Thoughts on Cryptocurrency?
Thoughts on Cryptocurrency?
I was wondering what viewpoints and opinions this community has when it comes to cryptocurrency.
Personally, I'm not against it, but I'm not for it either. I like the concept of bringing back cash anonymity, and also decentralization (obviously). Although I don't think it will be viable for at least another decade.
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The original idea was to take back control of our money from greedy and corrupt banks and politicians. Very very very few people use it as that now though. Most just see it as a get rich quick scheme.
As we are in the privacy sublemmy: All of the privacy issues have already been solved, those that keep saying that it is a log of everyone you ever paid kept forever have no idea what they are talking about. Just simple thing like that you should (almost) never use an address twice removes a lot of the privacy concerns. There are also other ways to obfuscate and stay anonymous.
Just simple thing like that you should (almost) never use an address twice removes a lot of the privacy concerns.
Then how do you connect the incoming money to the outgoing money (and split it up or combine it in the process assuming most income flows do not exactly match a spending flow exactly in value)?
edit: since the well-akshullies are out already, I'll say this is massively simplified because anyone who cares about the actual cryptography or terminology can go read the fuckin docs; it's detail that isn't necessary here.
Wallet addresses are just the public part of a public/private key pair. You can generate another public key with the private key so the address is different, but your private key can still sign transactions for both addresses.
That is not how public/private keypairs work in most algorithms but even if it was, the fact that the public key is used to verify the signature comes from a specific private key means that both (or all) public keys could validate all transactions signed with that private key.
I recommend you read BIP-44 since this has been a standard for years in Bitcoin. Your other crypto knowledge seems woefully out of date as well, from your questions in your other post. Time to brush up, I think.
Yes, its the change that makes block chain analysis so effective
Most just see it as a get rich quick scheme.
It sucks, I don't see how it could ever get past this.
Wait till you hear about stocks and derivatives. No way are they ever gonna make it big time. Only used by sleazeballs trying to get rich.
You're misinformed. I recommend reading Traces in the Dark.