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Monero’s Spagni Suspects Bitcoin Got To Where It Is Today Due To Its Lack Of Privacy

Monero’s Spagni Suspects Bitcoin Got To Where It Is Today Due To Its Lack Of Privacy

On Thursday, Monero lead maintainer Riccardo Spagni appeared on an episode of Monero Talk. During the interview, Spagni made comments regarding the possibility that Bitcoin has been able to get to where it is today due to the lack of full anonymity provided by the peer-to-peer digital cash system.

Satoshi’s Privacy Mistakes

Monero Talk host Douglas Tuman asked Spagni about his thoughts regarding the greater cryptocurrency user base’s acceptance of Bitcoin as the gold standard despite its lack of privacy features. In his response, Spagni first discussed why Bitcoin lacks strong privacy in the first place.

“[Bitcoin creator Satoshi Nakamoto] thought that things like using random change addresses would be sufficient,” said Spagni.” Clearly, he was wrong.”

Spagni also pointed out that Nakamoto publicly acknowledged that Bitcoin has its shortcomings when it comes to privacy.

“He didn’t have the knowledge that we have now,” added Spagni. “He didn’t know how traceable Bitcoin actually was.”

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Lack of Privacy a Good Thing?

Although there are always new proposals coming out for ways to bring better privacy to Bitcoin, Spagni has his suspicions that Bitcoin wouldn’t have made it this far if it had strong privacy from the start.

“Regulators have been comfortable with it because of the lack of privacy,” said Spagni.

The longtime Monero developer added that regulators were first scared of Bitcoin because it could be used to do things like send money to North Korea. According to Spagni, these regulators are less worried when they’re told that this sort of illegal activity can be traced on the public blockchain.

“I think that’s a good thing because Bitcoin is the thing that warms the regulators up . . . Then Monero comes along and other privacy-enhancing systems like Zcash, Grin, and so on that have their own set of privacy enhancements, and regulators go, ‘Oh, scary technology. But we’re already used to Bitcoin, so this isn’t that different,’” explained Spagni.

Privacy Enhancements for Bitcoin are Available

Although Bitcoin is far from anonymous by default, Spagni pointed out that there are still ways to enhance the level of privacy in Bitcoin transactions.

“I encourage anyone who wants to improve their Bitcoin privacy to look at things like Wasabi Wallet,” said Spagni. “Samourai Wallet is trying hard as well. JoinMarket still exists. And you know, the more liquidity there is for things like CoinJoins the better. It’s not going to be close to Monero’s level of privacy, but it might be sufficient.”

Spagni added that future improvements, such as Schnorr signatures and Taproot, will also have a positive impact on the level of privacy offered by Bitcoin. Having said that, Spagni is not bullish on the long sought after Confidential Transactions improvement finding its way into Bitcoin.

“I do think we are going to get to a world eventually where privacy is the default with Bitcoin, [but] it might not be as private as Monero,” said Spagni.

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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