Post
Topic
Board Altcoin Discussion
Re: rpietila Altcoin Observer
by
kbm
on 26/07/2014, 10:35:12 UTC
I'm willing to bet this information might shed some light here .. I could see many people being fine with a high-scale crypto with no anonymity so long as the purchase is low and not really requiring the need for privacy (think groceries - not prescriptions, where maybe you only put $50 in your wallet at a time). I'm thinking this CN might fill a niche for a little bit more costly purchases because of what it offers. Honestly, I'd find it crazy to want to ever hide the fact that I bought some milk, eggs and bread from the grocery store from anyone - I just don't care about it, and why would I go overkill and permanently obscure that data when it's not needed.

This is potentially addressed with an off-chain model, even something as simple as prepaid card/account which has been widely used already to address the fact that Visa transactions don't scale down to small purchases very well (so iTunes, Starbucks, etc.)

If you don't care that someone is tracking your milk, eggs, and bread purchases you don't need crypto to do it at all. Just use a crypto with good privacy to load up your grocery store card (so no one including the grocery store can find out about your other finances) and you are good to go.

Right! I totally neglected to encompass off-chain tx's into the scope of the statement. At the time I was thinking under the impression that multiple cryptocurrencies would be all that were in existence, and promise notes were out of the picture. This takes the scope of the thought a bit further .. adding this into the picture falls back onto having some form of trusted banking system manifesting though (possible full-reserve banking?). That's something else that is still an unknown too. I'd like to not think that I would personally have to worry about protecting and maintaining my financial data from here until the end of time, and might consider paying someone else to take charge of that responsibility at this moment in time, just as I currently do(add: unless I can be shown beyond doubt that my money is safest in my own hands). The amount of time and effort that will be required by a third party to serve as such an entity would not be something light .. though I already do see it coming to light with people leaving their money on exchanges. One more step from here and they can just do exactly what you mentioned (That seems to have been the basis of Anonymint's coinbase/bitstamp thread).

I haven't really put enough thought into that happening though, I see that a whole lot of people here exclude the thought banks from crypto so it's a weird topic to try and discuss here .. not much unbiased discussion has taken place (for both good and bad reasons I guess). Right now I'd say it's too early for any one of these exchanges to try this at all - they're far from secure with your money (Gox, just a few months ago).