Don’t get me wrong; Bitcoin and crypto currencies are a big deal, at least technology-wise. Bitcoin and blockchains taught us a lot on what can be done with security protocols, and at a lower level, it even taught us that computation inefficiency is not always a bad word, but something that can yield benefits, if that inefficiency is properly orchestrated and exploited. It was also the most prevalent demonstration of scarcity being artificially created by technology alone. As I wrote before, blockchains will probably have some novel use-cases one day, and Bitcoin, aside of being a mechanism for transferring money, also provides a target of speculation, which in itself can be (and is) monetized.

What I truly do not understand are the advocates who see Bitcoin wallets as the near-future replacement for bank accounts, and Bitcoin replacing banks (and other financial institutions) in the near future. I understand the motivation, as those are dreams easy to fall for, but for crypto-currency wallets to replace financial institutions much more is needed, and for the sake of this discussion I will not even delve into the many technical difficulties.

Tor is typically used to attain anonymity and preserve privacy online. This is by far the most common and appealing use for it. Most people without such concerns are not likely to ever install a Tor browser on their workstations, and it’s a pity; Tor has at least one additional use-case which is applicable to a much larger audience. This use-case is the prevention of certificate injection when using untrusted network connections.

When people discuss Bitcoin, one of its properties that is often considered is its presumable anonymity. In this respect, it is often compared to cash. However, it shall be recognized and understood that Bitcoin is not as anonymous as cash; far from it, actually. Its anonymity relies on the concept of pseudonyms, which delivers some (unjustified) sense of anonymity, but very weak anonymity in practice.

There is an ongoing debate on the need for new regulations that protect individuals’ personal data. Regulation is said to be required to protect the personal data of citizens, consumers, patients, etc., both against corporate service providers as well as against governments.

There is a growing concern about the implications of the data collection habits of social network operators, such as Facebook, as well as other service providers. Even those individuals who claim to not see any tangible risk behind the massive collection of data on themselves by service providers, still feel unease with the amount of data available on them, and on which they have no control.

On the state side, knowing that your government may monitor every single email and phone call reminds of George Orwell’s book “nineteen eighty-four". It is largely agreed that this practice, if not outright eliminated, shall at least be better controlled.

This essay discusses the two possible domains for such better control: technology and regulation, arguing that the former is tremendously more effective than the latter.