Should Bitcoin Be More Private? - The Upcoming Bitcoin Privacy Wars
Since the Segwit2x debacle, the Bitcoin community has been fairly united.
But one possible cause for argument and division relates to privacy. There are some who believe Bitcoin should have more privacy features caked into the base layer, like cryptocurrencies such as Monero. Others disagree.
In this video, I'll share my own thoughts on the matter. Let me know yours!
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▶️ 3Speak
I’d probably leave Bitcoin alone although I have been seriously thinking about getting some Monero because off it’s privacy. Cheers mike ps hopefully we will all have a happy new year
Happy new year to you too Mike!
Should Bitcoin be more private? No, it is as far as I'm concerned an asset class investment and what it was designed for!
If you want privacy, there are are quite a few cryptos out there for you - such as Monero, Verge etc. It is all a matter of personal choice.
Very true - there's a lot of choice for anyone who wants privacy!
Grin is the perfect privacy coin. I don't see any problem with it.
I think bitcoin doesn't have to be private.
Happy new year , Louis.
The problem with ignoring privacy on the base layer is that it will eventually affect fungibility. As adoption increases, the spread of "tainted" coins will begin to destroy the SOV "digital gold" property of bitcoin and any other transparent coin as regulation latches on to chain analytics and marks coins with varying degrees of "dirtyness". We already have a premium price on fresh bitcoin just recently mined from the blockchain with no history. Other coins sell for less because of the added history.
The FATF has a list of sanctioned addresses which have been sprinkled with dust amounts to spread the taint by users protesting these regulations. If the state feels threatened by some currency replacing national fiat, they could amplify the spread of taint artificially and if fungibility is sufficiently disrupted, then the currency begins to lose it's overall attractiveness and can't achieve mass adoption. If I was a state actor this is how I would sabotage the bitcoin network. Privacy on the base layer will become more urgent in the future.
If bitcoin can't implement this due to the ossification of the protocol, it may end up as the Yahoo! of the search engine wars and later on the Google will take over. If this "google" of crypto is a centralized state run currency then we end up closer to book of Revelations territory with a tyranny so oppressive that none before it even compares.
Thank you for taking the time to craft a great response!! Awesome points for consideration.
If you want to avoid this scenario in the future, you should not publicly share your public addresses because in the future these may become targets of dust taint orchestrated by state actors who've finally understood the achilles heel of bitcoin. It will have to be corrected if bitcoin is ever to retain "digital gold" status, unless by some miracle, the state suddenly dies and decides to give over control willingly.
So sad I can't watch
Oh, well that sucks!
@cryptosharon Try clearing the cached images and files in your browsing data
No way, in the future privacy coins will be totally illegal most likely! Like prison time for being caught with a privacy coin! There's no legal reason anyone should need to hide money. Quit trying to change Bitcoin, it is what it is and that's all it will ever be! You want privacy go make your own privacy coin or buy Monero or something. Leave BTC out of it, must everything be related to BTC? Since you said to buy btc months ago it went down, as I told you it would! You are always jumping the gun!