I was wondering what viewpoints and opinions this community has when it comes to cryptocurrency.
Personally, I’m not against it, but I’m not for it either. I like the concept of bringing back cash anonymity, and also decentralization (obviously). Although I don’t think it will be viable for at least another decade.
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A place to discuss privacy and freedom in the digital world.
Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.
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A public forever storage of all transactions is not good but bad for privacy.
Send money to someone and they can see your wallet and all transactions.
Identifying wallet owners may require different levels of effort. But that’s kinda besides the point.
Not true for Privacy Coins
Manual targeted identification is possible even if you use public WiFi + VPN + Tor with 100 nodes. It’s just a matter of user behavior analysis. Same goes with anything digital nowadays. You’re either protected only from automatic spyware (Google, Meta etc) or not protected at all. At least some entity you’re interacting with (whether it’s a website, a person, a company or whatever else) is going to have some sort of tracking to it unless there are no network devices and physical surveillance agents in the area. Finding someone isn’t hard. It sometimes can require irl interrogation though. At least that’s what I know. Even if something I said isn’t true, digital cryptocurrency transactions are still a little bit better than using a credit card (maybe unless you buy a fake entity but that’s still breakable). I don’t know any better alternatives (cash doesn’t count because it’s not digital)
Ah yes, the classic WiFi+VPN+Tor with 100 nodes trick.
Good luck, I’m behind 12 proxies
Ha, you left your virtual window open
Much like the claim that it improves privacy cryptocurrency has not really achieved any of its claimed advantages and its successes are mainly in the field of scamming people out of their money.
I thought Monero solves this issue, with a level of effort large enough that it’s almost impossible to crack.
and here lies the issue with asking about crypto in non-crypto circles… everyone thinks they completely understand blockchain in its entirely. what they actually have is a rudimentary understanding of a single blockchain as it was literally 15 years ago
of course the problem with asking in crypto circles is that they’re all trying to sell you their new big thing which is probably total trash
so really there’s no good way to ask and get reasonable answers about crypto
Have they solved the problem yet that proof-of-work essentially makes the whole thing an environmental nightmare and means it doesn’t scale to anything useful in terms of transaction rates? Or the problem that “proof-of-stake” is essentially just a “the rich get richer” scheme? Or the problem that transaction latencies are huge compared to traditional payment methods? Or the problem that blockchains do not have a defined point where a seller of some good or service can be sure the transaction is actually part of the longest chain? Or the problem that the blockchain only ever grows which means it is not feasible to work directly on it on most devices? Or the problem of uncontrolled deflation with a fixed money supply (well, shrinking really if you take into account wallets people lost access to)?
The whole concept is just deeply flawed and meanwhile 99% of actual uses that are not just research are basically scammers.
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Energy costs are magnitudes less than banks
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you’re saying a buzz word without understanding the trade offs in designs… POW doesn’t have to imply higher energy cost for more transactions: shove more transactions in a block and POW cost is the same… that’s a trade off sure because then a block becomes a more valuable thing to 51%
POW is also only 1 of a lot of different consensus algorithms, all with their own trade-offs… POS benefits those with money for example (although you can still form mining pools - TBH i’d argue it’s exactly the same in this respect to POW in practice - good luck mining anything of value in POW without investing $ millions)
some blockchains aren’t built to be entirely trustless and uncoordinated, merely semi trusted and loosely coordinated (think a consortium of banks - they don’t trust each other entirely but a blockchain means no individual member working alone can cheat. in this case because it’s semi-organised they can use POS with a special token and delegate those “mining tokens” 1 per member of the consortium or something… you can even set this kind of chain up as an ethereum side chain!)
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imo i actually hate the idea of a public crypto currency
people think that the government having their hands on the levers of a fiat currency is a bad thing, but it’s an incredibly useful property to make sure that we can stabilise things and push away from recession etc! without those levers we can end up in a spiral a lot easier
i think though that where these problems don’t exist is behind the scenes: what if the whole world replaced SWIFT with a private blockchain? maybe a wire transfer wouldn’t take 5 days and cost like $20 (or maybe it would because it’s probably not the technology that makes these things slow)… in this case, you have a known group of semi-trusted actors (international banks), which is actually a perfect set of properties for a blockchain: they’re all able to cooperate but don’t implicitly trust, and can verify each other but mainly use blockchain so they can all automatically agree
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but that kinda defeats the point of a central authority having control: the value of any currency is entirely based on what you can use it for… unless you tied their value in a way that the government regulates - eg to have a banking license you must swap USD for eUSD and visa versa on a 1:1 basis without fees (perhaps they burn eUSD to get new USD; IDK - you can’t oversupply. it gets tricky)… anyway, beside the point: regular transactions is exactly what the government needs some control over
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GNU Taler isn’t cryto. (Which makes much better)
The problem with crypto is that there really isn’t anything to give it value. It basically is a super unpredictable stock.
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