Oddbean new post about login | logout Public ledgers are problematic. You can only hope there’s nothing linking your personal identity to your #Bitcoin address, because they will definitely be scanning the Bitcoin ledger using tools from companies like Chainalysis to see if they can link a BTC address to someone in #Italy. Then, they’ll check if that person has reported their Bitcoin to the Italian equivalent of the IRS. If not, then that person is in trouble! This is a good example of why I prefer #Monero. The problem with Monero is that at some point computers will be powerful enough to break the encryption algorithm that Monero is currently using. But this is a problem with anything encrypted. https://cointelegraph.com/news/italy-bitcoin-increase-capital-gains-tax-26-to-42
They will map the entire UTXO set. Without privacy tools on Bitcoin, the onchain onchain will approach zero as time goes on.
That last point is the one to really emphasize if the encryption algorithms protecting Monero get cracked, then we've also got to worry about fundamental things such as, oh, I don't know, HTTPS.
Public ledgers are good for business and public affairs accountability, but bad for personal privacy.
Bitcoin for small and transparent governments and Monero for everybody else.
Yeah, I don’t see why a business would use Bitcoin when competitors could see how much money they’re receiving and sending. Suppliers could also adjust their pricing based on how much money the company has, simply by checking the company’s BTC wallet. It's sensitive information for any business, so use Monero.
Wouldn't it be great if any jackass with a terabyte of memory and 4 gigs of RAM could verify exactly how many dollars are in circulation? Layer one has to be public. The whales of today will be the central banks of tomorrow. We should expect they will be just as evil. Most people (And at some point most businesses) won't even need a UTXO.