Nostr Web Client

Around minute 40 there is a great discussion of “auditability vs privacy” tradeoffs: https://fountain.fm/episode/1FaKA0B4a6wSn7fITcOn

...... something I hadn't fully conceptualized, but when it's explained like this, makes a lot of sense. Basically the L1 can't be fully private if you want anyone with limited storage and compute power to be able to audit it.

Privacy is a good job for L2, which is yet another great reason we should resist bad actors trying to centralize L2s like Lightning.

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Discussion

Hanshan 2mo ago

you don't need large compute to audit it. you just need a proof that inputs and outputs equal zero.

it's a misunderstanding that you need complete transparency to be auditable.

its just a question of how comfortable you are with math. trusting proofs to guarantee supply is just like trusting public key cryptography.

monero bois aren't wrong, they are just early.