July 16, 2023 - Health Ranger - Mike Adams
09:59
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| Hi, this is Mike Adams here with a bonus report for Decentralize TV and I was just talking to my co-host Todd Pitner about this topic and we both agreed we were astonished at what we found that I want to share with you here. | |
| I don't mean to embarrass anybody. | |
| I'm not going to name any names or anything, but what we've found out is through numerous conversations and interviews and talking with people involved in Bitcoin and Bitcoin-like projects, We've come to discover, to our astonishment, that, and this is going to be kind of a generalized statement here, but we've found it to be true, that Bitcoiners don't know that Bitcoin isn't private. | |
| And also, people involved in other coins that are kind of like Bitcoin, or some coins that are sometimes even forks of Bitcoin, for example, they don't know that they're not private. | |
| And we have heard people describe privacy in some pretty loose ways. | |
| And I'll be specific here, though. | |
| One person we talked to was talking about privacy means that you can generate a new wallet address. | |
| Whenever you want. | |
| You can do that with Bitcoin. | |
| You can just generate a new Bitcoin wallet address. | |
| But that's not privacy. | |
| And so, I want to be clear about what we mean, Todd and I, as the co-hosts of the show, decentralized.tv. | |
| What do we mean when we say privacy, crypto? | |
| And it comes down to essentially five things. | |
| That on the blockchain, you know, it's a series of transactions. | |
| But privacy means that by looking at the blockchain, you don't know the ID of the wallet that originated a transaction. | |
| You can't read the wallet that received the transaction. | |
| You can't tell the transaction amount. | |
| You can't determine a wallet's current aggregate balance by scanning the blockchain. | |
| And also, you can't determine the history of any particular coin. | |
| By scanning the blockchain. | |
| Those five things, that defines privacy in reality. | |
| That's private. | |
| Because if you can just, if you open up the Bitcoin blockchain, you know, block explorer, You can track everybody's transactions. | |
| You know exactly which wallet it came from, which wallet it was sent to, the amount of the transaction, and also the history of that coin. | |
| You can scan and determine balances of wallets that were engaged in transactions and so on. | |
| It's a multi-billion dollar industry of software developers, corporations like Chainalysis, that analyze the blockchain. | |
| And provide conclusions and data to law enforcement or to crypto exchanges to make sure they're not accepting, you know, quote, tainted coin, you know, Bitcoin that was used in the Silk Road or someplace like that, right? | |
| So in a Bitcoin blockchain, you can see everything. | |
| There's no privacy in that. | |
| And I'm just shocked that, at least in my experience so far, that the Bitcoiners I've talked to, they don't know that Bitcoin isn't private. | |
| So imagine the value of Monero when more Bitcoiners figure out that Monero offers the privacy that Bitcoiners thought they had with Bitcoin, but they don't have. | |
| I mean, it's wow. | |
| What a shocker it's going to be for a lot of people. | |
| This is why I think the future of cryptocurrency is actually found in privacy coins. | |
| I mean, the strongest future. | |
| I think Bitcoin will always have a place, by the way. | |
| And I'm not anti-Bitcoin. | |
| And there are a lot of other coins that have strengths in other areas, such as speed of transactions, for example. | |
| Things like that. | |
| But... | |
| If you don't have privacy, why would anybody really want to use it as money in the long term? | |
| If you don't have privacy, I mean, first of all, you're probably going to crypto because you don't trust the government's fiat currency money system. | |
| You don't trust the government itself. | |
| You don't trust the Federal Reserve. | |
| You don't trust the Treasury. | |
| So why would you use a blockchain that lets them spy on you? | |
| If you don't trust the government, almost by definition, you should be using privacy cryptocurrency. | |
| And the privacy cryptos are so much more ahead of Bitcoin in terms of technical advancements. | |
| Doing a public blockchain with full transparency is relatively easy these days. | |
| It's easy to fork Bitcoin. | |
| Anybody can fork it at any time, and lots of people have. | |
| There's really not any big technical barrier to doing it. | |
| But to build a privacy coin that actually works, that achieves those five things I outlined there where somebody scans the blockchain and they have no idea where these transactions came from or where they're going to or how much they are or the history of the coin or whatever. | |
| That's hard. | |
| That's hard. | |
| And that's why the privacy coin space is, in my view, in its infancy. | |
| It's just now getting off the ground, really. | |
| I know that Monero's been around a few years, but Monero's approach to privacy that's been in place for quite some time, like ring signatures using 16 possible signatures, that's already outdated, by the way. | |
| I mean, that's considered kind of old and clunky at the moment. | |
| In fact, Monero itself is updating to something much more amazing probably sometime in 2024, With something called full membership proofs, which means that the anonymity set, which is the set of possible wallet IDs that were engaged in this particular transaction, the anonymity set will be expanded to the full blockchain of Monero, which is a lot more than 16, right? | |
| It's millions. | |
| So that's about to go into place, but what Monero is using right now today is kind of clunky on the ring signatures, frankly. | |
| I mean, it still works, but what's coming next is so much better. | |
| And my point is, there's so much innovation in the privacy coin space now that, in my opinion, makes privacy coins much faster than they used to be, very private, impossible to crack, by the way, and therefore much more usable. | |
| Because again, who wants to use digital currency Where everything is tracked because that's really close to a CBDC. Except in a CBDC, they can also block you from spending your currency in order to control you. | |
| But in a CBDC, they also surveil your entire wallet and all your transactions and so on, which is exactly what they can do with Bitcoin right now. | |
| Now, I understand there are some things that you can do with Bitcoin. | |
| You can use Coinjoins, you can use Whirlpools, you can use Samurai Wallet and so on. | |
| And these are attempts to try to mix and match different Bitcoin transactions with a larger pool of other people, so that nobody knows the inputs and outputs and which ones match up with each other. | |
| I get that, but guess what? | |
| There's a cost to do that. | |
| And that cost, depending on the size of the coin join and sort of the different options that are available to use it, that cost could be 3% of the value of all the coins. | |
| Or something in that range. | |
| It could be as little as 1%, it could be 5%. | |
| So it's kind of like paying a merchant fee, which is often 3%, 4% something, in order to get paid money. | |
| And we've all been told that one of the advantages of cryptocurrency for merchants is to not have to pay the merchant fee. | |
| Like, you can take Bitcoin, and you don't have to pay the merchant fee. | |
| But if you have to pay a mixing fee, it's just another kind of merchant fee. | |
| Right? | |
| You still got to pay another three or four percent in order to mix it up so that the coins are clean on Bitcoin. | |
| But with privacy coins, every coin is always clean all the time. | |
| Every coin is like a freshly minted coin. | |
| Every coin has no history. | |
| Every coin has full fungibility because of that. | |
| That's privacy coins. | |
| And Again, it's just a shocker to me that some people, a lot of people, it seems, in Bitcoin don't know that they don't have privacy. | |
| I'm... | |
| I don't know. | |
| I don't know what it is. | |
| It's like, I guess if you're part of a project, you can sometimes maybe just gloss over whatever shortcomings it might have and just think it's all good. | |
| But if it doesn't have privacy... | |
| It's got an issue. | |
| It's lacking in a key area. | |
| So, something to keep in mind here, folks. | |
| Something to keep in mind. | |
| Thanks for listening. | |
| Mike Adams here. | |
| Be sure to check out our new show, Decentralized TV, and the website is decentralized.tv. | |
| Check out all the episodes. | |
| I'm sure you'll enjoy them, and you'll learn a lot. | |
| Take care. | |
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| It's called The Global Reset Survival Guide. | |
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| I'll describe how the monetary system fails. | |
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