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I gladly make Bitcoin transactions regularly online for the same reason I use cash in person: privacy. Everyone is selling data but they can't sell what they d

by lrvick 6y ago

I gladly make Bitcoin transactions regularly online for the same reason I use cash in person: privacy. Everyone is selling data but they can't sell what they don't know. That is worth a premium to me.

michielderhaeg 6y ago
Can you explain the privacy argument to me? Bitcoin is a massive public ledger, I have a local copy of literally every transaction ever made. How is that better for privacy?
- supermatt 6y ago
  You are anonymous until you are linked to your wallet. Anyone who has transacted with you can do that, so then anything sent/received from that wallet address is linked to you. You can get around this by having many wallets. If you don't reuse those wallets, then a counterparty cant directly identify your other transactions. That means you need to have your balance distributed among many wallets, in denominations small enough that they would be consumed in a single spend. But - you need to get the funds into those wallets in the first place. You cant simply split up your wallet, as these wallets would be linked to each other via a common ancestor. Instead, you would need to receive from a 3rd party, but then they would be able to identify the transaction from that wallet as coming from you... So to remain anonymous, you simply never transact with anyone other than yourself ;)
  - ajkdhcb2 6y ago
    Yes you can have privacy with bitcoin only if you never transact with it... lol
  - johnyzee 6y ago
    Is this FUD or just a lack of understanding? Staying anonymous is very easy. You can choose between a number of ways to move coins into a separate address in an untraceable way. E.g. (1) CoinJoin transactions (which are natively supported in the protocol), (2) through Lightning, which is also an official extension, usable in production right now, or (3) using a third-party mixing service. Those are just off the top of my head.
    - deleted 6y ago
      [deleted]
    - supermatt 6y ago
      Knowledge a few years out of date I guess. Still counterparty issues with mixers, somewhat with coinjoin too, but lightning seems pretty cool.
supermatt 6y ago
The blockchain is public. Anybody who cares could see that you made a payment.
- lrvick 6y ago
  They don't know it is me. I buy my Bitcoin with Monero on decentralized exchanges.
ajkdhcb2 6y ago
You're thinking of Monero. It is extremely difficult, risk-prone and expensive to be private with bitcoin.

by lrvick 6y ago

michielderhaeg 6y ago

Can you explain the privacy argument to me? Bitcoin is a massive public ledger, I have a local copy of literally every transaction ever made. How is that better for privacy?

supermatt 6y ago
You are anonymous until you are linked to your wallet. Anyone who has transacted with you can do that, so then anything sent/received from that wallet address is linked to you. You can get around this by having many wallets. If you don't reuse those wallets, then a counterparty cant directly identify your other transactions. That means you need to have your balance distributed among many wallets, in denominations small enough that they would be consumed in a single spend. But - you need to get the funds into those wallets in the first place. You cant simply split up your wallet, as these wallets would be linked to each other via a common ancestor. Instead, you would need to receive from a 3rd party, but then they would be able to identify the transaction from that wallet as coming from you... So to remain anonymous, you simply never transact with anyone other than yourself ;)
- ajkdhcb2 6y ago
  Yes you can have privacy with bitcoin only if you never transact with it... lol
- johnyzee 6y ago
  Is this FUD or just a lack of understanding? Staying anonymous is very easy. You can choose between a number of ways to move coins into a separate address in an untraceable way. E.g. (1) CoinJoin transactions (which are natively supported in the protocol), (2) through Lightning, which is also an official extension, usable in production right now, or (3) using a third-party mixing service. Those are just off the top of my head.
  - deleted 6y ago
    [deleted]
  - supermatt 6y ago
    Knowledge a few years out of date I guess. Still counterparty issues with mixers, somewhat with coinjoin too, but lightning seems pretty cool.

supermatt 6y ago

The blockchain is public. Anybody who cares could see that you made a payment.

lrvick 6y ago
They don't know it is me. I buy my Bitcoin with Monero on decentralized exchanges.

ajkdhcb2 6y ago

You're thinking of Monero. It is extremely difficult, risk-prone and expensive to be private with bitcoin.