Forget selfies and passports – crypto should be private

[Luke3bird]

It's just a matter of time (and money,) before privacy laws catch up to security laws.  For now, there are little ramifications other than class action law suites when a bank or exchange suffers a data breach.  The expense of securing customer data is likely still more expensive than the occasional penalties of a data breach.  That needs to change.

The bigger issue in my opinion is banks and CEXs taking it upon themselves to babysit their customers' funds.  Like the story of in the OP about the guy who missed his rent payment due to the exchange holding a withdrawal.  That's inexcusable, and no politician will tough that one.

We just can not fully believe in any corporations, companies, platforms in all industries, not only in cryptocurrency and centralized exchange industry with our privacy and funds. They might or might not spend enough resources for their system and platform security but it is never enough because hackers will always try to do their works and after many attacks and efforts, they will succeed sometimes.

Assuming when we send documents out of our homes or computers to any company, we lost it forever and which security system such company has is not matter.

It's the same with fund stored on centralized exchanges that can be seized by governments, be scam exited, hacked to deaths, many reasons. Counting dead exchanges is not easy.
https://www.cryptowisser.com/exchange-graveyard/

[SquallLeonhart]

While I do understand that privacy is something that some people care about, the government and laws do not work like that. They can't just let you be free and not care about what you do, it is not the same and we should not be considering that as a good thing.

I personally think that we should not be considering this possible for governments. If we go against governments, then we can, we have that right, use p2p and hide what you have via mixers and whatever, surely it is still doable, and you wouldn't be followed and you can cash out any way you wish to hide it, but that will be harder to do compared to using an exchange.

[Jegileman]

The honest truth is that most people just want something that works fast and easy, so they follow whatever platform is popular without thinking deeper about control or data. It's not always that they don’t care, sometimes its just convenience over awareness. But slowly and surly, as more people experience issues like frozen funds or data leaks, I think more users will start paying attention and looking for better alternatives.

Most people that happen to hold privacy with high esteem and don’t joke about it are those that have really felt what it means to lose your privacy, they’ve been a victim of great loss of funds in their journey in crypto. People like this don’t want a repetition of what has happened to them before, so they hold on to privacy with much consciousness and are more aware than before about the potential harm that can come to their funds when exposed.