RE: The truth behind Decentralized Exchanges and the ongoing fight against Mass Surveillance

[devann]

My knowledge in this area is superficial and therefore I don't think I can make any meaningful contribution.

Having said that, I think the ability of governments to spy on its citizens would necessarily vary from government to government.

Faced with a technically savvy person who is determined to evade the government's eye, governments may face some difficulty in tracking that person's activities but although tracking down that person's activities may be difficult it would not be impossible given the resources available to the governments.

Governments have a huge interest in making sure that they can track these transactions so that they can track down illegal activities and to also collect taxes. For instance in India it is estimated that $1500 billion of black money is parked in Swiss banks and other offshore banks. This is without blockchain technology, privacy tokens and DEX. With blockchain technology and its attendant dapps, the situation would become even worse for them.

Comments

[crypto.piotr]

Great comment @devann

I think the ability of governments to spy on its citizens would necessarily vary from government to government.

I agree with you to some certain degree. Of course in some countries our human rights are quite solid comparing to others. But the reality is that most gov do not really seem to "play by the book".

For instance in India it is estimated that $1500 billion of black money is parked in Swiss banks and other offshore banks.

Oh wow. That's a lot.

Thanks for your comment buddy

Yours
Piotr

[crypto.hype]

Totally true! But I also believe that the Elites hire the most tech savy people to work for them. I think money laundering will always be an issue however based on the statistics alone, it's the elite that money launder the most. Centralized Cryptocurrencies, will give these Governents & Banks more power to mask their activity while expose us more. Small criminals will definitely have a much harder time in the future. If you want to remain hidden, just deal in cash in the future definitely not Cryptocurrencies

[crypto.piotr]

Indeed @crypto.hype

I think money laundering will always be an issue

Those with knowledge and resources will most likely find a way to launder their money. I feel like AML is mostly affecting regular people and it's mostly being used as a way of collecting extra data about us.

Centralized Cryptocurrencies, will give these Governents & Banks more power to mask their activity while expose us more

We're on the same page.

If you want to remain hidden, just deal in cash in the future definitely not Cryptocurrencies

I wonder if our world will really turn cashless without our lifetime. I think in most countries it is highly possible.

Cheers
Piotr