Quote from: sui_generis on December 11, 2016, 10:00:28 PM

You've randomly chosen an aspect of Bitcoin that Monero doesn't have

Blockchain transparency isn't just "some random feature".

As I said earlier - it's the entire basis for bitcoin's value. On contrary, I'd say that the promoters of obscurity-based tech have "randomly" selected the property to obscure just to suit their particular archetype. When you don't see everything through the "privacy-equals-value" distortion lens then the ability to sum transaction outputs using an address dimension is no different from auditing the blockchain by any other dimension. It's just as essential to monetary confidence if people choose to see it that way.

Quote from: sui_generis on December 11, 2016, 10:00:28 PM

It makes as much sense as saying that Euros can't be money because they lack features specific to US Dollars

Imagine a transporter full of brand new cars. Then imagine a ledger which holds ownership records of those cars. The cars are not private - they drive around in full view of everyone. The ledger of ownership records is subject to privacy concerns. The two are decoupled - they are not the same thing.

It's more like saying that the ledger can't be money if it's not backed by the cars (i.e. the ledger ceases to have value if the cars cease to exist).

If you build an electronic asset using the cars - base asset as your archetype then possession constitutes ownership, transparency is the priority and anonymity is supported by virtue of the asset being unbacked (i.e. it's not an ownership record referencing some other asset).

If, on the other hand you build an electronic asset using the ownership ledger as your archetype, then privacy IS the priority, transparency can be compromised and anonymity is supported by obscuring the ledger from public view.

Which one looks more like Bitcoin and which more like Cryptonote ? Not exactly difficult.

So how to decide which archetype to choose ? You use the first for an unbacked asset and the second for a backed one (such as banking records). Thats why bitcoin has a fully transparent blockchain that is symmetrical in terms of holders and non-holders alike and does not obscure any aspect of its properties. The fact that people can see me getting in and out of my car doesn't change the fact that it's the right archetype.

...it's also why this model, which shares its archetype with cryptonote, has a bank in the loop, so it works as well.

The problem comes when you try to use a record-keeping archetype with a base asset that is not backed. Then you're screwed because it's a mismatch and you will have conflicting priorities regarding the monetary properties of your new asset.