32
Someone just burned $8 million of bitcoin (protos.com)
submitted 3 months ago by [B] to c/pulse_of_truth@infosec.pub
42 comments fedilink hide all child comments
 

More than 107 BTC are now provably burned from the supply until someone invents a cryptographically relevant quantum computer. The post Someone just burned $8 million of bitcoin appeared first on Protos.

you are viewing a single comment's thread
view the rest of the comments
[–] 2 points 3 months ago* (1 child)

Bitcoin isn't that good at avoiding tracking. Cashless digital payment systems that offer privacy guarantees are possible (e.g. GNU Taler), but anyone who tries to accomplish that with blockchain is doomed to failure before they start. For the same reason why you can't cure illness with snake oil.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 1 point 3 months ago

    Not necessarily. If you transact directly on chain and ever transact with a point that ties your identity to your wallet address, sure, you're very easily tracked. If you put your coins on the lightning network, it uses a method similar to onion routing to pass the money through many nodes in the network in a way that guarantees that the money only sends if everyone cooperates so it can't be stolen in transit, and no transaction is written to the blockchain. Nobody who helped transfer the money knows where it finally landed, nobody publishes anything to the blockchain. Not really any way to trace a lightning transaction short of finding evidence of the invoice at both ends, but you already know who your end points are in that case.

  • permalink
  • fedilink
  • source
  • parent