Oddbean new post about login | logout No, Bitcoin on chain transactions being public is a feature not a bug. Layer 2 will give small transactions the anonymity they need, but when transferring significant sums of money everyone should be able to see it. I'm not talking about transactions of more than $10,000, I'm talking the equivalent value of millions or billions of dollars in Bitcoin.
There i no noncustodial L2 solution which a normie can use in a private way.
I'm really not currently concerned about custodial vs non-custodial for lightning wallets and other layer 2 tech. The benefit is in the fact that we can choose the services we use based on their reputation on the open market. Eventually I believe most people won't keep more than 5% of their stacks in custodial services. 95%+ will be in cold storage that rarely moves. If we don't like a custodian then move the coins to a different one, and people in general will learn not to do business with custodians with a poor track record. Custodianship isn't inherently evil, it's just that until Bitcoin we had no way to keep custodians in check by maintaining self custody of the majority of our wealth as it was just too costly (such as with gold, needing expensive security) and inconvenient. The beauty is that these technologies are still being developed and all these issues will be solved with different techniques, such as was recently proven possible on the main chain with silent payments. Until that time Monero does fill a need for truly private transactions on the main chain, but BTC is still the superior store of value and as more BIP are developed Monero will likely become obsolete.
Monero is quite literally the crypto currency used in real world since years now. Crypto has the latin meaning of "hidden" or to "keep private". There is no freedom without privacy, just as nobody needs to know how much money is in your wallet or bank. Your dear coin isn't a cryptocoin, it is a virtual coin used for casino playing. Only speculators, naive people or fed agents even promote non-private virtual coins. https://m.primal.net/Jfgc.jpg
found the statist
I'm anything but. However until states are made obsolete (inevitable IMO, at least for states as we know them today) I see ₿ being used by states on their way to becoming insignificant compared to individuals who can prevent their assets being seized. The transparency of the Blockchain already allows us all to know when governments move ₿ (as recently happened with both the US government and the German government), and prevents them from printing money and moving massive sums around unnoticed. The only reason we're currently afraid of being tracked as individuals is because governments have significantly more power due to their ability to print money and move it in secrecy. This power is slowly shifting due to the power Blockchain grants the individual to control their own economic energy outside of government interference and manipulation. With billions of people, only the largest wallets will be paid attention to enough to matter once the government loses it's unlimited money source. Until then, small fry like us can just use common sense in how when and where we use our coins.
ok. the transparency of BTC doesn't do anything to prevent the state from moving money around. and they can seize your shit whenever they want. as long as they have a monopoly on force it won't matter in many cases who holds they keys. but its as you say, good to have publicly verifyable ownership at this stage.
