10 sats \ 14 replies \ @sudonaka 16 Feb 2023 \ on: Perspectives on Coinjoin? bitcoin
Ethereum and Bitcoin are completely different. There is no legal basis for restricting what you do with your personal property (Bitcoin). While there are many laws governing what you can do when selling or buying securities (Eth). This legal precedent is enforceable with the weakness of proof of stake allowing centralized entities to control eth validations, while the proof of work mechanism prevents this kind of censorship on Bitcoin.
In the dark future, the network will shift entirely to p2p and there will be no need to obtain more US dollars.
In the good future, any attempt to censor Bitcoin will simply result in the censor removing themselves from the network, to their own detriment.
Think of it this way, in the future, do you think anyone in their right mind will refuse the opportunity to exchange their fiat paper for your Sats?
Thanks for your perspective. As far as the legal basis, I don't think that will stop governments from making our lives difficult if they feel threatened by bitcoin. They're happy to make things up so they can maintain control.
Regarding your future scenarios, I agree that those are possible many years down the line, but I think there's a lot that will happen between now and then. That's what I'm worried about.
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They cant stop you from “using it”. They might talk a couple of exchanges from letting you “cash out”, but you can still spend it and use it everywhere else. You wont even need to “cash out” in the future. Hell you dont need to now honestly. Stop thinking in fiat
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So let's say my mom gets in a car accident and I need to access my money quickly. Hospitals don't accept bitcoin yet, so I would need to sell some on an exchange. Let's say coinjoin is blacklisted and I can't easily cash out. Sure I could get some amazon giftcards on robosats, but I don't think a hospital will accept those either. By living in the real world, we still have to think about fiat, like it or not. We don't live in bitcoin land yet.
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Also, you can easily use lightning to get cash in seconds with strike and cash app. Run your own node, its easy. Wanna get cash, open a channel with what you need to pay your hospital, send to cash app or strike, instantly have cash you can send to a bank account. Easy peasy with no worry about a past coinjoin.
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As long as you live in a country with strike or cash app.
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Plus revoult app and many others.
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Fold……
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Well they are in the US which has the strictest BS when it comes to exchanges lol. So if you dont live in the US, its even easier for you to use an exchange and cash out lmao.
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Japan is stricter.
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This is a good point. I would look at ways to provide plausible deniability by moving the funds through Lightning or even an ecash mint (vs a coinjoin). If done properly once you swap back to onchain your new UTXOs will be private and not tainted as coinjoin.
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Right, so there are a few other ways of protecting your privacy without coinjoin.
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Why would you get gift cards off robosats? Lol you can easily get cash on robosats, hodl hodl, bisq….
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Yes, by going through a third party...
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Using Bitcoin is what removes that kind of worry for me. What concerns me is a bank that can restrict my use of wires and payments to an arbitrary daily/weekly limit.
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