Privacy

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A place to discuss privacy and freedom in the digital world.

Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.

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Thoughts on Cryptocurrency? (self.privacy)

submitted 7 months ago by actual_patience to c/[email protected]

92 comments fedilink hide all child comments

I was wondering what viewpoints and opinions this community has when it comes to cryptocurrency.

Personally, I'm not against it, but I'm not for it either. I like the concept of bringing back cash anonymity, and also decentralization (obviously). Although I don't think it will be viable for at least another decade.

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[–] [email protected] 2 points 7 months ago (1 children)

Don't forget the other things that go into the banking system though. You've got the mining for minerals to make their buildings. You've got the gas that it takes to get employees to and from work, the electricity to power those buildings, the electricity to make and distribute coins and physical money, The presses and machines to make physical currency, etc. And there's probably a ton I am missing.

[–] [email protected] 1 points 7 months ago (1 children)

You can certainly include all that stuff too, but the banking system provides services for 67% of the world's population. Bitcoin is owned by about 100 million people.

[–] [email protected] 1 points 7 months ago

And I don't think Bitcoin is the end-all, be all cryptocurrency. In fact, I don't even have any. What I prefer using is Monero. It is still a proof of work coin yes, but instead of using ASICs, it uses CPUs, so it uses a lot less power. Having ASICs Promotes centralization of mining hashrate, and therefore it's easier for the government to require rules be followed. A few examples are OFAC compliant transactions only, mixers, etc.Monero does not have that problem because how are you going to ban CPUs from being used by normal people without just straight out banning the use of any computing device? And that would not go over well.