SaberhagenTheNameless on Nostr: You need privacy for maximum censorship resistance and fungibility. Miners don't have ...
You need privacy for maximum censorship resistance and fungibility. Miners don't have the ability to selectively censor transactions and merchants can't form blacklists on a private Bitcoin.
Most of Bitcoins economic activity and value is on white markets. You're required to follow rules of a central authority on white markets which defeats the entire point. The only relevant activity for Bitcoins value proposition is on black markets.
As for the scarcity thing...
" There is a theory that the fixed supply of Bitcoin is the source of its value. As with Bitcoin, there is a fixed supply of the Mona Lisa, only one is possible. The theory implies that this is the source of value for the famed work of art. However there are countless unique works of art with no demand, and therefore no value. Bitcoin cannot increase in value only because of absolute scarcity."
https://github.com/libbitcoin/libbitcoin-system/wiki/Scarcity-Fallacy
Most of Bitcoins economic activity and value is on white markets. You're required to follow rules of a central authority on white markets which defeats the entire point. The only relevant activity for Bitcoins value proposition is on black markets.
As for the scarcity thing...
" There is a theory that the fixed supply of Bitcoin is the source of its value. As with Bitcoin, there is a fixed supply of the Mona Lisa, only one is possible. The theory implies that this is the source of value for the famed work of art. However there are countless unique works of art with no demand, and therefore no value. Bitcoin cannot increase in value only because of absolute scarcity."
https://github.com/libbitcoin/libbitcoin-system/wiki/Scarcity-Fallacy