Bitcoin is Stupid and Does Not Deserve an Emoji
thedabbler.patatas.ca

35 crypto companies got together to make a change dot org petition called “Bitcoin Deserves an Emoji”.

F that

  • explodicle@sh.itjust.worksEnglish
    22·
    1 month ago

    Bitcoin Lightning fixes this. Monero built its first layer with this assumption, and now it’s impossible to check if there has been an inflation bug like the Value Overflow Incident.

    When (not if) there’s an inflation bug, the attacker will be able to sell his free XMR indefinitely.

    • ChakravantiEnglish
      22·
      1 month ago

      No. It doesn’t change any of that. It’s still trackable %100

        • ChakravantiEnglish
          12·
          1 month ago

          Still not close to the same. That’s borrowed functions on one chain. Monero is triple encrypted. You crack one and you got no time left before the next chain flips the whole shebang.

          • zalgotext@sh.itjust.worksEnglish
            3·
            1 month ago

            Monero is triple encrypted. You crack one and you got no time left before the next chain flips the whole shebang.

            If monero is using sane, modern encryption algorithms, “triple encryption” doesn’t really get you meaningfully more security.

            It already takes an insane amount of time to brute force good encryption algorithms, so if people are cracking your encryption, they’re doing it via some vulnerability/flaw/exploit in the algorithm which allows then to crack things much faster than brute forcing. If you use the same encryption algorithm for all three layers, you just have to exploit it three times instead of one, which isn’t really adding any difficulty to a competent attacker.

            What if you use three different encryption algorithms, you may ask? Well, that’s even worse because you’ve now tripled the attack surface of your encryption scheme.

          • explodicle@sh.itjust.worksEnglish
            2·
            1 month ago

            It’s not close to the same thing, but definitely not trackable 100%, and comparable levels of privacy. Having less elegant code doesn’t change that. If you’d like, we can perform a test in which I make a lightning payment and you track it.

            I don’t think it’s likely that an attacker can crack even your first layer of encryption in the time it takes for a transaction to propagate and settle.