Most BTC buying occurs on Big Exchanges. So, did most of you just handed over photo-ID scans, utility bills, cell phone numbers, national ID numbers, and “biographical” information?


That strikes me as ironic.

Besides the fact that this information is ripe for abuse, it also provides fodder for Big Data firms to make incredibly intrusive deductions about who is connected to whom, and where money is spent.

And, don’t think that you can just obfuscate your transaction history later on; such tactics will probably soon be outlawed under existing regulatory rules for “structuring” payments in a way that obstructs law enforcement. I can imagine merchants being required to reject Lightning Network payments that don’t include some kind of AML/KYC cryptographically signed receipt.

The U.S. [Gold Reserve Act of 1934](https://en.wikipedia.org/wiki/Gold_Reserve_Act) outlawed most private ownership of gold; this was enacted by Congress just 14 years after they outlawed *beer*. The U.S. Justice Department apparently just determined that *all* Internet gambling is illegal; now what will become of, say, [Prediction Markets](http://bitcoinhivemind.com/)? “Bitcoin doesn’t care about U.S. jurisdiction”. Neither do Jihadis; they still get bombed.

**So, do you want to gain riches by helping to build the greatest panopticon the world has ever known, or do you want to gain freedom by helping to build the most irreverent rejection of authority in human history? Right now, you’re building the panopticon.**

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