It is going to be tough to negotiate. Money is, after all, nothing more than data. And if we are entering an age where data is more important, then privacy is going to be considered.
How do they separate data that represents one medical history as compared to financial?
As long as KYC is done in some form or other, it cannot be separated.
This is not crypto, but this example shows what we can do:
Years ago, the NYC subway system moved away from physical tokens to pay for fares to using MetroCards instead. Currently, MetroCards are being phased out in favor of a service called OMNY, where people pay their subway fares using their mobile devices.
MetroCards can be tracked by a serial number, but that number isn't tied to anyone's identity. In this way, MetroCards are like cash.
OMNY, on the other hand, it tied to either the mobile phone or the bank account or both. Essentially, OMNY requires KYC.
If we can keep crypto more like the MetroCard, we're good. Once crypto becomes like OMNY, we're doomed.
If we can keep crypto more like the MetroCard, we're good. Once crypto becomes like OMNY, we're doomed.
Agreed. We are seeing how they want to control everything and know all that is going on. For this reason, we can see how we (developers) need to develop layers that seriously alter the tracking abilities. They arent going to like it but if the industry has the stuff being produced from all over the world, there is nothing that can be done about it.
It is going to be tough to negotiate. Money is, after all, nothing more than data. And if we are entering an age where data is more important, then privacy is going to be considered.
How do they separate data that represents one medical history as compared to financial?
I am not sure it can be separated.
Posted Using LeoFinance Beta
As long as KYC is done in some form or other, it cannot be separated.
This is not crypto, but this example shows what we can do:
MetroCards can be tracked by a serial number, but that number isn't tied to anyone's identity. In this way, MetroCards are like cash.
OMNY, on the other hand, it tied to either the mobile phone or the bank account or both. Essentially, OMNY requires KYC.
If we can keep crypto more like the MetroCard, we're good. Once crypto becomes like OMNY, we're doomed.
Posted Using LeoFinance Beta
Agreed. We are seeing how they want to control everything and know all that is going on. For this reason, we can see how we (developers) need to develop layers that seriously alter the tracking abilities. They arent going to like it but if the industry has the stuff being produced from all over the world, there is nothing that can be done about it.
Posted Using LeoFinance Beta