Finally! Real privacy for Bitcoin transactions from some Core developers

Greg Maxwell made a VERY exciting announcement for some real cutting edge stuff: a way to get full privacy with transactions in Bitcoin!

The great thing about this is, unlike ZCash, this new method:

  • Doesn't use untested new cryptography
  • Can be high performance (compared to alternatives)
  • Doesn't require a trusted setup
  • Doesn't break pruning

There is a video here that describes confidential transactions in more detail. But the exciting announcement today is a way to make confidential transactions work with a size overhead only 3 times that of normal transactions. When combined with the further privacy improvement of CoinJoin or ValueShuffle, there is virtually no size overhead and no trusted third party or sharing of private data is required!

Thank you Greg, Pieter, and other Core team contributors for this excellent work on confidential transactions, coinjoin, and working on the theory and engineering to bring this to Bitcoin! Exciting developments! Thanks also Benedikt Bünz, Jonathan Bootle for your discovery of BulletProofs and Dan Boneh, Andrew Poelstra for your work on this.

Update: As /u/pwuille pointed out, while the size overhead is 3X (or less per transaction w/ coinjoin), the CPU overhead for verification is still an order of magnitude higher than regular transactions. But we'll know more once they start working on an implementation.

submitted by /u/fortunative
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I just got -257 downvotes in 8 minutes for calling out hardcore vote manipulated FUD (+169 upvotes in 6 minutes). I’m sharing this because some people still deny the desperate astroturfing campaign against Bitcoin for the past several days. Weak!

I just got -257 downvotes in 8 minutes for calling out hardcore vote manipulated FUD (+169 upvotes in 6 minutes). I'm sharing this because some people still deny the desperate astroturfing campaign against Bitcoin for the past several days. Weak! submitted by /u/BashCo
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Bitcoin

This is big, I think it will trigger a shift for at least some of that wealth to be stored in Bitcoin. (reddit.com)

https://np.reddit.com/r/worldnews/comments/7az4ok/paradise_papers_leak_reveals_secrets_of_world/dpdxgtj/ Millions of pounds from the Queen’s private estate has been invested in a Cayman Islands fund – and some of her money went to a retailer accused of exploiting poor families and vulnerable people. Extensive offshore dealings by Donald Trump’s cabinet members, advisers and…

Bitcoin