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Bitcoin and Safety (lemmy.zip)

submitted 1 day ago by Romero_Rojas@lemmy.zip to c/bitcoin@lemmy.ml

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As users, do you feel secure with the use of blockchain to protect your privacy?

*Blockchain: decentralized digital ledger which records transactions worldwide. It is transparent (anyone can enter) and it does’t have a central authority (banks are central authorities). Within each chain of blocks there’s a transaction data, timestamp and cryptographic hash (unic fingerprint).

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[–] jet@hackertalks.com 1 points 19 hours ago (2 children)

Not true at all

All transactions are visible to all parties.

Are there on ramps that require KYC which effectively removes the privacy? Yes.

[–] HumanOnEarth@lemmy.ca 1 points 1 hour ago

But not all on ramps require identifying information to be provided.

[–] kortex03@lemmy.ml 2 points 17 hours ago (2 children)

But no one knows which people has that wallet. So it is like i know what is inside int the room, but i can not know who is the owner

[–] infinitesunrise@slrpnk.net 1 points 1 hour ago

Bitcoin software determines how much money you have by summing all of the historical transactions executed by your key (Wallets don't actually exist on chain, they're a construct presented to the user for ease of use). Chances are, all of that money was exchanged at some point from entities pressured by sovereign powers to know and record the identities of those they transacted with (KYC / Know Your Customer laws). Select parties, eg law enforcement or regulatory agencies, can absolutely know who very likely holds most wallets.

[–] jet@hackertalks.com 0 points 17 hours ago (1 children)

You have a totally public wallet with your entire transaction history visible. If you mine fresh coins and never spend them, sure you have a defensible claim to some privacy - if you ever transact then you have no privacy.

Any single transaction will tie your entire wallet history to your identity.

[–] HumanOnEarth@lemmy.ca -1 points 16 hours ago* (last edited 16 hours ago) (1 children)

Tell me you have no idea how bitcoin works without saying you have no idea how bitcoin works.

Edit: Hey guys don't panic but I think I found RFK Jr's Lemmy account.

[–] jet@hackertalks.com 1 points 10 hours ago

Tell me you have no idea how bitcoin works without saying you have no idea how bitcoin works.

I scoured this conversation for any proof of work, or crypto note, but I couldn't even find coherence for self-consensus, the raft is adrift fated to never reach quorum.