I've been trying to get an answer to the question, why do you need to make friends and exchange addresses if you can also make anonymous payments with the "next address available" to someone else? I don't understand the advantage?
I do understand the advantage of the networking, having friends, or just profiles you can pay to, as is done for Paypal using email addresses. But why the storage of other people's payment addresses? Does it speed things up? Is it more secure?
And again, if you can open up your wallet on any device and it's always up to date no matter which device you last used, why does the paper say everything is stored on your device locally?
How would storing information on your device make it more secure? I fear losing my device and thus my information (if it's like my phone, and I use it daily, I could easily lose my phone by leaving it somewhere, I'm absent minded) So if nobody could access anything except the app, if they didn't know my passphrase, and had no memory of my information vs anyone else on the system, I'd feel safer. But I'm definitely not a security person, I don't understand the advantages, so if someone could help, I'd sure appreciate it
As far as I can tell its by using deterministic wallets so you use a relatively easy to recall key to generate the private key rather than the private key directly. Could be anything, a passage from a book or line from a song and a lot of time's been spent on working out what kind of thing is most secure while being easy to remember:
https://en.bitcoin.it/wiki/Deterministic_walletThe ID stuff blew me away, get that working right and it could be even more revolutionary than getting rid of too big to fail banks. Its voluntary, you control what's visible and who its visible to and can have any number of them so you could have one ID as a reputable business building up a solid reputation and others for private stuff, separate ones for everything you do, all sorts but only connected to you personally by your choice and they should be completely anonymous if not.
One thing it should do is make life very difficult for the likes of the trolls as it allows for a reputation system and theirs will burn up very quickly and the views of new sock puppets will be worth very little in public discussion, probably not even seen and circle jerk reputation gaming wouldn't work either as it would result in whole groups that can be isolated. It goes way beyond public discussions though, essentially it gives reputation value and that's a currency in its own right, there's some huge implications and huge potential for screwups but the masternode network is an ideal testing ground for getting it working and as a showcase for real world adoption.
