The survival of the privacy/anonymous currency
We all love our privacy
But how do you protect it at all cost and at all times?
Here is how I think privacy coins could survive and have a stronghold in the market:
- First of all many exchanges don't have a terms & conditions for each and every coin that is listed matter of fact I don't know if any does
Anyhow the important thing here is what is going to be written in the terms
For a privacy coin to be private a "do not reveal my identity at all time and to nobody" has to be issued so in a case the exchange does reveal your identity you could then sue it and with a heavy bill too
Now here comes the gov problem
What will happen if the authority demand the revelation of your identity due to a security emergency, a false flag, a major hack robbery or whatever the case may be?
Well, in my opinion, just like a policeman can't get in your house without a warren same thing with your exchange account, a warren must be issued directed specifically to you in order for you to give up your personal data
In case no warren is issued then you are free to reject the demand and to bring the case to the court of law if necessary
At all times you should be notified of all requests of your personal data and in the infringement of that rule the law must be harsh, swift and decisive even if the gov is involved
If a law like this could be created then I believe privacy coins could survive
Whenever your personal data is upheld by all parties from exchanges, banks, authorities and everybody that has to deal with it somehow someway then I believe it will be a good day for crypto overall and not just privacy crypto
In the meantime, I believe that your privacy is not being upheld because believe me when I say that the next ETF that will be approved will be pro gov, working for the gov and has all your data with the gov...and so it won't be long before all the others exchanges follow suite or rendered illegal...odds are they will follow suite in other words you will be forced to give up your privacy, upfront if you want to crypto...in other words, you will be given an offer you can't refuse...
Finally, I believe privacy coins won't survive but if they did they won't be allowed to be traded maybe they can be atomically swapped but who knows?...
The road is still long and full of obstacles and I can't see a safe exit for privacy coins because between protecting your data and the gov there is a big dilemma
It remains a complicated enigma to be solved and to be fair am not betting on privacy coins anymore
If you want to protect your privacy in the end you will have to TRUST somebody with it so the end game here will be "who" is that somebody that you will feel comfortable with your data?