How many hours have you spent on hold with your bank or credit card company? Navigating through phone menus, listening to robotic monologues telling you how much they care about you while they waste your time. We have to put up with this in part as a security procedure. When youfinallyy get another human on the line, they’ll likely ask for your SSN, security questions, birthday, etc. All this in an effort to allow you to prove that you are who you say you are.
After all, your credit line, bank account, and portfolio are “yours” and yours alone, right? Nobody can access your funds without literally BEING YOU, right?
In theory, yes. In practice, not at all.
Our financial system is fragile and fracturing in many ways. Not the least of which is its ability to verify identity and prove ownership.
How many databases have your SSN, name, phone, and birthdate? Probably more than one. But impossible to know for sure. Combine this with the unfortunate reality that these databases are ticking time bombs, ready to leak your information to the public at any time.
Still not convinced this is a problem? Enter ddeep fakes Its becoming trivially easy to create a digital representation of another person that is realistic enough to trick the unsuspecting human.
We should be uuncomfortablekeeping our wealth secured by a system that uses publicly accessible information as the key to ownership.
There is only one kind of “universal truth” that exist in a post-truth world. That which can be proven through mathematical or cryptographic means.
Your ownership in the Bitcoin system is your exclusive kknowledgeof your private key. We expect a pproceduralinversion in identity verification and proof of ownership. Knowledge of a secret will supplant trusted authorities which exist only to verify identity using information which is increasingly easy to reveal or fake.