Earlier quoted context omitted.
In the U.S. there's already a small-purchase exclusion for foreign currencies.
Bitcoin is not a currency for tax purposes in the USA.
Certain states now require you to report bitcoin gains... so actually it is.
MobileCoin: A New Cryptocurrency from Moxie Marlinspike
171–180 of 258 posts
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#172Earlier quoted context omitted.
"MobileCoin does not rely solely on SGX for maintaining transaction privacy. Transactions are designed to employ CryptoNote1 one-time addresses and onetime ring signatures, so MobileCoin will still maintain transaction privacy through unlinkable addresses if an attacker is able to defeat SGX and view transactions on the network." https://www.mobilecoin.com/whitepaper-en.pdf Other than that, i very much share your con…
It also says that the clients transmit private keys and PINs to the SGX nodes, which presumably allow spending of their coins. Maybe it's designed in a way that they lose their money, but maintain the privacy of their previous and other transactions going through the node.
Users have to transmit the private keys to their nodes, but not the PIN. This tradeoff was taken to prevent people from losing their money by losing their phone. If the secure enclave were broken, nodes could, theoretically, be able to brute-force the private keys.
I think that in reality, there will really be just a few nodes: Signal, WhatsApp and some bots/banks/businesses. The trust system in place is ideal for this.
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#173Earlier quoted context omitted.
But distinctions that make it no less revolutionary.
Probabilistic consensus was not known before bitcoin? Somehow I highly doubt it.
One that was resistant to sybil attacks? Bitcoin was the first system to do that as far as I know.
Before bitcoin you would be unable to create a virtual currency without a central authority. Satoshi's algorithm was a new invention in 2009, although it's parts - like proof of Work - were invented in 1990s.
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#174> "9. Bob's MobileCoin node sends Bob's client a message, which can then calculate the private key that corresponds to the generated one-time public key." >" 10. Bob has now successfully received a payment." If I'm reading this correctly, Bob's client (e.g. mobile app) must be in contact with the node for his address to receive the payment. This is pretty different from what I think will be Mobilecoin's closest compe…
I think that in practice, every operator of a messaging app will have their own node.
There will be Signal, WhatsApp, Messenger, etc. nodes and some small nodes for businesses, bots and similar.
Yes, theoretically, if you DDoSed Signal, then Bob wouldn't be able to get the coins.
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#175To repeat an earlier comment, this scheme encourages a centralization of trust into a private key managed by processor manufacturers. You might say that by integrating SGX mechanisms into your security model, you create a set of 'feudal lords' [1] who can wield their power over you. A manufacturer may 'legitimately' establish an enclave in your most trusted hardware which you may not audit or even measure. And if tha…
I still think it's an interesting approach. If you want to be more efficient and less wasteful than Bitcoin, at some point trust has to come into play. And reducing your trust to the manufacturers of secure enclaves (whose products can also be audited to a degree) is surely an improvement still, even if it doesn't have the radical threat model of conventional cryptocurrencies (which inevitably run into scaling proble…
> I still think it's an interesting approach. If you want to be more efficient and less wasteful than Bitcoin, at some point trust has to come into play
Did you read about Ethereum's Casper and proof of stake? Or dpos - implemented in Eos et all?
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#176> Visa currently processes about 3,674 transactions per second
weird I assumed it was more. It's still 300M a day or 100bn/yr but still.
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#177Earlier quoted context omitted.
You still have to record them. Also don’t forget that if you have an ISA, other savings and investments that allowance isn’t that big. As an individual if you mine you have to record the value as it was at the time of mining if you buy you record it at the time of purchase and you pay capital gains if you exchange the crypto for fiat currency or goods or services directly on the difference between the values. It gets…
I don’t believe any assets held in an ISA have any bearing at all on your capital gains allowance.
This is correct, gains in ISAs are tax free and have no impact on cgt allowance. So if cryptocurrencies were a good investment an ISA would be an excellent place to hold them and convert gains to currency you can spend, but I don’t think any isa providers support them.
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#178Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#179Earlier quoted context omitted.
Bitcoin uses proof-of-work for its consensus system, but not all cryptocurrencies do. Bitcoin is a technological wonder, but it's ultimately not as advanced as its younger brethren. The Stellar Consensus Protocol, which MobileCoin say they're using, uses something more akin to a web of trust rather than proof-of-work. You do not need the SGX to get rid of proof-of-work.
> Bitcoin is a technological wonder Oh, dear lord. > ultimately not as advanced as its younger brethren. These must then be simply out of this world. Superwonder technologies. Double digit transactions per second!! /$ The hype around this piece of software is getting out of hand.
I read that like: "a stone wheel ? man it's not revolutionary at all. It's heavy. And hard to make. It's not practical and currently unusable for real purposes."
Said by a guy you just witness the historical invention of the wheel.
Re: MobileCoin: A New Cryptocurrency from Moxie Marlinspike
#180To repeat an earlier comment, this scheme encourages a centralization of trust into a private key managed by processor manufacturers. You might say that by integrating SGX mechanisms into your security model, you create a set of 'feudal lords' [1] who can wield their power over you. A manufacturer may 'legitimately' establish an enclave in your most trusted hardware which you may not audit or even measure. And if tha…
Your argument would be stronger if you didn’t resort to epithets.
Bitcoin was designed to be as decentralised as possible. It turns out this has serious downsides and it’s difficult to pursue the sort of financial revolution it aspires to without social revolution.
This currency chooses different trade-offs which the creators believe will make it more popular because most people don’t need or want trustless transactions. People delegate power for finance, politics and computing not because they are stupid or serfs but because they are willing to sacrifice some autonomy for the speed, ease of use and enforceable contracts which come with a central authority.