Author: LORD HIS EXCELLENCY JAMES HRMH 2021-03-04 04:53:17
Published on: 2021-03-04T04:53:17+00:00
LORD HIS EXCELLENCY JAMES HRMH recently expressed his concern about maintaining consensus values and transparency of the blockchain in an email exchange among Bitcoin developers. He believes that the intrinsic value of Bitcoin is due to existing consensus and emphasized the importance of defending consensus. JAMES HRMH has also mentioned that privacy should be available for Bitcoin users without disturbing the existing consensus.However, Eric Voskuil asked what the value proposition of Bitcoin is and questioned JAMES HRMH's theory that only an "honest" person should have privacy. Ariel Lorenzo-Luaces also questioned JAMES HRMH's promotion of a Bitcoin mixer on his website in relation to his concerns about increased privacy in Bitcoin.LORD HIS EXCELLENCY JAMES HRMH had earlier expressed concern over Taproot's reported ability to enable Monero-like features that would hide transactions. He argued that one of the benefits of using Bitcoin is its transparency, with full transaction details published on the blockchain. Any change that obfuscates transactions from scrutiny could lead governments to ban Bitcoin, he said.However, Jeremy Rubin, another member of the mailing list, pointed out that Taproot does not inherently obfuscate the transaction graph like Monero, but it may marginally improve privacy depending on user behavior. Additionally, Rubin suggested that techniques such as coinjoin, payjoin, coinswap, lightning, etc., may already provide Monero-like transaction graph obfuscation in Bitcoin, with or without Taproot.Later, LORD HIS EXCELLENCY JAMES HRMH withdrew his NACK (Negative Acknowledgment) towards Taproot, stating that he misunderstood its operation. He clarified that Taproot does not enable Monero-like privacy features more than already exist in Bitcoin today.
Updated on: 2023-06-14T18:20:21.405982+00:00