One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Covering technology based topics including 5G, nanotechnology, transhumanism, AI, surveillance and cyber security.
User avatar
BananaMulcher
Posts: 38
Joined: Sun Apr 04, 2021 1:41 am
Has thanked: 9 times
Been thanked: 31 times

One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by BananaMulcher »

It is probably not new information to many here that Bitcoin has design weaknesses in the area of privacy and anonymity. Once an address is associated determinately to one's identity, it loses the benefit of psuedoanonymity. This cannot be denied.

However, I believe that Bitcoin is positioned uniquely in that this weakness is a double-edged sword. Bitcoin has an important role to play as the truly first currency controlled by the people and this openness and transparency serves an end that only the first ever cryptocurrency would need: By being open and auditable, governments are warmed to the idea that it can be taxed rather than outright rejecting decentralized currency, thereby getting our foot in the door of the system.

If the first ever cryptocurrency were more like Monero or Pirate, I believe the state would fight it and suppress it hard and early, stifling the growth that we've been able to witness with Bitcoin.

Once acceptance for separation of currency and the state have been established, maybe then we can really begin to ramp up pushing more private crypto currencies.
User avatar
Liberalis
Site Admin
Posts: 740
Joined: Thu May 07, 2020 9:46 pm
Location: Gaia
Has thanked: 1003 times
Been thanked: 818 times
Contact:

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by Liberalis »

Yes, that is a good point that you make and i would tend to agree.

I keep my eyes on privacy coins and one i am most excited about is Firo (formerly Zcoin). It has the best privacy features of all the privacy coins on paper but it just needs more traction and attention to the project. The rebranding should help as people were always confusing it for Zcash. I wanted to buy some a while ago but their desktop wallet didn't work which is not a good sign but hopefully that has been sorted. I am not interested in hodling at the moment but I may hold some privacy coins in the future if things head in the right direction. XMR or Firo are my 2 favs as things stand.

It is a waiting game long term with crypto (and life in general) because the truth of the matter is no-one knows how it will play out.
"In the age of information, ignorance is a choice"
Dianthus
Posts: 227
Joined: Thu Feb 04, 2021 4:53 pm
Location: Belgium
Has thanked: 42 times
Been thanked: 89 times
Contact:

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by Dianthus »

Crypto and Bitcoin are f*cked bc this is going on in the meantime...


https://www.thelastamericanvagabond.com ... al-system/





and have a lot more facts and the fact is that they cannot make Bitcoin to private or they will ban it everywhere. Bitcoin will not dye but big money will go out and back to the 3/4digits again. Also :thumbsdown:

The IMF and the central banks do not believe in decentralized cryptocurrencies. Instead, they support the introduction of digital currency of central banks, so that citizens can be controlled by central authorities.

https://deutsche-wirtschafts-nachrichte ... waehrungen

Also the weakness are the miners bc they are way to much stationed in China= not good if you ask me. I trade this markets for years and now a lot of people and follow a lot here and I ca ntell you that this current price of Bitcoin is based on trust and when shit hits the fan soon my view is that trust will get a dent and Bitcoin will go back down again bc this is not a joke https://www.thelastamericanvagabond.com ... al-system/

They will crash the system bc they need to introduce their own closed digi-system and they cannot have crypto go up then. Is just like 1+1=2 and everyone thinks that all around us is corrupt but Bitcoin is legit needs an head exam bc this is not how this works. And Catherine Austin Fitts looks it at a very different angle. He talks a bit about that here:



Also the fact that there are way to much coins doing an 10x to an 100x in weeks= means it is in a bubble 100% + the fact that all the alts are holding Bitcoin back bc people profit in Bitcoin and go into alts and therefore it takes this long. Look at the coinmarketcap WITHOUT Bitcoin... is going more up then Bitcoin marketcap and everyone is saying there are just 21mil Bitcoins but that is not true bc with consensus this cap can go unlimited upupup so that cap is NOT set in stone people but that is what makes it so expensive and this helps no one bc the masses needs al the help it can get but this Bitcoin is not it or it was mass adopted and we all mine to secure the network. That it was a whole other ballgame and I was all in but now I am getting out slowly...
User avatar
BananaMulcher
Posts: 38
Joined: Sun Apr 04, 2021 1:41 am
Has thanked: 9 times
Been thanked: 31 times

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by BananaMulcher »

If that is the cost of having truly free as in freedom money, even if just short term before some collapse or deliberate takedown, then that is a risk that I am willing to take. The powers are also slowly dismantling and controlling the Web, but I don't see very many individuals swearing it off as a lost cause. I say let's use the tools that we have while they are available.
Dianthus
Posts: 227
Joined: Thu Feb 04, 2021 4:53 pm
Location: Belgium
Has thanked: 42 times
Been thanked: 89 times
Contact:

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by Dianthus »

BananaMulcher wrote: Sun Apr 11, 2021 8:10 pm If that is the cost of having truly free as in freedom money, even if just short term before some collapse or deliberate takedown, then that is a risk that I am willing to take. The powers are also slowly dismantling and controlling the Web, but I don't see very many individuals swearing it off as a lost cause. I say let's use the tools that we have while they are available.
Like I see it, money cannot be free in the first place bc it is a control...
Money needs to go off the first place in life and then we are free like I see it....
We need to think outside the box or we will get never free :cowboy:

The more I go out of the markets, the more freeness I feel


ps. It will not take long now, so best not to take risk at the top
muumin
Posts: 196
Joined: Wed Sep 23, 2020 1:14 am
Has thanked: 35 times
Been thanked: 76 times

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by muumin »

BananaMulcher wrote: Sun Apr 11, 2021 8:10 pm If that is the cost of having truly free as in freedom money, even if just short term before some collapse or deliberate takedown, then that is a risk that I am willing to take. The powers are also slowly dismantling and controlling the Web, but I don't see very many individuals swearing it off as a lost cause. I say let's use the tools that we have while they are available.
This is what I am thinking.
If we gonna go down whichever we go, I'll follow the money e.g. where institutions are currently pouring in e.g. crypto....
muumin
Posts: 196
Joined: Wed Sep 23, 2020 1:14 am
Has thanked: 35 times
Been thanked: 76 times

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by muumin »

Dianthus wrote: Mon Apr 12, 2021 4:59 pm
BananaMulcher wrote: Sun Apr 11, 2021 8:10 pm If that is the cost of having truly free as in freedom money, even if just short term before some collapse or deliberate takedown, then that is a risk that I am willing to take. The powers are also slowly dismantling and controlling the Web, but I don't see very many individuals swearing it off as a lost cause. I say let's use the tools that we have while they are available.
Like I see it, money cannot be free in the first place bc it is a control...
Money needs to go off the first place in life and then we are free like I see it....
We need to think outside the box or we will get never free :cowboy:

The more I go out of the markets, the more freeness I feel


ps. It will not take long now, so best not to take risk at the top
I see a future.... Dianthus carrying a sack of potatoes to exchange it into a bunch of toilet rolls.... lol
muumin
Posts: 196
Joined: Wed Sep 23, 2020 1:14 am
Has thanked: 35 times
Been thanked: 76 times

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by muumin »

BananaMulcher wrote: Sat Apr 10, 2021 5:32 pm It is probably not new information to many here that Bitcoin has design weaknesses in the area of privacy and anonymity. Once an address is associated determinately to one's identity, it loses the benefit of psuedoanonymity. This cannot be denied.

However, I believe that Bitcoin is positioned uniquely in that this weakness is a double-edged sword. Bitcoin has an important role to play as the truly first currency controlled by the people and this openness and transparency serves an end that only the first ever cryptocurrency would need: By being open and auditable, governments are warmed to the idea that it can be taxed rather than outright rejecting decentralized currency, thereby getting our foot in the door of the system.

If the first ever cryptocurrency were more like Monero or Pirate, I believe the state would fight it and suppress it hard and early, stifling the growth that we've been able to witness with Bitcoin.

Once acceptance for separation of currency and the state have been established, maybe then we can really begin to ramp up pushing more private crypto currencies.
People have worked out already. If you use Samurai or Wasabi....it washes the history by mixing though some exchanges frawn upon such cleansed coin.
Dianthus
Posts: 227
Joined: Thu Feb 04, 2021 4:53 pm
Location: Belgium
Has thanked: 42 times
Been thanked: 89 times
Contact:

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by Dianthus »

muumin wrote: Thu Apr 15, 2021 7:03 pm
I see a future.... Dianthus carrying a sack of potatoes to exchange it into a bunch of toilet rolls.... lol
Please stay with your self and do no talk of others please bc what you see in someone else, you see more or less in yourself - lol- so it is you that will be looking for potatos soon bc you had forgotten to lay in some foods when you need to. I have all the potatoes I need right here, right now and this is the reality of Bitcoin...

1.jpg
1.jpg (111.96 KiB) Viewed 476 times


I did my own research on this and this says it all...

=148 000 addresses of 10btc & more= 0.0021% of the world population IF every address is 1 person. This is not so what are we taking about here? No mass adoption= no meaning for the REAL world and that is fact!



And anyone that study this world knows for 100% sure that this money system= game over and that means there will be a new system. This will come when the masses are awake= money will not be on the first place like it is now bc that is the problem overall with money. This is not how we need to work with money bc WE are the energy behind it and not that money is energy bc that is what this system is telling us and makes us believe but that is so unnatural wrong. So in other words if we go off the natural laws then this has an end to it and that end is near.

All you need to do is 1+1=2 but most cannot count to two or says it is three :cowboy:
User avatar
BananaMulcher
Posts: 38
Joined: Sun Apr 04, 2021 1:41 am
Has thanked: 9 times
Been thanked: 31 times

Re: One of Bitcoin's undeniable weaknesses is also a necessary strength [Opinion]

Post by BananaMulcher »

Dianthus wrote: Fri Apr 16, 2021 2:05 pm Condensed
Dianthus have you seen the man who gave up on money? I found this very interesting, and an inspiring possibility. He found a way to escape taxation, inflation and greed. All without resorting to a complicated blockchain brutal learning curve alternative. I will definitely keep his ideas as a weapon in my arsenal. But still I will not write off crypto as a type of solution.
Post Reply