nopara73

That's inspiring! FTR here's a context on that quote.
In 2013 there was a guy who organized weekly Bitcoin drinkups in Budapest, we even called him the Hungarian Bitcoin Jesus. He was in it since 2011. Let's call him Happy George.
So Happy George told me in 2015: "We solved money, Bitcoin is just a matter of time. It's time to move onto the next big thing that is not solved yet: aging."
Fun fact: Happy George came up with the Hungarian translation of "longevity": hosszúéletesítés.
Over the years I've been building up my philosophy, following the field on the sidelines and gearing up to dive into it. And so I did after unfortunately it became too risky to continue working on Wasabi Wallet for me.
But now I'm all into creating the 2025 Longevity World Cup muhahaha: https://www.longevityworldcup.com/

2024-10-26 07:10:00

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It seems they just put that into the RPC yesterday. Although I don't personally think it's a good idea. I think payments in coinjoins will always have bad UX unless a proper P2EP is implemented, and everything that doesn't bring towards making the average Bitcoin user use Bitcoin privately by default is a distraction. But anyway, I'm not there anymore and even when I was I wasn't able to keep the project on track and kill all the advanced feature requests so all I can do now is to bitch about it on nostr😅
https://github.com/WalletWasabi/WalletWasabi/releases/tag/v2.3.0.0

2024-10-21 09:07:15

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I can see why you'd rank like that, however if the only criteria would be privacy and nothing else, then the rank order would be reversed, wouldn't it?

2024-08-28 08:42:17

running primal

2024-04-27 07:11:48

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Haha, I'm struggling with nostr apps so much I can't even figure out how many people are following me xD

2024-03-02 10:18:02

I just published Bodybuilding, Longevity and The Philosophy of Games
https://nopara73.medium.com/longevity-game-9a79a8645bd9

2023-12-27 09:37:49

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Unless some unmissable opportunity comes my way, I'll pump up some of my health metrics.

2023-12-26 09:56:21

Setting Sail from Wasabi
https://nopara73.medium.com/goodbye-wasabi-c8116c88fb8c

2023-08-07 12:21:25

A Plea for Support: The Meatspace Struggle of Bitcoin Privacy Pioneer Chris Belcher
https://nopara73.medium.com/chris-belcher-long-covid-9d2a6940c088

2023-07-07 12:56:21

Wasabi Wallet Development 2017 - 2023
https://youtu.be/g-QLDWDIOaM

2023-06-16 13:50:45

Lo and behold, I lay before thee the Ten Commandments of Bitcoin Maximalism
I. Thou shalt worship no other blockchain before Bitcoin
II. Thou shalt hold thine own private keys
III. Thou shalt feast upon the flesh of beasts
IV. Thou shalt ponder the mysterious bond between Bitcoin and Chess
V. Thou shalt not wear thy mask
VI. Upon further consideration, thou shalt wear thy mask, because it’s good for privacy
VII. Thou shalt traverse to the blessed soil of El Salvador
VIII. Thou shalt run thy own full node to fortify thine sovereignty
IX. Thou shalt command lightning to hasten the pace of thine trade
X. Thou shalt participate in coinjoins to uphold thine privacy
https://wasabiwallet.io/
Amplify these sacred tenets: scatter these truths throughout the realms of cyberspace!
https://nopara73.medium.com/5d0881316c00
Complete Photo Collection https://imgur.com/a/mIshlYS

2023-05-27 09:03:20

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Relative to what? To a subject. Only a subject values. But what if the subject and the object, the valuer and the valued are the same?

2023-05-26 12:54:20

I just published Intrinsic Value: Gold vs Bitcoin
https://nopara73.medium.com/intrinsic-value-gold-vs-bitcoin-1efb80e95326

2023-05-22 07:44:50

https://youtu.be/VO6XEQIsCoM

2023-05-13 07:57:05

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>improving the Dollar/BTC conversion
How would you go about doing that?
Next to it with a "/" separator? Tooltip? Switches on click?

2023-05-05 13:26:31

Bitcoin Developer Tier List by GPT-4
S Satoshi Nakamoto
A Hal Finney, Pieter Wuille, Wladimir van der Laan
B Adam Back, Gavin Andresen, Greg Maxwell, Luke Dashjr, Peter Todd
C Alex Morcos, Andrew Poelstra, Eric Lombrozo, Jonas Schnelli, Matt Corallo
D Cory Fields, Jeff Garzik, Jimmy Song, Johnathan Corgan, Jorge Timón, Michael Ford, Rusty Russell
E Christian Decker, Jeremy Rubin, Mark Friedenbach, Mike Hearn, Nicolas Dorier, Olaoluwa Osuntokun, Will O'Beirne
F Adam Ficsor, Amir Taaki, Anthony Towns, Bob McElrath, Bram Cohen, Brian Hoffman, Chris Belcher, Chris Ellis, David Harding, Eric Voskuil, Giacomo Zucco, James D'Angelo, John Light, John Newbery, Joseph Poon, Joshua Scigala, Kristaps Kaupe, Kristov Atlas, Marco Falke, Mike Caldwell, Paul Sztorc, Richard Gendal Brown, Stephen Pair, Tadge Dryja, Thomas Voegtlin, Tim Ruffing

2023-04-14 09:01:11

Ecce Cypherpunk
Behold! I teach you the Cypherpunk: a new breed of freedom fighter, a destroyer of digital chains, an architect of privacy. The Cypherpunk is a creator of new worlds and a champion of liberty in the age of omnipresent surveillance. The Cypherpunk is the Übermensch of our digital realm.
The Will to Encrypt
Encryption is the manifestation of digital self-sovereignty, the key that unlocks the doors of the Bitcoin Citadel. The Cypherpunk seeks to master the art of cryptography and to wield it with unwavering conviction.
Thus Spoke the Cypherpunk: In Defense of Privacy
https://youtu.be/_DoHlvghcEw
Cypherpunks Write Code
Cypherpunks are different from other people fighting for freedom and privacy in the digital world. Instead of protesting loudly, they use their skills to write computer code. This code helps create tools and systems that protect our privacy and keep us safe from prying eyes. They share their source code openly so that others can use and improve it. Cypherpunks are quietly making the digital world a better place, one line of code at a time.
TTPs are Security Holes
In the vast digital abyss, where the Dionysian force of chaos intertwines with the Apollonian order of centralization, the Cypherpunk gazes upon trusted third parties as the great security chasms of our digital existence. These intermediaries, once perceived as the guardians of transactions and arbitrators of disputes, now stand as the embodiment of the tragic flaw in the narrative of control. By casting aside the crutches of these treacherous custodians, we shall reclaim our cryptographic sovereignty.
As the digital universe expands, the Cypherpunk understands that decentralization is the only path to digital immortality. The immutability of the decentralized network ensures that information cannot be silenced, that ideas persist beyond the grasp of any single hand.
Here’s to the Crazy Ones
The Cypherpunk is the madman of the digital age, proclaiming the death of centralized authority and the birth of the decentralized network. The Cypherpunk is misunderstood, ridiculed, and ostracized. Yet, it is the Cypherpunk who has grasped the true nature of our digital existence and the potential for a new, liberated world.
The Cypherpunk embraces the chaos of the digital realm, recognizing that from this chaos arises new and innovative ways to challenge centralized power. The Dionysian ideal of the Cypherpunk is to break the boundaries of conventional wisdom and to create a new digital symphony of liberation.
Amor Fati of the Cypherpunk
The Cypherpunk embraces their fate and the challenges that come with fighting for digital liberty. They find joy in this struggle, and their amor fati becomes the code by which they live: a relentless pursuit of privacy, freedom, and the right to exist without the shackles of digital oppression.
The future is bright, we just have a lot of work to do.
The Cypherpunk passes on their wisdom, their knowledge of cryptography, and their passion for liberty to the next generation. These children of the Cypherpunk will inherit the cryptographic citadel and continue the eternal struggle for digital freedom.
Ecce Cypherpunk! The new Prometheus, the harbinger of privacy and freedom in the digital age. The Übermensch who will reshape our digital world and guide us towards a future of liberation, decentralization, and cryptographic sovereignty.

2023-04-06 02:08:08

https://youtu.be/dnyUpIjv90s

2023-04-05 02:52:19

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Ah, dear friend, you have ventured into a realm of illusions, where truth is lost in a labyrinth of fallacies

2023-04-02 04:30:49

Unveiling WasabiGPT: The First AI #Bitcoin Wallet
https://nopara73.medium.com/wasabigpt-3612d0ce9ce3

2023-04-02 03:30:38

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It's an April 1st release that doesn't get to the website and tagged as pre-release, I think I merged the PR of Wieslaw on top of the master and tagged it out of laziness, but the binaries were created from Wieslaw's fork directly. Anyway, that's a long way to say that the binaries correspond to the fork and not to the tag, sorry for the inconvenience.

2023-03-28 02:00:33

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I'm not sure I get that. Would you mind explaining in a different way?

2023-03-19 06:07:56

This is where human history went wrong https://youtu.be/H7EIkUp4gWo

2023-03-18 06:33:51

It's happening https://youtu.be/tv9qrhAFh00

2023-03-16 07:55:59

https://youtu.be/dRHabrenDE0

2023-03-12 07:46:59

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What the fuck man? Were you the one who edited that photo together or you took it from somewhere else? If it's the former, it's dishonest AF, if it's the latter, you've been fooled.

2023-03-07 08:55:05

action > idea
https://youtu.be/OKedpamRdoE

2023-03-05 15:32:15

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I still use Wasabi and I feel like I have a decent understanding of ZeroLink, mainly because I invented it.

2023-03-05 07:40:45

[Executive Summary]
Things I've learnt in a decade of bitcoining:
https://youtu.be/Gu0EQM01VU0

2023-03-03 08:06:32

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What makes you think nopara73 is one person? In my estimation he's at least 73! Personal identity doesn't exist: #[11]

2023-03-03 07:40:25

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What exactly makes you think I'm nopara73 other than my technical understanding?

2023-03-01 07:27:36

Cypherspace > Cyberspace > Meatspace

2023-02-28 07:58:25

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What you want is to impose cost on actions/operations and programmable money (ideally also fast, cheap and anonymous) seems to me a better solution than PoW, even though PoW seems to be the best solution to build such programmable money.
Also to drive home your point on the murkiness of the concept of personal identity:
https://youtu.be/kVAHXiKjgRo
https://youtu.be/UjZWshQxsGc
https://youtu.be/-RDc3E5XZY0
https://youtu.be/VEQ994vqay8
https://youtu.be/sIIXc5KgzkQ
https://youtu.be/wbQ6PNUlQSM

2023-02-27 06:47:47

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Interesting thought. It is not entirely clear to me what the difference between the two concepts are. Can you elaborate?

2023-02-26 08:10:54

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You're the 22nd. 88 reminder left to go! https://iris.to/post/note1eqxdzy4wqlzjlse554pzjaa6vcvx6q34npun3t788nqvrfm87rfqxuhh68

2023-02-25 13:08:44

The Bottlenecks: Anonymous Communication And Anonymous Money
The bottlenecks are anonymous communication and anonymous money, because unobservable economic activity is needed to avoid the prying eyes of those in the business of violence. What can't be seen, can't be stolen.
At the hart of every trade there's a universal abstraction of value, fulfilling one side of the agreement and that is money.
There will be numerous opportunities for young ambitious upcoming Cypherpunks to find innovative solutions of fulfilling the other end of the bargain: how certain goods and services can be delivered. Anonymous delivery of such systems are all opportunities to be solved.
The context of the trade is so that some communication is required between the two parties for the trade to happen.
In fact the work on anonymous money and anonymous communications are so intertwingled with each other that they are feeding on each others' successes.
When self defense software for anonymous communications and anonymous money gets so practical that any anonymous trade application developer can incorporate them into their software, the cypherpunk economy will bloom. This will shift power dynamics: The powers of individuals will grow in expense of the powers of those of in groups. Therefore the bottlenecks are anonymous communication and anonymous money.

2023-02-25 10:41:18

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TIL 🙏 "You still need to host images somewhere. That's not on Nostr."

2023-02-25 09:56:48

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How Twitter Gamifies Communication - C. Thi Nguyen
https://philpapers.org/archive/NGUHTG.pdf

2023-02-25 09:55:17

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7 months from now a green guy starting his speech at a Bitcoin conference: "I had a dream..."

2023-02-25 09:52:33

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Let's jump into the largest taboo there is: are you able/willing to speculate on what might happen when some inevitably start posting CP here?

2023-02-25 09:34:05

Is Nostr censorship resistant?

2023-02-25 08:14:16

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The best way to predict the future is to invent it

2023-02-25 08:08:24

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I need to be reminded at least 100 times by different people in order for me to try the "cool new stuff" out. You're only the 21st 😂

2023-02-24 09:42:06

Let's make it so that future historians mark the covid-19 lockdowns as the peak of the tyranny of the bloody twentieth century nation state as we knew it

2023-02-23 08:22:54

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It seems you're questioning the possibility of an AI to ever be able to do such a thing, while I was trying to demonstrate that ChatGPT is already doing a decent job at it. So I'm not buying the capability concerns. If I'd have to worry about something, those would be the built in biases, but eventually AI will be free, right? :)))
> Similarly, you can make a case that certain kinds of "dishonest" speech should be policed in a public forum, but the effect of doing so would be/are absolutely terrible.
What are you basing this on? If I'd see this without context, then sure, but here we aren't talking about the traditional central third parties policing anyone, but it's in a distributed setting: sovereign individuals exercising their newly acquired defensive power on "policing" the quality of content that gets to their minds.

2023-02-23 06:50:56

Donald Trump, Rene Descartes and Steve Jobs walks into a bar...
Joe Rogan greeted them with a smile. "Welcome, gentlemen. What can I get you to drink?"
"I'll have a vodka tonic," Trump said.
"I'll take a glass of red wine," Descartes said.
"I'll have a whiskey neat," Jobs said.
Joe poured their drinks and leaned against the bar. "So, what brings you guys in tonight?"
"Just wanted to unwind and have a drink," Trump said. "It's been a stressful few years."
Descartes nodded. "I can relate. The search for truth can be quite taxing."
Jobs sipped his whiskey. "I'm just here for the conversation."
Joe grinned. "Well, you've come to the right place. What do you guys want to talk about?"
Trump scoffed. "What else? Politics."
Descartes raised an eyebrow. "And what do you hope to accomplish by discussing politics?"
Trump shrugged. "Maybe we can solve some of the world's problems."
Descartes chuckled. "I doubt that. The problems of the world are too complex to be solved by mere conversation."
Jobs spoke up. "But conversation can spark ideas. It can plant seeds of change."
Joe nodded. "He's got a point. Sometimes all it takes is one idea to change the world."
Trump looked skeptical. "I'm not sure I buy that."
Descartes spoke up. "But what if we approached the problem from a different perspective? What if we questioned our assumptions and challenged our beliefs?"
Trump rolled his eyes. "That's easier said than done."
Joe looked at him. "Why is that?"
Trump took a swig of his drink. "Because people are set in their ways. They don't want to change."
Descartes nodded. "Yes, but change is inevitable. It is the nature of life."
Jobs leaned forward. "And it's up to us to embrace that change and make the most of it."
#wokegpt

2023-02-22 11:49:53

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Part 2 is your homework. It must start with:
Jordan Peterson: Hello, gentlemen. I couldn't help but overhear your conversation. I have to say, I disagree with some of your points.

2023-02-22 11:45:50

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Thanks for pointing out the mistake.
On "Intellectual Dishonesty Score (IDS)" Of course you know what that is, you can often recognize it when you see it, it's just "Programmer You" has problems with imagining how the hell a computer can make such judgement. I intentionally brought this example to highlight AI innovations that even I thought previously was impossible. Anyhow, if it's easier to you, then you can just think of a robot recognizing logical fallacies. A "Logical Fallacy Score" is more algorithmizable than IDS.
Blocking and muting are similar in the sense that they're powers, users possess, however these actions target specific users and not the content itself.
You brought up a very good question of why we don't have user-controlled algorithms for feeds?
You theorized it might be the
(1) sophistication of engineering that was the bottleneck and I did alluded to that as well. If that's the case, I think #wokegpt et al. does bring the long awaited breakthrough. But on a second try, let me add two more theories here:
(2) It could also be that the platform has a great incentive to control the game to optimize the user feed for "engagement."
(3) It could also be that it has never been tried, since in context, social media is still a new thing and is still in its infancy, so such trivial ideas might have never been attempted before.

2023-02-22 10:40:11

Reason vs Senses: Descartes, Hobbes and John Locke #wokegpt
------------------------------------------------------------------------------------------
Descartes: I have been thinking about our previous conversations on the nature of reality. I still hold firm to my belief in the existence of an innate knowledge that is independent of sensory experience.
Hobbes: Yes, I remember. I, on the other hand, believe that knowledge is acquired through sensory experience and that there is no innate knowledge.
Descartes: But how can we trust our senses? Our senses can be deceived, as evidenced by optical illusions.
Hobbes: I agree that our senses can be deceived, but we can still rely on them to give us a reliable understanding of the world around us. It is through our senses that we can perceive objects, and it is through our perceptions that we can form ideas.
Descartes: I understand your point, but I believe that we must doubt everything we perceive through our senses. We must only trust that which we can know with certainty through reason.
Hobbes: But reason alone cannot give us a complete understanding of the world. Our senses provide us with the empirical data that we need to form a complete picture of the world around us.
Descartes: I agree that reason alone cannot give us a complete understanding of the world, but we must be cautious in relying solely on our senses. Our senses can be deceiving, and it is only through reason that we can truly know anything with certainty.
Hobbes: I see your point, Descartes. However, I still believe that our senses play a crucial role in our understanding of the world. We must use both reason and sensory experience to form a complete understanding of the world.
Descartes: I agree that both reason and sensory experience are important in our understanding of the world, but we must be careful in relying too heavily on our senses. It is only through reason that we can truly know anything with certainty.
Descartes: Look who's here, Hobbes, it's John Locke.
Locke: Hi guys, sorry I'm late. Had a hard time finding the place.
Hobbes: You should've used your innate knowledge, Locke.
Descartes (chuckles): Or maybe you need to rely on your senses a bit more, Locke.
Locke (smiling): Well, it's good to see you both. What are we discussing today?
Hobbes: We were just discussing the nature of reality and the role of innate knowledge versus sensory experience.
Locke: Ah, I see. I'm inclined to agree with Hobbes here. I believe that knowledge comes from sensory experience and that there is no innate knowledge.
Descartes: But how do you explain the universality of some knowledge, such as mathematical truths?
Locke: Well, I believe that even mathematical truths are learned through sensory experience. For example, we learn the concept of two objects being added together by seeing two objects physically combined.
Hobbes: I see your point, Locke. But what about the idea of tabula rasa, that the mind is a blank slate at birth?
Locke: Yes, I believe that the mind is a blank slate at birth, but it is through our experiences that we gain knowledge and form ideas.
Descartes: Interesting perspective, Locke. But I still believe that there is some innate knowledge that exists independently of sensory experience.
Hobbes: And I still believe that we must rely on our senses to gain knowledge about the world.
Locke (smiling): It seems like we have some fundamental differences in opinion here, but it's always good to engage in philosophical discussions with you both.
Descartes: Likewise, Locke. And next time, try to use Google Maps before coming here, will you? (All three laugh)
Hobbes: Ah, Descartes, always the funny one.
Locke: He's got jokes, that one.
Joe Rogan (laughing): And that's the beauty of philosophy, folks. Even if we can't all agree, we can still have a good time discussing these ideas.

2023-02-21 08:55:55

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Welcome to the club

2023-02-21 07:22:43

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If it's successful, Nostr will be the most filtered social media platform ever and it is a good thing. It seems people think the removal of all the rules from social media is the goal, but as anyone who ever tried, like Elon and the Darknet Markets discovered, a game without rules is a shitty game. In fact the solution could be found in the opposite direction with an explosion of rules. But instead of rules specified in a centralized place, the rules would be best set on the edges, by the users themselves. Exactly how Bitcoin's IsStandard mempool acceptance works.
We are quick to take a dump on Jordan Peterson for speaking up against anons, and although I am not happy with his solutions, I find the points he was making about the problem rather trivial. In fact #[2] claimed the same in a talk titled: "Anonymity Is The Problem" which highlights that moderation of content/requests/API calls/etc... are the main problems us developers of anonymity systems are contending with. How ironic is that? We're building anonymity and because of that, the most amount of time we're spending designing protocols is putting ourselves to thought experience of how anons can game these systems. Anons are our adversaries :) Anonymity is a weapon everyone should have access to, but so to its defense against it. On a local, personal level, not in the form of a global governing body. Enter Nostr.
Since the nostr protocol is open, there'll be a lot of innovative ways implemented to filter out inevitable armies of bots and spam. Funny enough open source development tends to delegate difficult decisions to the end user. This is normally an antipattern, but with nostr the incentives are aligning quite interestingly: users will be able to tweak more and more variables of what kind of messages they want to and don't want to see. And guess what, you're the average of the people you interact with, so I foresee users are going to come up with strict rules for filtering content for themselves that goes way beyond the current standards of filtering out "misinformation" in a way that it finally be worth spending time on a social media (imagine that :) as the conversations there will make them better people, instead of stupider, angrier and and anxious.
Here's an example: ChatGPT can already do a decent job at assigning an "Intellectual Honesty Score" to tweets. Which means it's even possible today to separate the wheat from the chaff. And I would certainly make it so that only the highest quality content gets to mess with my consciousness, because currently it's pretty difficult to justify the time spent on social media.
What's the common between spam and intellectual dishonesty? I want none of those to creep onto my feed, nor into my life.

2023-02-20 15:18:11

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That's a safe bet. It'll be also fun times when the hacks begin :)

2023-02-20 08:32:49

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Looks like it's more than sufficient https://iris.to/post/note1jsangpwjncysr0erx7r500gx5upn9faqzq069t3anhwsdtvrj4lq2yx0xg

2023-02-20 08:31:05

Don't hate me, I'm just testing nostr character limits!
Bitcoin Cash — Semi-centralized, Bitcoin-pegged, Scalable, Instant, Anonymous Electronic Cash System
nopara73
adam.ficsor73@gmail.com
www.github.com/nopara73
Abstract. A semi-centralized version of electronic cash would allow online Bitcoin payments to be sent from one party to another instantly, anonymously and free of charge without the permission of the backing financial institution. Chaumian e-cash provides part of the solution, but the main benefits are lost if a trusted third party is, that is required to prevent double-spending is not accountable. Our smaller contribution in this paper we propose an improvement to the accountability problem using a semi-centralized system. The system accepts Bitcoin deposits and withdrawals, similarly to custodial Bitcoin wallets. Contrary to these systems the backbone of the Bitcoin Cash wallet, in short b-cash wallet backbone is required to expose its master public key to the public. Therefore anyone can see the activity of this watch-only wallet on the Bitcoin Blockchain. Furthermore anyone who deposits and withdraws can independently verify the addresses are derived from the seed extended public key. Properly utilizing the accountability of the Bitcoin network is a major improvement to the accountability of centralized systems, however it is not a complete solution. The b-cash wallet backbone can still inflate the money supply, however it has less leg room for that. This improvement on Chaumian e-cash is not the main innovation of b-cash. From another point of view, b-cash is a second layer Bitcoin scaling solution, that has a side effect of enabling instant, anonymous transactions within its system for free of charge. The anonymity properties of Bitcoin Cash is orders of magnitude stronger, than the anonymity any decentralized or peer to peer network can hope to achieve. Thus the internal b-cash transactions cannot be prevented by the central issuer, since the central issuer is a blindly signing entity, it does not hold any information on the transaction, other than the fact that a transaction happened at a given time with a given value.
1. Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties and peer-to-peer cryptocurrencies to process electronic payments. While the both systems are satisfying different needs and together they work well enough for most transactions, they still suffer from the inherent weaknesses of the trust based models and blockchains. Completely non-reversible transactions are only possible for high transaction costs, due to inherent design problems of open, permissionless, peer-to peer blockchains. On the other hand, financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
What is needed is an electronic payment system, that brings the best of both Worlds, with minimal compromises, allowing any two willing parties to transact directly with each other without the need for a trusted third party. While other second layer scaling solution had been proposed, such as Lightning Network, they are complex and need time to be implemented and to mature. With Chaumian Bitcoin Cash, these financial institutions are also incapable of mediating disputes, because of the lack of transaction information they know about.
Unlike the Lightning Network, Chaumian b-cash can be abused by fractional reserve, but it is orders of magnitude less complex and orders of magnitude more fungible.
2. Transactions
We define an electronic coin as a digital serial number. Every one of these serial numbers represent 0.0001 bitcoin, otherwise known as 1 finney. Introducing multiple denominations are possible. Each owner transfers the coin to the next by sending some of his serial numbers to the payee.
The problem of course is the payee can’t verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending. After each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent. The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank. In Chaumian b-cash, we improve upon this scheme, by utilizing blind signing. With this, the payee can make the central issuer to reissue the coins to him anonymously.
3. Blind Signing Server
The solution Chaumian e-cash proposes begins with a blind signing server. A blind signing server works by taking, newly generated, blinded serial numbers to be signed and the old, already signed serial numbers to be invalidated. The server verifies that the old serial numbers are valid, if they are, it signs the new, blinded serial numbers, marks the old ones used and responds to the client with the signatures. At last, these signatures are unblinded by the client and verified that they are properly signed.
4. Accountability And Decentralizing the Servers
Deposits and withdrawals to the system happens on the Bitcoin network. The server must publish a master public key to provide complete transparency about its Bitcoin transactions and Bitcoin holdings.
Utilizing Bitcoin’s multisig can further mitigate the risk of fractional reserve. theymos explains it in his post on Blinded bearer certificates:
N people who are independent and widely considered trustworthy come together to create a multisig address. You need 80% (or whatever) of the N people to agree in order to send money secured by the multisig address. This multisig group is called “the bank”, though it ideally should not actually be a single monolithic organization, but rather a more decentralized selection of independent entities.
Furthermore the server should make public every internal transaction it knows about. In this case, if the server tries to print more money, it would not go unnoticed.
5. Privacy
The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. In Bitcoin the necessity to announce all transactions publicly precludes this method, but a form of privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. Since the invention of Bitcoin, we learned this pseudonymity is fragile. Bitcoin Cash improves upon both Bitcoin and the traditional privacy model. b-cash gets as close as it is possible digitally to the privacy model of physical cash.
6. Incentive
The third party, while it is not completely untrusted, it is less trusted than traditionally third parties are. Transactions happening within the b-cash network are semi-peer to peer. First b-cash users must exchange information with each other, then the payee must invalidate the payer’s coins with the help of a third party in a privacy preserving way.
Because the server does not have any meta information about the transaction, the server cannot prevent or reverse transactions. The server does not know what serial numbers it signed, because it signed it blindly, therefore it does not know what serial numbers it has to withdraw from circulation in case of for example government intervention.
7. Conclusion
We have proposed a system for electronic transactions that minimalizes trust. We started with the usual framework of coins made from digital serial numbers, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, centralized server to record a public history of transactions and a peer to peer network that exchanges value with each other, with anonymous help of the server. The network is robust in its unstructured simplicity. Transactions are instant and free. The fungibility properties this system achieves is better than any purely decentralized cryptocurrency can hope for. The server is more accountable, it has considerably less leg room to print money, than traditional financial institutions. Chaumian b-cash’s strong fungibility guarantees irreversible payments.
References
[1] https://bitcoin.org/bitcoin.pdf
[2] https://medium.com/@nopara73/chaumian-e-cash-for-custodial-bitcoin-wallets-and-services-to-scale-bitcoin-8977d9a03064
[3] https://www.reddit.com/r/Bitcoin/comments/5ksu3o/blinded_bearer_certificates/
[4] https://www.reddit.com/r/Bitcoin/comments/4xy0fm/scaling_quickly/
[5] http://cypherspace.org/credlib/
[6] http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
[7] https://lightning.network/
[8] https://en.wikipedia.org/wiki/Ecash

2023-02-19 14:16:00

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2023-02-19 14:14:19

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Aaaah, so this part of the Internet has the real conversations...

2023-02-19 14:13:33

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2023-02-19 14:06:05

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No, we "partnered with them" didn't you hear?🤣

2023-02-19 13:58:44

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I have my own critiques, but they don't start at the business model as far as I understand what their business model is:
1. Collecting data
2. Processing it
3. Selling it as information
Do you have a problem with this already or what business model do you think they have?

2023-02-19 13:47:19

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The act of blockchain analysis itself?

2023-02-19 13:46:00

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What do you mean by CA?

2023-02-19 13:41:20

Is there a character limit here?

2023-02-19 08:23:33

hello world