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Privacy, like encryption, really needs to be convenient to be effective at scale. While you certainly can achieve good enough privacy with Bitcoin, it's cumber
by lawn 4y ago
Privacy, like encryption, really needs to be convenient to be effective at scale.
While you certainly can achieve good enough privacy with Bitcoin, it's cumbersome as you need to jump through several hoops and it'd rady to make a single mistake that makes it all moot.
That's why all these opt-in solutions are doomed to failure, and the best (and only) solution is privacy-by-default like Monero does.
And the auther is correct that Bitcoin's culture is the problem, as the Bitcoin community will never hardfork to enforce privacy in this manner, so Bitcoin will never regain adoption on dark-net markets.
- MuffinFlavored 4y agowould it be accurate to say due to design shortcomings both in security and transaction processing, bitcoin shouldn’t be the top cryptocurrency in the next 5-10 years?
- RealityVoid 4y agoIMO, yes. Not necessarily because it has deficiencies, but because it is not trying to progress and move things forward and the community consensus mechanism is broken.
- lawn 4y agoTechnically Bitcoin has already been surpassed. But "top cryptocurrency" generally refers to the marketcap, which is almost entirely speculation driven, and speculation doesn't seem to care much about fundamentals. Just look at what other crap people speculate heavily in... So your guess is as good as mine on how long it will take for reality to catch up with Bitcoin.
- MuffinFlavored 4y agoI was under the impression that Bitcoin has remained dominant because most other coins are affected by the underlying price of BTC. Anything crypto I see most regular people doing is basically... USD -> USDT (Tether), and then USDT -> USD I guess that bypasses BTC, but has a heavy focus on fiat. Are we still in the days where... if BTC goes down, ETH goes down?
- mekster 4y agoBitcoin will always be there as the basis of everything else. It proves by staying relevant for the duration of the time it exists and everything else is experimentation on top of a working concept. Think it as a network layer as in Bitcoin being the IP protocol that just needs to be boring to be stable.
- lawn 4y ago> Bitcoin will always be there as the basis of everything else. This is already disproven by the claims of the article, where Monero is outcompeting Bitcoin due to Bitcoin's traceability. And privacy-by-default cannot be added on top of Bitcoin, it just cannot be done. This idea that Bitcoin will succeed as a boring base layer, and everything will be built on top, is just a lie people tell themselves.
- mountainriver 4y agoYeah and that sucks because dark nets are really the best use of crypto
- ls15 4y agoMaybe it sucks for Bitcoin, because it is becoming a little less relevant, but privacy coins are clearly the best fit for darknet markets. To me, Bitcoin is already commoditized. Wallstreet is already using it. It would be unreasonable to expect darknet markets to use the same system, especially when it makes privacy hard.
- deleted 4y ago[deleted]