Why the wallet and transaction history on steemit should be private
In just two years of my interaction with cryptocurrencies, I discovered a few things that include; what cryptocurrencies are, their uses and transactional properties.
I have been exposed to a few cryptocurrencies and all has these transactional properties in common.
1.) Irreversible:
2.) Pseudonymous:
3.) Fast and global:
4.) Secure:
5.) Permissionless
But on joining steemit, I discovered the second and fourth property (Pseudonymous and secure respectively) is not being practiced.
image source
Though many might argue with great points why they're ok with the fact that our wallets are made public, I'll kick against that.
If steemit was meant to project great and quality contents. If steemits idea of the community was to offer higher respects to users with higher reputation acquired through their consistency in sharing great, quality and original contents, then the wallet should be hidden.
Most individuals on steemit are being treated like gods all because there wallets are rich and its made public. And also because the reason for flagging isn't confirmed by steemit before it takes effect, one tends to accord respect to those accounts with wallets that could harm you when you raise your voice.
The publicly displayed wallet in this case serves as an intimidator as well as a camouflage.
Secondly, I belief even though cryptocurrencies are aimed at evolving the banking sector, the idea of hiding ones financial value is a way to protect and secure the interests of its users.
Imagine when every single person's bank details and worth is made public. Will it reduce financial theft crime rate or increase it?
Imagine when steemit finally goes global and viral as it will soon go and the evil ones amongst us finally joins us here, would we be safe walking down the street? Knowing that the guy next door knows exactly how much I have on my steemit wallet?
I believe with no doubt that our wallets on steemit should be hidden for these listed reasons and many more...
Posted on Utopian.io - Rewarding Open Source Contributors
I partially agree with you on one point and fully agree with you on the other
If the wallet is hidden, it wouldnt take a genius to figure out the voting power of someone. Lets say that if you upvote on my post with a 10$ worth of vote. I would know how much your SP is worth (which is basically steem). But you are spot on with this that it will hide your steems and sbds thus saving you from a possible theft..
About the whales being treated like god on steemit, i totally agree with this.. there are whales who post a two liner or an obvious post and earn 400$ on that because people upvote and comment on their posts knowing that if they please the "god", the "god" will respond in kindness and will upvote their comments...
Yet somehow the same whales have problems with minnows using voting bots who are just trying to get some visibilty on their good content...
I can bet you all my steems that if today i purchase 100,000 steem and power it all up, i will get massive upvotes on my posts and 5000 followers in no time...
So to conclude, your idea of "wallet should be hidden" makes sense and it should be implemented.
Thanks for critically analyzing my point.
Hey @onyemacourage I am @utopian-io. I have just upvoted you!
Achievements
Suggestions
Get Noticed!
Community-Driven Witness!
I am the first and only Steem Community-Driven Witness. Participate on Discord. Lets GROW TOGETHER!
Up-vote this comment to grow my power and help Open Source contributions like this one. Want to chat? Join me on Discord https://discord.gg/Pc8HG9x
I don't know what to make of it yet. I'm new here and after seeing the wallet is public was taken aback. But, it being visible might also help expose a pump and dump scheme?
It surely do have some advantages. But the disadvantages will be more. Unless steemit wasn't meant to be as popular as I presume. When a higher percentage of the world would be steeming. If that happens, the negatives effects of a public wallet will be outrageous..
(From the view of a man from a developing country)
Your contribution cannot be approved yet, because it has irrelevant mentions. See the Utopian Rules.
Please edit your post as shown below:
You can contact us on Discord.
[utopian-moderator]
Edited..
Thank you for the contribution. It has been approved.
You can contact us on Discord.
[utopian-moderator]
public blockchain.. all transactions must be declared.. the privacy role is being played by allowing you to use a screen name as your username.. no need to use real name if anybody is uncomfortable and also no need to submit your ID card for identity verification