Getting Rid of the One, Major, Cryptocurrency Problem Remaining

[BADecker]

Bitcoin and many other cryptos have been operating successfully for years, now. The programming problems have been overcome, the usage problems are gone, Crypto has become popular and is spreading. So, what is the one main problem left? The problem is government interference and regulation, and government continually wanting to control crypto. The solution, at least in the US, is to go completely private with a crypto.

Bitcoin and many altcons are quite private as it is. Regarding transactions, basically all one can see is the fact that a transaction occurred, the time, the amount, the addresses involved, and hash. This info isn't generally enough to pinpoint the people of the transaction, except under three basic circumstances:
1. If an exchange is used;
2. If side networks are used, like Lightning;
3. If the NSA tracks the Internet.
So, let's go the rest of the way and make a crypto that is even more private.

Bitcoin and the altcoins prove that crypto programming works. Bitcoin shouldn't have been in 'beta' for a long time, now. Since the programming works, lets develop an altcoin that is similar to Bitcoin Core, except in three basic areas:
1. Wording in the client that states that the transaction in process is private - a Private Membership Association - thereby taking it out of the public realm, and placing it in the private realm, where government has no authority over it;
2. Make all amounts transacted to be visible only to the transactors of any particular transaction;
3. Since we can trust the programming, and since it is open source, make the blockchain totals - coins created and current amount of coins mined - invisible to everyone; trust the programming. This goes for everyone including the miners.

Nobody needs to know the total number of coins transacted. The value of the coins could be set 1 to 1 with the USD. The coin is for trading privately, and not for hodling. There should be no maximum number of coins created as there is in Bitcoin and as there are in many altcoins. Let the blockchain programming do all this automatically and decentralized.

The setting up of wallets, and the offering of them to users, should also be a private thing, set up as a PMA... so that government keeps its hands off wallet makers and users.

What does anybody think? What changes or improvements should be made? What other ideas to go along with this?


Elizabeth Warren Wants The Police At Your Door In 2024 If You Have A Crypto-Wallet


https://www.zerohedge.com/crypto/elizabeth-warren-wants-police-your-door-2024-if-you-have-crypto-wallet
In 2022, Massachusetts Senator Elizabeth Warren authored a bill that would require cryptocurrency wallet providers to comply with bank Anti-Money Laundering rules. Not crypto exchanges, mind you, but the wallets themselves. Kansas Senator Roger Marshall joined her on the proposal as a co-sponsor.

Sadly, Marshall betrayed the populist principles he ran on as a candidate.

The bill also betrayed the civil liberties and privacy tenets of progressivism that Warren espouses.

Warren and Marshall are planning to reignite that debate on Capitol Hill this summer and have enlisted law enforcement advocates to their cause. Prosecutors and federal agents doubtless support the bill, as they have every other bill that turns the one-way ratchet of financial surveillance. If they had their way, our personal bank account and credit card logins would rest on a central repository for the Department of Justice to access at will and without a warrant.

The Warren bill would require that anyone who designs a crypto wallet (a computer program designed to store the encryption code that helps to keep your crypto tokens secure) register as a money services business and, essentially, be regulated like a financial institution.
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[BADecker]

To say it in a different way...

Why should the amount of a private transaction be seen publicly, on the blockchain? It's true that it should be recorded on the blockchain, and it is true that it should be "seen" by blockchain encryption "eyes," but why should it become public information? Rather, shouldn't it be a private deal, visible to only the people who do the transacting?

Why should the totals within the blockchain be visible to anyone? If the programming works, which it does as proven by Bitcoin Core, let it work, and don't make the statistics public any more than necessary to prove that a transaction was done... and maybe not even that, if the fact of the blockchain being the proper blockchain can be authenticated.

In addition, whatever else can be made private, make it so. The world doesn't need to know the private transactions made by and within the blockchain.

If anybody is worried about corruption being done through this kind of blockchain and altcoin, consider that there is a whole lot more corruption being done through the current fiat currencies and altcoins, and that by virtually all governments throughout the whole world. In fact, the only reason they might want to sanction crypto is, it is eating into their corrupt profits and corrupt enslavement of people.

[Apocollapse]

Why should the amount of a private transaction be seen publicly, on the blockchain? It's true that it should be recorded on the blockchain, and it is true that it should be "seen" by blockchain encryption "eyes," but why should it become public information? Rather, shouldn't it be a private deal, visible to only the people who do the transacting?

Why should the totals within the blockchain be visible to anyone? If the programming works, which it does as proven by Bitcoin Core, let it work, and don't make the statistics public any more than necessary to prove that a transaction was done... and maybe not even that, if the fact of the blockchain being the proper blockchain can be authenticated.

In addition, whatever else can be made private, make it so. The world doesn't need to know the private transactions made by and within the blockchain.

I've read your post and I understand if you're talking about privacy matters.

Reply for Bitcoin usage:
Bitcoin is pseudonymous, not anonymous, which mean anyone who want to use Bitcoin can choose if they want to protect their privacy or not. This is why it's called as freedom to choose. I think the transparency in Bitcoin blockchain is make everyone can trust Bitcoin, it's not like banks where they will not reveal it to public.

Reply for altcoins usage:
Since altcoins is centralized and it's controlled by the developer, they're not created for privacy reason, but to enrich themselves.

But if you're want to use a privacy coins, there's Monero where anyone can't trace the transaction, address, and balance since the Monero blockchain is private.

[BADecker]

Why should the amount of a private transaction be seen publicly, on the blockchain? It's true that it should be recorded on the blockchain, and it is true that it should be "seen" by blockchain encryption "eyes," but why should it become public information? Rather, shouldn't it be a private deal, visible to only the people who do the transacting?

Why should the totals within the blockchain be visible to anyone? If the programming works, which it does as proven by Bitcoin Core, let it work, and don't make the statistics public any more than necessary to prove that a transaction was done... and maybe not even that, if the fact of the blockchain being the proper blockchain can be authenticated.

In addition, whatever else can be made private, make it so. The world doesn't need to know the private transactions made by and within the blockchain.

I've read your post and I understand if you're talking about privacy matters.

Reply for Bitcoin usage:
Bitcoin is pseudonymous, not anonymous, which mean anyone who want to use Bitcoin can choose if they want to protect their privacy or not. This is why it's called as freedom to choose. I think the transparency in Bitcoin blockchain is make everyone can trust Bitcoin, it's not like banks where they will not reveal it to public.

Reply for altcoins usage:
Since altcoins is centralized and it's controlled by the developer, they're not created for privacy reason, but to enrich themselves.

But if you're want to use a privacy coins, there's Monero where anyone can't trace the transaction, address, and balance since the Monero blockchain is private.

Thank you for the Monero thought. I had used it long ago. I should get back to it.

[el kaka22]

There is no need to be worried about these people saying these things because first of all they do not have that type of power, secondly they are just trying to make it look like they are against it to make sure they get the votes, after they get the votes it is going to be gone, they won't care about it. So all in all there is nothing to worry about, governments are already favoring crypto, almost all of them including USA as well, I think the only one openly against bitcoin is China, but they have their own crypto projects as well so there is nothing wrong at the moment.

I hope that it gets better with time, but I am not sure if it will become that great, it may take some time before it can reach those levels. Hence, it is better to make sure that we do as well as we hoped for while we have these advantages of being allowed by governments.

[Apatu Ek Am]

There is no need to be worried about these people saying these things because first of all they do not have that type of power, secondly they are just trying to make it look like they are against it to make sure they get the votes, after they get the votes it is going to be gone, they won't care about it. So all in all there is nothing to worry about, governments are already favoring crypto, almost all of them including USA as well, I think the only one openly against bitcoin is China, but they have their own crypto projects as well so there is nothing wrong at the moment.

I hope that it gets better with time, but I am not sure if it will become that great, it may take some time before it can reach those levels. Hence, it is better to make sure that we do as well as we hoped for while we have these advantages of being allowed by governments.

I think It's important to note that governments' positive stance towards cryptocurrencies is not just limited to its potential as an investment asset. Cryptocurrencies have the potential to revolutionize the financial industry by offering faster, cheaper, and more secure payment options than traditional banks. Moreover, blockchain technology, which underpins most cryptocurrencies, has the potential to transform a wide range of industries, from supply chain management to healthcare.

Governments are recognizing these benefits and taking steps to create a regulatory environment that fosters innovation and protects consumers. In conclusion, while there may be some risks associated with investing in cryptocurrencies, it's important to recognize that the industry is rapidly evolving, and the potential rewards could be significant.

[BADecker]

The difference between this idea and other altcoins is, the total number of coins and their total value would not be known to anyone, except that the blockchain would have this info within it.

If every part of the operation is private, government has no authorization to control it. And if government can't regulate it, people can trade freely within it.

Consider the many smoking and drinking bars throughout (mostly) Southern States, States that prohibit smoking and drinking in public. Private clubs don't have these prohibitions because government is only concerned with public drinking and smoking. Government can't stop the smoking or the alcohol in private clubs.

The same would work for a completely private crypto. Like the smoking/drinking club, you can see that the club is there and exists. But you can't take part of the club until you become a private member. Why not a completely private crypto altcoin? People could see it was there, but they would only be allowed to use it if they became a member.

In addition, if the value of each 'coin' was the same as the US dollar, think of how easy it would be for people to trade, knowing that they had something worth an amount that they understood. Of course, nobody but the individual would know how much 'coin' he had in his wallet, except if he told somebody. But, it's private, and that is why nobody should want to blab amounts.

[bittraffic]

3. Since we can trust the programming, and since it is open source, make the blockchain totals - coins created and current amount of coins mined - invisible to everyone; trust the programming. This goes for everyone including the miners.

This will not help users trust the coin. We have seen so much users on top of the richlist that gobbled more than they could shallow. Turned out to be scam.

We all want to avoid Warren's bill and so is the wallet developers. They still couldn't force any wallet company to register, all they will need is move out of the US. The expense is lesser than the loss if they allow Warren to win.

[jrrsparkles]

I don't want a monetary system which will have infinite volume because that doesn't differentiate the existing monetary system and all the problems we are facing due to inflation, censorship, etc

For someone who values their privacy over anything then monero like coins are already which can satisfy their needs and no need a new shitcoin anymore.