Maybe you need a Monero.
https://v.nostr.build/WZ72ew3sNLZmxWKu.mp4
"If Bitcoin diverted all of their energy to make itself private and became known as a network of complete and utter privacy, it probably is counterproductive to its own interests, because you don't want the United States government to say Bitcoin is completely private [...]
There's no way you're going to get 100 trillion dollars to flow into Bitcoin if its use case is directly against the interest of a government that it's within, right, so ... you don't want to be that good."
- Michael Saylor (interview with Peter McCormack)
YT
First step, make a transparent p2p currency that cannot be controlled in a centralized manner nor censored.
Second step, make it adopted by enough people, corporation and governement.
Third step, update the protocole to be 100% private, untracable and anonymous by default.
Humanity win over elite and government control.
Do you really think after it is co-opted by the big banks and government, after they buy in and it becomes even more highly regulated than it is now, that they will go for privacy as an afterthought? I don't think so.
That's like telling the bank after you open an account that you don't want them tracking your finances.
For better or for worse, Bitcoin is no longer a currency, it has become a highly regulated, historically well-performing speculative asset.
It's a good investment. It's not a private investment. Soon AI will be doing on-chain analysis so it will be even harder than it already is to transact privately on the public blockchain.
I am sure the people from Samurai have a few things to say about how the gov likes Bitcoin having privacy as an afterthought.
Well fundamentals are not regulated and as long as it stays decentralized they won't be..nodes are run everywhere, one can mine where he chooses. Code is solid and it works as intended. The way it is used is regulated in states that seek this regulation. When you have states or network states that decide in future to switch to bitcoin standard you'll be able to use it a digital cash if you choose to. Saying that Bitcoin is highly regulated is not what the state of bitcoin is. Opting out of the system will require looking for bitcoin friendly jurisdictions and then you will need your savings.
I hear you. However, state-by-state laws on Bitcoin will not cover federal regulation or transactions sent out of state or country. The receivers of said transactions are still subject to the laws of their local jurisdiction or country.
Marijuana legality in the US on a state by state level is admittedly not a 1-1 exact comparison here, but it will serve as a similar example:
Marijuana is still illegal on a federal level. Just because Marijuana is legal in one state, does not mean you can travel or use it in another state where it is illegal, or ship it to a country where it is illegal. Medical marijuana cards are issued at the state level and are typically only valid for use within that state. Traveling within the United States with medical marijuana is typically only legal if a reciprocity program exists.
You know I love you GLACA, so let's agree to disagree here. The Samurai folks (charged with money laundering and Unlicensed Money Transmitting offenses) might also disagree with you about the current state of Bitcoin, privacy, and regulation.
"Because of the company’s disregard for regulation, it’s alleged that Samourai Wallet laundered more than $100 million in criminal proceeds."
*Warning, this link goes to a gov site:*
According to the US gov:
"Engaging in a money-transmitting business without being duly licensed or registering the company by federal regulations is a serious federal crime under Title 18 U.S. Code 1960.
18 U.S.C. 1960 prohibits operating a money-transmitting business without being licensed or registered. In other words, this federal statute makes it illegal to conduct financial transactions or provide services related to transmitting funds at the foreign or interstate level without being duly licensed by an appropriate state or federal agency."
When the US decides to back the dollar with a Bitcoin reserve, it will become more regulated on a federal level in the States, as it already is and has been in other countries.
And when AI is put to work doing on-chain heuristic analysis on the Bitcoin public blockchain, even the privacy hoops some Bitcoiners go through to try and achieve some level of privacy will be of little use. This is the nature of a public blockchain without privacy baked in on a protocol level.
"The U.S. government has taken steps to regulate the cryptocurrency market, with the White House outlining a "whole-of-government strategy" to protect consumers, financial stability, and national security."
Any digital transaction that takes place on a public blockchain is even less private that the strategic use of fiat.
Here are some links to check out:
https://www.investopedia.com/news/bitcoin-has-regulation-problem/
https://www.investopedia.com/cryptocurrency-regulations-around-the-world-5202122
I hear you and I agree. What I am saying is that it is not bitcoin that is regulated but the use of bitcoin on certain territory and that is a huge difference in my opinion.
The way CBDC will be regulated will be at protocol level. To some extend Fiat is also regulated on protocol level..cash allows for some privacy and that's why they fight it and will kill it.
As long as bitcoin itself stays decentralized and can't be regulated I think we will live long enough to get to jurisdictions that will be bitcoin oriented..probably not US.
I doubt the US dollar will be backed by Bitcoin. Fed won't allow this to happen and since it is the boss of American governments it does what suits it's criminal activity supported by Fiat.
It will be a bloody collision of Bitcoin and Fed/Central Banks. The exciting part is that they can't just shut it down..and if US won't start buying BTC as their Reserve then some else will.
If miners are "incentivized" by govs to allow only KYCed transactions to be included in the blocks well, game over. I guess they are already doing it to some extent. Read about it in a related note. I will try and find it.
There will be new miners. China mines, Russia mines, Iran mines. Miners can migrate. In worst situation the network can fork..Decentralization of Bitcoin allows for this crazy game theory where no side will be willing to destroy it.
Found it:
Well, I guess anyone involved in such dealings will be labeled "unlicensed money transmitters"
Yeah...again..by US.
Yes, US and allies. I am sure there will be sanctions and criminalization with dealings with those countries you mentioned in thw future. Cold war 2.0 and all. And this is one of the few things that really worries me about BTC's future.
It has to go through this phase. This was to be expected and known to designers for sure. We will seek friendly jurisdictions. I believe btc will prevail.
Thx!
im not sure that all adds up. The US holds gold as a reserve, 'supposedly'. I can go to my gold guy today and pay him cash for bullion with no paperwork, I'd or anything. He will buy my gold and silver for cash as well.
Cash-in-hand usage or cash-in-hand usage for the private purchase of bullion is not forced to take place on a public blockchain.
Bitcoin is a security. It always has been a security, an unregulated one in the early days, but those days are gone never to return. The future is still very bright.
I mostly agree. Bitcoin used to be a CRYPRO-CURRENCY, but those days are long gone. I still have faith in it as an investment, though I'm not harboring any delusions of it ever being private. And...you can't have freedom without privacy which is why I also #Monero.
Yep, Monero is slow for currency though. It has to be seventy year old suitable. Click and play, with easy balance in USD or other relevant fiat and QR codes with one click. Transaction times less than one second, all on every mobile platform.
I don't see many seventy year olds running a lightning node over Tor and managing liquidity to keep their transactions private. Also the necessity of a 2nd and 3rd layer increases your attack surface.
I'll take "Things that will never happen" for $400 Alex.
I mean
Saylor straight up says in the interview that there's no way adoption will happen if Bitcoin pursues strong privacy.
You think power structures will allow it to happen AFTER they are heavily invested?
We could hardly get Segwit. You think you're going to get Blackrock consensus on a hard fork to allow full chain membership proofs?
Devil's advocate: what if we do a hardfork of bitcoin that is private. Every holder gets an equivalent amount of private bitcoin and yes, the institutions dump and crash the price but we have instant wide distribution of a privacy coin. Where does my proposal fail?
if the price is just >0, how are miners incentivized to secure the network?
also re mining it seems inadvisable to continue to do sha256
since hash is likely to be negligable, the network would be trivial to attack
and with no confidence nobody would use the network
and since nobody is using the network it isnt private
maybe its a question of details
wherea would be price end up?
exactly what privacy preserving techniques?
etc
but basically
id say a private version of btc does not make *good enough* tradeoffs to disrupt xmr and zec
Either merge mining with bitcoin or switch to RandomX merge mining with monero.
Benefit would be wide distribution and branding/network effect.
Realistically the price would be quite low.
Monero price reflects the demand for private payments, bitcoin price reflects demand for 21M/infinity. If that turns out to be a gigantic bubble remains to be seen.
Sadly the opposite is happening.
Cores Devs taking money from Blackrock to put out core 30.
Next comes KYC Bitcoin and the exchanges/retailers etc. will only accept your coins if they are"clean"
Whole thing has been laid out already
I heard this theory 2-3 times here.
Unfortunatelly I'm not able to review the code myself and understand the implication and I cannot just believe 2-3 random strangers on nostr (no offense) that "something bad is happening". I would not think that the majority of core devs are corrupted to the point of hurting what they work for and fight for after 15 years.
I have never seen a deepth analysis explaining the situation with facts and objective arguments.
Do you have anything to share?
