Bitcoin Set To Cure Stockholm Syndrome II, Sweden Ends Cash

Bitcoin, Blockchain and the Law | March 1, 2018 By:

Sweden has ended cash. All money in Sweden is digital. For those of us who despise rifling through our wallets and who can’t be bothered to carry change purses, this may sound like a utopia.

That’s because we generally trust our banks and our government with our private financial transactions.

There is one problem.  Our transactions are not private, in the sense of our “personal effects.”

We have handed that information over to whomever we paid and, of course, to our banks. Once we give information over to a third party, it is no longer our own.

Try to read my diary? Get a warrant.Try to get my financial records? No warrant necessary.  The government, via the Third Party doctrine, must simply ask for it via subpoena without showing “probable cause.”

If it sounds like there should be a fight over this intrusion and the courts should decide if this invasion of our privacy should be allowable, I agree.

That happened 42 years ago in a case referred to as “Miller,” which you can listen to here.  Privacy lost.

There is some hope for Americans suffering “Stockholm Syndrome II” – the recognition that everything you spend money on is traceable.

First, we still have the right to use cash, albeit in limited amounts before the government begins tracking it.

Second, we have the ability to exchange value via the blockchain, without flippantly revealing our identity. Bitcoin, Bitcoin Cash, Litecoin and the like help us do that via decentralized, distributed ledgers.

And, if neither of those cures you, stop spending money on things you wouldn’t want everyone to know.