Bitcoin's Privacy Problem

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In this video, I discuss Edward Snowden's keynote speech at the Nashville 2024 Bitcoin Conference, in particular the threat of AI and Bitcoin's privacy problems.

Bitcoin's privacy problems can be mitigated at higher levels (like Lightning and Liquid), as well as through an increased anonymity set as more and more people globally choose to use Bitcoin to transact.

Not investment advice! Consult a financial advisor.

Edward Snowden Bitcoin 2024 Keynote Speech:

A Cypherpunk's Manifesto:

Crypto CEO Brian Armstrong Buys Los Angeles Home for $133 Million:

Monero's Big Fat Problem:

Monero Is Hot Potato Money:

Example of a Liquid Network transaction:

Learn to use these privacy tech tools:

Find me on Nostr here:

Unstoppable Money And Free Speech (Nostr):

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#Snowden
#privacy

Disclaimer

[JI-rkjv]

Can you imagine if the same standards for buying BTC from a KYC exchange were used to vote in a presidential election.

[ob]

Always take my iphone when i’m pooping.
That’s my contribution to Apple’s data set 😂

[simbiotik]

Thank you for finally getting around to doing this topic as per my suggestion not so long ago 😊

[fusion]

IMO, the distinction between privacy and secrecy doesn't matter. I have a right to my secrets, and I'll protect my rights via privacy or force, whichever is most appropriate. The surveillance state can go fuck itself.

[drdanielhowell]

The privacy problem is not really a bitcoin problem, it’s a KYC exchange problem. If you were mining your own coins, you would have complete ID privacy.

[glennwormald]

thanks Matthew, you are a wonderful teacher

[thestonemaster]

You make a valid point. Also, it would help to have a honest judicial system where they could only monitor your bitcoin with a warrant. This constant fear that someone will hunt you down because you own bitcoin and certain countries. You really have to ask yourself the question how free are we?

[PeterMOUEZA-no]

4:20 L.A. 9:05 privacy 9:48 Lightning 13:00 email 13:15 Signal 13:30 Nostr 15:30 privacy ++++

[closemindedpodcast]

Why are you still using Chrome? There's no downside to using Brave, since it's built on the same framework as Chrome and uses the same extension store, just without all the Google stuff.

[sultanofswingdrift]

insane I was just thinking about this today. There is basically KYC everywhere?!?! What can one do dammn

[daraghmwalsh]

Video suggestion: One of the most difficult concepts for me to grasp has been:

Why an inflationary economic system requires more and more debt to prevent collapse.

My understanding is government budget deficits, wars, and crises like pandemics are not the cause of our debt.

They just accelerate debt creation.

The fundamental flaw is more and more debt is required simply because it is debt based system - debt begets more debt.

For example, if $100 in economy and all borrowed at 10% interest then $10 interest owed, but that money doesn’t exist (only $100 in economy, not $110) so they need to create a new loan to create that $10 so I can be paid back.

Am not sure if that’s accurate because almost no talk about this so would love your perspective.

[Tiesthatbindus]

So if I send KYC BTC to a liquid wallet, then send that LBTC to BTC cold storage, does that maintain anonymity and privacy?

[bujin]

What's interesting about Snowden, is he's so close to the trees, he can't see the forest. As you pointed out, it would be nice if you could max out all desirable attributes to 100, but in real life engineering situations, it's about finding the compromise that will let the system operate, and meet its critical design objectives (which are the objective that MUST be met for the system to be viable for its intended purpose, for an airplane, that's flight, for BTC that's resistance to actor capture). And that's because these desirable attributes are often held in tension with each other, and this is true of every single engineered system on earth, not just Bitcoin. But people often think you can magically produce systems without compromises, and it just doesn't work that way.

[whatsgood]

Ayy...Mah! You'll never believe it! I made it on Bitcoin University! haha Thanks for addressing this Matt!

[uTz]

Thank you so much for your great content 🧡

[skylerstotts]

Could you do a video on btc IRA’s. Are the fees worth the potential tax savings? Do you think it will even matter in the future?

[paullamb]

Leveraging both LN and Liquid together can add more privacy than either separately. For example, one can create inbound liquidity on a lightning channel to send KYC Bitcoin off an exchange, by periodically sending the channel ballance to liquid. Then swapping LBTC to BTC and forwarding in chunks to cold storage via fresh, single-use receive addresses makes the chain difficult to follow.

[El_Cid-]

Excellent “Fourth Turning”mention in this clip. That thesis offers much context as to why Bitcoin likely will be essential to the next monetary system.

[johnnyh]

I watch your videos here every once in a while. I'm thinking when I wrap up my University studies next year to start looking in to Bitcoin deeply, and other ways to preserve my purchasing power. Maybe I'll gain more from your University than mine. Best regards.

[mikeh]

If XMR started increasing in price relative to BTC then we would have to revisit this?