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/biz/ - Business & Finance


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>> No.16273328 [View]
File: 303 KB, 457x420, 5aa340b.png [View same] [iqdb] [saucenao] [google] [report]

Bitcoin solved the byzantine generals problem by aggregating transactions in blocks of tx data that can be appended to the longest chain of blocks by any party that successfully completes the computationally expensive process of finding a valid hash from within a poisson random point field, thereby allowing consensus on the present state of the ledger to be formed in a decentralised fashion. Of course, it's not tenable for anyone to put their transactions on an immutable public ledger without any level of obfuscation to make those transactions confidential, it's simply too much of a departure from the relative privacy with which financial deals have always been conducted and furthermore the fact that linkages between transactions are never broken means that each coin has a unique history that ruins the fungibility of bitcoin as a currency. Also, having a hard limit on the block size, especially such a low limit, forces people into centralised custodial methods of using bitcoin, therefore eliminating the key benefit of censorship resistance. Hence, Monero.

>> No.13736045 [View]
File: 303 KB, 457x420, 5aa340b.png [View same] [iqdb] [saucenao] [google] [report]

>and when i finally try to leave this country they will take it from me at the border before they let me go because they can see exactly what I have on the blockchain.
Whoops, forgot to use a real cryptocurrency. You almost made it.

No need, already bought the 2015 dip. Keep coping.

>> No.12184473 [View]
File: 303 KB, 457x420, 5aa340b.png [View same] [iqdb] [saucenao] [google] [report]

>proof of concept

Yeah and that's also what made it "anonymous". If we ever get to the point where bitcoin is money rather than just going in and out of fiat it would not be usable.

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