Author: Mr. Lee Chiffre 2020-06-11 02:01:41
Published on: 2020-06-11T02:01:41+00:00
The author of the text believes that Bitcoin should be designed in such a way that there is no differentiation between "clean" and "dirty" bitcoins, as fungibility is important. The distinction between these two types of bitcoins is defined by whatever government is in power, and therefore, Bitcoin should remain neutral and independent of government control. The purpose of Bitcoin is to act as censorship-resistant money that gives people freedom from tyranny. The author argues that if anyone can determine if a bitcoin is clean or dirty, then something is wrong. Certain protocols like coinjoin, coinswap, and payjoin offer plausible deniability that would hopefully spread the entire "taint" of bitcoin collectively either for real or just as a possibility to any blockchain analysis entities. Therefore, UTXO censorship could not work because of plausible deniability. If any company were to use UTXO censorship, customers can simply use services that respect freedom and do not use censorship. Overall, the author believes that Bitcoin should be designed in a manner that retains its neutrality and independence from government control while ensuring fungibility.
Updated on: 2023-06-14T02:21:06.320127+00:00