I know the topic of privacy doesn’t gain much traction here… We’re focused on making bank, and being involved in the evolution of cool technologies. Privacy concerns are downer material, I get it!
I feel compelled, however, to bring up this topic once again anyways.
*** If you are one of the “I don’t believe in privacy because I have nothing to hide” people this won’t be for you.
Thought experiment: Let’s imagine that we’re all avid Reddit users, in a world where Reddit is owned by VISA. Now imagine in order to use Reddit your account must be associated with your Visa Card.
This means now your financial information and your forum habits are pooled together in a database which can be used to calculate a lot of information about you.
That’s right, that’s exactly how this forum works - or will work when the system is fully in place and spending ETN is commonplace.
With the way of the world, it isn’t difficult to imagine a future where, if you are an active forum user, Electroneum would take this pile of data and either sell it to third parties or perhaps simply target adds at you through your mobile miner / wallet (after this post in my case it’ll be tinfoil hat adds!).
Maybe it doesn’t seem like a big deal - Oh no, more targeted adds! - but if you think about it, mixing your online activities with your financial activities under one company is somewhat unprecedented.
Or another scenario:
I’ve seen people literally post exact amounts of money they have put into various cryptocurrencies in this forum. That information you posted isn’t going anywhere behind the scenes, even if you “delete” it (forum designers/managers correct me if I’m wrong).
Let’s say it’s tax time, you get audited, and your online posts are scanned for these such comments. Because of KYC it can be proven without a doubt that it was your post. Let’s say you lied because you want to be cool and posted that you sold 500 bitcoin this year, when you actually never did. Now you may be on the hook for a tax on that, or perhaps charged for tax evasion, simply because you were dumb for a moment.
Maybe there is a lawyer in here that can counter-argue my general points, or clarify them.
Anyways, I think it’s important that we at least address the topic, because I know that many people here haven’t given this an ounce of thought.