Being an economic nerd, audit ability is more important on a base layer money. Layer 2s are usually where financial privacy is implemented. In gold terms(prior to 1971) a bank would HAVE to know to whom the gold belonged. But the layer 2 (dollars) would add the anonymity. Plus the pseudononymous nature of bitcoin actually is way more private than gold ever was.
Discussion
Gold is more private than Bitcoin, much, much more, as private as cash.
On the other hand I don't mean auditability, there are things as easy as implementing bip158 on clients and nobody does it.
Gold is only private in small coinage. Actual wealth in gold needs a custodian. Practically, gold is not being lugged around, it gets deposited in a bank, which IDs you.
Cash is not money, it is a coupon. As a coupon it doesn't really have any constraints on privacy as long as it is a valid claim to Gold.
As I said before I am an economics nerd not a coder. I am not sure what kind of privacy is achieved with those proposed filters as I can't extrapolate what is gained from the golomb-rice set compression.
With bip158 you get privacy without having to run a full Bitcoin node.
I like gold, but I like even more bitcoin. Try to leave a country during stress period with 1kg of gold. Good luck.
Just because it is easier to transport does not mean that bitcoin transactions are more private than private-to-private transactions in gold.
Depend… How do you acquire bitcoin and how do you spend is the key.
No.. you're talking about anonymity, he's talking about privacy.
#Bitcoin can be made physical, to have the exact same benefits as private-to-private transactions in gold & cash.
If done in the right way, I'd argue it's actually easier to do and verify authenticity...
I would disagree, at the level which physical gold and cash is transferred, #Bitcoin can be transferred in the same way.
nostr:npub19canpmsgykwumm43uxmp0l5sernavvnrf87mau9a6xnjfx6ajjhsh9qj29 for example sells products which makes #bitcoin "physical" to be transferred the same way. In theory it only transferring a verifiable backup seed phrase... Completely private.
Fake, stop trying to confuse noobs
how so?
"Physical Bitcoin"
This is like day 1 noob confusing stuff, from Satoshi's own time. Cut it out. Bitcoin isn't physical
I think we are both correct, of course #Bitcoin is always digital. However, it becomes "physical" when transacting in person. For example handing a person a Opendime, in the exact same way as handing someone a gold coin or cash. It is a private-to-private transaction...
Again, stop repeating confusing lies. If you think what you're saying is true, don't trust, verify
Nothing I said was a lie. It is a fact that there are no inherent differences between handing a person a type of #Bitcoin wallet (which happens to be physical), than transacting with cash or a gold coin.
Although I would argue, #Bitcoin has a lot more assurances. One of them being it is easier to verify and not trust...
Last I checked I'm not a bank.
yes, and you don't issue currency pegged to your gold either so, you know, that's the whole point I was making.
Which means you are really talking about paper not gold.
With all due respect you might be naïve to how money scales. That paper you denegrate is actually a tool for commerce. The paper is gold's security flaw not an invalid claim to it. Again the Tokenization is a service that allows commerce with gold, not an inherent scam.
As an aside, it is all barter, whether advanced or primitive, you can barter with something that retains value or something that doesn't.
Functionally barter is when you trade a consumable or commercial good for another. Money has no consumable value. Its only function is to be an intermediary to represent the value of a consumable good. So the distinction between barter and monetary commerce is that very difference.
"Money printing" isn't a thing. One main property of money is that it can't be counterfeited or printed. Currency is a claim to money which can be manufactured and only the bearer of the money can decide if that claim is a valid one. The confidence game of the USD is not due to them "printing" gold claims. It is literally a fiat or by decree claim that dollars are money (they are not).
That is all beside my point which is Gold is heavy and necessitates a lighter exchange medium. That is the flaw Gold has had to deal with for 5000 years and has cause scores of countries to debase their currency. Which simply means removing the nominal peg to Gold. The economic actor decides what claims to value are valid. USD is issued by the state which has the incentive to debase the currency. When local and regional banks set their own currency pegs (prior to the savings and loan regulations added in the 90's) their incentive was to be a good custodian for their community. Anyway I hope this was edifying.
I'm well aware of what USD was vs what it became.
Rome was diluting precious metal with low value metals millennia ago, whether you want to call it "printing" or not is irrelevant, it did exactly the same thing.
Money vs Currency is a word game.
Rome's debasement was different in kind. The coin was not the ounce of metal it was purported to be. Clipping edges was a reduction in mass but sold as a full coin. This is different than printing because the gold coin still exists and was not a facsimile of another molecule of gold. The dollars are facsimiles of other dollars meant to represent a claim to money. The debasement is similar but the mechanism is different. Eventually the small six0ze of the coins would betray their mass and show the debasement very obviously.
The intent is what matters, the theft is what matters, it does not matter how you achieve it.
Being pedantic instead of focusing on how they may achieve the same in the next iteration is not helpful.
This focusing on a particular method to the exclusion of others is how you get the idiocy of legal loopholes, it's perfectly clear to everyone else that something is theft but the law doesn't recognise same.
Yo guy. You are saying inaccurate things. With each post, I correct the inaccuracy. I didn't "Umm Akchtually" you here. I just know way too much about economics to just say that coin clipping and currency counterfeiting is the same thing. They literally are not. It does matter how debasement is achieved because with coinage you can just resmelt the coins. With counterfeiting you can't tell the valid from the invalid and you can't take away the printer. So it's not the same. And pretending it's the same is what is not helpful, peace.
When you are defending against an enemy you must anticipate their strategies & tactics, you don't fight the last war but you don't forget or ignore it either.