Sticking to Crypto’s Core Philosophy Is the Way to Prevent Its Abuse

When the internet was a fledgling technology, there was a lot of uncertainty. Some people thought it would amount to nothing. Clearly, they were wrong. Today, the internet is a massive, global necessity.

The internet has enabled us to connect to each other around the globe, it allows us to purchase anything we want in one click, and it has given us access to all the content we could ever want. However, the internet also brought about many less-than-desirable developments.

The internet enabled the government and big corporations to surveil us and exploit us for profit. The internet enabled a new business model that removes humanity from humans and views us as datasets that are used for tracking and advertising purposes.

For all intents and purposes, the blockchain is a fledgling technology in its own right. And just like before, there is a lot of uncertainty — even from some really smart people. We don’t yet know if they’re right or wrong. The blockchain enables some extremely valuable use cases, but there is a potential that it could be used nefariously. Just because blockchain technology exists doesn’t mean it’s going to immediately create value for individuals. It doesn’t mean that it will create as much good as the internet did, nor does it mean that it will harm as much as the internet has — it’s up to us to make sure we go in the right direction.

The blockchain is not inherently private like many might think — it’s transparent

Any address that becomes attached to you personally can completely compromise your financial privacy. Once one address is attached to your identity, all transactions in and out of that address are also attached to you, and anyone can investigate further to learn more.

It only takes one small misstep to completely reveal your history, your preferences, your balances, everything.

The blockchain is only as secure as we are — accountability falls on us

Any loss of your private key and your money is as good as gone. And…

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