Click to download audio versionOn Todays Episode of Let's Talk Bitcoin...
Join Adam B. Levine, Andreas Antonopoulos, Stephanie Murphy and Jonathan Mohan for a look at the latest Coinbase privacy kerfluffle, JPM's tepid jump into the Stablecoin market, and the still unannounced but inevitably coming "Facebook Coin" and what it means to... Banks?
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Curated & Transcribed Highlights from Let’s Talk Bitcoin #392: “That’s Not a Blockchain, that’s a Sequence of Poor Engineering Decisions!” provided by Professor Meow
Coinbase Acquiring Neutrino
Adam B. Levine: The core of what's happened here is that Coinbase was representing that they were not selling or sharing data about people who use Coinbase, except under very specific circumstances. And it came out somewhat recently that it actually was not true and one of their service providers had been actually selling that data (as many of these service providers do). Coinbase opted to acquire a company called Neutrino. Neutrino basically allowed Coinbase to do the same type of thing through a third party, but there's some baggage that came along with Neutrino name.
Andreas Antonopoulos: This :give-and-get data” is the Devil’s deal with all of the analytics firms. Basically, if you want to get a transaction scored in terms of its AML, counterterrorism and KYC score for how tainted it is by bad-y coins, you have to give these services every transaction to review and they will return a score. You give them every transaction with all the identifiers, so they can score it, so they build a surveillance database with this. I don't know why anyone is surprised that these companies whose primary business is to collect surveillance data, also sell this surveillance data to third parties.
That's the least of the problems right. Yes, they se...