It seems CipherTrace provides security/compliance/etc services similar to that of a traditional bank but for cryptocurrency? Will cryptocurrency effectively end up becoming just another currency/security traded and managed by giant companies rather than flourishing as the decentralized cowboy-esque financial system advocated for by crypto enthusiasts? Even those crypto users who choose to forego services offered by companies such as CipherTrace will still be effected by big companies attempting to regulate and control crypto in various ways, so I'm wondering what the sentiment is in the crypto community regarding this acquisition.
This is a pretty smart purchase, with it MasterCard is getting a fairly mature technology stack (by cryptocurrency standards at least), an incredible amount of data (mostly attribution data relating to addresses and transactions), and a team that’s experienced with the industry (which there is a massive void in skilled workers for).
Welp, looks like this is going to be another avenue by which a major corporation engages in mass surveillance capitalism. I'd rather my financial activity not be constantly monitored, profiled, and sold off for advertising or whatever other purposes.<p>This is why I hope that privacy coins catch on, but I'm unfortunately quit pessimistic that they will ever see mass adoption. If not for the lack of user will, then for the massive pushback we'll see from corporations and governments.