Privacy on Monero vs Bitcoin with Seth for Privacy

Jun 29 2022 • 1hr 31m

Show Notes

“People need to realise that politics can rapidly change, countries can rapidly change. And the things you do today on-chain and Bitcoin or any other cryptocurrency, those things last forever.”— Seth for PrivacySHOW DESCRIPTIONSeth for Privacy is a privacy advocate and host of the Opt Out Podcast. In this interview, we discuss how financial privacy protects all other rights, the current limitations with Bitcoin’s privacy, and Monero’s protocol privacy that some Bitcoiners find beneficial.- - - - Most people have slowly acquiesced to the undermining of personal privacy by tech companies. There has been a trade-off: free access to powerful social media software for the monetisation of our data. The problem is a false sense of security has been allowed to fester: there is a material lack of concern that such transgressions could become more malign and overt abuses of power. The wake-up call for many was the treatment of the Candian truckers. Not many foresaw Bitcoin’s privacy weaknesses being exploited by a western liberal democratic power led by a young charismatic leader. But they were exploited. The Canadian authorities were unrepentant. And there was nothing the truckers could do. Once your privacy is compromised that’s it.Whilst it is a wake-up (or should be a wake-up call), Bitcoin’s fully auditable pseudonymous transaction history presents significant privacy challenges. That’s not to say that non-technical users can’t improve their privacy using Bitcoin, or that privacy concerns always need to be front and centre of decisions to hold Bitcoin. Rather, there may be another option under certain circumstances.Monero is an altcoin that some Bitcoiners are willing to adopt given its unique out-of-the-box privacy features. It is being used to complement the use case for Bitcoin. And yet, there is still toxicity from some quarters towards Monero and those who advocate for it. Is this healthy? Does Monero deserve to be treated like other altcoins? Fundamentally, should Bitcoiners be open to using Monero? Or, do maximalists who have served the community well express warranted concerns? What are the tradeoffs being made and how do they affect users?This episode’s sponsors:Gemini - Buy Bitcoin instantlyBlockFi - The future of Bitcoin financial servicesBitcasino - The Future of Gaming is hereCasa - The leading provider of Bitcoin multisig key security.Ledger - State of the art Bitcoin hardware walletCompass Mining - Bitcoin mining & hostingCake Wallet - Open-source privacy focused Bitcoin walletBCB Group - Global digital financial Services-----WBD520 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Activity

@blessallah786

500 sats

Jul 4 2022

monero fo spending and bitcoin for saving - i can agree to that.

@user7734723683682430

300 sats

Jul 6 2022

Check out Andrew Poelstra’s (and others’) work with “Bulletproofs” (https://blog.blockstream.com/en-bulletproofs-faster-rangeproofs-and-much-more/). Bulletproofs have the potential to enable Confidential Transactions in Bitcoin with little additional overhead, but they were a brand new innovation around 2017. Most of what I can find about this is several years old now, so I’d love to hear an interview with him providing an update on any developments or challenges with Bulletproofs since then.

@jonbeo

Jul 13 2022

Check out Andrew Poelstra's interview on Blockstream Talk from March 2022 where he talks about bitcoin privacy https://fountain.fm/episode/7304566198

@dugandrupe

100 sats

Jun 30 2022

great work Pete. interesting show. To me it makes sense about those btc guys who use monero but don’t say they do. who thinks broadcasting “I’m using a privacy coin” is a good idea? first rule of privacy is “you don’t talk about needing privacy”.

@valley_d0g

100 sats

Jun 30 2022

great episode, more on privacy and monero pls

100 sats

Jun 30 2022

Monero is privacy by design but If you wanna make Bitcoin private you need to be one hell of a designer.

@osc4r

Jul 1 2022

the Lightning network makes it private already a lot

@dugandrupe

100 sats