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0 sats \ 18 replies \ @om 27 Mar 2024 \ parent \ on: KYC'd Bitcoin is Worthless bitcoin
how can it fix anything with MC less than PEPE and dogwifhat, not to mention such blue chips as SHIB?
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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