You have the pieces, but you're playing the game on their chessboard.
Best summary around.
As a short term get-rich-quick pump and dump scheme, it's great for people who play it smart. Unethical usury, but it works and people get rich, or make a few hundred us dollars and become a true believer overnight.
As a "replacement" for the banks? Get real people. Show me how to convert labor into bitcoin and back again, without using the banking system, and without leaving a neon paper trail permanently etched into the cybersphere, and I might take people more seriously.
Usually they end up trying to push some Max Headroom ideological "utopia" future where everyone in the world is using a single privacy coin and transferring them through usb drives without the man knowing, and somehow the world banks all just rolled over and went bankrupt when it happened. It's bullshit.
It's very very clear that the banks are going to roll out their own on a global scale and then every government in the world will crack down on non-official coins like hard drugs, and the whole system will crash overnight.
As a "replacement" for the banks? Get real people. Show me how to convert labor into bitcoin and back again, without using the banking system,
You don’t need to use the banking system. If someone pays you in Bitcoin, they just send it to your address. People only use the exchanges because they want fiat. If fiat was not necessary or desirable, you would deal in pure crypto sent directly to each other.
and without leaving a neon paper trail permanently etched into the cybersphere, and I might take people more seriously.
Having a “paper trail” is mandatory, because that’s where the security comes from.
Your wallet doesn’t need to be connected to your identity though. If I know Bitcoin has been sent from wallet X to wallet Y to wallet Z, I don’t know if it has left your possession at all. You could own all three wallets. That information is not encoded in the blockchain.
So a simple privacy measure is to make a new wallet for every transaction, which can be done automatically by software.
That is a lot of what the privacy focused coins do, in addition to off chain or mixing of inputs.
The weakness of cryptocurrency in a privacy sense is the exchanges, and everyone’s need to convert back to fiat. That’s where they will get your identity from.
Best summary around.
As a short term get-rich-quick pump and dump scheme, it's great for people who play it smart. Unethical usury, but it works and people get rich, or make a few hundred us dollars and become a true believer overnight.
As a "replacement" for the banks? Get real people. Show me how to convert labor into bitcoin and back again, without using the banking system, and without leaving a neon paper trail permanently etched into the cybersphere, and I might take people more seriously.
Usually they end up trying to push some Max Headroom ideological "utopia" future where everyone in the world is using a single privacy coin and transferring them through usb drives without the man knowing, and somehow the world banks all just rolled over and went bankrupt when it happened. It's bullshit.
It's very very clear that the banks are going to roll out their own on a global scale and then every government in the world will crack down on non-official coins like hard drugs, and the whole system will crash overnight.
That's why I have gold and silver too tbh
No it’s not a legit worry. Do you realize that if they can break the encryption that protects Bitcoin, they can break ANY encryption?
So goodbye online commerce, banking, etc. It’s never going to happen.
You don’t need to use the banking system. If someone pays you in Bitcoin, they just send it to your address. People only use the exchanges because they want fiat. If fiat was not necessary or desirable, you would deal in pure crypto sent directly to each other.
Having a “paper trail” is mandatory, because that’s where the security comes from.
Your wallet doesn’t need to be connected to your identity though. If I know Bitcoin has been sent from wallet X to wallet Y to wallet Z, I don’t know if it has left your possession at all. You could own all three wallets. That information is not encoded in the blockchain.
So a simple privacy measure is to make a new wallet for every transaction, which can be done automatically by software.
That is a lot of what the privacy focused coins do, in addition to off chain or mixing of inputs.
The weakness of cryptocurrency in a privacy sense is the exchanges, and everyone’s need to convert back to fiat. That’s where they will get your identity from.