as tainted coins are a thing, the more businesses use AML tools like AMLBot, the more you need to check the coins you are going to buy p2p in order to be able to spend them later without problems.
Sure, nobody knows the future. I also hope BTC fixes its fundamental problems but its not looking good imo.
i see missing privacy, chain analysis, tained coins and the trend to scaling through custodians as a clear path to a system where you can not transact freely and also may not even hold your own keys. Therefore you depend on third parties to use the system.
I think financial privacy is an easy pitch as surveillance grows everywhere. And as debt grows, states will also try to get peoples money including BTC.
Similar to how the VPN industry grew with greater internet surveillance and geoblocking, anonymous stores of value will attract more people.
AML tools for chain analysis do not work on Monero. On BTC it is already a problem
IMO the switch is inevitable. People will realize that BTC is not usable as money without custodians, AML and KYC.
Will take some time for sure but i am confident that people who invest in privacy tech now will be the big winners in the end.
welcome to the club
Technically XMR is not in a uptrend against BTC yet, so i bettter DCA.
Also, i have not given up hope that BTCers will wake up, see and fix the flaws of BTC.
“Why would anyone need to be anonymous online?”
“Why do you need private communications?”
“Why do you need privacy if you have nothing to hide?”
The UK provides a great reminder that when speech itself becomes a crime, anyone can be made into a criminal.
Anyway, good morning. https://v.nostr.build/9KXF2599KCYE5aab.mp4
Why would anyone need onchain privacy?
Bitcoin is communication.
Good morning, Pura Vida!
I will convert BTC to Monero every day until i either run out of BTC or BTC evolves into something which can actually liberate people instead of enslave them.
Good thing we do not build privacy into BTC so they can arrest and punish us easier, build graphs on who we transact with and go after our friends and family as well. Freedom money, fuck yeah!
nostr:note1epq7tfezx7utv4h7ytagd882aqmyn9ng7knz9hzfu7vufpkckwgsvdddrd
In the early days, we were confident that Bitcoin will just adopt new technologies which have been tested on other chains into the protocol to have Bitcoin evolve with technological progress and to keep its number 1 position.
Turns out that was a total illusion, somehow it became cool to have the slowest chain, the worst privacy, also not care much about non custodial scaling and rather recreate the banking system in a worse version. As long as the number goes up and we blow more and more energy on securing a chain with little utility, all is fine.
When exactly did we lose it with BTC?
Read more. (This was written in late 2020, mind you.)
https://dergigi.com/2021/03/14/bitcoin-privacy-best-practices/
Does not convince me at all, sorry. The user experience is just super terrible and leaves a lot of room for mistakes along the process which would undo all privacy.
Missing privacy and fungibility in BTC is making it useless as money and when every government can see your net worth, it will also turn out to be a crappy store of value in the end.
It is sad but it is obvious.
The word privacy appears 1x in that article, in a quote from somebody else.
Seriously i can not take any Bitcoiner serious who does not address this issue.
she got fat and unfungible.
People must be able to choose if they want to store their value publicly or privately. It has to happen.
May the fork be with us.
Yea it is so sad to realize that the opportunity we had with BTC looks like it will be missed.
People will realize the madness of no privacy in a world where they want to force inject you a new experimental gene therapy every now and then only when things in their life gets really bad.
I am pretty sure, sooner or later we will have a hard fork with a private version of Bitcoin. It might never become popular but i am confident it will happen sooner or later.
But as i am waiting too long for that to happen already, my choice is also XMR.
Relax, the world is not black and white,.
Yes, I do know of this problem and it's real. nostr:nprofile1qy88wumn8ghj7mn0wvhxcmmv9uq3kamnwvaz7tmwdaehgu3wdaexzmn8v4cxjmrv9ejx2a30qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qg3waehxw309ahx7um5wgh8w6twv5hsz8rhwden5te0dehhxarj95cjumnzduhxzmn8v9hxjtnrduhsz8rhwden5te0dehhxarjv9n8y6trvyh8qcmyddjzuenedyhsz9nhwden5te0dehhxarj9e5kummnw3sjucmr9uq3gamnwvaz7tmwdaehgu3wd4skgmewd9hj7qgcwaehxw309ashgtnwdaehgunhdaexkuewvdhk6tcpz4mhxue69uhkummnw3e8xct5wesjumn9wshsqgzu4kpv3x8wvcqnwyv5t4587lv4f8mytgq3s3na4ch4uf6vtxxklunvhgqx speaks about it a lot for example, helping people in Africa get onboarded. On-chain fees are a real problem and we should not price out some people just because we think everything should be solved only in one way.
Bitcoin is about open mind, expanding options, competition of ideas, not about some predetermined unshakeable ideology.
Hal Finney understood and wrote about this in 2010, as did Nick Szabo. https://rextar4444.medium.com/hal-finneys-theory-of-bitcoin-backed-banks-6b6484880c14
We will use plenty of technologies and let people choose their price sensitivity and need for privacy, security and censorship resistance.
Your word in satoshis ear :)
On chain fees are a problem, 1mb block sizes in 2024 as well, still missing privacy is the biggest problem to me.
I like your approach, we shall build pipes between different technologies.
Still we need to see that the foundation for future payment rails is being built right now. If we accept to scale through custodians ( and Liquid is also a custodian, they take your BTC, they give you their L Token ) , then we lose the properties which made Bitcoin revolutionary far before we reach any mass adoption.
The more people get onboarded and use a custodial technology, the harder it will be to change it later on. And the easier it is to force KYC. The problem is similar with custodial Lightning.
BTC used through custodians with a transparent chain can easily become the CBDC everybody is afraid of.
Good setup, respect!
Still, value stored on a public ledger is value stored for others to come and grab it. Govs, criminals or your future ex-wife :)