- cross-posted to:
- cryptocurrency@lemmy.ml
- cross-posted to:
- cryptocurrency@lemmy.ml
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The video did not really provide any info on the how…
More details will be forthcoming in the future.
The next BCH upgrade will allow for efficient cryptographic constructions within smart contracts. This will open the door for real private transactions.
What is the BCH VELMA Upgrade? (VM Limits 2025)
https://odysee.com/@CashDragon:6/What-is-the-BCH-VELMA-Upgrade:b
does that mean that the video is a clickbait garbage with a lie as a title? sorry if I have repeated myself
No, it means the information is way beyond your ability to comprehend or do the needed research to fill in the gaps of knowledge that you have to understand what is being eluded to in the video.
Squawk, squawk.
BCH is weak
Of course you are always welcome to talk about XMR Monero. There are some Bitcoin copies but the one that has the term ‘cash’ in its name, BCH, is of course particularly interested in Monero, the real digital cash since 2014.
But all the good features of the real Monero cash are at best imitated by the Bitcoin copies, but not even close to being equaled. A good example of Monero’s superior technology is the dynamic block size, whose function has already successfully proven its resistance and mass suitability in reality.
You can easily exchange BCH for XMR Monero.
BCH is not a copy of Bitcoin. BCH is Bitcoin. BTC is a fake which diverged from the original vision of e-cash into a banker pump toy.
Bitcoin Cash also has a dynamic block size. Monero’s dynamic blocks failed during the last spam attack and proved ineffective.
Yes for now exchanging BCH for XMR is a good way to obtain strong privacy. In the future this may not be needed as privacy on BCH is developed.
Bitcoin Cash has already made EVM obsolete with advanced smart contracts. As ETH implodes the migration to BCH will be evident. THe same thing will happen for privacy.
Monero’s dynamic block size did not fail! There was a slight error in the wallet implementations. The wallets were always choosing the lowest possible fee, even as the mempool filled up. After the fix they now start to choose a slightly higher TX fee when the mempool gets filled, which let’s the blocks expand much quicker.
Still, it highlighted Monero’s inability to scale. The TX pool was large and cause issues with the whole network. Nodes were having problems syncing, and the attack was not even that big.
What’s the argument here? BCH is going to have a feature to enable minting a token on BCH with privacy comparable to Monero in a few years?
Why should anyone switch to this token instead of using Monero? Wouldn’t it take like an onchain TX to switch BCH into this token? Why would I do that if I can already swap into XMR for a negligible fee today?
And even if it had an equivalent level of privacy, BCH still has no tail emission and no ASIC resistance.
Also today Monero rivals Bitcoins usage and not BCH.
So yeah, bold claim, but not much more it seems.
You will be able to buy BCH on any exchange in the world then mint a privacy token with no fees and use your BCH privately. Then burn the token and get your BCH back.
What this does is give you the best of all worlds. Access to massive liquidity as well as real privacy. It also allows you to participate in DeFi which you cannot do with Monero.
ASIC mining is a massive industry and keep Bitcoin extremely secure. Monero can be easily attacked with with1/2 of a large data center’s computing power.
BCH does not need a tail emission because it will have millions of transactions per day sustaining the network because it will have all the features that everyone wants and needs.
oh is it basically opt-in privacy then, like with zcash? where if you opt in to privacy you immediately become suspicious
No, it is privacy by default. You lock your BCH and mint the privacy token then all your activities are private from that point.
This is the same as taking your fiat or another coin and buying Monero, after which your activities are private. So the same suspicion exists when you go from a non-private asset to a private one.
No, it is privacy by default. You lock your BCH and mint the privacy token then all your activities are private from that point.
aaand since using the privacy token is optional, from the point I’m making qnd using it I’m suspicious.
it is only private by default if you wouldn’t need to convert/wrap/whatever BCH itself. those doing the conversion will stick out
This is the same as taking your fiat or another coin and buying Monero, after which your activities are private. So the same suspicion exists when you go from a non-private asset to a private one.
maybe I misunderstood something, but it sounded like you need to unlock the BCH to sendbit to someone. is that wrong?
Well it is a bit too early to know exactly how it would work in detail.
The gist is that you could buy BCH then lock it in a contract and mint the private token then use that in a private fashion. So if you spend it with someone then you would lose control over the BCH you locked up and that person who now holds the private token can unlock the BCH and burn the token or just keep the token.
Okay, your comment shows that Monero truely is the one continuing the real cypherpunk legacy. Getting delisted is just a sign that it is dangerous for the elites. The delistings brought us Haveno, a Bisq equivalent. We’re already seeing Haveno havening more volume than Bisq and it’s not even a year old. So the need for centralized exchanges isn’t needed for Monero anymore.
But okay, let’s play with your idea.
Monero’s weakest part of privacy gets fixed probably around end of the year (as we then move from ring signatures to full chain membership proofs). Then Monero has pretty much perfect privacy when it comes to cryptography.
Let’s say BCH can achieve that same level of privacy in a few years. You don’t really specify a time horizon so let’s say 2-3 years? Basically 2 years after Monero’s upgrade?
When the upgrade for BCH hits, the need for BCH users to swap to XMR most likely won’t be there anymore. But it depends on the actual implementation. To get that privacy you probably need to make at least one normal TX. Which should have a fraction of a penny as fee? In 2-3 years we also most likely have Serai, a decentralized instant swap service where you can also swap BCH into XMR with the fee equivalent of one to two TXs. Atomic swaps also take two TXs worth of TX fees I believe but these take longer for the swap to finish.
So for BCH users you can either choose to use a privacy token minted on BCH or swap into the most private coin XMR. Either one will most likely cost you only a fraction of a penny.
For XMR users it won’t really make sense to switch to BCH except for when the vendor doesn’t accept XMR but instead would accept BCH. Which I don’t see anywhere currently. I mostly see Monero overtaking BTC onchain and LN at pretty much any service that accepts both or all three (see the usage volume numbers of ShopinBit, Coincards, OrangeFren, MyNymBox, silentlink and Proxystore)
https://xcancel.com/shopinbit/status/1912191172740821189 https://xcancel.com/CoinCards/status/1907477293489909882 https://xcancel.com/OrangeFren/status/1913165293615976514 https://xcancel.com/mynymbox/status/1914712805971738701 https://xcancel.com/silentlink1/status/1836839383833391206 https://njump.me/nevent1qqszzpsusyqysljs8dldqhfsnzzshp5x56jvmgzu9ptlantpl8qn6rgprdmhxue69uhkummnw3ezuur0wf6x2mt0dejhymewvdhk6q3qtn0q609j0nzeh0zpxtll5hrwwnr4ulny5kh4jtsat3hqarwvnerqxpqqqqqqz74matc
I don’t really know what kind of DeFi you’re alluding to but with Haveno and Serai we have two decentralized exchanges that can’t be stopped anymore. Also the FCMP++ (full chain membership proof) upgrade will enable more L2s and such for Monero.
When it comes to ASICs and network security: BTC has a ~262 times larger marketcap than BCH and a ~233 times bigger Hashrate. So congrats, you guys are technically slightly more secure than BTC in relation to ones marketcap. For Monero the numbers aren’t as easily calculated as it uses a different algorithm but the factors are the following: BTC has a ~375 times larger MC but only needs 206 times as many miners for their respective hashrate. That makes Monero even better secured than BCH in relation to it’s MC.
So when the time comes for BTC and/or BCH to switch their mining algorithm because quantum computers can break the sha256 hash function, all of the current mining equipment will be useless. That’s gonna be devastating for the miners of BTC/BCH. The miners of XMR only need a software upgrade though ;)
And last but not least you say BCH wouldn’t need a tail emission. When we look at the relation between the block reward, sum of TX fees and the total reward for miners we can clearly see, that BCH is even worse than BTC. BCH hovers at about 0.1% of the total miner reward coming from TX fees currently with a recent spike to 0.6%. BTC is more in the 1-2% range. Good thing for BCH though is you guys can just scale up the number of TX thanks to dynamic block size. So if BCH wants to keep it’s security budget you guys need a 200-1000x in TX volume or price without increasing the MC or Hashrate. I don’t think an increase in usage comes without an increase in price. So you guys have to live with a drastic increase in TX fees.
In contrast Monero can just increase it’s user numbers without needing to increase TX fees, as the block reward pays the miners.
https://bitinfocharts.com/de/comparison/fee_to_reward-btc-bch-xmr.html
At the same MC Monero is going to give you much cheaper TX while having a higher security level (hashrate per $ of MC) than BTC and/or BCH.
Monero’s weakest part of privacy gets fixed probably around end of the year
Unlikely, I think FCMP is still 1-2 years away from launch. Either way it will not solve the fundamental scaling flaws.
If Monero grows and there are 300k daily tx and a spammer comes in with 300k daily tx (as they have done already) Monero will come to a halt. If they can keep it up for a month or 2 Monero is done.
Bitcoin cash has had 500k tx spikes and no one even noticed. BCH has been tested up to 10 million tx per day. All the privacy in the world is useless if you cannot transact. Thus scalability is more important than privacy.
BCH needs more users so TX volume can sustain the chain, Monero needs to fix the scaling flaw which appears to be fundamental to the underlying protocol. I am betting on BCH 😉
The quantum threat will be solved years before it is ever an issue. BCH will flip to whatever algo it needs to survive. There will be a transition period of years anyway where both algo’s will be used. This is a non-issue.
Looks to me like you are trying to divert attention from the fact that BCH will replace Monero as a privacy coin so you are throwing everything + the kitchen sink into the argument.
