Privacy

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A place to discuss privacy and freedom in the digital world.

Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.

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Thoughts on Cryptocurrency? (programming.dev)

submitted 8 months ago by actual_patience@programming.dev to c/privacy@lemmy.ml

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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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[–] Kindness@lemmy.ml 12 points 8 months ago (7 children)

bringing back cash anonymity

Most cryptocurrencies do not have this. It is trivial to tie bitcoin to an identity. Given the nature of publicly posting the transactional records, all it takes is tying any given purchase to someone one time, to identify them and view their entire purchase history.

Monero being an exception.

[–] makeasnek@lemmy.ml 1 points 8 months ago (5 children)

It's more complicated than this, and it gets more complicated every year, especially with lightning. It's certainly not monero in terms of privacy, but it's not the same Bitcoin it was 10 years ago where this was more or less true.

[–] LemmyHead@lemmy.ml 3 points 8 months ago (1 children)

Also note that lightning is an off-chain centralized approach. It loses a lot of benefits of decentralized layer 1 like bitcoin and monero. Privacy at a centralized entity is like having no privacy at all.

[–] makeasnek@lemmy.ml 0 points 8 months ago* (last edited 8 months ago)

Look up a network map of lightning, it's not centralized at all. Payments typically route through multiple hubs, just as many Bitcoin nodes may be involved in processing a main chain transaction. Anyone can run a lightning node, and you can choose which nodes you want to use, if you want. There are thousands of them to pick from.

The lightning channels are secured by the main chain. There is no centralized party who can rug you.

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