DISCUSSION: Is Bitcoin Silently Losing the War to Privacy Coins?

patt0

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Quote from: bisade on November 17, 2017, 09:02:59 AM

https://www.mycryptopedia.com/bitcoin-silently-losing-war-privacy-coins/

An article that was written on Mycryptopedia, intended to promote discussion on what I believe to be an important topic. Opinions would be very much appreciated so we can collectively develop our understanding of the topic at hand.

You are assuming that bitcoin is fighting that war, and I don't it is. So if it is not fighting it, it can't really be losing it. Bitcoin right now is focused on the scalability problem, and is also dealing with regulation. These two things are fundamental aspects for bitcoin to succeed in the future as a store of value asset, and right now, this is the primary goal of bitcoin. If it ever succeeds there, then it could become a currency as well, since bitcoin can easily be used as a form of payment. The only reason BTC is not used like that, is because of the scalability issues, and it's volatility.

Privacy is important, but I think bitcoin offers enough privacy for most people, so that won't be an issue.

GreenBits

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Quote from: 0t3p0t on November 17, 2017, 11:29:05 AM

Quote from: bisade on November 17, 2017, 09:02:59 AM

https://www.mycryptopedia.com/bitcoin-silently-losing-war-privacy-coins/

An article that was written on Mycryptopedia, intended to promote discussion on what I believe to be an important topic. Opinions would be very much appreciated so we can collectively develop our understanding of the topic at hand.

No. Bitcoin is not silently losing against privacy coins but it will go reverse instead and I don't think there is war against each other because they are far from competetion. In my own opinion privacy coins are only capable of dominating online transactions and governments will surely prohibit the use and trade of such privacy coins unlike Bitcoins that is accepted in some countries and central banks so I think that is one of the advantage of Bitcoin in terms of adoption and usage. The governments will think that those privacy coins are made to be used for criminalities and any illegal activities because it has tighter and untraceable technology.

exactly. the two different types of coins dont really serve the same function. bitcoin is the prototype, so of course its the most integrated (ETH is gaining on us). but most reputable companies dont really/wont really accept anon funds, its illegal a lot of the time, and poor pr. why would starbucks accept a "dark coin"? seems like an easy way to get the brand associated with something that might make the news in a bad way.

most people dont really give a fuck about their privacy, truly. they wouldnt use the internet if they did. so outside of privacy advocates and black market transactions, whats the use?

and hence, bitcoin will not really lose ground to grey crypto assets, as it is the gold standard.

bitcoin is useful as bitcoin. and dark coins are useful for those that need shielded transactions.

0t3p0t

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Quote from: bisade on November 17, 2017, 09:02:59 AM

https://www.mycryptopedia.com/bitcoin-silently-losing-war-privacy-coins/

An article that was written on Mycryptopedia, intended to promote discussion on what I believe to be an important topic. Opinions would be very much appreciated so we can collectively develop our understanding of the topic at hand.

No. Bitcoin is not silently losing against privacy coins but it will go reverse instead and I don't think there is war against each other because they are far from competetion. In my own opinion privacy coins are only capable of dominating online transactions and governments will surely prohibit the use and trade of such privacy coins unlike Bitcoins that is accepted in some countries and central banks so I think that is one of the advantage of Bitcoin in terms of adoption and usage. The governments will think that those privacy coins are made to be used for criminalities and any illegal activities because it has tighter and untraceable technology.

krauzzer02

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Quote from: bisade on November 17, 2017, 10:54:32 AM

Quote from: hatshepsut93 on November 17, 2017, 10:13:10 AM

Everyone has heard how some people claim that Bitcoin doesn't scale because it's blocks are too small, but the real reason for that problem is that our Internet connection doesn't have enough bandwidth to allow average users to process thousands of transactions per second. So, what does that have to do with privacy coins? Well, their transactions tend to weight much more than those of traditional coins, because of all those complex signature algorithms that create that privacy - hence, privacy coins are even less scalable than Bitcoin. Of course you could increase their block size, but it would cause node centralization, which would quickly defeat any privacy. So, private coins right now can't become a widespread currency, they can only serve as store of value.

Thank you so much for your response. You're the only person that posited a response from which I learned something from.

The points you make are incredibly strong and serve as a counter argument to if privacy coins can ever be a serious threat.

Do you think Bitcoin core can implement anything to improve anonymity, whilst at the same time ensuring scalability is always possible?

The upgrade to the bitcoin network might be the solution for the scaling that the Lightning network can provide yet it still on alpha phase development at some point, this would benefit the micro payments of bitcoin and other cryptocurrencies that features peer to peer transactions systems.

Andreas Antonopoulos provide a great explanation about the bitcoin scalability
You can check this Video https://youtu.be/AecPrwqjbGw

bisade

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Quote from: hatshepsut93 on November 17, 2017, 10:13:10 AM

Everyone has heard how some people claim that Bitcoin doesn't scale because it's blocks are too small, but the real reason for that problem is that our Internet connection doesn't have enough bandwidth to allow average users to process thousands of transactions per second. So, what does that have to do with privacy coins? Well, their transactions tend to weight much more than those of traditional coins, because of all those complex signature algorithms that create that privacy - hence, privacy coins are even less scalable than Bitcoin. Of course you could increase their block size, but it would cause node centralization, which would quickly defeat any privacy. So, private coins right now can't become a widespread currency, they can only serve as store of value.

Thank you so much for your response. You're the only person that posited a response from which I learned something from.

The points you make are incredibly strong and serve as a counter argument to if privacy coins can ever be a serious threat.

Do you think Bitcoin core can implement anything to improve anonymity, whilst at the same time ensuring scalability is always possible?

hatshepsut93

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Everyone has heard how some people claim that Bitcoin doesn't scale because it's blocks are too small, but the real reason for that problem is that our Internet connection doesn't have enough bandwidth to allow average users to process thousands of transactions per second. So, what does that have to do with privacy coins? Well, their transactions tend to weight much more than those of traditional coins, because of all those complex signature algorithms that create that privacy - hence, privacy coins are even less scalable than Bitcoin. Of course you could increase their block size, but it would cause node centralization, which would quickly defeat any privacy. So, private coins right now can't become a widespread currency, they can only serve as store of value.

Red-Apple

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just another low quality topic to generate traffic, aka clickbait in my opinion.

there is no war between bitcoin and privacy coins. it is pretty simple to verify it too. just think about the last time you used one of the anon coins to pay for something or the last time you wanted a kind of anonymity that these coins offered....
most people, the regular people not criminals, don't remember anything because they never wanted that.

LFC_Bitcoin

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Short answer - No
Nobody wants anything to do with low value, no interest shitcoin’s.

Sachinist

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you are not starting any discussion. you are paid to promote dash in bitcoin forum. jog on, dash is tosh!

bisade

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https://www.mycryptopedia.com/bitcoin-silently-losing-war-privacy-coins/

An article that was written on Mycryptopedia, intended to promote discussion on what I believe to be an important topic. Opinions would be very much appreciated so we can collectively develop our understanding of the topic at hand.

Topic: DISCUSSION: Is Bitcoin Silently Losing the War to Privacy Coins? (Read 266 times)