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Author Topic: Bitcoin is the undisputed global public ledger, but we need a private one too.  (Read 1463 times)
americanpegasus
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August 02, 2015, 01:32:25 AM
 #21

Will be new cryptocurrencys,one already exist,one is coming in 40 days,not  blockchain based,realy inovative
but world is calling for transparency,to much things related to money have been hided and frauded


 
What?

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americanpegasus
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August 02, 2015, 01:35:01 AM
 #22

It is public by design. There's a certain psychology behind it. When no one's watching the watchmen, then you can only rely on math. It gives untrusting parties something to agree upon. That's how it's designed. The mediator of all disputes is right there on the blockchain for all to see.
 
 
This is why a global public ledger is valuable. 
 
But, it doesn't mean we don't also need a global private ledger to complement it.  If people want to do business in public, they can.  If they wish to do business in private, using an anonymous cryptocurrency, they also can.  The modern implementation of this also comes with something known as a "view key" so if they ever need to prove their balance at an address, they can choose to reveal that to someone without letting them spend any funds. 
 
Privacy with the option of transparency is the answer.

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August 02, 2015, 09:20:14 AM
 #23

For a transparent economic system the Blockchain tech is the best solution the world got right now. At least that's my view after everything I have seen and heard.

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August 02, 2015, 01:21:32 PM
 #24

Do you know what they call a private ledger that you can send to anyone around the world in seconds?

Encrypted email.

As for worldwide secure private value transfer, why don't we send an email to Joaquin "El Chapo" Guzman and ask him what he uses. He seems to have it all figured out. LOL

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August 02, 2015, 01:27:37 PM
 #25

I don't think we can have it both ways. Transactions need to be logged and public for obvious reasons, but if people want to be anon and protect themselves fully then that is up to them.
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August 04, 2015, 09:53:02 PM
 #26

If you have any doubt about whether an anonymous blockchain is a necessity, check /r/bitcoin's top post today which is damage control because blockchain.info is mistakenly reporting that Satoshi's coins have moved.  
  
https://np.reddit.com/r/Bitcoin/comments/3frn1d/satoshis_coins_have_not_moved_blockchaininfo_is/  
  
My reaction is: so what?  It shouldn't be a 10.0 Richter quake if Satoshi's coins move.  If bitcoin is true money, then it should be used as true money.  
  
Each coin should be the same as any other, and any holder of bitcoin should be free to move their money as they see fit, and no other users should be able to see this happening.  
  
Any currency that uses a public blockchain may be useful for public records, but it will not make a suitable worldwide currency.  
  
Adapt or die.  Anything less than 100% privacy isn't good enough.

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August 05, 2015, 04:53:45 AM
 #27

I don't think we can have it both ways. Transactions need to be logged and public for obvious reasons, but if people want to be anon and protect themselves fully then that is up to them.

Logged for what obvious reasons? To track criminals? That's an entirely orthogonal issue. To ensure the integrity of the system? That can be accomplished with math (ring signatures and ZKPs) without revealing the transactions.
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August 05, 2015, 04:58:38 AM
 #28

That's why Monero exists with ring signatures. You're entire financial history should not be public knowledge to anyone/everyone around the world.

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October 16, 2015, 07:24:32 PM
 #29

The privacy features are only growing as well. 
 
It's also important to note that privacy is a *side-effect* of fungibility, but not necessarily the ultimate goal.  All the units should be as equal as mathematically feasible and privacy arises as a result. 
 
This is the only way to create true electronic cash; otherwise you have an electronic collectible.

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AMERICANPEGASUS
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October 16, 2015, 07:46:41 PM
 #30

We already have many private ledger. They are called FIAT and stored in Bank's DB. Private... No ?
 
  
They are absolutely not private.  And they are certainly not decentralized.  
  
Quote
Snoop Dogg stopped by Italian police and $211,000 cash seized
http://www.theguardian.com/music/2015/aug/01/snoop-dogg-stopped-italian-police-cash-seized  
 
 

Yet another scenario that exposes government corruption whilst simultaneously promoting the benefits of blockchain technology
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October 16, 2015, 09:24:28 PM
 #31

This is a topic that many may disagree on, but math is not an opinion.  
  
Pseudo-privacy is not privacy.  And it is not good enough.  
  
Can you imagine an internet where everyone could see everyone else's browsing history?  And if you *did* want a respite you needed to publicly login to some scrambling service, which would only invite further scrutiny?  But this is the state of bitcoin today.  
  
However don't get me wrong.  I believe that there will always be a need for a global public ledger, and I see little reason why it shouldn't be bitcoin in perpetuity (properly upgraded and guided as it goes forward).  I am still amazed that we have an absolute digital way to time stamp something such that no one can refute when a message occured, and that is thanks to bitcoin.  But when it comes to functioning as an actual currency, bitcoin is woefully inadequate:  
  
 
  



Not only is this an unacceptable level of transparency for criminals, but it is also unacceptable for business, government, and honestly any normal individual.  
  
Those of you who know me also know what truly anonymous cryptocurrency I think will become that undisputed private ledger, but I'm not here to shill. I'm here to debate the fact that our civilization cannot run off bitcoin alone: at least one (possibly more) blockchains are necessary provided they offer something radically different that bitcoin cannot.  
  
And true privacy is one of those essential things, which is why not only will the future shock and surprise banks, it's probably going to shock and surprise bitcoiners too.

 i like your post,yes privacy hast o be protected but it has to be also transparent.Do you know identabit project,i really like them,signe to blockchain with your private information what are protected by cryptography

I see that world need real transparency,banks are hiding everything in his banks books,customers private informations are easy to steal and spy.Why thay are not adding cryptography to protect his customers information,becouse of spying
below link t Identity

http://identabit.com/
will like to know your thoughts

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