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Earlier quoted context omitted.
This seems to be lost on a lot of folks, which I find strange in a tech-centric forum. Bitcoin is perfectly pseudonymous, as it strives to be, and not anonymous, which it has never attempted to be.
My recollection is that Satoshi wanted people to rotate public keys after every use exactly to have anonymity.
Ie we already have paper money backed by blockchain currencies such as bitcoin using self custodial, rotatable private keys at https://offline.cash. This gives one the benefits of paper money alongside the benefits of decentralized currencies.
That's because when most people use "blockchain" or "DeFi" they're using AML/KYC entities that post their transaction logs to public servers. Law enforcement eats this up because it saves them the trouble of getting warrants for investigations. Bad for customers to be sure. Most have no idea what they're doing and have fallen for a scam hook, line, and sinker. They (loudly, incessantly) proclaim to their friends the…
What is the point you are trying to convey?
"Blockchain" has stopped meaning anything when people decided to use it for anything remotely related to internet money. It's just become a fancy word executives put on investor decks to woo venture capitalists.
But it doesn't mean that the actual cryptographic technology called blockchain, i.e. a chain of digitally signed transactions with a distributed consensus mechanism, is itself insecure.
I found this article to be poorly-written and deliberately inflammatory. I'll gloss over the regular criticism of "stop conflating cryptocurrencies with blockchains". It makes continual leaps from Satoshi Nakamoto's intentions to short-comings of non-BTC cryptocurrencies, and then snowballs this into the tremendously non-sequitur subheading Bitcoin has failed. Cryptocurrencies and DeFi platforms are now more vulnerab…
>Personally, all I see are a string of obvious scams collapsing. I think you and rational people agree, it's just the rational people see the whole space as a scam, and they're not wrong. It's been, from it's very start, a Dunning-Kruger trap sold on lies. First it was supposed to be a currency, but was created from the ground up to be deflationary, which is a death knell for a currency and leads to perpetual recessi…
If, tomorrow, everyone suddenly forgot what e-mail was and someone suddenly tried to invent it there would be a ton of people angry that it served no purpose and would ever catch on because it would be full of spam and people would have to run their own email servers instead of using centralized messaging servers and all the same arguments people make about crypto would re-surface ("well, maybe people could run servers on behalf of other people" "well doesn't that undermine your precious decentralization?" "somewhat, sure, but federation is still valuable" etc.).
Here's an amusing exercise: count up how many top FBI executives over the neoliberal period (roughly beginning in the mid-1970s under Ford/Carter) have gone to work for various Wall Street-linked investment banks, hedge funds, law firms, etc. after 'retirement' (the number is comparable to that of generals and admirals who migrated to the corporate boards of defense contractors post-'retirement'). This reality suppor…
I found this article to be poorly-written and deliberately inflammatory. I'll gloss over the regular criticism of "stop conflating cryptocurrencies with blockchains". It makes continual leaps from Satoshi Nakamoto's intentions to short-comings of non-BTC cryptocurrencies, and then snowballs this into the tremendously non-sequitur subheading Bitcoin has failed. Cryptocurrencies and DeFi platforms are now more vulnerab…
>Personally, all I see are a string of obvious scams collapsing. I think you and rational people agree, it's just the rational people see the whole space as a scam, and they're not wrong. It's been, from it's very start, a Dunning-Kruger trap sold on lies. First it was supposed to be a currency, but was created from the ground up to be deflationary, which is a death knell for a currency and leads to perpetual recessi…
>Then it was an asset that can only go up
>Then it was an inflation hedge that would keep you up when markets went down
All of these are just random narratives that you sometimes see being pushed on reddit or twitter. No credible person would make the last two claims.
I get it, shitting on crypto has become hip especially in the last couple of years. But it doesn't change the fact that the general trend for bitcoin has been a steady increase in value, and given how much money is currently being invested to crypto adjacent businesses I don't see the trend changing anytime soon.
Entirely traceable money is easier to trace than borderline untraceable money? Great.
> The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but…
That’s literally how all wallets work in 2022, no?
Public keys are constantly rotated, addresses are single use.