Nostr Web Client

I appreciate monero’s approach to privacy but I’m all in on bitcoin because I believe bitcoin is the world’s best chance to “fix the money”.

IMHO Bitcoin’s lack of privacy on the base chain may actually be a feature not a bug. It makes it easier to audit than monero, thereby increasing the level of trust.

To gain global adoption, bitcoin needs to be the most decentralized and trustworthy chain. Only the most decentralized has a chance of surviving. Only the most trustworthy has the chance of gaining global adoption.

All other features can be built on higher layers.

For example, I wonder how privacy would compare between using monero, and sending bitcoin round-trip through Liquid + Lightning, or using payjoin, coinjoin, etc.

Saberhagen The Nameless 2y ago

Privacy on Bitcoin is slower, less convenient, and more expensive in tx fees and blockchain bloat than using Monero. It is also inferior privacy. Even if built on higher layers, there is always a core trade-off like loss of self custody or trustlessness for example, and it wont make Bitcoin as a whole fungible (or as fungible depending on your view).

https://github.com/sethforprivacy/sethforprivacy.com/blob/master/content/posts/comparing-private-spends.md

Bitcoin mining is arguably more centralized because there are only a couple ASIC manufacturers and vulnerable because of massive targeteable mining farms. You can mine Monero on almost any general purpose consumer CPU. So it is also more inconspicuous.

Node count for both is roughly in the same ballpark

https://bitnodes.io/

https://monero.fail/map

Reply to this note

Please Login to reply.

Discussion

techfeudalist 2y ago

Yes, I agree that bitcoin’s privacy is inferior to Monero’s.

My sole objective is to throw my efforts and capital behind the chain best able to rip money out of the control of states. To me, that is the only thing that matters and everything else is a potential distraction.

Our need for privacy right now is high because nations are strong, because they control money. If they didn’t control money, governments will be smaller and we would live more freely. IMHO, people won’t be free, even if they use monero, if states still control money like they do today.

You can see that bitcoin is already working its way into the financial system, like a virus. Setting up to be the global reserve asset. Yes, many people will be trapped because of their inability to use the higher layer privacy capabilities, but my highest priority is the removal of state control over money, not privacy for everyone.

I believe that ASICs increase the barrier to attack the network. Yes, the US could grab all of the ASICs in its jurisdiction, but it could also grab all the CPUs in the cloud providers. I would bet the US’ share of worldwide CPUs is greater than share of ASICs.