#bitcoin
'If you see a proposal for an electronic money system check to see whether it has the ability to preserve the privacy of transactions the way paper money does today. If not, realize the proposal is designed to harm, not help, individual privacy.'
- Hal Finney, May 13, 1993 
Its a good thing Bitcoin is based on UTXOs instead of Accounts
nostr:note1wx3cfjt8z5ytlyxyrvff0jlet86fuvh2757u6v63vwl3te7nxd6qtpmkje
too bad that utxos arent fungible
UTXO’s and Accounts are both similar in the IRS eyes. I think the IRS prefers UTXO’s for chain analysis VS having to have a bank be a partner. Banks sometimes are slow and sometimes make mistakes, UTXO’s do not make mistakes and allow faster over site.
Monero fixes that.
inflation is also a privacy breach. The total Bitcoin supply will never be changed. Monero is always liable to a change in supply issued.
No it isn't. Please stop using words of concepts you don't understand.
There is this thing called "mathematics". Try learning about it one of these days.
I dont know what you mean
Yep 👍
He means that BlackRock is discussing getting rid of Bitcoin's hard cap. Something that is highly unlikely with Monero.
BlackRock controls miners, it could easily spin up a couple nodes. It controls AWS, Google and the banks. It will dictate the rules for the economic relevant BTC fork.
It doesn't control my node. That's all that matters. 😁
If Blackrock changes anything, and it can, it can make the total supply 100 billion Bitcoins if it likes. It can change the consensus mechanism from PoW to PoS if it wants. It can spin up as many nodes as it wants. It can control as many miners as it wants.
I just don't update my node to the version they're making changes on. Because it's not Bitcoin anymore.
The supply issuance on the chain that I use, supplies blocks every 10 minutes and the mining difficulty changes every 2016 blocks - depending on the amount of hash power on the network determines how difficult it is for the rest of the network to mine blocks. So Blackrock can spin up as many nodes and as many miners as it likes - they're doing me a favour by making my coins more secure.
Your turn..
Sure. You can run your Bitcoin and they can run theirs.
You seem to not even be aware that in this chat alone you are talking to Bitcoin OGs from 2009 onwards.
Chances are that you have missed the great days where everybody tried to start a Bitcoin fork. There is only one fork that kept at least 0.5% of its value, so "succeeded" in keeping itself alive (BCH). Everything else RIP.
Your fork will last mere days before you give up. It's not just that you lack organisation. You also lack the means of defending a PoW chain.
How is inflation a "privacy breach? Can you explain?
Bitcoins already has changed it's rules many times i.e. blocksize, opcodes, inflation bug, etc. The rules allowed someone to do something, then they were changed after the fact.
I would say being robbed is a breach of privacy, wouldn't you?
No. Even if that was true someone robbing you doesn't reveal anything about your transactions. No clue how you even came to that conclusion.
But you have been robbed.
Ok, that has zero effect on the privacy of your transactions history. Bit of a stretch to say inflation is a privacy breach.
The base layer has to be a public ledger so we can have consensus as to which keys controls which coins. That is the the trade off to keep it decentralized and secure. Privacy comes in other layers of the stack, the same way scalability came in later 2 with lightning.
Bitcoin preserves privacy. It just doesn’t reintroduce privacy if once lost (at least until we enter a circular Bitcoin economy). However to reintroduce privacy you can use other tools.
Legend. We stand on the shoulders of giants.
