[la_fayette]

I think understanding bitcoin from a systems point of view is of great value. Although proof of work is problematic, the idea and manifestation of a censorship resisten electronic monetary system is just amazing. Bitcoin is actually working for more than 10 years... There are alternatives to PoW, e.g. ethereum 2.0, let's see if this works and than judge again...

[kbenson]

> censorship resisten electronic monetary system

I feel sorry for anyone that expects bitcoin to actually be anonymous. Given that we can use statistics and timing to determine the memory contents and instructions run on different cores in a CPU, anyone that uses a currency that keeps public global transaction log and thinks they can anonymize themselves by just mixing their money in a pool is in for a rude awakening at some point. For any useful amount of usage, my guess is they're just kicking the de-anonymization can down the road a few years.

[la_fayette]

Have you checked and understood taproot? Do you really think the bitcoin protocol is not innovating?

[kbenson]

I haven't, but I'll take a look. My completely green suspicion knowing nothing about it at this point is that it's probably just a step up in an arms race, to which more advanced statistical techniques could be developed and applied to eventually, which means past transactions using old methods are vulnerable to being traced. I'd be happy to be proven wrong though, so I'll take a look.

Edit: As suspected, it's not a silver bullet.[1]

1: https://cointelegraph.com/news/bitcoins-taproot-upgrade-wont...

[dmingod666]

We would like to recruit your guidance in our search for Satoshi. Thanks in advance.

[kbenson]

The only reason satoshi hasn't been found is exactly because he/she/they haven't spent any of those bitcoins.

(Also, the slightest movement in those coins would likely cause a massive drop in the value of bitcoin, as rational people realized a huge cache of previously assumed out of play coins might start being sold and everyone using it as an investment rushed to exit ASAP to avoid beat that).

[jasonlaramburu]

Is it really censorship resistant though? In order to actually buy anything with BTC, you need a fiat offramp which is 100% vulnerable to censorship.

[blockmarker]

If transaction fees were reasonable, you could simply sell it to people and they pay you in cash. Nowadays I don't know how resistant it is.

[codehalo]

Do you really think you cannot by anything with Bitcoin? Are you uninformed or just dishonest?

[jasonlaramburu]

Yes, you can buy some items online with BTC, but almost no household daily essentials. Show me a grocery store, gas station or pharmacy that accepts crypto. There are plenty of companies selling Crypto payment gateway software, so it’s clearly not a technology limitation.

The reality is there is no consumer demand for crypto as a means to purchase things.