The truth behind Decentralized Exchanges and the ongoing fight against Mass Surveillance

in #cryptocurrency6 years ago (edited)


It is true, as of right now the government is spying on you! You may not realize it until it’s too late (Uncle Sam is planning to tax you). Nations and governments around the world aren't as stupid as they seem and in fact, they’re usually one step ahead of us.

Even disruptive technology such as Blockchain will become a victim of the ongoing war between privacy & control.

Popular cryptocurrencies like Bitcoin, or Ethereum are not going to be taken over by the government any time soon (there is always the possibility, though) but let’s not focus on digital assets but rather on avenues that they (the big brother that is watching you) been targeting the most; Exchanges, the most common marketplaces where these digital assets get traded on.

Currency can't entirely be disrupted, but it's implications toward control, governance, and freedom is utterly empowering. Our economic storage of value.. Money, is restricted, controlled, and exploited in the name of GLOBALIZATION should be a downright sin. It's got terrible, drastic implications towards many, especially 3rd world nations.

Where are we now today?

Today we have digital assets such as Bitcoin and Ethereum that have proven themselves to have tangible use cases in both programmable money and contracts.
Tackling scaling and adoption is the next stage, however, there is the ongoing concerns and questions we should be asking ourselves; Because what may seem to appear as decentralize at first could end up to be the complete opposite. Just remember, that not everything should be on the blockchain.

If you consider yourself an avid investor of Cryptocurrencies, than you should be concerned about the government because they’ve got multiple tricks up their sleeves to track you, more-so on an immutable ledger where they audit the books - we're getting closer to a very dark future.

A Question to ask yourself now:
How many of you already, cover your webcam and think twice about posting something online as it could come back to hunt later on life?

For those of you, especially the ones living in China where the government is known to spy and monitor on its citizens, it is has become a social norm to give up your rights to privacy. It's a very concerning society they have because as profound as it seems, the people are very supportive of the government. But that doesn't mean that there isn't a massive community that's being outcasted and oppressed because of the state of surveillance and control a single central authority has over it's people. Millions of citizens have already been restricted from using Public transports and lack access to public services due to the ongoing surveillance in China.
Before you interact with a Blockchain, there is a need to actually have to think twice about any application you plan on installing (Applications are centralized). Everything you do online can be easily tracked and this applies to blockchain technology, especially when you trade digital assets through a broker, exchange or marketplace (digital traces can be linked back to you)


We should look at projects which provide redemption from this nasty, dark world.
The rise of Privacy Tokens is the result of us trying to escape government surveillance and essentially control, as crypto enthusiasts around the world are trying to shield and protect themselves from the big brother and the retarded intermediary fees.

The development for these privacy-centric have had lots of challenges in the beginning(eg) the bug in ZCash Token Creation (though updates are soothing), to the versatility and limitations in using Monero and the uproar from the ASIIC issues (Zencash) and the POW update. Regardless of that, Cryptocurrencies that promise greater anonymity are becoming more popular over time as people are slowly waking up to the bleak reality that virtual money is getting much easier to track

If you’re new to blockchain technology by now you must heard about Decentralized Exchanges that were designed in such a way that would it challenge & oppose centralized exchanges.
However despite posing a novel solution in providing trust-less decentralization and utility, there have been cases where decentralized Exchanges have made a complete U-turn on their promises.

From the SEC requesting KYC requirements from IDEX, to shenanigans with EtherDelta. Centralized ones aren't perfect and Mt Gox is just the tip of the iceberg. The reality is that DEX's need liquidity. They need market makers. They need volume. They need legal protection.

What does the World need right now?

We believe that we need reliable Decentralized Exchanges that emphasize on PRIVACY, but it must be investors & traders who need to support the developments of DEX’s.
We deserve our rights to own assets that we ourselves go head over heels, through blood, sweat and tears to earn. The government should be more transparent with today’s society especially when they plan to go after exchanges , forcing them to comply with ridiculous data sharing policies and admit that they’re secretly using Surveillance and intelligence as tools of control

You & I should believe in freedom, that’s why every one of us should be supporting projects that are planning to disrupt Blockchain technology. Privacy-focused cryptocurrencies like Z-cash & Monero, claim to allow its users to have a firm command over the privacy of their data by keeping transaction information completely anonymous within the blockchain.

For the time being our focus should be on Decentralized Exchanges, projects such as Komodo's BarterDex & Resistance (ResDEX) are trying to revolutionize the current marketplace of DEX’s
Komodo’s DEX is a decentralized cryptocurrency shuffler that allows for stealth transactions and protects them from being traced through a time or knapsack attack. It is by far the most popular DEX in the making

Resistance (ResDEX) which I've seen a V1.4 Whitepaper on CryptoDiffer utilizes technologies such as zk-SNARKS, similar to which z-cash uses to shield transactions and combine it with a DEX where one can immediately trade on with decentralized market makers to ensure liquidity is sufficient, atomic swap technology for speed to circumvent centralized trading, and keep private key ownership with on-chain solutions.

These DEX's are still somewhat work in progress but through the help of the community and with more user adoption, we can expect to see more projects that focus on solely on privacy to gain more traction over time, now that traders are more aware of the whole ordeal surrounding surveillance.
While we are hyping Cryptocurrencies all the time, we are here to share some of the frustrations we've had with our current system, what we have, what isn't working, and to share our frustrations on seeing such sentiment during market turbulence.

Let’s move forward in a regulatory rigid environment because we're only witnessing the start of a very big snowball. We hope to shed some positivity in my sentiment on what's going on. Do share your thoughts on Privacy, DEX's, Governments, and Regulation!

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Dear @crypto.hype, the problem on private economy is only about who want to use it for bad porpouse.
After 11 septmber 2001 our freedom is limited in order of goverment controls against terrorism and unfortunately this crypto can be a way to feed it and that will be controlled because of it....:((

Dear @intellihandling

would you mind telling me what event had place on 11 sep 2001?

Cheers, Piotr

Twin towers falling down...:((

Oh yeah. I feel so silly that I didnt connect one with another.
thx

yes they gave governments all reasons to limited our freedom, because everybody want that terrorists will be stopped before do their ugly work.

Privacy and regulations are key factors towards the adoption of blockchain technology and Cryptocurrencies. We have seen many governments and organizations try to regulate or fight against this technology but I think there can't be any stopping.

SEC is doing a great job to regulate ICOs and that's a plus but it is not enough.

Posted using Partiko Android

To be honest, the SEC has taken down quite a number of scamy ICOs! But is also preventing a lot potential good ones. Who knows XD

Yeah, I think you're right!

Posted using Partiko Android

Talking about conspiracy theories? I'm the one who covers the webcam and the mic of the computer. I know the government of many countries have my personal data from all KYC I registered. And the first one who knows about me more than me is Google! You can bet on that!

In the Bible, it is written that nothing will be hidden between heaven and earth. So, you know Jesus was right!

And I think that for now, it is the best since there would be no way to determine the money laundering and illegal purchases by bands and outlaws.

The question is: How far do they want to protect us? Because they want to protect us, aren't they?

The only way to hide is being off the network.

Good to hear I'm not the only paranoid one

Hey we got our lines mixed up. Nice comment- the last line specially.

It's actually quite common to see people cover their webcams these days! I guess everyone is somewhat aware that the government or someone may be spying on them online. Letting Google, Facebook, Microsoft & Apple sell our data has become a norm in today's society. Cryptocurrencies traders need to be aware that centralized exchanges are going to cause a lot of problems in the future. Well designed DEX are the future but yeah, it would probably better to deal in cash! Off the Network

Well, a comfortable solution for the most paranoid

Wow! I just use glue tag for my webcam but this would look much better

I used black tape

I'd like to add that in not so far future if you want to use an exchange you will have to pass KYC process, so goodbye anonymity (Regulations, man!)

But but ... @crypto.hype what can anyone see through webcam? Same people who cover those webcams are uncovering them for the time being whenever then use skype/fb call. What's the point? I dont get it.

Cheers,
Piotr

Hi @jadams2k18

Talking about conspiracy theories? I'm the one who covers the webcam and the mic of the computer.

Indeed partly talking about conspiracy theories but mostly we're trying to build awarness of readers, that blockchain is not as safe and private as they may think it is.

Till now most of my friends seem to believe that bitcoin is great for drug dealers, and money laundering etc. because nothing can be traced.

So, you know Jesus was right!

I love your sense of humour buddy. I really do :)

Cheers, Piotr

"How many of you already, cover your webcam and think twice about posting something online as it could come back to hunt later on life?"- Scary @crypto.hype but scary because it is very close to the truth. Google AI knows more about me than I do. Governments spending hundreds of Millions of dollars on cyber- warfare are way ahead. Sadly privacy is sacrificed, without a second thought, for frivolous gifts like getting to watch free music videos and discounts on purchases. What we need is to bring the issue of privacy as a right, to center stage. And keep away from known peeping toms.
Nice to see I am not the only one paranoid.

Thanks. Liked Voted and Resteemed

Indeed! I get paranoid all the time. Whilst I don't really ask all my friends to cover up their webcam, I do spend a fair amount of time talking about bad about centralized platforms like Facebook & Google are. When talking about Cryptocurrencies, I always try to get people to think of both sides; there are 2 aspects of Crypto, decentralized & centralized. Once you bring up this conversation, loads of people will realize that Cryptocurrencies are the perfect tool for the government to use for mass surveillance (not too many happy faces). We definitely need DEXs in the future and should avoid centralized exchanges at all cost, people need to wake up because its too late, especially once you've given up your privacy

Hi @sarez

Thank you for your comment.

A few days ago I've read some news about famous celebrity in US, who had to publicly apologize for making a racist joke on his twitter. The funny thing is that someone dug out that joke years back when this dude was just 15 years old.

Indeed we never know when we will pay for our "sins" from the past. That's partly the reason why Im avoiding many topics related to politics, religion, migration etc. We cannot really express ourselves online. Sad but thats just the way it is.

Cheers buddy, Piotr

It's something very common, to see that human beings want to control something and make it a profit source for their pocket, things like that are unpleasant and make me think that something that should be decentralized to this rooted thing say things like "decentralized token" "your you have the control of your assets "but that is not something silly and that should not be lying to a community I had the case (I do not want to speak badly of projects but it is the reality I can not bear to say it) with the smartcash project several times we invest In that, I was a new investi a month believing that we had the control of the proposals they helped pay, until we realized that the sad reality that the funds that we supposedly helped to choose, only three simple individuals did mitiendo silly way that the so-called "smart buddies" decided everything and things like that happen.

This technology lends itself to many things of social and humanitarian benefit, and you are using it for something as monotonous as filling your pockets.

Thanks for everything @ crypto.piotr and let me see a publication that helped me to vent.

Used to be a complete SmartCash fan but after learning more about the project, I became quite vary over time, especially regarding the fund allocation! To be honest the Crypto space needs more decentralized project that emphasize on Privacy and Security

if brother @ crypto.hype I was one that all the world, I mentioned about the project and it hurt me to see that case and another sadder that my country Venezuela has been excluded "for not being a reliable place for cryptocurrencies"

There is always Google Translate :) thank you for linking this

Excellent comment @memes777

Big thx for sharing your thought. I guess we're on the same page with our views.

Yours
Piotr

You are right!!
Complete privacy is more of a challenge nowadays with governments poking their noses in each and every place. As you said decentralized exchanges can be really good but at the same time they are difficult to operate!!

As @crypto.piotr said it is useless because technology has always been ruled by politician's and it is difficult to actually achieve complete privacy.

Monero and ZCash I think really have been successful in provide complete anonymity but trust me rulers are looking deep into it. I live in India. The government is consistently ignoring crypto whereas the people of crypto community are petitioning for regulations. Supreme Court is confused and trying to pass a fair and suitable decision. Believe me when I told my friends that I deal in crypto they acted like I am a global criminal. That is how the government has triggered thought in the people. Truth is always hidden.

I think DEX will be good but they can be manipulated as well unless they are build on a completely anonymity maintaining blockchain.
Good choice of topic.

Great Comment on this! I definitely agree that trying to stay private online is posing to be quite a challenge these days. It's nice to see new innovations arise due to be privacy concerns like new web browsers, VPN's and Cryptocurrencies. To be honest I've heard a lot about India usually quite negative sentiment surrounding the whole Cryptocurrency regulation ordeal, sad to hear that some Governments have an easier to manipulate the people. Definitely, think that Decentralized Exchanges are the future

Great comment @n1hal

Complete privacy is more of a challenge nowadays with governments poking their noses in each and every place.

Sometimes i feel that the best thing to do is to move to some 3rd world country, with very little resources and just disconnect myself from online world. But to do that one need money. Loads of it lol :)

ps.
I noticed that India gov doesnt seem to know what should be their final stand towards crypto.

Believe me when I told my friends that I deal in crypto they acted like I am a global criminal.

Seriously?? Is crypto having such a bad reputation in India?

Cheers, Piotr

To answer the question asked... I was that guy, but I eventually learned that I don't have the experience to stop my electronic devices from being seen through. I am paranoid, so I do take into account what I post and how it can affect me in the long run... Everything that I have posted has been said before, whether in a text or out loud and when I realized that, then I knew that all that information must already be in the governments hands and I would not be able to do anything about it.

The only thing we can do now is to watch what we do because the future has many different outcomes depending on how governments react to the blockchain and decentralization...

It is a sad world that we live in and we cannot change the fact that the government wants to know everything that goes on and since its human nature to want to seek knowledge and just know more about what is going on (and not be in the dark), then we should realize that the world is moving to an era where privacy is completely null and void... It is, to an extent completely transparent to the government, but there are those few that are able to hide from that and I envy them :(

That is completely through! I get quite paranoid as well these days when browsing the internet. Definitely not a big fan of ads following me around where ever I go! The years of data that is being collected, could eventually come back to haunt me. Best to just stay anonymous and secure online

Very wise and mature comment @shadown99

I do take into account what I post and how it can affect me in the long run...

That's the only way.

I also think that times when people used to post whatever they only wanted on social media is slowly finishing. Distrust towards google, fb and other similar platforms is only growing.

The world is moving to an era where privacy is completely null and void...

I only wish to understand why so many people seemed to believe that blockchain will give us people "freedom we deserve".

When I joined cryptospace several months ago I've heard number of bloggers and youtubers talking about blockchain as if it would be our ticket to overthrowing goverments. And very few of them have seen it as a potential tool that may actually increase control over society.

I guess the best think we can to is not to get paranoid and learn to live with the fact, that there is very little privicy in current world.

Thank you for your feedback buddy.

Yours
Piotr

Great post and yes the goverment and also the so called "elite" wants to regulate and control nearly every part of our life. There seems to be no escape, but when we hold all together and work for a new decentralized money system like those cryptos then we can fight back! Money is very important, especially today and the elite wants to control all the money and they also plan their "New World Order" to enslave all mankind! So the best in my opinion is that we must hold together against that decision and try to plan a better decentralized system, as described in this post to stay free and live our own life, that belongs to us all!

So i voted for this post and thank you for this valuable contribution!

Sometimes there really seems to escape all of this! It's difficult to maintain privacy especially in a virtual realm like the internet. Money is very important to us, I truly believe that the influence of money should be limited however these elites have been using this tool to control the masses. It's sad to know that the future is bleak regarding privacy and security

Great comment @sternblitz

I love to see how responsive and supportive you are. Steemit needs more people like you.

There seems to be no escape

Perhaps the only escape is death? :P

they also plan their "New World Order" to enslave all mankind

okey okey, I think if you're using those words then it does make you sound a little bit ... insane. New World Order is a term used to often and has very bad vibe.

Enjoy your weekend and I hope we didnt spoil your mood with this post :)
Piotr

rg4omcyfvyd01.jpg

I think the most obvious benefit of a DEX is the same as with any decentralized application, which revolves around the philosophy of eliminating intermediaries and returning interactions to models without permission among peers without central authorities. More specifically, decentralization creates resistance to censorship, which in the case of decentralized exchanges means that no central authority could forcibly impose regulations, or even prohibit currencies and / or the exchange itself. This is especially important considering that many countries are restricting the cryptocurrency trade. For example, the two most populous countries on earth, China and India, have banned cryptocurrency exchanges, while countries that include Mexico, Russia, Saudi Arabia and Brazil have restricted cryptocurrencies.

Without decentralized exchanges, the ability of people to invest in cryptography is subject to governments, so cryptocurrency does not become more democratic than traditional asset markets. Governments can exercise control over centralized exchanges, and users are subject to authorities who can track and impose taxes on users at any time, or prohibit currencies.

From privacy, to security, to resistance to government interference, decentralized exchanges are way ahead of their centralized counterparts and yet they’re not capturing the public imagination.

Cryptocurrency and blockchain-based technologies are flourishing. The volume of transactions has reached $ 20B per day, the market capitalizations have skyrocketed and the adoption by users has reached a truly global scale. The increasing utility of Blockchain in various use cases is bringing the world closer to an economy without trust, eliminating the need for third parties to exchange goods and services.

Paradoxically, more than 99% of all cryptocurrency transactions go through absolutely centralized exchanges on platforms such as Coinbase, GDAX, Binance and Bittrex. That's right, decentralized assets are stored and traded in centralized platforms that operate as guarantee deposits for their clients and do not record transactions in the block chain. This has led to massive security breaches and the unsafe handling of funds, private keys and personal data. Only in 2018, hackers have stolen more than ~ $ 730 million in cryptocurrency.

I absolutely love your comment @orphism. And this photo put such a huge smile on my face hahaha :)

Thank you for sharing your view on this issue and DAX.

Mexico, Russia, Saudi Arabia and Brazil have restricted cryptocurrencies.

Oh I didn't know that. It really seem that most big players around the world do not like those new solutions that comes along with blockchain and crypto.

Your knowledge is clearly just out of this world. One of the best comment's I've read today.

BIG THX buddy
Piotr

That Image is adorable! I personally think it's getting much harder to bypass government regulation and it will continue to get harder over time. For now, certain governments are having a relatively easy time of outright banning Cryptocurrencies (technically they can't stop Crypto but there they can stop centralized Exchanges). With DEX's like Komodo and ResDex, once they gain more traction over time, Governments are definitely going to take interests and will most likely do everything they can to get rid of them. We as the community are sick of security breaches and faul KYC practices. We definitely need more DEX's regardless if the development of these services are slow. At least we have more options on deciding where we wanna trade our cryptocurrencies. Great comment by the way! Thank you for your feedback @orphism