Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Topic started by: MrSpasybo on February 17, 2021, 11:13:42 PM
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"Certain crypto assets, which are often referred to as privacy coins, private coins or anonymous coins, attempt to hide information about transactions, giving users more privacy.
A number of possible methods exist for adding privacy to Bitcoin, including peer-to-peer trading, although multiple crypto assets focus on privacy more directly via their technology.
Government overwatch on privacy coins has grown in recent years, as shown in part by the IRS’ efforts against Monero’s technology. Privacy coin references also surfaced in the U.S. Financial Crimes Enforcement Network’s proposed regulation on self-hosted crypto wallets in December 2020."
Article: What are privacy coins and how do they differ from Bitcoin? (https://cointelegraph.com/news/what-are-privacy-coins-and-how-do-they-differ-from-bitcoin)
We all know some of the advantages of crypto: decentralization, high speed, low cost, and anonymity. XMR, ZEC, XVG have been supported by the community because they are privacy coins, that is, no one can know the information relating to the transaction.
Recently, however, under pressure from exchanges and governments, we have seen DASH deny its own anonymity feature. The Bitcoin community seems reassured because BTC is not a privacy coin.
I really don't understand this. As far as I know, crypto revolutionizes against the manipulative hands of governments, but it seems that under the pressure of regulation and community greed we forget the purpose of the revolution. This is only for our coin/token to be accepted.
I understand that project teams need to find a way for their coins/tokens to exist in the market, but when we surrender to the government, I feel sorry for Satoshi Nakamoto.
What happens next with privacy coins? Will the crypto community continue to support them or are they just silently watching them continue to be crushed by the government?
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The question is - how can you deal with DEX and private coins? It's like fighting windmills. CEX can be forced to report on customer transactions, but DEX ... Although some of the DEX have a legal entity ... Therefore, they will put all expenses under control, and private coins will live
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The question is - how can you deal with DEX and private coins? It's like fighting windmills. CEX can be forced to report on customer transactions, but DEX ... Although some of the DEX have a legal entity ... Therefore, they will put all expenses under control, and private coins will live
The DEXes we have in this space are not actually or 100% decentralised because some countries are banned from transacting on their exchange, the only different between both is just that you are not require to do KYC. I believe privacy coins are here to stay but not for everyone because it will only carter for needs of few set of people
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I think that anonymity is important for those who want to fully protect their identity in all circumstances. In a world where identity theft is a common problem, protecting information is essential. Most likely, many people will need it and privacy coins will be in demand.
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For many countries that has slowly accepted the reality and the opportunity presented by the blockchain and cryptocurrency, one remaining big concern is how to deal with privacy coins. Unlike with Bitcoin, Ethereum and the likes where the transaction details are forever etched in the blockchain and is there for anyone willing to see, privacy coins are hiding many details and this is why many governments are afraid that these coins can be unwittingly used by illicit transactions or dealings. I am sure that this can be the flash point in regulations for many years to come. Let's see which side can be winning the game.
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States actually have enough authority and power to influence any cryptocurrency and the team behind it. We do not even have the opportunity to provide anything, avoiding pressure from states. I heard that Monero and some other coins with a high level of anonymity are already banned from circulation in Japan and some other countries. By their legal regulation, states can do a lot. Therefore, it should be assumed that such an influence will only increase over time. Unsurprisingly, some teams are succumbing to pressure from states and their governments. The struggle in this regard is just beginning. After all, until this time, states were only looking at cryptocurrency.
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Yes, of course you are right. More and more decentralized sonnets are turning into centralized ones, some kind of regulators appear, this in any case ruins the coin, because the most basic concept of a cryptocurrency is its decentralization without any regulators.
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I think the privacy coin if you have to follow the lines of government regulations will be very difficult.
The reason is very simple, there is no personal data or tracking for privacy coins if it is done by the way their blockchain works.
For example, Monero coins can send thousands of coins but it is not detected how many Monero coins are sent and only includes the tx id along with the destination address.
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It all depends on how far cryptocurrencies will advance in everyday life for everyday use. If they try to replace the money that states issue, then anonymous cryptocurrencies will not live, they will end very quickly. Any adequate and sane person should understand that the issue of money is the prerogative of the state,and not any individual or group of investors.
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Such activities are done in different ways. Cryptocurrencies can be made available in the market in a variety of ways. Again, it is possible to seize them in different ways. So in the cryptocurrency market I think more and more security has to be complied with. Many thanks to those authorities who have contributed to the improvement of most of the coins in the market. Cryptocurrency should be approved by the government of every country. Since the cryptocurrency market will become the second source of income in the future economy.
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Privacy coins go perfectly with the idea and concept of the decentralization but unfortunately govts and regulators do not like them and they are accused to be used for criminal activities because they cannot be tracked. Personally i see very limited scope for privacy coins in the future.
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I love private coins because they are truly community money and free from the control of corrupt governments. However, we have not found a solution to limit the abuse of private coins for malicious purposes.
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I love private coins because they are truly community money and free from the control of corrupt governments. However, we have not found a solution to limit the abuse of private coins for malicious purposes.
Contradicting thoughts.
Finding a solution to limit their use is tantamount to controlling them.
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AS much as the governments would love to quell the trade IMHO it is impossible since as long as people will be able to open a peer to peer market suppressing and/ or banning such "exchanges" will be impossible.
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Privacy coins are also used by hackers or criminals. Full crypto system is used by criminals for private transaction. Because of thus criminals in many countries are making it illegal to trade crypto.
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"Certain crypto assets, which are often referred to as privacy coins, private coins or anonymous coins, attempt to hide information about transactions, giving users more privacy.
A number of possible methods exist for adding privacy to Bitcoin, including peer-to-peer trading, although multiple crypto assets focus on privacy more directly via their technology.
Government overwatch on privacy coins has grown in recent years, as shown in part by the IRS’ efforts against Monero’s technology. Privacy coin references also surfaced in the U.S. Financial Crimes Enforcement Network’s proposed regulation on self-hosted crypto wallets in December 2020."
Great question. The overall fate of privacy coins is uncertain. Government intervention, or not. There is even a bounty to try cracking Monero, by government. Time will tell
Article: What are privacy coins and how do they differ from Bitcoin? (https://cointelegraph.com/news/what-are-privacy-coins-and-how-do-they-differ-from-bitcoin)
We all know some of the advantages of crypto: decentralization, high speed, low cost, and anonymity. XMR, ZEC, XVG have been supported by the community because they are privacy coins, that is, no one can know the information relating to the transaction.
Recently, however, under pressure from exchanges and governments, we have seen DASH deny its own anonymity feature. The Bitcoin community seems reassured because BTC is not a privacy coin.
I really don't understand this. As far as I know, crypto revolutionizes against the manipulative hands of governments, but it seems that under the pressure of regulation and community greed we forget the purpose of the revolution. This is only for our coin/token to be accepted.
I understand that project teams need to find a way for their coins/tokens to exist in the market, but when we surrender to the government, I feel sorry for Satoshi Nakamoto.
What happens next with privacy coins? Will the crypto community continue to support them or are they just silently watching them continue to be crushed by the government?
Great question. Government intervention or not, I believe privacy coins will exist. There is a bounty to crack Monero, by government. It may not be favoured, but we'll see
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Because of thus criminals in many countries are making it illegal to trade crypto.
When you mention criminals - you are referring to governments right?
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What happen to the privacy coin and tokens now? they are left behind, they are not pumping the price is very slow to go up
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If someone believes that cryptocurrency can develop on its own, without taking into account the interests of states and their governments, then they are very deeply mistaken and ultimately will be disappointed. States are forced to pay attention to the growing role of cryptocurrencies and especially to the fact that more and more capital is being invested in it, the flows of which they cannot control. This circumstance disrupts the normal operation of their financial system. Therefore, over time, they will be forced to more strictly regulate the circulation of cryptocurrency and call cryptocurrency exchanges and exchangers to identify participants in the cryptocurrency market if the transaction amount exceeds certain limits. Now FATF it is set at one thousand euros.
Therefore, coins of anonymity will be gradually banned and will be used only in settlements between citizens.