Edward Snowden is saying Bitcoin is failing as a digital currency due its lack of privacy

Snowden recently spoke on a virtual panel at the 2022 consensus.

He claims Bitcoin is failing due to its lack of privacy. I tend to agree. I don’t want people knowing what’s in bank account. Obviously government regulation is a major factor at play here.

What steps are being taken by the Radix DLT team to offer a layer of privacy to our wallets and transactions?

What does everyone else think about this? Is privacy important?


Bitcoins goal is to be a currency without restrictions. I agree it’s failing there, Monero is better.

Radix has a different goal - replace TradFi with DeFi.
Privacy is not as big of a concern there, as the goals actually align with transparency of markets aims. Main goals include a more efficient protocol for money transfer, with faster transaction resolution than VISA, and cheaper transaction fees, as well as providing scalability + AC in order to enable decentralized markets.

If you want to transfer money privately, Monero.

If you want to transfer money quickly with no fees, Nano.

If you want DeFi and dApps, Radix.

Bitcoin is not useful. Ethereum is not useful.

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All true, but we should be cautious: don’t forget that Radix’ claims are great but Xi’An is planned for 2024. Within this time, competitors will definitively release useful upgrades so as for keeping up with radix. In my view Ethereum will have to drop its blockchain based ledger and adopt a similar approach to Radix in the next few years to keep up.

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Well, it wouldn’t be Ethereum anymore if they entirely changed the technology to not have a blockchain anymore.

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i think privacy is very important for retail and big players, we used to think that everything could not be traced but wallets have been traced and this puts people in danger as that person holds all the keys to his wallet. I have said before in other posts that there is a blockchain called secret that is built on privacy, lots of projects building on it, like sienna, shade, stashhh a private nft market.

I dont know what actions team is taking, but I think they are currently focussed on the next phases and will look at privacy later, I assume thats the focus.

It is evident that privacy is important. No one wants his entire financial history visibile to the world. However, privacy is great, but there’s should be clear boundaries and we should be able to separate an “healthy privacy” from a bad one, characterized by unlawful behaviours.

Apart this introduction, my doubt is, is it really possible to transition from a network to a private network where I can expose my transactions myself but at the same time keeping them secret? Doing this I am afraid will slow down the network.

PS. Someone ever heard about this project?