The False Promise of Going Off-Grid
Privacy advocates are always looking for alternatives to banking, but most of the alternatives are actually even worse.
Last week, I highlighted the risks of traditional financial institutions and why us privacy enthusiasts are always keeping an eye out for better alternatives. I pointed out that Know Your Customer (KYC) laws enable the potential for abuses, including but not limited to:
- Data breaches
- Data sharing
- Financial censorship
Unfortunately the alternatives to a traditional financial institution are limited and arguably worse.
There are technically a myriad of alternatives to traditional big-name banks, but many of them - like credit unions or online-only banks - fail to adequately our earlier privacy concerns.
At the end of the day I think the two "lowest common denominators" are cryptocurrency and cash.
Some of the alternatives I found in my research are just cash or cryptocurrency with extra steps, like prepaid cards, stablecoins, or precious metals.
While I am a proponent of both cash and cryptocurrency, I believe they're both poor substitutes for long-term places to store the bulk of your wealth.
Here's why.
This post is for paying subscribers only
Unlock access and see the entire library of paid-members only posts.
Already a member? Sign in
