That’s a bit premature to say it’s dead. If you buy non-KYC and use coinjoins you get pretty good privacy. If you use Lightning on to is even better.
So, dead? No.
More expensive and not as easy? Probably
If you want to spend with privacy use Monero! đź‘Š
Privacy on Bitcoin is dead! 🤨
https://m.youtube.com/watch?v=2FlM1WYAWcw&pp=ygUac2V0aCBzYW1vdXJhaSBwZXRlciBjb21yYWQ%3D
Discussion
On top*
It's almost illegal, let's see what will happen with the Samourai Wallet case
And wouldn't liquidy be private too?
Technically in every way inferior. Read some tech comparisons.
Liquid was meant as an arbitrage/exchange tool between CEX.
But it's still bitcoin and not a shitcoin. L-btc loses because it needs trust in the federation. But it gains in anonymity and reduced fees.
I said read about the technical aspects. L-BTC is not BTC. It's a derivative that involves trust in the federation. Now do you participate in the federation? No! So it's a classic trust me bro thing.
Besides that Monero plays in a different league from a privacy perspective.
Giving up some privacy to gain some of the properties of Bitcoin is a smart hedge.
Giving up both essential qualities of Bitcoin and Monero not only sounds stupid. It is stupid.
Liquid is meant to be used by CEX. So if you are not Kraken, Coinbase or Binance what are you even trying t achieve?
You don't gain anonymity. It doesn't hide sender or receiver so is still traceable. Even says this on their website...🤦‍♂️
I swear, if I called a pair of shackles a "Bitcoin sidechain" yall would clasp them to your wrists just because of the name
my understanding is that by withdrawing bitcoin from the exchange and sending it to sideswap (peg-in) and then transferring L-BTC to my wallet I would already be anonymous. isn't that true?
No you are not anonymous on L-BTC. It is almost exactly like Bitcoin onchain except only amounts are hidden. You can still see what addresses are transacting even if you don't know the amounts.
The Samourai Devs were arrested because they were advertising Whirlpool to be used by criminals. That’s not very intelligent. Obviously you will be arrested. Every six year old could tell you that.
As of right now there is no evidence this goes against mixing itself.
It could though. I am aware of that obviously.
Buying Non-KYC is also still legal.
That isnt true brother. They arent being arrested because that advertises.
They were arrested because the dont have a license for money transmitting.
But they arent doing that because in any part of the Whirlpool they have the custody of the users funds.
This is war on Bitcoin Privacy nothing more. And if you can't have an easy way to have it then the destiny is the dead of privacy on Bitcoin.
Yeah, you might be right actually. I read the press release now. It says: "conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business"
Apparently for the money laundering part they have text messages and twitter posts where they advertised it as such. That's what I mean.
The money transmitting part will be sorted out by the courts. It doesn't mean that they are a money transmitter.
More expensive and not as easy means less people will do so and everybody has a fundamental human right to have privacy and financial stuff is where you really need privacy.
Still doesn’t mean privacy on Bitcoin is dead
No, it's just rarely used. And since it's rarely used, the people who do use it stand out as worthy of more scrutiny.
I really started to like the possibility of ecash on Bitcoin. If I buy something with bitcoin I just use Fedimint from now on. It’s private
Ecash is very great privacy, too bad that it is not self custodial.
Btw ecash is so new, where are you using it to buy stuff? Who accepts ecash? I would like to know
Everywhere where Bitcoin via Lightning is accepted. For example BitRefill.
I use the Fedi Bravo app. With it you can join a Fedimint, load up your wallet with sats and pay lightning invoices.
Actually it’s not ecash that’s accepted but you are hiding in the mint basically.
Yea that's what I meant I thought you found places that were accepting ecash directly
Not really. But because LN has good sender privacy and you are hiding in a mint, the privacy is pretty good
True, but what if you want to receive and have good privacy too? You need to accept ecash directly for that it seems.
No, you can receive via lightning. Someone can send sats and you’ll receive ecash.
You are still hiding in the mint.
Btw you only have good sender privacy if you run your own LN node. The way most user use lightning is not good for privacy (custodians and LSPs)
But thanks, I didn’t know that you’ll have to use your own node. But makes sense obviously
Seems obvious, and it's true for most cryptos and lightning, but Monero is an exception to that. You still retain full transactional privacy even when using a remote node that isn't your own. Although you still have to hide your IP in some way with a VPN, proxy, or Tor. But the remote node still would not know receiver, amounts, or sender.
But you hold ecash inside the Fedi App wallet
Probably, but it's definitely up against the ropes within a week. Two of the largest CJ protocols gone. Bitcoin should just fucking adopt MWEB already. LTC already did all the work. This shit is so frustrating.
What’s MWEP?
MWEB*
Stands for MimbleWimble Extension Blocks. Optional protocol level privacy that gives you very good privacy on chain. No addresses or amounts visible. It is also extremely scalable.
Slightly less private than Monero, because it doesn't obscure or hide input/outputs, but still a huge jump. Nice thing about MimbleWimble is that if you are not there to save the input/output data when it occurs, that information is lost forever.
https://tlu.tarilabs.com/protocols/mimblewimble-transactions-explained
Self hosted lightning is stilla pain in the ass, after 7 years. Third party hosted lightning wallets offer zero privacy. Its sad but it is like it is.