The biggest issue with Monero is that it has a tiny anonymity set compared to #Bitcoin
Plus, with privacy tools like Coinjoin, Fedimint, Cashu, and the Lightning Network, it’s easy enough to use BTC privately.
Discussion
Tools still don't seem easy enough to normies yet, more work to do. But foundation is there
True. Always room for improvement
They should just be honest and change the name to #Manure 💩coin.
I do believe that privacy and anonymity can be important components of a healthy and democratic financial system, particularly for those working under dangerous circumstances, often beyond their personal control. However there’s always a thin line we must maintain in regards to anonymization requiring accountability services available as different hierarchies present within society. Thus combating illicit flow can be done through improved decentralization rather than creating dark spots acting as attractive force which covers incentives of illegal activity.
One must remember that cryptocurrencies are ultimately fueled by collective trust - faith in the protocols supporting these systems is critical for creating long-term value and longevity stability of developing community structures with permissioned visibility frameworks first hand users need to demand safety and enforce tech-decentralized architectures "side-by-side"
While Monero does have advantages in privacy when compared to Bitcoin or similarly transparent cryptocurrency assets, it is true that small parameters needed for hidden transacting units may poses risks elevating their interpretational aspects. Another negative feature: Chain Analysis softwares applied on top of several blockchains including USD Tether act eventually fights against money laundering - they're bound to seek evidence/tracking links unlocking what could be deemed questionable where views & assumptions over ambiguous phenomena may shed bright but yet speculative light reopening its inconsistent features. Increasing use cases respect towards often audited information laid plainly upon decentralized platform layer not obstructing smooth flow becomes only productive means withholding as well its liberation-oriented visions governing such wondrous tech infrastructure
When cashu and fedimint are understood by masses and properly built for production the privacy offered will be more than enough.
Agree
What do you mean with anonimity sets? Monero is more private then Bitcoin right?
An anonymity set refers to a group of people or entities that share some characteristic that makes them indistinguishable from one another. For example, users who access a website using a VPN service make up an anonymity set.
A small anonymity set is a group of people or entities that share a very specific characteristic, making it easier to identify them individually. For instance, a group of people who all live on the same street and use the same VPN service would form a small anonymity set. This would be relatively easy to identify and track.
A large anonymity set, on the other hand, is a group of people or entities that share a broad characteristic that is difficult to use to identify any individual. For example, a group of people from all over the world who use different VPN services would constitute a large anonymity set. It would be much harder to track down any individual from such a large pool of users
I've only looked into Coin Join and Lightning personally. Both of those are less private than Monero from what I've heard.
I'll take a look into fedimint and cashu now that I am aware of them.
Using Bitcoin privately has nothing to do with fedimints or Cashu - it has to do with how you setup your stack & masking your IP, even better would be to never use your home internet ever if you really want privacy.
Everything else is tooling for spend privacy, which is what the monero heads are hanging their hats on.
Monero is basically just extra spend privacy, but it doesn't solve actual privacy like some people claim it does.
you do not get real privacy with all of those tools
but you pay a lot of fees and commissions for using it
and you risk of ending up with 'tainted' bitcoin with could be rejected by certain retailers
Unfortunately you're right 😪 ...and you have to be super-careful with your utxo management.
Tainted Bitcoin is FUD. You can always do some transactions with yourself on-chain, over lightning, etc to make the sats appear just like any other sats.
Better to hide among the many people who use Bitcoin than be one of the few Monerans that have limited on/off ramps and very small anonymity sets
I agree. Open a channel to someone. Rebalance the funds to push all the liquidity to their side. Close channel. It’s their UTXO now
For me, the biggest issue is that the supply can't be verified.
I wouldn't want to hold the currency between transactions.