Funny how you guys fear Monero so much that you have to make videos about it.
You would be the first in line to make a similar video about Cash. You just don't grasp the concept of PRIVACY, open source and security.
It is obvious to everyone with a functioning brain that Monero is the only true coin. Your issue is that you operate a normal company, following normal rules and paying normal tax. So, you can't take part in this inevitable awesome ride against the sky.
Totally agree. Bitcoin maxis are proving that their toxicity rivals their ignorance.
100%
The pseudonymity of Bitcoin is a feature, not a bug. The anonymity set keeps large players in check while bringing power to the smaller individuals. Sure, on-chain activity can be tracked and linked, but we already have ways of minimizing this.
Monero also has relatively little liquidity and it's privacy can be broken due to the low anonymity set if a large actor really wanted to.
Monero amount and receiver privacy can't be broken.
Sender anonymity can be reduced with certain attacks (soon to be fixed with FCMP).
Bitcoin pseudonymity is a trade-off like anything. It definitely can be a bug depending on your needs.
So the thing that can be tracked is that you sent some amount somewhere? Genuinely curious what the extent is.
Yes, amounts aren't visible and the receiver in a Monero transaction can potentially be any Monero user
But keep in mind once the receiver goes to spend they're now affected by the sender anonymity side of things (duh) so are vulnerable to those certain attacks. This is Moneros biggest weakness relatively speaking to it's other privacy layers. That's where the problems happen.
In theory every hop from the original transaction has an exponential affect on your sender anonymity i.e. three transactions with the current ring size of 16 would be 16^3 = 4,096 potential spenders = 0.02% chance of correctly finding the true spender in a best case scenario (that chance varies in the real world course depending on a lot of other heuristics/patterns/factors)
FCMP (Full Chain Membership Proofs) upgrade that is coming out sometime later this year will get rid of the issues with rings sigs and make every user on the entire blockchain a potential spender of any given transaction. Massive upgrade.
"once the receiver goes to spend they're now affected by the sender anonymity side of things"
But that just means that you can see that this wallet sent "something". Correct?
Something like:
[sender = 1 of these 16] sent [amount = ?] to [ receiver = ?]
Amount and receivers are zero-knowledge.
Senders are zero-knowledge within their ring (one of 16, which is why it's the weakest part, but you don't know which one is the real spender).
Does that make sense?
I recently heard someone on monerotopia say that if you're using a public node, you should assume that they have all of your transaction info. That was in relation to some recent privacy concerning news item. Is that not accurate? Even a public node doesn't know who I'm sending to and how much?
No, that's not completely accurate. A public node can't see all your transaction info. But it is true that a public node has *more* pieces of info than if you used your own node of course
What remote nodes CAN see: IP address, last block synced, potentially reduce sender privacy by feeding you manipulated decoys
You can mitigate/eliminate the things above by using a VPN/Tor, switching remote nodes periodically, and if your transaction fails (potential sign of decoy manipulation) switch to a different node as a precaution and try again
>"Even a public node doesn't know who I'm sending to and how much?"
Correct
What remote nodes CANNOT see: amounts, addresses(receivers), your previous transaction histories, wallet balance
But best practice for the best possible privacy is to use your own node
https://localmonero.co/knowledge/remote-nodes-privacy?language=en
