Formerly u/CanadaPlus101 on Reddit.

  • 12 Posts
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Joined 2 years ago
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Cake day: June 12th, 2023

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  • I mean, Satoshi mined his ~1000000BTC, but from a functional perspective I don’t see how that’s different from just having it hardcoded in the genesis block (or equivalent in another system). It definitely doesn’t make Ripple BitConnect, or one of those janky “stablecoins”.

    The problem with relying on “actual cryptography” for privacy is auditability, like I mentioned above. When there was a bug in Bitcoin that allowed someone to give himself a bazillion BTC, we were able to catch and revert it immediately. If there is a bug like that in Monero, we won’t know until after it’s circulated as much as the premined Bytecoins did.

    It’s a problem, sure. If you want auditability at the expense of any guaranteed privacy, again, Ripple. It’s is totally transparent, assuming you keep a backup of all the old closed ledgers. And uses computing power more comparable to an old-fashioned bank account than to Bitcoin.

    But thinking that cryptocurrencies are all p2p, and that Bitcoin dominates the market because they don’t know this one simple thing, are both telltale signs of a novice.

    It’s never been my main squeeze, but I’ve dabbled since the early days. Do with that what you will.