Mike on Nostr: Bitcoin is a public blockchain, deliberately so. It was created this way as openness ...
Bitcoin is a public blockchain, deliberately so. It was created this way as openness allows proof. Proof prevents corruption through proof of transaction and proof of reserves.
This is how El Salvador’s government proves its holdings to its citizens and to the rest of the world.
This is incongruous with privacy, which is the point the Monero contingent make on here.
That said, the ability to tie specific wallets or transactions requires an additional layer of transparency. It is easy to prove you own a wallet address by spending or by signing a message with the private key. It is much harder for a third party to prove your wallet address without your cooperation.
This is where chain analysis firms like Arkham or governments ability to KYC on and off ramps fill this gap.
Anonymity within Bitcoin, therefore is very difficult to achieve. There are mitigations you can make to obfuscate your digital footprint, but in this case the Monero faction here on NOSTR are correct.
In the same way the Blocksize (fork) wars were not about right or wrong.
Big blocks and a hard forking protocol make Bitcoin transactions cheaper and faster, but at the cost of decentralisation and scarcity, meaning governments can shut you down.
Small blocks allow decentralisation and hard caps like the 21M coins, but they do not allow the base layer to be used for day to day transactions at scale.
So it is with encrypted or non encrypted blockchains. A non encrypted blockchain like Bitcoin prevents corruption at the cost of privacy. An encrypted blockchain such as Monero provides privacy but allows corruption.
I fully appreciate your agenda with Vexl, and I fully support it, but my advice is don’t allow your personal agenda to blind you to reality or an opposing argument. Opposing arguments are rarely wrong, just come from a different agenda. To adapt a Bitcoin mantra, they are not the same.
Good luck growing Vexl, I wish you well, but also don't be afraid to state your intended bias at the start of a discussion. I've only just looked at your profile header.
This is how El Salvador’s government proves its holdings to its citizens and to the rest of the world.
This is incongruous with privacy, which is the point the Monero contingent make on here.
That said, the ability to tie specific wallets or transactions requires an additional layer of transparency. It is easy to prove you own a wallet address by spending or by signing a message with the private key. It is much harder for a third party to prove your wallet address without your cooperation.
This is where chain analysis firms like Arkham or governments ability to KYC on and off ramps fill this gap.
Anonymity within Bitcoin, therefore is very difficult to achieve. There are mitigations you can make to obfuscate your digital footprint, but in this case the Monero faction here on NOSTR are correct.
In the same way the Blocksize (fork) wars were not about right or wrong.
Big blocks and a hard forking protocol make Bitcoin transactions cheaper and faster, but at the cost of decentralisation and scarcity, meaning governments can shut you down.
Small blocks allow decentralisation and hard caps like the 21M coins, but they do not allow the base layer to be used for day to day transactions at scale.
So it is with encrypted or non encrypted blockchains. A non encrypted blockchain like Bitcoin prevents corruption at the cost of privacy. An encrypted blockchain such as Monero provides privacy but allows corruption.
I fully appreciate your agenda with Vexl, and I fully support it, but my advice is don’t allow your personal agenda to blind you to reality or an opposing argument. Opposing arguments are rarely wrong, just come from a different agenda. To adapt a Bitcoin mantra, they are not the same.
Good luck growing Vexl, I wish you well, but also don't be afraid to state your intended bias at the start of a discussion. I've only just looked at your profile header.