Obama interview in TX: Governments worried Internet Startups are Eroding their Control...
The question we now have to ask is, if technologically it is possible to make an impenetrable device or system where the encryption is so strong that there’s no key. There’s no door at all. Then how do we apprehend the child pornographer? … If … government can’t get in, then everybody’s walking around with a Swiss bank account in their pocket. So there has to be some concession to the need to be able get into that information somehow.
Is he looking for child pornographers/molesters? Is that why we need this monstrous state contraption? If so, just go to the Vatican or Buckingham Palace… plenty there.
O’Bomber didn’t mention bitcoin directly, but no doubt cryptocurrencies are among his concerns. After all, you can carry $1 billion in bitcoin inside your own head via what is called a “brain wallet”. A brainwallet refers to the concept of storing bitcoins in one’s own mind by memorization of a passphrase. As long as the passphrase is not recorded anywhere, the Bitcoins can be thought of as existing nowhere except in the mind of the holder.
Aside from that, bitcoin is indeed like having a Swiss bank account in your pocket. Actually, it’s far better. The Swiss banking industry has bent to the demands of the US government and is no longer private… at all. Bitcoin must really make Obama angry.