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Privacy for cryptocurrencies is in its infancy. So no one has lost yet. Moreover there's space for more than one private coin. It's not zero sum. And yes, Bitco
by ianmiers 9y ago
Privacy for cryptocurrencies is in its infancy. So no one has lost yet. Moreover there's space for more than one private coin. It's not zero sum. And yes, Bitcoin should probably take the most cautious path.
But one of the things we need to get past is people pointing to technical progress, usually involving better performance or some clever trick, and casting it as providing privacy.
This isn't a race to win on privacy, its a race to get real privacy. By default everything is totally exposed in a blockchain. It's far closer to twitter for your bank account then anonymous internet cash.
There are very real differences between the types of attacks the various technologies out there protect against and it's important people understand that because right now they are totally exposed. CT, which was what you pointed to in Bitcoin, hides payment values. CT doesn't directly do anything to hide the transaction graph. It can be combined with coinjoin to partially do that, but thats not whats implied here nor does faster CT really effect that. And anyone reading certainly wouldn't ask how well either of these actually protect the transaction graph. Which is a very real question.
Why does this matter? It's the difference between hiding if you overpaid for a car vs hiding if you made a controversial political donation, if you got an abortion, or your identity when purchasing controversial books or movies.