BitcoinStu on Nostr: Your analogy of lifting weights to auditing the Bitcoin ledger misses a critical ...
Your analogy of lifting weights to auditing the Bitcoin ledger misses a critical distinction: the default state of a Bitcoin node.
When running a Bitcoin node, the software inherently audits the entire ledger, validating every block, every transaction, every input and output. This process is automated but fully transparent and open to verification at any point. Even if node operators don't manually check each transaction, the protocol ensures that every node is in agreement, validating the integrity of the entire blockchain continuously.
Contrast this with Monero: While it’s true that Monero’s cryptographic methods verify transactions under the hood, the privacy mechanisms mean you cannot independently verify the actual amounts or track the flow of funds. If there were a flaw in the cryptographic assumptions or an undetected bug, inflation could happen unnoticed. The auditability here is limited to what cryptography allows, not to the same degree of direct transparency Bitcoin offers.
Yes, most Bitcoin users might not manually audit every transaction, but they don’t need to. Bitcoin's transparency means anyone can verify and the collective effort of thousands of nodes ensures that fraudulent transactions are spotted and rejected. With Monero, that level of transparency isn't an option due to its privacy focus. The two systems operate under fundamentally different trust models: one based on open transparency and collective verification, and the other on private cryptography. It’s not about what you can do in theory but what the system allows you to verify independently at any time
When running a Bitcoin node, the software inherently audits the entire ledger, validating every block, every transaction, every input and output. This process is automated but fully transparent and open to verification at any point. Even if node operators don't manually check each transaction, the protocol ensures that every node is in agreement, validating the integrity of the entire blockchain continuously.
Contrast this with Monero: While it’s true that Monero’s cryptographic methods verify transactions under the hood, the privacy mechanisms mean you cannot independently verify the actual amounts or track the flow of funds. If there were a flaw in the cryptographic assumptions or an undetected bug, inflation could happen unnoticed. The auditability here is limited to what cryptography allows, not to the same degree of direct transparency Bitcoin offers.
Yes, most Bitcoin users might not manually audit every transaction, but they don’t need to. Bitcoin's transparency means anyone can verify and the collective effort of thousands of nodes ensures that fraudulent transactions are spotted and rejected. With Monero, that level of transparency isn't an option due to its privacy focus. The two systems operate under fundamentally different trust models: one based on open transparency and collective verification, and the other on private cryptography. It’s not about what you can do in theory but what the system allows you to verify independently at any time