“Criminals are already going to be able to use these tools privately; the question is if the average person is going to, too,” says ODELL of bitcoin privacy enhancers. Interview by danielgkuhn
thinks crypto will be an effective means to skirt international sanctions.
Staying private on Bitcoin requires a lot of work. It requires sourcing your bitcoin anonymously and figuring out how to store it, send it and spend it without divulging any personal information – ever. If at any point you leak identifying information, your whole history of financial transactions and all transactions going forward can be tied back to your identity. You have to start again.
Usually companies do it. The idea is that the U.S. government has been known to issue warrants and subpoenas with gag orders where you cannot tell your customers that you've got a warrant. But those gag orders don't stop you from removing something from your website. So if you have a warrant canary up already, when you get a subpoena, warrant or a request for information, you remove the canary because it doesn't violate the gag order.
With Bitcoin, you do not explicitly have a name attached to your Bitcoin addresses or when sending transactions. But every transaction does get recorded in this public ledger that we call the blockchain forever, and that is going to outlast all of us if we are correct. Privacy is a very achievable goal in Bitcoinland, but the protocol is extremely hard to change – that’s another key aspect of its value prop, because if you could change it then you can change it to the negative. It is important for us to have achievable goals and I think the most achievable goal is more user-friendly apps.
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