#Bitcoin needs privacy!
Discussion
take care what you ask for. privacy is what the banksters want for them selves, but not for us...
Nation states insist on privacy, but they want to see everything you do.
just a thought. i worry about elite fuckery..
Privacy is true freedom.
Pseudo-anonymity sucks ass. I should be able to be myself without having to worry about revealing my bitcoin stack by accident.
agreed....
Even with fiat system I cant figure out how much money you have. But with btc you reveal your entire financial history to me if you decide to transact with me.
With chainanlysis companies and artificial intelligence it will get even easier for financial surveillance of your spending habits.
an area of weakness for me. hotta study up. thanks.
Nobody in bitcoin talks about it. They think Lightning will be private one day. It is very unlikely it will be. Lightning is good for instant payments but not privacy by design.
I am trying to bring awareness to this issue so bitcoin can be as private and user friendly as using a cash note. This can be accomplished with #BIP-300.
Look into drivechain.info and layertwolabs.com if you like to learn more about it.
thanks for the links. i will chase that down.
But, (at the risk of a lightning strike)
what about monero?
Monero is actually private by default. Apparently, Z-cash is slightly more superior in terms of privacy as it’s end-2-end encrypted.
But I want to bitcoin succeed. I think PoW algo and the way bitcoin came about organically and being the first cryptocurrency makes the one to be the winner.
i do not disagree... but..
bitcoin is the base layer and will be 'the layer' that mega corps and nation states move large value. we want that to be in the clear. basicaly the opposit off what they have done. this is a very nuanced subject that triggers folk pretty good.
Bitcoin wasn’t designed for what large nations states or big companies want. It was designed to give the individual maximum financial freedom. The idea btc can have optional end-2-end encrypted private transactions on a sidechain and it’s still not implemented blows my mind as it would make bitcoin unstoppable, private and censorship resistant as using cash note.
Yes, because privacy is not on by default the vast majority of users ~90% do not use Zcash privately. Zcash tech is more private than Monero theoretically, but no one uses it, not even most Zcashers.
And has many other bad design decisions.
Vulnerable known centralized corporation and researchers w/ a CEO (Electric Coin Company)
Originally a trusted setup
Indefinite 20% dev tax on mining (Founders Reward)
Computationally expensive (Slow performance for shielded txs)
Possibly considered a security
Transitioning into Proof of Stake
Not fungible
Not well tested or understood cryptography
Not tested on Darknet Markets (not used in adversarial environments)
Fixed blocksize and supply (high tx fees if demand increases)
IP isn't obfuscated
Interesting
Bitcoin needs one of two things.
1. Nothing
2. Bitcoiners
Privacy is up to the individual.
Bitcoin has zero privacy because it’s a public ledger. But It can have through BIPs like bip300.
All we got was taproot which created ordinals and brc 20 tokens.
By ignoring such details could lead to lead privacy coins like Monero or z-cash competing with btc one day.
Privacy is true freedom.
Btc should be better money than cash notes in terms of privacy not worse.
Rant over.
It’s basically private if you don’t ever spend your or move your btc. Which is not a very good form of money. We want to be able to create circular economies around btc. Which is a road block for some bitcoiners who wish to reveal their financial history to the entire world.
*who wish NOT to