Without #privacy, freedom of transacting is a temporary privilege, if you want it to be a permanent right you must transact privately.
#Monero #XMR
I don’t think multisig could be used to attached spending conditions to an output forever like recursive covenants could. How would multi-sig do this?
If you’re not concerned about the looming threat of having two categories of #Bitcoin (KYCed bitcoins vs non-KYCed) that are not fungible with each other because you hold non-KYCed bitcoins. Think about how such a division will impact the network effect and liquidity of your holdings. Especially in a scenario where the supply of KYCed bitcoins is ever increasing through recursive covenants for every #BTC output that ever touch a regulated entity (exchange, miner, corporation etc.).
True no one can lock your #Bitcoin into a #covenant but are you not concerned for the value of your bitcoins that an ever growing share of the supply will be forcibly KYCed? With convenants, every Bitcoin that at one point touches a regulated entity (centralized exchange, ETF, miner, MicroStrategy, etc) will become a KYCed Bitcoin forever.
Just wait about the horrible nightmare in which you can only spend #Bitcoin to and from KYCed addresses because of #covenants.
Please, enlighten me. Why would #covenants not enable the capabilities I have described? Ad hominem attacks aren’t going to convince the plebs.
I’m surprised there is no more outrage from bitcoiners regarding #covenants. After doing a cursory research on the topic, it seems that covenants would mean the end of permissionless #Bitcoin and the generalization of #KYC-ed #BTC.
- Covenants can enforce spending outputs to KYCed addresses only.
- Covenants can enforce receiving BTC from KYCed addresses only
- #Covenant rules applied to a given output would propagate to future spending of this output.
In short, all BTC leaving a regulated entity could only be spend to KYCed addresses forever.
Maybe I missed it, but I haven’t seen the plebs being outrage about this risk for Bitcoin. I heard a lot more criticism about #drivechains though. This tell me that some of the vocal opposition is either controlled opposition or uninformed.
#OPCAT #OPCTV #drivechain
I don’t know if this is technically accurate but I have the feeling that convenants may be used to enforce sending your #Bitcoin to KYCed only addresses.
I really like Venice.ai, a decentralized, uncensored and private alternative to #ChatGPT launched by Erik Voorhees on the #MorpheusAI network. You can switch between models including Llama3 and Stable Diffusion). Also, if you have #MOR tokens on your wallet you’re directly upgraded to the PRO plan (which gives you access to a share of the decentralized compute network). This is definitely the future of #AI agents!
#VeniceAI #OpenSource
The US administration is advancing its plan for the implementation of a #DigitalID.
#CBDC #TheGreatReset
As I said in my other reply, stability would be the opposite of volatility in relation to inflation. Again, if you buy Bitcoin at the top of a cycle you’re going to see your purchasing power decrease for a lot for several months/years. Store of value is different from an investment. A good investment isn’t necessarily stable in price.
Yes, I went by a common framework that doesn’t contain this property but I don’t disagree that privacy as its own category would make sense.
Yes, low volatility relatively to an inflation index.
I think this is a fair point. I just didn’t consider the current supply but rather looked at the supply of the long term and well as its predictability.
I don’t think privacy is typically a property for a store of value (not that it’s not an important property especially for medium of exchanges). However, I considered privacy in the “acceptability” property as we can see that non-private coins can make them less fungible and less likely to be universally accepted.
Stability is seen as tracking inflation. Cryptos don’t do that very well as they have huge variation during bull and bear market cycles which last one to three years. If you buy the top of the market you can expect to be underwater for at least two years. Cash is stable on the short-mid term but always lose value in the long term. So far the goldbacks have been rising with inflation quite nicely. Only during covid their prices became irrational.m for a little bit.
The recent crackdown on #Bitcoin #privacy tech reminds me of the wave of naturopaths who died in mysterious circumstances before the launch of the #Covid19 program. I think it’s the prelude to the launch of the #CBDC / #DigitalID program. Biden has recently signed an Executive Order on digital assets which discuss both #crypto and CBDC. Soon after federal agencies have been taking the actions that we all know. This tells me that the plan was already ready to go and not a consequence of the EO being signed. IMO, the plan to roll-out the CBDC is also ready to go… I’m not sure how much time we have left until the launch but I’m afraid it’s closer to months than years.
It’s not okay and it’s probably coming in the US sooner than what people expect. The solution is to grow a circular economy based on alternative uncensorable medium of payments such as crypto or goldbacks. Holding some of those instruments is necessary but not sufficient.
Let’s rank #Bitcoin, #Goldback, #Cash and #Monero to determine which one is the best store of value.
Scarcity: The supply of the store of value should be limited to maintain its value. For example, gold, Bitcoin, or other commodities with restricted supplies.
Bitcoin -> 3/3
Goldback -> 2/3
Cash -> 1/3
Monero -> 2.5/3
Stability: A store of value should maintain its value over time, ideally with low inflation or deflation. For example, assets like gold, real estate, or certain types of bonds can serve as stable stores of value.
Bitcoin -> 1.5/3
Goldback -> 2.5/3
Cash -> 1.5/3
Monero -> 1.5/3
Durability: A store of value should have a long lifespan to ensure its worth doesn't diminish over time. Precious metals like gold and silver, as well as digital assets like cryptocurrencies, typically possess this characteristic.
Bitcoin -> 2.5/3
Goldback -> 2.5/3
Cash -> 2/3
Monero -> 2.5/3
Portability: The store of value should be easily transferable from one person to another or from one location to another. For example, physical assets like gold or silver can be transported, while digital assets like cryptocurrencies can be sent through a blockchain network.
Bitcoin -> 2.5/3
Goldback -> 1.5/3
Cash -> 1.5/3
Monero -> 3/3
Divisibility: The store of value should be divisible into smaller units for practical use. For example, gold can be melted down, refined, and minted into smaller coins or bars, while cryptocurrencies can be divided into smaller fractions.
Bitcoin -> 3/3
Goldback -> 1.5/3
Cash -> 2/3
Monero -> 3/3
Acceptability: The store of value should be easily recognizable and accepted by others. For instance, gold, silver, and fiat currency are universally recognized and accepted.
Bitcoin -> 2/3
Goldback -> 1.5/3
Cash -> 2.5/3
Monero -> 1.5/3
Total #StoreOfValue ranking:
🥇 Bitcoin -> 14.5/18
🥈 Monero -> 14/18
🥉 Goldback -> 11.5/18
4th Cash -> 10.5/18
Do you agree? Let me know if you think I got it wrong.
#SoV #BTC #XMR #golbacks