea that was being written about like bloomberg on this is that they could issue one that has an expiration date, because it’s, digitally provided right.
They can set the rules on this, they uh own, the wallets. They distribute this, the tokens they create, they can script, however, they want, and so they go well for economic stimulus. You know we can give a payment and if you don’t use it, you lose uh, but simply the idea that anyone anywhere can revoke your money is terrifying.
How can anyone say you know we’re? All we’re all going back to gold at that point, like digging in the ground like burying acorns in the forest like squirrels um, and you know there’s, actually an argument to be named people doing that uh for thousands of Years that’s.
Why sometimes you find caches of, like you know, buried coins under something else in england, it’s, because people recognize for the reason you have to be able to store value. Somehow that can’t be confiscated uh, because confiscation is not always just even if it is legal and just to respond a little bit to the hong kong thing.
I think that’s, a great point, but it also shows where uh we are really bad at uh, anticipating prep and we’re very bad at scanning things you go to the subway um and you don’t want To use cash because you don’t want your ticket to be associated with your card.
That says you went to this protester that’s, not good great makes sense, good idea, um. At the same time, you carry your phone, and their cell phone tower is a protest site because they’re cell phone towers everywhere in the city and your phone is associated with your sim card.
Your sim card is associated telecommunications company telecommunications company associates that, with your payment information, the phone company still knows you are at that protest site.