ranochigo
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Merit: 4165
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November 18, 2016, 11:29:00 AM |
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Having the blockchain public would allow users to have a provably way to check for transactions and addresses. Without it, how would you know what is the max market cap?
There is no security risk with having the blockchain public. Bitcoin can be darn close to being anonymous if the user uses techniques to hide it.
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doomistake
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November 18, 2016, 11:38:22 AM |
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BTC's blockchain have Advantages and Disadvantages. It is being public to show the bitcoin users that their bitcoin have been processed, it is a proof in short. It's disadvantages is it can be hack by those hacker (black hat), hacker can crack up the private key of every blockchain's wallet that is being processed in the blockchain. If I'm not wrong the biggest heist that happened in the history is 100 million dollars has been stolen from the blockchain from different bitcoin users account.
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Qartersa
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November 18, 2016, 12:30:08 PM |
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This is for the safety of everybody. Since we can all see how transaction happens. We can all immediately check all transaction that happens on the block.
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sportis
Sr. Member
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Activity: 406
Merit: 252
Veni, Vidi, Vici
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November 18, 2016, 08:36:08 PM |
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Public blockchain not only bitcoin but Ethereum and other cryptocoins too is transparent from anyone who has internet access. This feature made almost impossible for hacking, without to be under restrictions like as capital controls. Transparency of blockchain publicity is the major advantage comparing with private one.
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Adbitco
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November 18, 2016, 08:56:41 PM |
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People talk about transparency in everything now a days but when it comes to money nobody wants to disclose how much money they have or the sources they have earned it from that's just ridiculous. Blockchain being public is what we call transparency and that's fine.
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jak3
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November 18, 2016, 09:16:09 PM |
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avcording to me its an legendry step. i have never seen banks to do this type of thing but with blockchain i can get a special tyoe of satisfaction that yes the tracsactions are actully working and i can show them to anyone no need any special permissions or anything
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harrymmmm
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November 18, 2016, 10:55:09 PM |
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OP's question says 'public', but seems to mean 'transparent', so I'll comment that way.
Obviously most responders to this thread have been living under a rock for years...
The existence of blockchains like monero, dash, confidential transactions, mimble wimble and zcash shows that complete transparency is unnecessary to ensure no double spends can take place, that the total market cap remains as planned, that sources and destinations of transactions may be opaque, etc.
I'm not sure anyone knows how little information must be available for accurate validation in these respects, but it clearly is much less than bitcoin makes available.
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kryptqnick
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Join the world-leading crypto sportsbook NOW!
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November 19, 2016, 08:55:53 AM |
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I don't think you are right. If it was that easy to trace to whom some wallet belongs to, there would be no crime connected to btc, because all the drugdealers could be traced. I suppose that is not so. Oh, and what about Nakamoto? Wouldn't such method enable us to know who he is? I heard that he burnt his btc, though. But I don't believe it. And Public blockchain is something good, because it is sort of an evidence that everything is pkay with this or that transaction.
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prabowo96
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Activity: 238
Merit: 100
it's showtime
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November 19, 2016, 02:49:41 PM |
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What are the advantages of BTC's blockchain being public? Would it not be more secure if it was hidden from people?
Because there are methods that could assemble the information in the blockchain with the information from certain other methods and could point with high precision what blockchain activity belongs to who. Secret services are researching methods like these.
In my opnion it goes against the idea of Bitcoin, if you want a public coin that expose their users, you can find some alt with focus on that and you can wait to government create and currency like this. Bitcoin is something against the system, just deal with it. |
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Rostadom
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November 19, 2016, 02:58:29 PM |
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I think it's so that people won't be asking where did someone get something from. It shows the entire history so people can see that the whole bitcoin thing is legit and transparent. Anyway, your personal information is not tied up with your address so I don't think you have something to worry about. There are also other ways to avoid getting tracked like using bitcoin mixers if that thing really bothers you.
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clickerz
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November 19, 2016, 03:05:59 PM |
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avcording to me its an legendry step. i have never seen banks to do this type of thing but with blockchain i can get a special tyoe of satisfaction that yes the tracsactions are actully working and i can show them to anyone no need any special permissions or anything
Correct, when you see that transaction are confirming already, you can have a peace of mind that it is already coming. Since we know that once it is being processed, theres no way to stop it.With blockchain being public, we know transaction is being transparent. |
Open for Campaigns
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QuestionAuthority
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You lead and I'll watch you walk away.
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November 19, 2016, 03:19:52 PM |
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We're never going to stop people from buying the things we don't think they should have unless we can see what they're buying using a one world currency. Now don't you hurt your pretty little head by worrying about things you don't control. Just keep preaching the glory of Bitcoin and go to sleep. Daddy's friends over at the club have this all figured out for you. I put a couple of pictures of the club below so you know everything is ok.   |
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PremiumCodeX (OP)
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November 19, 2016, 09:34:05 PM |
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OP's question says 'public', but seems to mean 'transparent', so I'll comment that way.
Obviously most responders to this thread have been living under a rock for years...
The existence of blockchains like monero, dash, confidential transactions, mimble wimble and zcash shows that complete transparency is unnecessary to ensure no double spends can take place, that the total market cap remains as planned, that sources and destinations of transactions may be opaque, etc.
I'm not sure anyone knows how little information must be available for accurate validation in these respects, but it clearly is much less than bitcoin makes available.
Thank you for your suggestion! I modified "public" to "transparent". I am making clear that we do not discuss whether transparent or private blockchains are better, but the level of transparency that a blockchain should and should not have. avcording to me its an legendry step. i have never seen banks to do this type of thing but with blockchain i can get a special tyoe of satisfaction that yes the tracsactions are actully working and i can show them to anyone no need any special permissions or anything
Correct, when you see that transaction are confirming already, you can have a peace of mind that it is already coming. Since we know that once it is being processed, theres no way to stop it.With blockchain being public, we know transaction is being transparent. I like this argument. It is calming when you can see when your transaction started to get proceeded and also its confirmation in progress. |
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sakinaka
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Decentralised Amazon & ICO Hub
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November 19, 2016, 10:29:27 PM |
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For me the sole, real and unique advantage is that bitcoins can't be faked : you can the prove that you own them and so.
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crwth
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Try Gunbot for a month go to -> https://gunbot.ph
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November 22, 2016, 09:34:37 AM |
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It is the blockchain's most important property, being transparent. Every transaction that ever happened is recorded everywhere that has the public ledger. It's the records or the so-called blocks that are connected together with a timestamp. That prevents forgery or double spending. Even with all the power of the computer, it is very hard to alter. The advantage is, it is open. Everything can be verified. No need for permission. Everyone should be happy.
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