I’m also not that smart but I figured the smart guys have a good reason for this.
Take it to 2nd layer for privacy.
Discussion
yeah but why should you have to do that? This is what I'm struggling understanding
Because more privacy collides with auditability. BTC has prioritized the fact that everyone can check how many coins are minted at any given time. No airdrops, no printing out of thin air. That is more important that privacy, as important as privacy is. 21M and not one more.
yeah, but how does the privacy of the user limit audibility? This is what I'm struggling with. The transactions could still be verified I would think.
If no one can see an utxo, how does the network(everyone and anyone) see if you didn't cheat and made a double spend? How does the network know if there isn't an inflation bug? These are just a few examples, and there are solutions, but like I said before it comes at a cost that usually is too high.
That's true and makes sense thank you
I don’t know.
In a few years it’s going to be very unusual to use the base layer anyway.
Be prepared to be paying a minimum of $100 a transaction on the base layer.
My guess is 10-15 years it’ll be $1000 a transaction.