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1 sat \ 25 replies \ @Darthcoin_Cash 27 Mar \ parent \ on: KYC'd Bitcoin is Worthless bitcoin
so monero does not fix this?
how can it fix anything with MC less than PEPE and dogwifhat, not to mention such blue chips as SHIB?
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how is this related?
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Market tells you LOUDLY that it wants private ways to move Bitcoin rather than another altcoin.
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How do you figure that? Where is the Bitcoin layer everyone uses for privacy? All the general crypto market is saying is it wants NGU. Completely unrelated to private transactions.
That only relevant markets that we can say have a dire need of privacy and anonymity are Darknet Markets and Bitcoin is being phased out there in favor of Monero.
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Where is the Bitcoin layer everyone uses for privacy?
All the layers I can think of except Rootstock offer some privacy:
- LN hides senders assuming they do routing on their own
- Liquid hides amounts
- Cashu hides everything except amounts
- Fedi is a hypothetical offspring of Liquid and Cashu, check out its beta
Also check out dark.fi, they're sort of like Liquid but with ZK, and they move Bitcoin and various cryptos privately.
That only relevant markets that we can say have a dire need of privacy and anonymity are Darknet Markets
The market segment that has the dire need of privacy values privacy, sure. But the market as a whole doesn't value it that much. So if I planned to only buy drugs in the future, then I'll stock up on Monero. But I plan to buy food, so I'll stock up on what the market in general values, which is Bitcoin.
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I'm fairly familiar with these. Everything you listed has small or microscopic use though vs Bitcoin on chain or even altcoins so I'm not sure how it helps your point about the market choosing it. Even when compared to Monero its pretty small. Liquid is mostly empty blocks and no one uses. Most LN users are on custodial wallets or rely on LSPs so have reduced or no privacy. The only things that offers comparable strong privacy is Cashu and Fedi and those are custodial.
DarkFi is a cool project. They are merged mined with Monero actually.
Yes, I agree the market overall doesn't value privacy much. But of the market that does value privacy they are overwhelmingly choosing Monero, not a Bitcoin privacy layer. They are even increasingly replacing Bitcoin itself with Monero.
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I'd say LN is used a lot, Liquid... yeah not so much, and Cashu with Fedi are still beta.
Using an LSP doesn't mean you can't do routing yourself. Breez is a consumer-grade wallet that does routing on the phone. Of course, if the recipient is also using Breez then the route is trivial and there's no privacy...
Now Monero has its own usability issues because light wallets have to do O(n) work where n is the unseen chain size. In other words, Monero mobile wallets suck and won't improve. So Monero is good for mail ordering drugs but for buying pupusas on the street it won't work. I think we'll see a lot more Fedi on the streets in the near future and then the drug markets will also start accepting ecash issued by major mints.
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It's hard to compare LN since there is no public way to see tx count (although the largest nodes and cutsodial wallets have a pretty good picture, but we can't access that data afaik). There might be more small value transactions in LN, but there is less Bitcoin in LN than Wrapped Bitcoin on Ethereum (~3% of WBTC). It's also a tenth the size of Moneros cap.
The real problem is vast majority of LN users are using custodial wallets that see everything. Whatever little left uses LSPs like Phoenix that see destination and amounts. Almost no users run their own LN node to benefit from the full privacy of that. Just look at LN wallet downloads as a rough indication. Also look at Bitcoin node count versus number of users. If users arent running simple Bitcoin nodes they definitely are not dealing with the hassles of running their own LN nodes.
Yea, syncing is kind of annoying if you haven't used your wallet in awhile, but it is not that big a deal for the privacy and sovereignty you gain. Not sure when the last time was that you used a wallet, but there have been several major improvements to sync speed over the last year or two. Also, some wallets allow background sync so you are always caught up.
Maybe people will start using ecash for smaller things we'll see.
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.
I am not sure what monero fixes since I am not an expert of private coins. I also do not know how to verify these coin's privacy approach. By the way if we are already discussing this, could you tell me how can be verified the supply of Monero if the balance of addresses are unknown ? To continue, have you checked the performance of monero compared to btc ? I believe monero is rather a tool than a currency. Again you may know much more about this topic however this is how I see it. Feel free to correct me.
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Coins are briefly visible as they are mined so you can count them manually as they enter supply. You can also run a Monero node and have it audit circulating supply for you. No different from how every Bitcoiner verifies in practice
I just see Bitcoin as another tool as well. It does some things better than Monero and some things worse. And to be honest Bitcoin and Monero are both just mediums of exchange at the moment. Neither really meets all the criteria for a money.
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to be honest, i just wrote monero fixes this to trigger some low iq coiners here. Its my way of pointing out that bitcoin has a huuuuuge problem as we create our own fully transparent database of transactions, ready to be exploited by governments around the world.
The total supply of Monero can be audited like this:
The Monero blockchain is still publicly auditable. While individual transactions are private, the total supply can be verified by auditing the entire blockchain. By analyzing all transactions, it's possible to ensure that no XMR has been created out of thin air or lost due to double spending.
Monero's consensus mechanism, based on proof-of-work, ensures that all transactions are valid and that the total supply adheres to the protocol rules. Miners validate transactions and ensure that no new coins are created beyond the predetermined emission schedule.
Monero has a transparent emission schedule, meaning the rate at which new coins are created is known. By tracking the block rewards over time, it's possible to verify that the emission matches the expected schedule.
But i dont want to get into a Monero vs. Bitcoin discussion, i just wanted to support the argument of the threads autor that we have still a tremendous problem with a completely transparent blockchain and we might dig our own grave currently.
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I see, if that's the case then don't worry about it. Because you can use bitcoin privately. It only depends on you how to use it. There is no problem government see all transactions and account balances. Just because they see doesn't me that they know who really owns those coins.
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stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.