Thread - Nostr Hypermedia

We need a publicly auditable blockchain. How much gold is in ft Knox ? The public is not allowed to know, the public is not allowed to audit it. For 3000 years we could never audit publicly the base money supply and the movements of the base money. This is the root of our big problems. The govt going beserk with a cartel of money producers because nobody really knows what they are up to.. We have public auditability of money now, for the first time in 3000 years, and this is the big bitcoin breakthrough. We also need personal anonymity and we have that but that's largely up to the individual. The protocol is fine.

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Replies (3)

Papa Figos papafigos@nostrcheck.me 1 year ago

It can be publicly auditable AND opaque. This is a very common misunderstanding. You have to trust something in the whole system, that trust might be reasonably placed in cryptographic primitives that assure anonymity and privacy as well as assuring no inflated coins are created, primitives which have been reviewed and audited, over and over again. From compilers to central processing units to hash functions, you are already trusting a LOT in Bitcoin. #monero adds a little bit to that gigantic pile or complexity. All of this is explained in

Monero Inflation Checker

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npub1m755...mdy2 1 year ago

So, if monero is so good then it can be used as a privacy sidechain to btc, as can perhaps LN. Because , as it stands, xmrbtc is getting hammered. I don't think monero will ever have the first mover network effect, mining power and number of nodes. Also, I don't like tail emissions. Inflation is a distortion of price throughout the economy, leading to malinvestments and economic malaise. No thanks.

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Jack Spirko jackspirko@primal.net 1 year ago

Monero is auditable, it is also anonymous. How much is the audit, who owns it is not. Don't get me wrong, I am not for changing the code for this, I do think it is a layered solution but this objection is now why. It just doesn't track with reality.