Moving Towards Privacy for Block Chain Transactions - Pirate Chain
Pirate Chain - The first mandatory privacy coin
But why value privacy so much? Privacy is becoming more and more mainstream, and you can see the establishment start to actively fight against privacy pockets where they can.
There is big money and power to be gained by building profiles on people. Take the one most people are becoming aware of and are starting to push back. Internet browsing, take a look one afternoon at a beach vacation and your feed across websites will jam as much travel content as they can force on the page in a desperate attempt to get your business.
Then we can move onto having listening devises listen to what we say all the time. How many conversation were had, and magically now ads for the same product your friend told you about show up in your feed. Devises like this are easy to see the benefits of until you see just how much of an invasion of privacy they can become.
Private Money - What is the purpose
Actually - private money has been the default for most of human history. Only since the rise in personal checking, and then credit cards did we see an shift towards erosion of personal privacy. If you think back 10-20-30 years if you can, how much of your personal shopping was done by cash. For many, it was a large portion as credit cards were harder to come by, and didn't give as much perceived value. It used to be normal to have emergency funds in cash, both as an individual and as a family/tribe/kingdom. Having something "off the books" was often required, but today having off book assets is extremely rare.
When dealing with cash, you could easily give your neighbor $20 for hauling your junk to the dump. You can buy used items for cash and have no record of buying it. If you payed your neighbor down the street for some "Not for Resale" hamburger he raised, that was between you, him and the fence post.
In todays world, it is getting harder and harder to deal in cash. Very few people have cash. Getting cash of any quantity from your bank can be uncomfortable. They may balk at the thought of giving you thousands of dollars in cash, no matter your bank balance. The only way to move back toward privacy is to eliminate the traditional banking system
Why Pirate Chain is better -
Mandatory Private Transactions
Most of the other privacy coins I have looked into offer privacy as an option for the transaction. While this might sounds like a good idea, the issue becomes when the majority of the transaction on the network are not private, it becomes much easier to unmask the private transaction.
So What? Take this story for example
Aside from the fact it looks like they were ripping others off - the fact the police are trying to force him to give up the passwords (lol). The problem is here, the police know there are 1700 BTC in that wallet address. By knowing the amount of BTC held, a person can become a target and force additional pressure or punishment for not giving it up.
Pirate Chain takes that ability away - you can't watch the blockchain and stalk an address and watch for balances. No more sending your buddy some BTC and then talking the address to see how much they have and they gave you their main address or an alt.
Nothing to hide - or share
I don't do anything I need to hide from the world, then again I believe its none of your business. There is no need to share every transaction with the world. Who knows who I might tip, send money or buy a product that ends up getting cancelled down the road.
I am not trying to hide anything, but at the same time I feel each transaction only really needs to parties to know it happened, the sender and the receiver. We we agree and are happy that is all I need for money
KYC Exchanges - Piercing the Veil
I hear from time to time that it privacy on chain doesn't matter as most of the exchanges to convert into FIAT for the US require KYC. Honestly, this is one of the points I could care less about. If I buy/sell/trade Pirate - I am keeping it in Pirate. I have no plans to sell out of the Crypto world back into the traditional world, until I can buy an island somewhere and live out the rest of my days living the dream. If that is a concern for you - at least Pirate chain is a step in the right direction for the majority of your transactions.
First Crypto Buy of 2021
Buying some ARRR will be the first buy I make this year. While it might be a little harder to get the wallet setup and funded, I see so much value I have to support the projects I see as game changers.
Please leave a comment below on your thoughts about privacy and Pirate Chain.
images and information all from pirate.black
sincerely, @cluelessinvestor - aka a random nobody on the internet spewing nonsense
This post NOT financial advise, it contains my personal opinion and experience and is intended for educational purposes. Perform your own research and analysis prior to making investment decisions.
Posted Using LeoFinance Beta
