I wonder how many Bitcoin users have read and understand the following extensive list of privacy "pitfalls" (mistakes that can reveal information about unwary Bitcoin users):
https://en.bitcoin.it/wiki/Privacy
Are you careful to avoid these numerous privacy pitfalls? If not, you're leaking information about yourself, into the public ledger (blockchain)
Re:Bitcoin is a disaster
by brianobush on Thursday December 31, 2020 @06:49PM
(#25598719)
Most BTC holders are on exchanges that all have KYC rules in place, so there is no anonymity or privacy assumed. It is just like buying KO shares on Etrade.
It makes me wonder how many people have gotten busted for either buying or selling drugs with cryptocurrencies, thinking it was automatically safe and private.
Re:Bitcoin is a disaster
by ineedasername on Thursday December 31, 2020 @07:52PM
(#25599348)
It's simply an extra layer & bit of effort law enforcement has to jump through, and as understanding of crypto permeates society & law enforcement, even those barriers will be removed.
Re:Bitcoin is a disaster
by XargonEnder on Thursday December 31, 2020 @06:33PM
(#25598527)
Wow that's a ludacris list of pitfalls. I've overwhelmed just looking at the list of sections in that document.
Re:Bitcoin is a disaster
by ineedasername on Thursday December 31, 2020 @07:53PM
(#25599359)
Well, I think it's important to keep in mind that the criticisms seem specific to bitcoin, not crypto in general, and some of them are perfectly valid observations (even if you don't consider them "bugs")
Re:Bitcoin is a disaster
by np_tedious on Thursday December 31, 2020 @06:15PM
(#25598357)
Coinbase does have Zcash. So they don't seem entirely opposed to privacy coins
Re:Bitcoin is a disaster
by vulturalcptlst on Friday January 01, 2021 @04:13PM
(#25607207)
well,that escalated quickly.
I honestly expected Monero or Zcash to take off because it they both progressed on this issue but that just hasn't happened.
Re:Bitcoin is a disaster
by kordlessagain on Thursday December 31, 2020 @08:09PM
(#25599558)
Whether privacy is a joke or not on Bitcoin isn't the point. Consider most systems in place 10 years ago all were discovered to have holes in them and have been subsequently patched. The belief that today's software, or tomorrow's software, will also have a non-joke level privacy option that is functional long term is, in my opinion, unobtainable.
Bitcoin still manages to be useful in proving identity, however.
Yeah, privacy is a joke on blockchains. Perhaps that is why actually private coins like Monero are having such 'difficulty' getting adoption on mainstream platforms, with shitcoins getting preference. I suspect that if coinbase tried to add Monero, they would get a very angry letter from the CIA/FBI (perhaps this already happened, they have been having 'technical difficulties' adding it for years now).