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20 sats \ 7 replies \ @benthecarman 2 Sep 2023 \ on: I think that Simple Swaps BTC->XMR->BTC are better than mixing. Change my mind bitcoin
No one uses monero and no one does this so your anon set would be very low.
I think you have not research XMR financials yet:
- From coinmarketcap as of the time I posted this reply:
- Market cap $2,584,101,603
- Volume (24h) $59,543,938
- Rank: #25
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Trading voljme has no relevancy here
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Trading volume is one of the key performance finance indicators you will look at if you want to know if an asset is liquid enough to trade 100 thousand dollars or 1 million dollars.
You stated that no one uses monero, I am showing you data from a known site everyone can look at to show you that there are transactions on a daily basis between wallets for an ammount of 59 million dollars, and this is, IMO, a fraction of it.
XMR is highly censored in many countries and therefore CEXs like Coinbase won't trade it. A lot of the trading is done oin DEXs
If you do social research as well you will find active communities in Telegram in different languages with thousands of users, therefore, I disagree with you.
But please, show me your data, develop your counter point, if am missing something I would like to know
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Trading volume means nothing for privacy, if you're doing in chain swaps. You need actual onchain activity to hide amongst which there is very little. We can't get in chain volumes because of the blinded values but there's very small amount of txs every block
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I never stated that trading volume adds value to privacy, I stated that LN does not have channel capacity for large transactions.
Regarding few transactions per block, which will depend on the hour and day as with BTC, the very nature of XMR takes care of that, no one will ever be able to link on chain the entrance address of BTC with the exit one to BTC after passing through XMR, obviously, the user should use logic and split the output from XMR into BTC into at least three transactions of different values. A non savvy person may put 11.11 BTC in an atomic swap and in under 40 minutes exit XMR to BTC with 11.11, technically it will be impossible to link them, but logically, there is room for tagging the transaction as possible match...
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What good is a large crowd if anyone can observe who interacts with who and how much amounts were transfered? 99% of users don't even use Bitcoin in any "privacy" preserving manner.
You don't have to be THE biggest to have a good anon set. Cash anon set is bigger than Bitcoin. Dump Bitcoin? Of course not.
Monero amounts and receivers are completely hidden and don't appear on the blockchain. There is no transaction graph unlike Bitcoin. Even with btc coinjoins there is a transaction graph with all range of amounts are visible.
Monero transaction:
~6% Alice sent $[?] to [?]
Bitcoin transaction:
100% Alice sent $X to Bob
-Monero is the currency of choice for Freenet Markets
-It is the most popular currency on Bisq. The most popular decentralized software to attain KYC free Bitcoin. Even larger than any fiat currency.
-It is also often the most popular (or just behind) for privacy-oriented white market services and businesses like Mullvad, IVPN, Coincards, Silentlink, etc
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+1
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