This is interesting. With enough computing power, and that is already dead cheap, the potential to spy is enormous.
As much as I am a fan of Bitcoin, is it not possible to create an alternative currency, where the value of the currency is pegged to the state currency, but transactions are encrypted and untraceable. Sorr of like an underground banking system.
DAI satisfies that, is is pegged to the dollar by a smart contract that issues loans, expands, and contracts the DAI supply to keep the peg. It is not backed by real dollars*. It's not untraceable, same as Bitcoin, but that's been solved by things like Monero. I bet the two concepts are compatible.
*It is backed by traditional crypto, in addition to USDC and other stablecoins which are in turn backed by real dollars, so it's partially backed by dollars.
As much as I am a fan of Bitcoin, is it not possible to create an alternative currency, where the value of the currency is pegged to the state currency, but transactions are encrypted and untraceable. Sorr of like an underground banking system.