Oddbean new post about login | logout The problem we have is not privacy: after all, we have cash that fulfills the problem of privacy. What we need is to separate the state from the money issuance. This is a much bigger problem than not being able to buy drugs online. A MoE that is incorruptible by the state fulfills this premise.
As this last pump has showed the vast majority of inflows into Bitcoin are coming in through highly centralized Entry points Not to mention that Bitcoin as an Moe Is highly discouraged So I feel like this isn't going to work out the way you think it is
Then, one needs to assume that Bitcoin is corruptible. That rests my case. Thanks.
theres an conversation on this point happening now. heres a link and a pod if you're not just a maxi zealot idiot. https://xcancel.com/NotASithLord/status/1857208794851483991 https://www.buzzsprout.com/1790481/episodes/16100781-bitcoin-and-ossification-w-jameson-lopp.mp3
Thanks for the link – a good post. Though I didn't find anything there that suggested that bitcoin is corruptible as it currently stands. We have a leadership problem that could be potentially exploited, and it is good that we are discussing these things now. As for me, I vote with my node and hash power. What I dislike is when folks downplay Bitcoin and cheer for monero; these are two different beasts with different directions and tradeoffs. I own both and appreciate both.
the point is that you dont have to compromise the network. Bitcoin will not scale and custodians will be necessary (obv they're already here). All that has to be done is control the custodians. Regulatory capture is a real thing. Monero is still a small faster moving project and has different problems lol nice to meet you.
I can't use cash to transact with anyone on the planet instantly and it has additional unique disadvantages over cryptocurrencies besides that. I don't think you would ever say everyone should be ok with the government monitoring everything you say and do 24/7, so it's ridiculous to claim people only need private transactions to "buy drugs online". It's a strawman of the actual issues brought by not having private transactions. And it's directly related to seperating the state from money.
It's a tradeoff of supply-audit-design that is essential. Privacy, while being one of the most important aspects of individual sovereignty, doesn't solve the problem of inflation debasement and centralized control of money issuance. As stated in the Monero page above, Bitcoin solves this by providing an immutable public ledger that is currently the most secure decentralized network. We have proposals that are pushed such as Bolt 12 that tackle the anonymity problem. It is not a a clearcut failure as monero folks push it to be while ignoring the other aspect of this.
Ok, understand the trade-off, but I think the importance of privacy is often downplayed by Bitcoiners. You said yourself privacy is one of the most important aspects of individual sovereignty. If you can be forced to comply because government can monitor and trace transactions for 95% of Bitcoin users they can apply any arbitrary law they want. They can simply increase taxes to offset your avodiance of inflation, or just confiscate it completely like they did to BTC Sessions friend after the trucker protests. Great, your money isn't debased, but now it's gone 🤷♂️ Btw I don't consider it a clearcut failure and look forward to privacy improvements on Bitcoin like BOLT 12 - although it looks like LN in general will still have it's own issues that Monero doesn't and vice versa. Trade-offs like you said.