[Cryptography] Our leader opines on cryptocurrencies

jamesd at echeque.com jamesd at echeque.com
Sat Aug 10 02:23:37 EDT 2019

On 2019-08-06 10:01 pm, mccorrinall wrote:
> But Monero is not the solution to this privacy problem, as it doesn't
> scale at all due to its insanely huge transactions. Sure, the concept
> is interesting, but Monero will always only be used by very few
> people. If you want to run a currency, you want to target mass
> adoption. A currency, which no one uses, is useless.

I have an urgent practical real world need for privacy, partly for grey 
market transactions, partly because of lack of trust on international 
internet transactions, and mostly because of state sponsored persecution 
of political dissidents, and I researched my options, and the answer was 
bitcoin, despite its massive privacy flaws, not Monaro, because the idea 
is to get lost in the crowd, and to do that, you need a crowd.

The solution for private transactions is not better cryptography. It is 
to replace central banking and government sponsored fiat.

And, most of all, to replace centralized data silos of commercial 
reputation.  The important objective should be to have a currency that 
supports a reputation system akin to that siloed by Ebay and aliExpress, 
but without the data silos, so that the difference between a marketplace 
  selling android phones, and a marketplace selling illegal drugs, is 
that you use one nym for illegal drugs, and another nym for android 
phones, but the reputations of these nyms are not kept in separate 
silos, or in silos at all.  The big privacy flaw of bitcoin, of every 
crypto currency including Monaro and similar currencies, is not that 
transactions are linkable, though that is indeed a big problem, but that 
transactions require reputations.  We need a system that makes public 
data that is required to generate reputational information, without 
exposing those engaged in transactions to violence by third parties.  We 
need a privacy preserving solution to the problem currently being solved 
by Ebay.

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