Do I Own a Shitcoin?




Bitcoin Private - Shitcoin Review


Jun 29, 2018


Alright boys and girls, time for another shitcoin review.

Moving forward, we’ll be doing one coin review a day and post it to the blog. KEEP YOUR EYE ON THIS SHIT..DROPPIN' DAT VALUE. We’re a bit tipsy….it’s Friday, sue us.

If you want a coin reviewed, tweet at us.  

We’ve had a bunch of people ask about Bitcoin Private (BTCP).

Let’s dig in to this shit.

Bitcoin Private (ticker: BTCP):

Mid-Tier Shitcoin

 

Wtf is Bitcoin Private?

Bitcoin Private is a fork of both the almighty Bitcoin AND ZClassic with the goal of being more anonymous and private.

(Side note: Wait, Is there a difference between anonymity and privacy?!!? Yes. You can have a network that is private, but once you have access to the network, you can view all of its data. On the other hand, you can have a system similar to Bitcoin that has a public (not private) blockchain with ‘anonymous’ data. Bitcoin is arguably pseudonymous, but we can get in to that in a future post when comparing multiple privacy coins at once.)

So, Bitcoin Private is a fork of Bitcoin that also incorporates zk-SNARKs from ZClassic. zk-SNARKs is the anonymous shit.

 

Wtf is zk-SNARKs?

zk-SNARKs is basically an improved version of Zcoin’s zero-knowledge proof system. Calm your shit, we’ll explain.

A zero knowledge proof is designed so that one party (the prover) can prove something to another party (the verifier) without ever revealing the information OR enabling the verifier to prove that the prover does in fact know the statement. Basically, the proving party can prove a statement is true without providing any information other than demonstrating that the statement is true. WHAAT?!?!?!

Okay, here is an example. Envision a cave that has the shape of a circle, NO, a donut..mmmm. The shape of a donut (chocolate frosting with sprinkles).

                                                                                                                             

The verifier is the dude in the green, let’s call him Jack. The prover is the girl in the purple, let’s call her Jill (lol). Jack, the verifier, can ask Jill, the prover, to go in the cave to the right, and come out the left side (go in the cave via route B, and came out side A). If Jill does not know the password to get through the door, then she will never be able to come out the left side (A), she will be stuck on the B side. But...if she goes down route B, gets through the door, and out side A, then she has proven to Jack that she knows the password without telling him the password or enabling him to tell anyone else that Jill knows the password. Even if Jack had his phone out recording the whole event, the video wouldn't prove to anyone else that Jill knows the password.

Thus, this is a ZERO KNOWLEDGE proof, you can prove something to someone without the other party having any knowledge about the situation.

But that’s some basic shit. zk-SNARKs takes this to the next level and allows for zero knowledge proofs without any communication between the parties. This is done with some crazy complex math. We’ll spare you that part, but if you really wanna know, tweet at us.

 

Who tf is behind this shit?

Funny shit going on here. The original figurehead behind BTCP was the controversial (kind of pump and dumpy) Rhett Creighton. Rhett is known as the creator of ZClassic (ZCL), which is one of the coins forked to create Bitcoin Private.

Right off the bat, this made our heads turn. He abandoned the ZCL economy that he helped to create, to fork in to BTCP, which many see as a brand heist of Bitcoin. We did not understand how anyone would trust Rhett to stick with BTCP. What if he decides to do another fork instead of improving upon his existing projects?

Turns out, around late April, Rhett was ousted from the BTCP team because he posted a tweet hinting that another coin can be forked in a similar manner that ZCL was. This undermined the team’s trust in him and he was booted.

Outside of Rhett, they do have a team of what seems to be 20 experienced engineers and enthusiasts. Fun fact, Didi Taihuttu is part of their team. He was the guy you saw on the news who sold his families shit to go all in on Bitcoin and live on some island.

All in all, the concept of a more anonymous Bitcoin is a fine idea, but there is a bunch of competition in the space. BTCP does have a loyal user base at this time, but also a lot of haters due to using the Bitcoin brand.

 

Overall, mid-tier shitcoin, not quite a low-tier or shit-tier, let’s see how they do!

 

Stay tuned for daily coin posts!

 

Chat soon.

- Mike and Aaron