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RE: Monero, the better new old Bitcoin?

in #monero6 years ago (edited)

Bitcoin has a fine balance between transparency and privacy. It is, with appropriate use and good software, possible to realize the ideal of Cypherpunks: privacy for the little ones, transparency for the grown ups.

Sorry, but no.

Everything about the design is wrong when it comes to privacy.

Nearly everyone will query an electrum-style server, and without Tor/i2p/VPN. The server now knows all of your addresses. And where your home is.

Every transaction is stored forever in a transparent manner. It is trivial to analyze this data.

Coin mixers do not work for this reason.

You pay for your shopping online, and the merchant now knows the balance in your wallet due to the way change addresses work (and the utter lack of privacy).

There is no fine balance. If you think bitcoin is private, you're delusional.

You forgot to mention that #monero has optional transparency baked in. Per transaction, or per wallet.

The whole argument is a bit like saying that we need cryptography that makes the big guys snoopable and the little guys completely secure.

Ignoring who gets to define who the little and the big guys are, this is simply just not how technology works.

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