Toknormal's description of how Cryptonote works or what is required for money to work was not legitimate.
Please explain.
With his pictures, he seemed to even imply that central bankers are needed for money to function at all.
No, I think he is saying that they are required specifically
when "money" is backed by debt. If money = gold (and
only gold), then no central bankers are needed.
This article helped me understand how that works.
However, that raises a few other question for me. Monero (or other related coins) is not based on debt; it has a blockchain. Why does making transactions invisible lead to a lack of confidence that it is actually "money" based on something rather than just a ledger?
Here is an abridged version of toknormal's answer to this question from the thread he linked earlier:
http://i.imgur.com/tZBa6qi.pngYou just cant go from a fully uncensored blockchain to a censored one and make it look the least bit attractive because the alternative is the electronic equivalent of a swiss bank account for rich people except without the "trusted third party auditor (which in bitcoin is the eyes of the world - not an algo) and therefore a breeding ground for scams, heists, deceptions. . .
Firstly, if people are using Monero, or something similar, to buy things in the real world, doesn't that make it
visible in the sense of the picture above? The important thing for people to know is that it can and is being used by people in the real world to purchase things. (Or are you saying that we will never get to that point? If so, why?) The only part missing is the claim that value is maximized when "money" is fully auditable, but why is that a requirement?
Secondly, it's not clear to me how scams, heists and deceptions suddenly arise out of hiding which addresses are responsible for transactions.
