Blockchain technology, like many tech developments, was born out of a utopian ideal. It came from a vision for a cashless society that maximized individual autonomy with freedom from oversight and taxation. However, the potential for blockchain to fetter us to a system using our records is innate to a tamper-resistant, extremely durable, and verifiable record. Here, we adopt a contrarian viewpoint and discuss the drawbacks of blockchain technology that come from its strengths rather than its weaknesses. The concern with the scenarios we outline is not that it will come true but that it can.