Bitcoin Private For Investors #10 – Why The Coin Burn Will Not Affect Bitcoin Private’s Fungibility By Jay Pujanes

Jay Pujanes is one of our long time channel followers who offered the following commentary in response to my video, Bitcoin Private For Investors #9 – Why BTCP Is No Longer A Privacy Coin After The Coin Burn

Hi Tai Zen.  Your point is:

1.  The coin is no longer fungible once the team discriminates between those that were claimed and those that were unmoved/unclaimed;

2.  Bitcoin Private (BTCP) will no longer be a privacy coin because it will no longer be fungible once it will do a coinburn of unmoved coins.

As to your argument of fungibility, I must say that you are right in its definition but wrong in its application. Yes, fungibility means that 1 BTCP in my wallet is the same with 1 BTCP in your wallet and they are interchangeable.

However, you interpret it wrongly when you applied it in the context of burning of unmoved coins. For you, once we burn the unmoved coins, BTCP no longer is fungible because the team discriminated between claimed and unmoved/unclaimed coins. But the claimed coins and unmoved coins are actually interchangeable by nature.

The 1 BTCP that is claimed has exactly the same value as the 1 BTCP that is unmoved/unclaimed and are interchangeable by nature. But coins that are interchangeable or fungible by nature could not be interchanged if no one owns them.

The unmoved coins are considered as unclaimed because the team gave claiming instructions during the launch of BTCP. The White Paper and several social media announcements also talked about the coinburn and the necessity of moving the coins that were given for free to each holder of BTC and/or ZCL during the Feb. 28, 2018 snapshot.

Since these were given for free, one must signify that he accepted the same by following the claiming instructions since no one is obliged to accept the generosity of another.

As to the argument that BTCP will no longer be a privacy coin because it will no longer be fungible once it will do a coinburn of unmoved coins, suffice it to state that this argument has no leg to stand on. As already explained above, the fungibility of BTCP remains notwithstanding the coinburn.

Furthermore, the privacy feature of BTCP is only employed in coins stored in shielded “z” addresses and not in coins stored in transparent “b” addresses. The coinburn that will occur at blockheight 480,000 will only affect the unmoved coins, which are most certainly not shielded coins since there was a separate burn that purged all coins stored in shielded “z” addresses last January 5, 2019 at blockheight 455,500.

And you might argue that the purging of all coins stored in shielded “z” addresses destroyed the privacy feature of BTCP. But it did not because no private data of the holders of these shielded coins and the transactions they were involved in were ever accessible by the team and none could be revealed due to zkSnarks.

And although people were not able to use shielded wallets for a few days prior to the burning of the shielded coins, but it was just temporary and was only a minor setback. It had to be done because it could not be determined which coins in shielded wallets were legitimate and which ones were not.

Presented with 2 difficult options, i.e.:

a) burning all coins stored in shielded addresses including around 20,000 legitimate BTCP’s, and

b) letting the 1.7M shielded coins of the bad actor remain,

The team and the community chose the lesser evil, which is the former.

But now, the shielded “z” wallet addresses are operational again and there was also a plan to set up a relief fund to reimburse the owners of the 20,000 BTCP’s should they come forward with proof of ownership of these coins and the legitimacy of the same.

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