I guess free promotion for Monero[1]. It's a shame they don't support anonymous smart contracts and don't even plan to.
EU plans to make Bitcoin transfers more traceable
131–140 of 402 posts
Re: EU plans to make Bitcoin transfers more traceable
#132Earlier quoted context omitted.
A crypto wallet doesn’t have a location though. It exists simultaneously on every connected node.
The location is where the secret key is stored. Wallet data is distributed but wallet holders are not. In any case this kind of thing will be implemented by mandating it at the exchanges where crypto is converted to/from traditional currencies, making it impossible to actually use crypto (legally) without complying.
There are other systems to exchange fiat for crypto, including but not limited to in person transactions and peer to peer marketplaces.
Re: EU plans to make Bitcoin transfers more traceable
#133Earlier quoted context omitted.
No, you can't see anything, basically. You can only see your own wallet and transactions, and (AFAIK) you can't even see who sent you funds.
So, then how does that technically work? How will integrity be verified/guaranteed? If it's just an application level shielding, as in a separation between user software that can't access the information but a layer/cluster of infrastructure software that can, then I'm not so sure if its nothing more than rather meaningless cosmetics. Do you by any change have some references as to how this would work? because I sinc…
Zk-proofs
Re: EU plans to make Bitcoin transfers more traceable
#134Earlier quoted context omitted.
This amounts to little more than trivial obfuscation in practice. The UTXO "privacy" model of Bitcoin has never worked out, and more modern cryptocurrencies aren‘t even attempting anything like it anymore.
In practice, Bitcoin's privacy model was never even tried though. BTC fees are so prohibitively expensive that no wallet or user would generate more UTXOs or transactions than they have to, making it trivial to trace, yes. But if BTC had been allowed to scale like it was originally designed, then wallets would not fear inputting and outputting potentially hundreds of UTXOs in every transaction of varying amounts so t…
The fees are around 1-2 satoshi per byte for the last couple weeks so about $0.04-6 per transaction
Re: EU plans to make Bitcoin transfers more traceable
#135That's why the move to decentralized everything. This total control nonsense will eventually end and these dinosaur idiots will stuck with their own destructive ideas
Is uniswap really decentralised? I mean it has a domain you can take down
You can interact with the contract directly on the eth chain. Likewise you can create a new gui/domain to interface with the contract.
Re: EU plans to make Bitcoin transfers more traceable
#136>> The new rules would also prohibit providing anonymous crypto-asset wallets. Where should I send my Ledger to so i can be a good, obedient citizen and be compliant with this law?
Pretty easy actually: let me give you 0.01BTC, then I'll know what you spend your money on. Forever.
Approx. $300 USD in Bitcoin seems like a high cost for this expt.
Re: EU plans to make Bitcoin transfers more traceable
#137Earlier quoted context omitted.
Even if it were technologically superior in some ways, the fact that it's made and run by a "Q"-like LARPer/fraudster figure makes it dead on arrival.
Been hearing this since 2018. Meanwhile - Cryptofights alone did 600k transactions yesterday https://bsvdata.com - Hundreds of independent games, social media, wallets, exchanges, tokens, artwork, hackathons in general creativity. https://metastore.app - Solid user and developer experiences. https://handcash.io , https://moneybutton.com , https://cryptofights.io , https://run.network - Thousands globally who fly to a…
When I said "dead on arrival", I meant in my mind it was dead on arrival as something to be considered or humored. I don't think it should be touched with a 50 km pole. In practice, I acknowledge it's not dead in terms of adoption. (Though adoption is still minuscule compared to Bitcoin or Ethereum.)
Similarly, "Q Clearance Patriot"'s predictive ability and insight was dead on arrival in my mind, even if in practice it clearly isn't in the minds of many. So I really meant "should-be-dead on arrival".
Again, it may very well be true that it has legitimate technical merit. But that's orthogonal to the issue of its creator being a notorious, cult-leader-like serial fraudster. That doesn't mean the protocol specification should necessarily be discarded, but it definitely means that particular network and project should be.
Re: EU plans to make Bitcoin transfers more traceable
#138Earlier quoted context omitted.
The 10K limit is just there to reduce admin cost. A Blockchain can be datained continuously at almost no cost
Call me paranoid but I think governments of the 21st century ultimately want the ability to track every single transaction they can.
That's the whole point, and they've been talking about it since at least the 90s. They're already phasing out cash here in the Netherlands. I can no longer deposit money at my bank, I'm supposed to go hunting for an ATM that takes cash deposits. (It took me a week to find one that wasn't out of service.)
Re: EU plans to make Bitcoin transfers more traceable
#139I guess free promotion for Monero[1]. It's a shame they don't support anonymous smart contracts and don't even plan to. [1] https://github.com/monero-project/monero
There's secret network
Re: EU plans to make Bitcoin transfers more traceable
#140i'm shocked how ignorant these lawmakers are, trying to gain control over a decentralised structure nobody asked them for this and even if this change ends up in bitcoin's core, it will ultimately fail to reach consensus our wallets are none of your business, EU, get out!
From the bureaucrat's point of view, all of your assets are "yours" contingent only on the goodwill of the relevant regulations. Parable of the scorpion and turtle; expect neither more nor less.
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