TD₿: Worse than Useless: Financial Surveillance by Andreas Antonopoulos
TL;DR Financial surveillance today results in infinite costs for consumers and banks while failing at their intended objective.
Hey Bitcoiners,
When you look at the CBDC proposals from central banks and governments around the world, the word “privacy” always pops up.
Most of the studies acknowledge that CBDCs are a threat to individual privacy but then justify their surveillance features are necessary in order to prevent illicit activity or financial crimes.
This has been the strategy by KYC/AML proponents since the policies were adopted decades ago. Sacrifice the privacy of the majority for a tiny fraction of bad actors. These policies have resulted in the surveillance of hundreds of millions of innocent, law-abiding citizens in order to prevent a shockingly small amount of crime.
Recent research found that the effectiveness of AML/KYC policies is minimal at best and harmful at worst. These policies have impacted only 0.05% of all financial crimes since enacted, have cost banks hundreds of millions of dollars in compliance costs, and created honeypots of user data for hackers to obtain.
When taking into account the history of these policies’ ineffectiveness, it is non-sensical that these central authorities want to remove privacy from a CBDC in order to prevent a minuscule amount of financial crime.
Andreas Antonopoulos spoke about the harmful effects of financial surveillance in this talk. (01/06/2018)
In the future, people will have a choice…
Do you want to store your wealth in a surveillance coin controlled by central bankers?
Or would you rather store your wealth in Bitcoin where no one can be censored or controlled?
I think the choice is rather easy.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“If you believe in the anti-money laundering system, then you don’t understand the anti-money laundering system.” - Dr. Ron Pol, Researcher and Founder of EffectiveAML
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