.Crypto-Fiat Currency is a Disaster for Your Privacy
Crypto-Fiat Currency is a Disaster for Your Privacy
By Chris Lowe, Editor, Inner Circle Sep 12, 2019, 8:08 am EDT
We’re not the first to worry about financial privacy in a digital world
Imagine a new type of cash…
Unlike the kind you carry in your wallet, it exists only in digital form.
There’s no more need for ATMs. Tip jars are a thing of the past. Even vending machines are digital.
Every time you spend money, it’s through a digital app. And it’s recorded in a government database.
The feds collect and store details on every transaction you make. They also know exactly where you are in the world every time you buy something.
In today’s dispatch, I (Chris) will show you why this scenario is already becoming a reality around the world… and why it’s a disaster if you value your liberty.
Then tomorrow, we’ll look at why it’s coming to America… and what you can do about it.
We’re not the first to worry about financial privacy in a digital world…
A pioneering computer scientist called Paul Armer sounded the alarm on this back in the 1970s.
In the 1950s and 1960s, Armer headed the computer science departments at the RAND Corporation think tank and at Stanford University.
Then, in 1975, he issued a chilling warning about what would happen to our privacy if governments ditched physical cash and moved to a purely digital money system.
In an article titled “Computer Technology and Surveillance,” Armer said such a system would become a powerful surveillance tool for the state.
This wasn’t lost on the KGB….
In 1971, Russia’s secret police tasked a group of advisors to devise a plan.
KGB higher-ups wanted to figure out how to create a surveillance system that would keep track of everyone inside the U.S.S.R. without them knowing about it.
The computer scientists’ proposed solution was to get rid of physical cash and replace it with digital currency transactions. As Armer wrote…
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