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The Peter McCormack Show

Privacy on Monero vs Bitcoin with Seth for Privacy - WBD520

The Peter McCormack Show

Peter McCormack

Power, Politics, Government, Markets, News, Society & Culture, Technology, Society, Inflation, Finance, Bitcoin, Economics, Money

4.72.8K Ratings

🗓️ 29 June 2022

⏱️ 91 minutes

🧾️ Download transcript

Summary

Seth for Privacy is a privacy advocate and host of the Opt Out Podcast. In this interview, we discuss how financial privacy protects all other rights, the current limitations with Bitcoin's privacy, and Monero's protocol privacy that some Bitcoiners find beneficial.

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Most people have slowly acquiesced to the undermining of personal privacy by tech companies. There has been a trade-off: free access to powerful social media software for the monetisation of our data. The problem is a false sense of security has been allowed to fester: there is a material lack of concern that such transgressions could become more malign and overt abuses of power.

The wake-up call for many was the treatment of the Candian truckers. Not many foresaw Bitcoin's privacy weaknesses being exploited by a western liberal democratic power led by a young charismatic leader. But they were exploited. The Canadian authorities were unrepentant. And there was nothing the truckers could do. Once your privacy is compromised that's it.

Whilst it is a wake-up (or should be a wake-up call), Bitcoin's fully auditable pseudonymous transaction history presents significant privacy challenges. That's not to say that non-technical users can't improve their privacy using Bitcoin, or that privacy concerns always need to be front and centre of decisions to hold Bitcoin. Rather, there may be another option under certain circumstances.

Monero is an altcoin that some Bitcoiners are willing to adopt given its unique out-of-the-box privacy features. It is being used to complement the use case for Bitcoin. And yet, there is still toxicity from some quarters towards Monero and those who advocate for it. Is this healthy? Does Monero deserve to be treated like other altcoins?

Fundamentally, should Bitcoiners be open to using Monero? Or, do maximalists who have served the community well express warranted concerns? What are the tradeoffs being made and how do they affect users?


Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0

People need to realize that politics can rapidly change, countries can rapidly change,

0:09.4

and the things you do today on chain and Bitcoin or any other cryptocurrency, those things last forever.

0:14.8

Hello there, how are you all doing?

0:17.6

Welcome to the What Bitcoin did podcast, which is brought to you by Gemini.

0:21.2

The only place I'm using for buying Bitcoin. I'm your host

0:24.0

Peter McCormack and before we get into today's interview I do have a message from

0:28.4

my show sponsors. This show is brought to you by B. C. B. C. B. B. B. B. Group provides online business banking for companies

0:35.3

in the Bitcoin industry, and yes, I am now a customer of B.C. B. 2. They heard about the difficulty

0:41.2

I was having finding a bank and they also

0:43.6

understand Bitcoin and they reached out to me so I've moved my business banking

0:47.5

across the B. C. B. C. B. C. B.'s clients include major exchanges, market makers, funds, and miners active in the UK and Europe, but they are now expanding globally.

0:58.0

They also have this amazing network called Blink, which facilitates instant free payments between

1:03.7

B.C. clients for all supported currencies. Now listen, I know some of you have had

1:08.7

trouble with this too. And if you are looking for a banking provider who

1:11.8

understands and supports Bitcoin companies rather than creating hurdles,

1:15.3

then like me you will want to become a B.C.B. customer.

1:18.7

If you want to find out more, please head over to B.C. group.com

1:22.0

forward slash Peter, which is B.C.B. G. head over to BCB group.com

1:23.2

which is BCGR Oup.com

1:26.9

forward slash Peter.

1:28.8

Next up it is compass mining but they are not just a sponsor

1:31.8

I am also a customer of Compass and I am back

...

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