Bitcoin Sells its Soul

Bitcoin was a fantastic innovation in the freedom based currency. Notice the operative word “was” in there. Up until they inked a deal to become a bank they were a totally independent online payment network without any ties to any country. You could use them to conduct totally private transactions that you didn’t want Big Brother snooping around in. It was like the legendary Swiss Bank Account of 40 years ago, but even more independent because it lived in computer networks scattered around the globe.

Sadly, that has come to an end now because they inked a deal to be recognized as a bank. As the article says now they are on the same [completely non-private] footing as Pay Pal and other sell outs to the global free money movement. They claim they did this to make it easier for novices to use and lend them some legitimacy. Unfortunately what they did not understand is that “legitimacy” comes with a cost. It costs them their free status and now subjects them to a zillion and one government rules.

Doing this is like inking a deal with the devil. Anyone who has ever watched a bad horror movie knows you can’t EVER enter a deal with the devil without getting screwed. So it will be with Bitcoin. For example, if Interpol wants to track down a specific purchase made between two private individuals who used Bitcoin they simply need to flex their Big Brother muscles on Bitcoin using the new handy dandy bank rules they are under and get the identities and accounts cracked open for a looksy.

Suspect someone of “tax fraud” and want to take a little peak [without a warrant] just contact Bitcoin and press the newly installed bank rule button for instant Big Brother [warrantless] access.

I can hear the chorus of defenders to this move now…

  • Only criminals need anonymous transactions…
  • If you didn’t do anything wrong what do you have to hide…
  • This is really only going to be used to keep people “safe”

Yes, this was a big move for Bitcoin. They just signed a deal with Satan and now those people who used them for anonymity will pay the price. Thanks, Bitcoin for being a standup defender of freedom and privacy.

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