How much of your personal data is being tracked
or used by companies who should be on the
front lines of privacy protection, especially
when it affects the cryptospace.
Welcome everyone, it’s Friday June 12th
and this week, the focus is your privacy on
Exodus Crypto News.
Trust is hard to come by and impossible to
regain once it’s lost.
Especially when it comes to your cryptocurrency.
This transparent aspect is one of crypto’s
strengths.
The thing is, it’s not a simple task in
most cases to tie an address to an individual.
This is changing of course as we’ve started
seeing chain analytics companies pop up over
the last few years who make it their specialty
to track transactions on the blockchain to
help identify who owns which address.
If I asked you who consumes this data and
benefits the most from this type of business
you would probably say…..
The government guys?
Yes, the government and this week one of the
largest crypto companies in the world…
who?
Coinbase
(Facepalm)
Coinbase plans to join the ranks of other
well-known companies such as Chainalysis in
providing the US Government, specifically
the DEA and IRS the ability to receive data
about blockchain transactions.
For those who have been watching the space
for a while saw the writing on the wall when
Coinbase acquired blockchain analytics startup
Neutrino.
To be specific, Coinbase is not providing
data but rather licensing cloud-based software
for these agencies to use in gathering the
data themselves.
According to our friends at Decrypt, Coinbase
would not comment directly about the contracts
with the DEA and IRS but did reassure that
Coinbase analytics “does not include any
personally identifiable information and all
the data is publicly available and does not
contain any Coinbase internal or customer
data.
(Scratches head…)
Do you think there would be a need for the
federal agencies to use this software if it’s
something that would not give them any meaningful
information about individuals?
Let us know what you think in the comments
below.
Customers immediately punished Coinbase by
withdrawing over $214 million dollars from
their custodial wallets this last Monday after
hearing the news.
Not to pile on Coinbase too much but this
news came just a week after Coinbase announced
they were cutting USDC Stablecoin rewards
by almost 90% from earning 1.25% to just receiving
0.15% APY
Why?
Because they can.
This should be a reason enough to move your
crypto out of a custodial solution and into
a wallet you own but they had to double down
and take a bit out of your privacy as well.
Please leave comments with your thoughts and
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We have one more item to cover about privacy
this week.
So earlier we mentioned Chainalysis, which
is a company whose sole business is to add
transparency to blockchains.
Let’s hear what they have to say about themselves.
“We create transparency across blockchains
so government agencies, cryptocurrency businesses,
and financial institutions can engage confidently
with cryptocurrency.”
They are without a doubt the largest player
in the blockchain analytics game.
This includes active transaction monitoring
linking real-world entities to cryptocurrency
activity.
This does not just mean criminal activity,
it means activity or all activity and 2 coins
which have had characteristics of anonymity…
Which is just a fancy way of saying privacy
coins.
Have just been added to the Chainalysis roster.
Dash and Zcash.
This means both asset chains will be included
in their compliance products and according
to Chainalysis, DASH is no more private than
BTC and most Zcash users don’t use shielded
addresses.
Both statements I happen to agree with.
What’s missing here, Monero, which is privacy-centric
by design and is too tough of a nut to crack
for analysis companies to profit off of.
Um, I mean maintain reliable compliance services.
What do you think the future holds for privacy
coins, will they end up with greater regulatory
scrutiny or will they become the major players
in the future crypto ecosystem.
We would love to hear your thoughts.
That’s all the privacy news that fits today
and before I ask you to like this video and
share a comment, I leave you with this sign
that BTC is here to stay
I’d like to buy the world a Coke (music)
A beverage vendor in Australia has outfitted
their Coca-Cola vending machines to accept
Bitcoin.
What more proof do you need?
Download Exodus to take control of your wealth
and remember to like this video and subscribe
to the channel for more crypto content from
Exodus.
Hold on!
