Topic: Privacy should be fought for (Read 624 times)

Agree on everything!

It's called 'deposit insurance' or 'protection of deposits'; for instance:
That I don't know! I guess if it only covers the fiat balance, they're just forced to maintain 100% reserves of fiat balances, while being allowed to do what they want with the cryptocurrencies they sell.

Sure, but it's so ironic, because unlike fiat and gold, bitcoin was made for this very purpose, that is cutting off intermediaries in transactions. It might have some benefits, even that way, but think that if everybody thought likewise, it would have no benefits at all. Control of monetary policy would be down to exchanges' administrators, which is the only benefit left from forfeiting self-custody.

Can you name me one? Most I know have no such policy. And they shouldn't, in my opinion. Handing over your electronic cash to a company because you don't trust yourself to hold it, at the same time that's the very essence of the thing you're handing over, is not an attitude I would want from the cryptocurrency communities.

Also, how can a company pay out their customers if they don't have money?

I guess there will always be a market for custodianship of cash, fiat, gold, you name it. So, probably also for Bitcoin. But you definitely don't get nearly all of Bitcoin's benefits that way.
It happened to me countless times that I need to use fiat on a weekend, late at night or during a holiday; payments were blocked by the bank and I couldn't reach anyone to resolve the issue. Meanwhile with Bitcoin, all those instances would have been a painless, 10 minute wait (at worst an hour if I'm cheaping out on fees).
That's the difference that makes you miss out on a great deal on flights or delays the arrival of ordered goods by one or more days.
If you give your BTC to custodians, you will run into the same issues again; but if you can accept this + the risk of them running away with your funds, as you deem yourself incapable of protecting seed phrases, Bitcoin gives you the freedom to do it.

Some exchanges actually have 'bank' status, meaning when they go bankrupt, some amount per customer is exempt from the liquidation sum. It should be in the range of $100-200k or 100-200k€ per customer. As of how well that works, I don't know. There have been exit scams / 'hacks' in the past where people got nothing, for sure; it would be interesting to know whether a 'bank exchange' went bankrupt and refunded everyone.

Liquidity becomes less of a problem over time. DEXes have been abruptly rising recently. Also, ease of use is an invalid argument. Have you ever used a DEX, such as Bisq? I can guarantee you that they've done pretty good job with the UI.

Well, yeah. It's your money, you're responsibility.

There's no entity that can safeguard your own money better than you can. Unless you don't take the necessary protection measures of course. But, again: Your money means your responsibility. It's your duty to take those measures.

You know that if Coinbase bankrupts you don't get anything, right? You have no insurance. And that's before we even mention the frequent hacks since Coinbase is a central point of hacker's desire.

It's surprising to me that this is just hitting g Canada just now or perhaps the news just got out of late. This has been an issue in Nigeria dating back a year ago when the CBN placed a ban on cryptos and crypto related transactions. I think the ba is still in effect partially and they are still trying to keep a trace on accounts and banks involed in crypto related transactions. Even on the p2p network, there exists certain loopholes to raise suspicions with banks as to what transactions might be crypto related or note.

Most of the traces are always between previously note accounts, remarks on transactions and sometimes, these banks and its agents registers with an exchange to trade on p2p just to fish out an account. The pressure is less now but still, discretion is advised.

Privacy is a vital part of human existence as everyone craves it in carry out one task or the other. Finance should be no different.

Here on our country on which they had really have that kind of warning about crypto.Pretty sure that they are really that indeed looking on how it would be taxed but turns out that they cant able to do so.
They do even having those insights on banning out Binance which is totally absurd. Government doesnt really like on something that they cant really be able to control nor its citizens to bypass about
taxes and this is why some situations where they do become desperate but we know that there's nothing they could do when it comes on tracing up everything.
Crypto community did really become big because of its decentralized and anonymity aspects which it isnt surprising that we had become this big.

Bitcoin allows us to have a good level of privacy, it's just that it really depends on the user. A person who wants to maintain his privacy with bitcoins will always avoid centralized exchanges or platforms that jeopardize his privacy, but privacy will be of little value when the user concerned does not care.

The government along with its regulation of bitcoin does not want this decentralization to help people have a high level of financial privacy. You're right that they want everything to be transparent, but at the end of the day privacy is an individual choice. Maintaining privacy and fighting for it are very different, we can minimize being vigilant about privacy while it is difficult to change the attitude of the government about the regulations that are made as is the KYC obligation of every user on government licensed exchanges.

First of all, I'd argue that the 'full experience' doesn't involve fiat transfers. The 'full / ideal Bitcoin experience' would be earning and spending BTC without need to exchange.
Secondly, liquidity on centralized exchanges is often completely faked or meaningless anyway. You gain nothing as a Bitcoin user, whether there are 1000 day-trades per second or 2000.

On Bisq, I can usually find or create an offer which is taken within a few hours (e.g. overnight), in the BTCEUR market. That's easily good enough.

Actually, there are much more funds stolen from (by (!!)) centralized exchanges due to random claims of 'taint' or similar. Never had such issues on Bisq, on the other hand.
Decentralized P2P exchanges don't need regulations like the ones you describe, as they don't even hold your funds. Cut out the middleman!

Why even use Bitcoin if you don't hold it yourself?

I would; if they make it a crime to own BTC, it will become very hard to meaningfully use it, acquire more of it or sell it. No matter whether the nodes are still decentralized.

this is what people like us want, but it means it replaces existing currency and to do this requires government approval. i think that will never happen, the government will never let bitcoin become a currency for people to freely use


bitcoin will forever be decentralized but government regulations will create difficulties for us. decentralized exchanges or mixers are also created by people or an organization, everything is under the control of the government, they can also control like the government did with Tornado Cash, they can arrest the head, shut down the website...that's what i'm afraid of

Yup.
At the end of the day, we'll all go back to private blockchains, as we'll own our privacy. Just like cash.
People getting tired of hacks and info leaks will just move into proof of work privacy coins with strong capabilities.

I'd look into https://twitter.com/beamprivacy if I were you. I'm currently mining at a loss, but idc tbfhwy. 

You can still achieve privacy/anonymity on Bitcoin if you carefully follow the necessary safety precautions. Using mixers, Tor, or even changing BTC addresses for every transaction, should be able to improve your privacy at every level. I'd steer clear from centralized exchanges because they force you to provide personally-identifiable information (KYC/AML). For true anonymity, one should always use a decentralized exchange or trade Bitcoins in-person (P2P).

I wouldn't worry about governments increasing their regulatory efforts against Bitcoin as long as it remains decentralized. Just my opinion

Privacy and anonymity are important.  Whether bitcoin will fail without them,  I don't know. At some point bitcoin reaches a point where one doesn't need to be exchanged for fiat, people just exchange in bitcoin which makes anonymity even more important.  But also easier since you don't need a centralized exchange.

While it's possible to avoid third-parties when using Bitcoin, you'll face a number of difficulties that will prevent you from getting the "full experience". For instance, decentralized exchanges don't have the same liquidity and ease of use as their centralized counterparts. There's also the issue of recovering your funds due to loss, hacks, or theft. Some centralized wallet providers have safeguards (eg: Coinbase) that would protect your Bitcoin against such undesired situations. That's because they're regulated and are insured in every way.

By holding Bitcoins yourself, you'd be on your own if something undesired happens with your holdings. The good thing is that you will gain more privacy and have complete control of your funds. I guess you're going to have to evaluate the advantages/disadvantages between using Bitcoin with third-parties or all the other way around. With all of the tools we have at our disposal, I don't think privacy will cease to exist during our lifetimes. Just my thoughts

Since you can't find a lot of them in congress is going to really fight for privacy, we may have to do it for ourselves.

If you have exposed yourself to KYC, then its something to dealt with in the future. I guess you have to minimize your activity on it and do more under decentralized platform with fresh wallets that can not be linked to your accounts on exchanges.  Privacy is all up to ourselves.

Is that the world you want?

IS THIS THE WORLD WE WANT?

Do you want BTC to succeed if it means the enslavement of humanity but you are rich..

Would you really want to be a king in hell or an individual of heaven.

Who gives an F what Iran, China, etc do... we are at war for all of humanity we really really are.....




okay.. I couldn't stop ranting.. last time for the time being.. maybe.. hopefully lol.. me bad.

That's true! If anyone's interested to jump into 'L1 privacy for Bitcoin', here's the thread for it.
https://bitcointalksearch.org/topic/megathread-bitcoin-layer-1-privacy-concepts-ideas-research-discussion-5410526

I do think it would be great to have better on-chain privacy, and there is some great tech that is being developed and experimented with in a few altcoins that are also mentioned over there.

Most people do not care for years UNTIL they cannot buy food they want because it would increase their "carbon foot print" too much.   Or their social credit is too low. Or they have been deemed to have had to many coffees for the day, they have seen to much of one news station for the day, they........... the list will not end. ... we are in the trenches now....

It does appear we agree my friend.

I believe all mixers are infiltrated by the govs attempt unknowingly(being optimistic here) to destroy humanity's hope and joy.















Oh my I am on quite the rant I will stop for the time being.

I know of monero, I have used it and do use it.

Bitcoin is the future..

Again... Bitcoin will free or enslave humanity.... 

We will die to what future do we leave..... 


All mixing services at this point I assume have been destroyed...

El salvador is a glimmer of hope in the darkness.. be but a small one..

Without it hell will become earth..

Everything we do tracked.. everything. (the future) To much meat did you by this week? no gas for your car or house...... (current times) disagree with the top political party .. Canada.. entire bank accounts frozen, still to this day for donating against JT...

We are so few.. code is the ONLY tool of power we have.. the only one.