Overall a good paper, but he doesn’t seem to understand AML laws. It is not the bank customer who is required to report suspicious transactions, it’s the bank itself. And yes, that requires record-keeping. That’s what banks do. It’s true a hacker could gain access to a bank’s records, but that has absolutely nothing to do with AML laws. All the Net Neutrality in the world will not change that, and abolishing DRM won’t make a bit of difference. The solution is strong crypto, and it’s a simple matter for banks to employ strong crypto and also comply with existing AML laws. They’ve been doing it already for decades.
Unfortunately Joi has made some serious misunderstanding of AML/KYC here. However if what I read on Wired about this new pubpub MIT Media Lab system is right, readers can comment within a paper there.
I like Joi and miss seeing him IRL or on IRC. I like that he is willing to try new ideas even when they turn out to be dead wrong.
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