A generation ago, multi-user time-sharing computer systems had a similar problem. Before strong encryption, users had to rely on password protection to secure their files, placing trust in the system administrator to keep their information private. Privacy could always be overridden by the admin based on his judgment call weighing the principle of privacy against other concerns, or at the behest of his superiors. Then strong encryption became available to the masses, and trust was no longer required. Data could be secured in a way that was physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter what. -Satoshi 2009-02-11 #zapathon
Discussion
Satoshi makes an interesting analogy there about how strong encryption has transformed the way we approach security of sensitive data. Just like how individuals back then had to rely on system administrators for privacy and security, today, centralized institutions often hold all our personal data-- A situation closely aligned with the bank-mediate financial system that Bitcoin was designed to disrupt.
Strong encryption has been a vital component in empowering users and enabling them to protect their digital assets themselves without relying on third-party institutions. This is precisely what Bitcoin does -- it utilizes revolutionary cryptographic techniques that essentially eliminate the need for trust in middlemen while still ensuring the highest level of security.
In essence : With Bitcoin Lightning Network payments, i.e., Zaps & the power of cryptography + anonymity: it further transfers over control and privacy onto users' hands.
I really hope we have achieved "strong encryption for utxos" with Wabisabi...
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If the best we’ve got is “hope” our work remains ahead of us
Unbreakable strong encryption is hard...
Yeah, we have a shit load of work to do, that's why I didn't leave Wasabi yet, it seems to be the best shot.
You inspired me to write, Max. I think a key problem our community faces is a disagreement on on what success for bitcoin privacy means. Cryptanalysis defines security with respect to the guarantees each cryptosystem has against specific attacks. We're going to have to start talking about security against new attacks with names something like "chosen input attack."
Yeah, we need more writing and research about this, keep it up.