[2016-11-14] Bitcoin Is Too Transparent, Says Blockchain Surveillance Firm Execu

[tyz]

Bitcoin Is Too Transparent, Says Blockchain Surveillance Firm Executive

James Smith, CEO of Elliptic, a new start-up that specializes in the provision of blockchain intelligence to law enforcement and other financial institutions, stated during the Blockchain Money conference held in London last week that “Bitcoin is too transparent.”

https://www.cryptocoinsnews.com/bitcoin-is-too-transparent/

[yayayo]

In my opinion, improving the privacy of Bitcoin is one of the most important tasks for future development. Blockchain surveillance and blacklisting of coins would be the end of Bitcoin's fungibility and destroy its utility as a currency. There will always be criminal actors that will use some form of payment for their activities. Crime should be fought however where it actually takes place, not by restricting capital flows by third parties who are often not aware about the origin of funds. The positive aspects of Bitcoin outweigh it's potential for criminal use by a great margin.

Today, anonymizing Bitcoin transactions is possible only with considerable effort. I really hope that Bitcoin will take up privacy ideas from altcoins like ZCash and evolve into a more anonymous Cryptocurrency.

ya.ya.yo!

[BellaBitBit]

Bitcoin Is Too Transparent, Says Blockchain Surveillance Firm Executive

James Smith, CEO of Elliptic, a new start-up that specializes in the provision of blockchain intelligence to law enforcement and other financial institutions, stated during the Blockchain Money conference held in London last week that “Bitcoin is too transparent.”

https://www.cryptocoinsnews.com/bitcoin-is-too-transparent/

It would be nice if Bitcoin was more anonymous, but let's face it, it is not and won't be.  Perhaps it is the transparency that will bring bigger organizations into Bitcoin - they would be more comfortable using it.

[1Referee]

In my opinion, improving the privacy of Bitcoin is one of the most important tasks for future development.

In what way do you think the privacy aspect of Bitcoin could be improved? I personally don't see the need for this to happen since I (and of course many other people) actually like how Bitcoin is. If I am in need of privacy in regards to certain transactions that I have to make, or when I send coins to my cold wallets, I simply use Bitmixer to do the job. And I'm not even talking about the average Bitcoiner that doesn't even think about this subject when using Bitcoin. And those that do, also make use of mixers.

Today, anonymizing Bitcoin transactions is possible only with considerable effort. I really hope that Bitcoin will take up privacy ideas from altcoins like ZCash and evolve into a more anonymous Cryptocurrency.

I don't see the need of this. If you are looking for an "ultimate" form of privacy for whatever purpose, then you can make use of certain altcoins that describe themselves to be anonymous. It may be a hassle converting coins back and forth, but if you are really in need of privacy, then you'll surely do it.