Article Link: NFTs Are a Privacy and Security Nightmare

VENMO’S BAFFLING DECISION to turn payments into a social media feed, where public transactions are the default, has rightly been met with criticism. But at the very least, it’s always been possible to make Venmo transactions private. Now, imagine a financial system that’s not just public by default, but can’t ever be made private, and nothing can ever be removed or deleted.

That’s how crypto works. And for years, it’s been too seldom recognized as an issue—in large part because systems like Bitcoin, Ethereum, and other crypto platforms are technically “anonymous.” More specifically, unlike a bank or financial app, you don’t have to attach your real name, address, or other identifying information to a wallet. Sure, everyone can see what a random wallet is doing, but they don’t necessarily know who is doing it. NFTs, however, radically undermine this already tenuous anonymity.

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Discussion Questions:

1. Identify three key takeaways from the article. What did you find most interesting?
2. What is an NFT? How are they used?
3. Why are NFTs a privacy and security nightmare? What can be done to make them more secure?

Source: Ravie Lakshmanan “www.wired.com” April 5, 2022.