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.
Most of what you say is plausible if not a bit on the paranoid side. One think that you do not seem to be considering is that there is not a firm requirement to use the same login information here as on the etn wallet. Finally, I’d say anyone who posts the exact amounts of what they own/hold/sold in any forum anywhere are making a mistake. Posting personal information in any forum will always carry a risk.
Also attract unnecessary attention.
I avoid the whole situation regarding amounts or indeed personal wealth.
If I look like the “Bag Lady” living on Muscat and tinned dog food I dont get too many followers!!
Stay safe out there all!!
You have points that are valid, but you need to realise that it is the way of the world now.
If you just look over the terms and conditions there are a huge amount that hide a little disclaimer that says they will be able to provide your data, information etc to a third party.
It is similar to the order online for dominos, when you order and you are just ordering as a ‘guest’ near the end there are options that are already ticked that enable dominos to send you text messages and email promotions.
The only thing i disagree with your tax scenario is that many countries tax agencies would be bothered with that in relation to social media and forums. I know for a fact whether you like it or not the tax man knows what goes into and out of your account if they want to. I had a large deposit from a sale of a house once and not 1 days later the tax man calls asking what it was from trying to cover their asking by making it sound like you scammed someone or something.
If you truly want your privacy you are better off just going completely off grid.
I should clarify I did not bring this up because of my personal privacy concerns here. I am pretty diligent regarding that.
Others, however, may be more trusting than they should be, and perhaps for their sake it helps to shine a light on this topic, that’s all.
Agreed regarding taxes, and my example isn’t perfect, but my general point is that the tying together of a forum and financial records could cause unforeseen complications down the road, that’s all.
As for “it is the way of the world now”, yes that true. That is precisely why it is now more important than ever to have these discussions. If the people being affected by these changes aren’t in the drivers seat, then who is? The “it’s the way of the world now and there is nothing we can do about it” ideology is defeatist and runs contrary to what democratic values are supposed to be all about.
Sidenote
@BegaMutex This is Non ETN Discussion why exactly? The core subject is regarding this forum, and the use of ETN…
