

If I understand the Encryption Markdown page, it appears the public/private key are primarily to protect the data at-rest? But then both keys are stored on the server, although protected by the passphrase for the keys.
So if the protection boils down to the passphrase, what is the point of having the user upload their own keypair? Are the notes ever exported from the instance while still being encrypted by the user’s keypair?
Also, why PGP? PGP may be readily available, but it’s definitely not an example of user-friendliness, as exemplified by its lack of broad acceptance by non-tech users or non-government users.
And then, why RSA? Or are other key algorithms supported as well, like ed25519?


For the blockchain technology at the very core foundation of cryptocurrencies, it’s a reasonable concept that solves a specific challenge (ie no one can change this value unless they have the cryptographic key) and the notion of an indelible or tamper-evident ledger is useful in other fields (eg certificate revocation lists). Using a blockchain as a component is – like all of engineering – about picking the right tool for the job, so I wouldn’t say that having/not having a block chain imparts any sort of opinionation or qualities of good/bad.
One step above the base technology is the actual application as currency, meaning a representation of economic value, either to store that value (eg gold) or for active trade (eg the €2 Euro coin). All systems of currency require: 1) recognition and general consensus as to their value, and 2) fungibility (ie this $1 note is no different than your $1 note), and 3) the ability to functionally transfer the currency.
Against that criteria, cryptocurrencies have questionable value, as seen by how volatile the cryptocurrency-to-fiat currency markets are. Observe that the USD or Euro or RMB are used for people’s salaries, denominate their home mortgage loans, for buying and selling crude oil, and so on. Yet basically no one uses cryptocurrency for those tasks, no one writes or accepts business-to-business contracts denominated in cryptocurrency, and only a small handful of sovereign states accept cryptocurrency as valid payment. That’s… not a great outlook for circulating the currency.
But for fungibility, cryptocurrency clearly meets that test, and probably exceeds the fiat currencies: there’s no such thing as a “torn” Bitcoin note. There are no forgeries of Etherium. It is demonstrable that a unit of cryptocurrency that came from blood-diamond profits is indistinguishable from a unit that was afforded by wages at a fuel station in Kentucky. There are no “marked notes” or “ink packs” when committing cryptocurrency theft, and it’s relatively easy to launder cryptocurrency through thousands of shell accounts/addresses. To launder physical money a thousand times is physically impossible, and is way too suspicious for digitalized fiat currency transfers.
And that brings us to the ability to actually transfer cryptocurrency. While it’s true that it should only be an extra ledger entry to move funds from one address/account to another, each system has costs buried somewhere. Bitcoin users have to pay the transaction costs, or currencies pegged to other currencies have to “execute” a “smart contract”, with attendant verification costs such as proof-of-work or proof-of-stake. These costs simply don’t exist when I hand a $20 note to a fuel station clerk. Or when my employer sends my wages via ACH electronic payment.
Observe how cryptocurrency is traded not at shops with goods (eg Walmart) or shops for currency (eg bureau de change at the airport) but mostly only through specialized ATMs or through online exchange websites. The few people who genuinely do use their cryptocurrency wallets to engage transactions are now well in the minority, overshadowed by scammers, confidence/romance tricksters, investment funds with no idea of what they’re doing except to try riding the bandwagon, and individuals who have never traded financial instruments but were convinced by “their buddy’s friend” who said cryptocurrency was a money-making machine.
To that end, I would say that cryptocurrencies have brought out the worst of financial manipulators, and their allure is creating serious financial perils for everyday people, whether directly as a not-casino casino or to pay a ransomware extortion, or indirectly through the destabilization of the financial system. No one is immune to a breakdown of the financial system, as we all saw in 2008.
I used to like discussing with people about the technical merits of ledger-based systems, but with the awful repercussions of what they’ve enabled, it’s a struggle to have a coherent conversation without someone suggesting a cryptocurrency use-case. And so I kinda have to throw the whole baby out with the bathwater. Maybe when things quiet down in a few decades, the technology can be revisited from a sober perspective.