G20 to attempt to regulate Cryptocurrencies by this Summer

Funny that I just used this graphic yesterday about something I expect to happen early in the next decade. Now it seems that they want to try to attempt to regulate crypto by this July.

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It seems that this isn't unanimous which means that enforcement will be even more spotty than if it was unified. The fact of the matter is that it needs to be the G260, otherwise all the recommendations will just jump the borders outside of their jurisdictions. This is only fair isn't it? After all the NSA jumps borders all the time to avoid our regulations against spying. So what do they do? They outsource spying to the British (who spy on the USA) while the USA spies on the British. In this manner, they achieve total "surveillance" without technically breaking the letter of the law. That way it's "legal"...

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As expected though, they're a bit late. There are already some crypto's that are nearly anonymous such as Monero and ZCash. In the not too distant future, Bitcoin will have some of these same features. When atomic swaps are available, it will become incredibly difficult to track. As I said yesterday, government relies on making an example of a few in hopes that the majority will fall in line.

The key to safety here is to make sure that there is complete loss of control of the protocols so that they can run autonomously on the internet with no central points of control. That's the key to becoming immune to centralized attacks by authority. The exchanges will of course be subjected to this first. For a while, as long as the state can keep from losing money, they will stall in this way while they work on their centrally controlled crypto. Venezuela has already done this.

$5 Wrench Attack Antidote (emergency seed distribution via smart contract)

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All those of us who hold encryption keys need to find a way to become immune to the $5 wrench attack. Since people are still central points of attack, government officials will go after some portion of the population in an attempt to use torture (what's called enhanced interrogation techniques at Guantanamo). What can one do to make sure that such an attack cannot succeed? One answer: multi signature smart contracts.

It's possible to lock release of keys away into a smart contract for a specified amount of time using encryption and a series of servers that synchronize a time lock where no amount of coercion will relent. Again, this is the same idea as "no control, no blame". Alternatively it's never a good idea to relay what you have publicly. But with KYC and AML, governments will have a good idea anyway. Some hardware wallets allow you the ability to use secret accounts where some small amount is given access, while your fortune is tucked away.

Until Bullies learn Voluntarist Principles this is your Reality

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Unfortunately our species is still half beast. The greater half wear blue uniforms and a shiny badge. They have no respect for personal sovereignty and are infantile in their demands for you to respect their authority. If they explain that use of force is for "your own good", this is a lie. They are brainwashed automatons of the state who've never studied philosophy. Good ideas never need a mandate or coercion to be adopted.

BTW, if you have legitimate debts, you should pay them off. The problem is that for most of you in the USA and many western countries, some of your debt isn't legitimate. They've stolen your retirement, gave it to the department of defense, then tax future generations who aren't even born yet who haven't agreed to take on that debt. It's deeply immoral and unethical, but authority either has a difficult time grasping where they went wrong or they openly accept evildoing.

In the next few years, this issue is going to be revisited. If the cycle of blood is to be avoided, then voluntarist principles need to be adopted. This basically means that everyone should have to opt into an agreement without being forced through aggression and violence. The only time violence should be allowed is in self defense.