[POLL] Privacy features in bitcoin - page 2.

Nwada001

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Quote from: Zlantann on May 10, 2024, 02:14:23 PM

Having a privacy feature in Bitcoin will increase government attacks on the sector. It will increase the claim that Bitcoin is used for criminal activities. It could lead to a ban on Bitcoin in some locations like the US. Bitcoin is been integrated into the financial system of the US because the country has developed robust policies and strategies to regulate the industry. The way they are attacking privacy services is the same way they will attack BItcoin if it becomes fully anonymous.

I also agree with you on this, but let's think of it from the perspective of the government, seeing bitcoin as a terrorist tool. It has been long there, and they have been treating it as such, even as they are fighting against privacy tools that are preventing them from tracking down every transaction they want, with or without mixing services that believe the idea they already have about Bitcoin being used for criminal activities can't change easily.

If a privacy protocol can be implemented on Bitcoin, then it's a yes from me, and most people will support that. Even if countries like the US want to kick against it and ban it from being traded by their citizens, it will only be a matter of time before, with growing demand, they will still have no other option than to start accepting it again.

serjent05

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I believe implementing privacy to Bitcoin protocol will jeopardize Bitcoin adoption and at the same time will limit its audience. I know, those who love privacy will surely love this feature implemented but the government will more likely react negatively. I think more people would love to see Bitcoin being acknowledged by the government than these people who push privacy on the protocol of Bitcoin.

Quote from: Zlantann on May 10, 2024, 02:14:23 PM

Having a privacy feature in Bitcoin will increase government attacks on the sector. It will increase the claim that Bitcoin is used for criminal activities. It could lead to a ban on Bitcoin in some locations like the US. Bitcoin is been integrated into the financial system of the US because the country has developed robust policies and strategies to regulate the industry. The way they are attacking privacy services is the same way they will attack BItcoin if it becomes fully anonymous.

I highly agree, and when the government starts to attack the Bitcoin protocol itself, most people will get discouraged to use them for transaction. I think it is a no brainer to know that ordinary people don't want any hustle on their transaction, so if Bitcoin implement the privacy features, it is more likely get the government attention and might possibly forbid the use of the Bitcoin network. This will automatically kill Bitcoin's target of mass adoption

Zlantann

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Quote from: alani123 on May 10, 2024, 01:52:26 PM

So I'm making this poll thread to start a debate. Feel free to vote and respond with your thoughts.

I don't really know much about the technical aspect of Bitcoin from the layman's view privacy feature has both advantages and disadvantages. One of the beauties of Bitcoin transactions is that in the public domain where anybody can access them. This makes the transaction transparent and easy to trace. Making the transactions private will cause people to lose the benefit of tracing transactions. Anyone who desires extra privacy can use other tools. However, the attack on privacy services would have assisted interested Bitcoiners to remain anonymous is making this difficult.

Having a privacy feature in Bitcoin will increase government attacks on the sector. It will increase the claim that Bitcoin is used for criminal activities. It could lead to a ban on Bitcoin in some locations like the US. Bitcoin is been integrated into the financial system of the US because the country has developed robust policies and strategies to regulate the industry. The way they are attacking privacy services is the same way they will attack BItcoin if it becomes fully anonymous.

Nevertheless, I support the implementation of privacy features in Bitcoin but I am scared that it will attract more enemies to the sector.

ChiBitCTy

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What in the FUCK does Snowden know about cryptography and bitcoins blockchain. He was pro-bitcoin for a short while, then started talking a lot of shit about bitcoin years back.

Privacy features are a delicate thing for bitcoin. Personally I would LOVE for bitcoin to be like anonymous like Monero, but it's not realistic for it's long term future. If it were anonymous, governments would shut down the exchanges within their borders, putting a massive clamp down on it's potential and future upside.

bittraffic

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There are 3 votes for Against but not saying a word here. That says they need privacy just for voting Grin

Anyway, most probably because of what happened to Monero being delisted in some exchanges which if BTC has privacy features, may just be the basis for lawmakers to also ban the coin.

alani123

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I recently saw that Edward Snowden publicly called for Bitcoin to implement privacy features.

Source: https://twitter.com/Snowden/status/1786170805728039127

In a recent thread here many senior bitcointalk members actually agreed to this sentiment.
We've all come to know bitcoin as a blockchain where inputs and outputs, all of them, are displayed on the public ledger for everyone to go through.

Transactions are pseudonymous but nevertheless traceable. While it's not necessary that a transaction has to be connected to a person, actions of governments against privacy tools and no-KYC services make it very hard to conduct bitcoin transactions without having them attached to your real life identity.

Many would view this as an attack to the freedoms bitcoin has been associated to. But it's also understandable if some bitcoin users are against such a radical change to the protocol.
So I'm making this poll thread to start a debate. Feel free to vote and respond with your thoughts.

Topic: [POLL] Privacy features in bitcoin - page 2. (Read 306 times)