Hold on for Dear Life
4 hours ago
- #Cryptography
- #Technopolitics
- #Cryptocurrency Critiques
- The author discusses the role of cryptography in resisting authoritarianism, noting its strength against technological attacks but vulnerability to physical coercion like 'rubber hose cryptanalysis' or 'wrench attacks'.
- Two technopolitical factions are contrasted: one sees encryption as a tool for organizing political struggles to demand rule of law and human rights, while the other (associated with cryptocurrencies) seeks to replace state institutions with mathematics, leading to issues like unreliable smart contracts and reliance on intermediaries.
- Cryptocurrencies are criticized for creating security risks, such as making holders targets for physical attacks due to irreversible transactions and public ledgers that facilitate reidentification, undermining anonymity and safety.
- The author argues that cryptocurrency fails on its own terms, exposing users to fear and peril without the protections of traditional banking, while emphasizing that cryptography remains vital for privacy and defense against repression.