Garth Algar's avatar
Garth Algar 1 week ago
And you are right… monero and physical gold for example look much more promising than this clown show we are witnessing here 🤪 Simon Dixon has the best take I heard so far on the global “financial” all over situation. And this shit show is really proving his points… I hope he will be right on his last point “at some point they will not be able to hold the price down anymore…” But then there is also the topic of privacy for btc transactions… also a shit show atm.. jeff booth says fedimints will solve that… can they really?

Replies (5)

Any talk of privacy on Bitcoin without fundamental changes to L1 is all cope at best or willfully deceit at worst. There have been propositions to add confidential transactions (already proven with liquid to work on the codebase), silent addresses (only work on like 2 wallets), payjoins (not mandatory or default and very janky and slow). All of these optional half measures basically serve to check the box for maxis but ultimately make no change to the protocols privacy.
fade2's avatar
fade2 1 week ago
Coinjoin. Coinjoin. Coinjoin. Why is there so much FUD re privacy when easy coinjoin exists?
When you coinjoin your UTXO is considered tainted and you can't offramp without getting your funds frozen and having to legally prove origin of funds. Not only that but the primary coinjoin devs on the Samurai Wallet project are both in federal prison. Also you need specialty software and technical knowledge. In summary, nobody coinjoins. It's frankly dangerous in this environment.
Garth Algar's avatar
Garth Algar 1 week ago
Coinjoin? Is it like getting monero for your btc in the cake wallet? Exchanging coins without an intermediary, exchange or some company? If you meant that; yes… very good way to go, BUT because those devs are in prison few will follow that road for the time being. Could wallstreet co-opt monero like they did with btc? Yes, right? Cause they have the money printer… and start buying in quickly
Coinjoin is a type of Bitcoin transaction where yours, and many other's, UTXOs are mixed and what outputs are many UTXOs of equal value given back to random individuals who put their coins in. You then have UTXOs that have an equal chance of belonging to one of the other inputs as they belong to you. Samurai wallet had a self custodial but centralized way to do this, and was working on a fully decentralized way before feds got to them. Moneros ring signature feature is similar, basically every transaction could be made up of one of 16 possible inputs. Basically a 16 user coinjoin by default in every transaction. What you're describing are coin swaps with no KYC swap sites, entirely different, but yeah a great strategy for privacy.