[VLOG] Cryptocurrency and Fintech: Wave of the Decentralized Future, or Harbinger of Mass State Surveillance?
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As a crypto-enthusiastic, state-detesting "Anarcho-Capitalist," one might not expect to hear criticisms and doubts about Fintech or crypto tokens from me. Indeed, most AnCaps and Voluntaryists are all on board when it comes to encrypted, decentralized networks and markets.
I am too, don't get me wrong. Bitcoin and now especially Steemit, have already revolutionized my life, and that is really no exaggeration. The exchange of ideas, the people I've met, and the financial benefits of being connected to my "niche market," as it were, in the context of a money that is directly transferable (and with no middle man), on a social media platform where writing quality posts and creating content is incentivized, have been and continue to be of inestimable value to my life. The revolution is just beginning!
But what about the potential death of cash, the most private means of transacting there is? What about potential for unprecedented mass state surveillance? If you've read any of the news on proposed new legislation which would require you to declare your crypto holdings at airport security checks, you'll know what I am talking about. Governments worldwide already want a piece of your crypto pie. And they already are talking about a cashless society.
The surveillance and push for a cashless society are only going to get worse as the value of these fintech phenomena continue to rise. So what do you think? Do we ride the wave, holding to libertarian principle and these technologies that have already so greatly improved our lives, or do we shun crypto and attempt to hide from the mass surveillance state that seems so likely to emerge?
None of the above? Something in between?
I hope you will enjoy the video above, and let me know what you think in the comments!
Peace!
~KafkA
Graham Smith is a Voluntaryist activist, creator, and peaceful parent residing in Niigata City, Japan. Graham runs the "Voluntary Japan" online initiative with a presence here on Steem, as well as Facebook and Twitter. (Hit me up so I can stop talking about myself in the third person!)
thanks
I share some of your concerns. I'm really not nearly as enthusiastic about central bank and government buy-in on blockchain as many seem to be these days. The ones who are happy about that are mostly in the crypto space to make a quick speculative buck off the rise of the value in tokens, such as last month. To me, there's nothing good that can come from tokenizing fiat currencies for use within the mainstream of governance and finance.
I complained about some of this here and here recently, as well as resteeming a few assessments of this ridiculous bill in the US Senate currently. The anti-money laundering angle in relation to cryptos will probably render holding them anywhere other than on a regulated exchange like Coinbase illegal in the near future if our wise overlords manage to get their way--I believe that bill also has some implications for holding large amounts of cash, as well.
Either way, I don't think the technology will be taken over by the beast unless the majority of the users relegate cryptos to an electronic version of fiat currencies. There's way too much one-dimensional thinking going on within this space right now and it's dangerous for long-term viability of the tech's objectives toward freedom and anonymity: central bankers and legislators are well aware of these vulnerabilities at this stage in the game.
Thanks for sharing.
I think that the cryptocurrencies and the blockchain technology is the future
same like the internet took few years from the moment you could connect to the www till the moment that everybody had internet and were using it - the cryptos in few years time will be the mainstream and no one will doubt it
...I might be wrong ...only time can tell
ME THOUGHTS EXACTLY. But the boat has sailed and a lot of people are on it. some are just going to get tipped into the sea, as in wonderful India recently.
Some of my thoughts are in article below:
https://steemit.com/bitcoin/@worldsoulfusion/crypto-my-a
I hope cryptos bring down the almighty dollar.
I totally agree. Mass surveillance is always on the rise. Gold was confiscated by Government before. It is a real crossroad.
Peace man! Upvoted! Thank you
I think governments and states will being to try to clamp down on cryptocurrency and try to regulate and moderate it. If it continues to stay decentralised I'll be glad haha
Nothing is truly decentralized,
Great video.
Leave governments out of crypto! Only bad can come from this. No one wants a surveillance state.
They are already in on it, :) if it was on some unchecked corner of the web maaybe, buut it wouldn't stay hidden for long, we have to make due with what we have :) uncorrupt governments if that is possible, form stronger connections and actually make something happen rather than repeat the mistakes and fall for power plays like the whole history for the past decades.
I wrote something on this topic last night. I'd be interested to hear your thoughts: https://steemit.com/bitcoin/@jscottdavis28/the-problem-with-mainstream-adoption
If anyone afraid of surveillance, then use Monero, just like you mentioned. You are right, that the transactions can be tracked, but personally, I would give up this total anonymity right to cut out the middleman and economise some money.
which is your weak spot, since they wouldn't need to have a middle man then, you will be controlling yourself by playing by their rules just like we are now :) :D