A story about privacy and security
Satoshi Nakamoto was the pseudonym chosen by the creator of Bitcoin to name himself in the forum he created (bitcointalk.org), where he shared his ideas with other people interested in cryptography, computer science, economics, and finance.
Not revealing his real name was perfectly deliberate. Satoshi knew that he had to remain anonymous because what he was carrying out was nothing more and nothing less than the invention of a new global monetary system, which from the very beginning would compete with the existing one, and whose impacts would be difficult to face if Satoshi would reveal his identity.
He knew it perfectly because previous experiments similar to that one have been immediately suspended by the political and economic powers established at each moment.
What previously happened with alternate private currency projects, such as E-Gold or Liberty Reserve, that were abruptly closed by the governments of the day shortly after their conception and implementation, and whose creators and managers were prosecuted with the excuse of promoting money laundering, the transmission of money without a license, among others charges.
Having seen these cases up close, Satoshi knew he should not reveal his identity and that the system he was shaping could not be settled as a private company in any particular jurisdiction but should run on servers distributed as widely as possible around the globe, operating as a decentralized network with no single point of failure that could be easily identified and dismantled.
This new monetary system should not have a visible head in charge but should be conceived as an open-source protocol and software in which programmers and computer engineers from all over the world could participate in its development anonymously if they wanted to.
These premises would make the project much more resistant to various types of attacks, especially those of a regulatory origin imposed by central political powers that may feel compromised by the emergence of a new global monetary scheme that could erode the foundations on which the traditional fiat money system is based.
The same powers that could rise against Satoshi years ago are the same ones that can go after anyone who openly operates or facilitates the use of the new global monetary network today.
Although in certain jurisdictions Bitcoin is treated with better “manners” than in other places, we cannot trust regulations that are imposed one day and can be revoked the next, so it is essential to take the same precautions that Nakamoto took, so we don’t compromise our wealth, privacy and security.
If we give away our personal information to any company, exchange, or centralized entity of any kind, we will always run the great risk that the database where all that volume of sensitive information is stored may be compromised and our data revealed and sold to the highest bidder.
On the other hand, if we operate privately between two people in a peer to peer manner (P2P), even when some personal data must be disclosed to the counterpart (bank details, for example), this information will only be available to that person, who will hardly be targeted, as he does not collect data en masse from thousands and thousands of other individuals.
At Hodl Hodl, we tend to believe that many of the procedures that require personal data collection are extrinsic; inject friction into the operations and generate inconveniences of all kinds, not providing practically any solution to the real problems that continue to occur without these processes being able to detect them and even on some occasions, they end up facilitating.
In this sense, we strongly recommend listening to the speech of Andreas Antonopoulos called “Worse than useless”, given at the Baltic Honeybadger 2017 conference.
For all these reasons, Hodl Hodl does not request personal information of any kind and allows its users to operate anonymously using only a pseudonym and a valid email address, thus protecting their privacy and allowing the users to keep defending the ethics and values that Satoshi Nakamoto fought for from the beginning.
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