/biz/ - Business & Finance

>>22076978
These were the principles that Bitcoin was constructed with and designed to honor. While its inherent technology stays true to this nature (mining aside), the infrastructure that has been built up around it is flawed by design and sacrifices a good number of strengths and freedoms. Most notably are the many vulnerable points of exchange run by central authorities on trust where funds are at risk to be frozen or stolen, KYC (know your customer) policies, and the traceability, restrictions, and risks that come from these two points.

Shortly after BTC found a value that could be directly pegged to the USD (and with the USD, every global currency), a number of exchanges offering trade between the two opened for business. The first of these exchanges was the infamous Mt. Gox which implemented KYC policies by 2011 before exit scamming in early 2014. KYC policies were initially introduced to comply with the many regulations regarding the exchange of various fiat currencies for crypto in addition to demanding a deeper sense of customer accountability. Up until the point that they were introduced, the only sure way it would have been possible to trace specific addresses is if the recipient publicly disclosed their wallet address. KYC brought a considerably more advanced form of traceability with it. In addition to e-mail addresses and bank accounts, everything from names, addresses, full ID info, and pictures of each and every customer became tethered to their respective deposit and withdrawal history. Though somewhat convoluted with the nature of exchange wallets, there are patterns that can be followed and traced.

As BTC continued to grow, so did the number of its forks and competing cryptocurrencies pegged to its value in satoshis. The forks grew to be numerous and with them, the number of centralized C2C exchanges where you could trade them for BTC. Like the fiat-to-crypto exchange points before them, KYC was implemented on numerous C2C exchanges as well.

>>22076993
Centralized exchanges of all sorts are perhaps the weakest link in entire cryptocurrency space. They have repeatedly proven to be weak in terms of security. This year alone, the following exchanges have been compromised: Binance, Bithumb, Coinbene, Coinbin, Cryptopia, and QuadrigaCX. What’s worse, they’ve sacrificed many of the core principles of the cypherpunks that built Bitcoin in the first place.

How can crypto be censorship-resistant and immutable if exchanges can decide to freeze funds or put a certain wallet into maintenance at whim? How can it be private if every account has every bit of trade, deposit, and withdrawal history it has done tethered to its name? How can it be anonymous at-will if full documentation is demanded, sometimes as a ransom for frozen funds? How can it be secure when billions of dollars have been hijacked from weak security? It could be argued that these exchanges are the antithesis of the cypherpunks: an easily-exploitable honeypot of funds and user data with a central authority.

>>22077017
Consider the efforts of the X9 Developers building Stakenet. True to the nature of the cypherpunks, they have been working to make these numerous vulnerabilities in the cryptocurrency infrastructure obsolete. To strengthen censorship-resistance and decentralization in this space, they have been implementing an immutable and purely decentralized exchange into their network where no central authority can freeze funds, where exit scamming is impossible, and where security is as tight as the blockchain technology it runs atop. To restore the principle of at-will anonymity, their immutable DEX will have no KYC, nor will it require registered accounts. In the interests of privacy, they have built a solution that allows for one-click TOR lightning swaps that strengthen the privacy of every participating coin and the Lightning Network itself. To strengthen the nature of the decentralized exchanges that are already out there, they are working on a DEX aggregator that pools together the offerings of many promising DEXes suffering from low volume or difficulty of use.

>>22077042
Put briefly, this team has the foresight and skill to acknowledge and address the numerous risks and shortcomings that anyone coin may face the second it is sent from a private wallet to any other point in trust. They are compounding these solutions into one streamlined and convenient wallet where funds are firmly secured, trustlessly staked, and instantly tradable from one singular point.

To build up the world of cryptocurrency is to honor the ways of the cypherpunks and carry on their torch. It is to fight for freedom from the intrusiveness and corruption of centralized authorities by obsoleting them. It is preserving the privacy of funds, resisting mutability, and decentralizing any and everything which stands to benefit from it. Whether that be a store of value, the means by which that value is secured and traded, or the platforms on which these mechanisms are discussed. This era of mass-censorship, intrusiveness, digital balkanization, and monopolies from many of the premier digital spaces not only shows how right they were 26 years ago but that there is still a considerable amount of work to do.

Based.

Can I get a summary of this wall of text please?

>>22078000
Stakenet is shit, buy serum instead.

>>22078000
Building up stronger P2P crypto markets and using DEXs is the way forward. Otherwise CEXs and fiat ramps will continue to ruin crypto by tagging and tracking everyone.
The new surge of XMR bans says it all.
>>22078142
t b h Serum having a $170 million mcap for ICO hype is especially bullish for XSN. Serum is a few weeks old and hasn't accomplished anything yet. All the more to it if it does become viable competition down the road, but it does shed light on how undervalued XSN is at a $25 million mcap.

>>22078142
Isn't serum another binance scam?

Based

>>22076978

I'm going to pump it to 2500sat.

>>22078887
Based.

I’m tired of these xsn threads, look man nobody cares, I got a bag of 50k which I like to believe is a decent amount, but for fuck sake nobody comes to biz to read walls of text , we want hype not logical information, try harder

>>22079209
You get hype with raiden, for now eat the text.

>>22076978
Gotta get from a point of pressure
To a point of no return, to turn me inside out.
Brother please, tell the others, please.
There are others that don't know about these
Standing, responses.
Failing the answers.
Screaming so foreign.
XSN reaction.

>>22079209

Just bought 50k 10 minutes ago heh.

>>22078000
Get off tik-tok and read a book every once and a while simp.

>>22079895
That's a smart worm, what do you call such a worm?

>>22079925
Professor HODL

Shaking out the weak hands on this has been so easy, almost feel sorry them.

>XSN thread without 20 pajeets screaming 'SCAM'

Timeline reset?

>>22080709
I think they are happy with all the weak hands they shook.

>>22076978
zoracles is the cypherpunk standard of oracles

>>22079418

>>22080721
I know I am

>>22081138
I wish i had more fiat.