Are privacy coins destined to failure?

Abiky

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Quote from: MonsterV on October 13, 2021, 09:54:13 AM

I don't think they are destined to be failure. Nowadays most people is thinking about money, business and quick profit that's why most companies and developers are going along with what is hype today. Right now DeFi and NFT is a hot topic in regards with the investors since it is very popular in the industry but some serious developers and companies really do build a project such as Monero, Zcash which is to protect the privacy of the users and its transactions.

They are not on the hot news now but it doesn't mean they are failure, it is just there are some new projects that are new to some people and of course they are much more interested to it.

Privacy coins might not disappear, but they'll be out of the spotlight as other cryptocurrencies gain the attention in the mainstream world. Cryptocurrencies with built-in privacy features will only represent a small portion of the market, as Bitcoin and smart contract platforms like Ethereum, Solana, and Binance Chain take the world by storm.

I'm hoping people will turn to privacy coins the more invasive government surveillance becomes in the future. Monero is the leading privacy coin on the market, so I'm guessing it'll gain the most traction after this. Centralized exchanges might de-list privacy coins, but people can still use decentralized exchanges or even atomic swaps to get access to them. I'm fine with that as long as everything remains decentralized. Just my thoughts Grin

Looper_U

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I don't think so, just because Privacy coins aren't needy today doesn't mean their time won't come soon, it's just like how DeFI and NFT have been around for years before they become well known and popular throughout 2020 and 2021

Dewiana

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maybe this is part of the privacy coin technique is also part of achieving success, because the privacy coin is to protect
from various obstacles, and it could be so that security is more guaranteed from various possibilities that occur. Other things to look at and what guidance global regulators are bringing for example the Financial Action Task Force (FATF) on privacy coins., which was announced mid-2021 there are new AML/CFT recommendations for those dealing with (AEC), as the FATF calls the coin privacy,

MonsterV

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I don't think they are destined to be failure. Nowadays most people is thinking about money, business and quick profit that's why most companies and developers are going along with what is hype today. Right now DeFi and NFT is a hot topic in regards with the investors since it is very popular in the industry but some serious developers and companies really do build a project such as Monero, Zcash which is to protect the privacy of the users and its transactions.

They are not on the hot news now but it doesn't mean they are failure, it is just there are some new projects that are new to some people and of course they are much more interested to it.

Abiky

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Quote from: timerland on October 08, 2021, 04:18:31 AM

No.

In fact with the recent wave of governmental crackdowns I think that crypto adopters are going to be more cognizant of privacy than ever.

I am a long term bull of XMR. There is real potential especially for the ultra rich as they will likely not want people to speculate on what they're doing with their cash every time they move coins from one address to another.

Good point. Wealthy people could find privacy coins useful, especially when it comes to obfuscating transactions from third parties. After all, you don't want anyone knowing how much money you have, right? Of course, privacy coins are a double-edged sword. They can be used for both good and bad things, just like it's the case with any other cryptocurrency on the market.

I believe privacy coins will be used more thoroughly for illegal activities in the future, since they "allow" anyone to evade taxes or even perform money laundering. Governments won't care about privacy coins' legitimate use cases if most people use them the wrong way. You can see why there's been pressure against centralized exchanges to de-list privacy coins like Monero and Grin at will. What matters is decentralization and censorship-resistance. As long as privacy coins stay that way, they'll be truly unstoppable. Just my thoughts Grin

pawanjain

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Quote from: eaLiTy on October 07, 2021, 01:58:04 PM

People will still use privacy coin no matter how hard these regulations will be but they it will be forced to trade in dark markets or in exchanges that are situated in free heavens.

Yes ofcourse, that's what is gonna happen if most of the countries implement regulations on privacy focused coins.
There is no other option other than these 2 for now and I think people will only use those few exchanges in the free heavens promoting monopolies.
But still, this won't stop those people who are fond of using privacy focused coins. Just that they will get low number of options to make their transactions.

timerland

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No.

In fact with the recent wave of governmental crackdowns I think that crypto adopters are going to be more cognizant of privacy than ever.

I am a long term bull of XMR. There is real potential especially for the ultra rich as they will likely not want people to speculate on what they're doing with their cash every time they move coins from one address to another.

Jackl87

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Quote from: Abiky on September 17, 2021, 10:40:56 AM

Cryptocurrencies with a transparent blockchain ledger have seen an exponential increase in demand as people join the craze. Coins with smart contract functionalities and Bitcoin are soaring towards new All-time-highs. But the same cannot be said about privacy coins like Monero, Zcash, Grin, Dash, and BEAM. It seems that innovation and mainstream demand for privacy-oriented cryptocurrencies have declined for the past years.

Nowadays, it's all about NFTs and "De-Fi" leaving privacy behind in the dust. If you take a good look at the market, you'll notice that there hasn't been a new privacy coin for quite some time. New coins and tokens are usually built on existing blockchains with a transparent ledger or one from scratch without any privacy features whatsoever. If this keeps up, privacy on crypto might become extinct. The more centralized exchanges de-list privacy coins, the less their public exposure will be. Governments may have succeeded in destroying privacy coins altogether.

Do you think privacy coins are destined to failure? If not, why? Your input will be greatly appreciated. Thanks.

As others in this thread already mentioned, trends and hypes come and go and at the moment the crypto space has other topics and trends that are in the center of attention of almost everyone; stuff like NFT's, DeFi, play-to-earn games and sad but true, also all those sh*it-coins that are still appearing every day. That doesn't mean though that privacy oriented projects are dead or that they will never increase in price again the focus of the people is just somewhere else at the moment. There will sure be a time in the future where privacy projects will rise while all the other projects are dropping or remaining stable again. There are also still new privacy projects coming out. Recently i heard about sahara protocol, which sounds interesting, but it is also still very early with not much infos yet. https://sahara.network/

Luffygroove

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These privacy coins are still controversial especially for the governments because probably their concern is around money laundry and crime. Probably that's why privacy coins aren't that popular like other projects with other features. They absolutely have great technology behind them but still have obstacles in the implementation in the real world. Other projects might not face a negative sentiment as much as privacy coins especially from the government and related institutions. It will hinder their development, but I hope it would change in a couple of years ahead. Privacy coins have great potential for sure.

eaLiTy

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Quote from: pawanjain on September 27, 2021, 10:57:23 AM

~
The people who do care about their privacy and are in need of privacy focused coins will find their way to those coins no matter how strict the regulation is.
Even if Centralized exchanges delist privacy coins then there are still decentralized exchanges which the users can use to buy/sell privacy coins.
Since decentralized exchanges cannot be regulated by the governments more number of people will shift from CEX to DEX.
With the rise of number of people in crypto community the value of decentralized exchanges will grow.

If major countries comes out with strict regulation for privacy coins, what do you expect to be the fate of majority of DEX that are having huge liquidity. As per the law the person launching the decentralized exchange will be held accountable and majority of the DEX founders are known to the public, like Hayden Adams of UniSwap and so on.

People will still use privacy coin no matter how hard these regulations will be but they it will be forced to trade in dark markets or in exchanges that are situated in free heavens.

WeedGoW

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You know, when people want to hide their money trace, don't want to publicize every wealth they've then the need for privacy cryptos will be there. You can disagree or agree in their doing but I just simply point out the fact as the desire for privacy is in the human nature. So privacy cryptos ain't destined to be a failure.

clarkt

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Well...What I do know is that in Cryptocurrency market, different sub-section of the market trend one after the other. And there are many factors that can trigger such trend. In the case privacy coin, news of regulations in US and other countries could raise demand for privacy coin thereby increase the prices of privacy based coin across board! You must understand the timing and structure of the market before you can take good advantage of it!

sikke

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Hell no.

Privacy coins are actually one of the only things that we need right now in the crypto space.

All that NFT and DeFi hype is just a fad. Privacy is one of the things that underpin cryptography and I'm bullish on coins like ZEC and XMR long term.

FloridaKid

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I believe privacy coins time will come, right now it's defi and NFT season and also privacy idea isn't that much needed but I'm certain the time will come and people will need privacy coins more than anything, DeFI have been around for years and no one cares until 2020, remember?

alviemery96

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I still think the right privacy coin can still be successful and acceptable. Transparency doesn't necessarily mean lack of privacy. Users' private content can be concealed, but their activities must be transparent when they interact with the public. but most of the coins and projects they want to be interested in by many users, they always use the latest way to attract users and invest in a transparent way, which is AMA.

RussianEnglishTranslation

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Quote from: Abiky on September 17, 2021, 10:40:56 AM

Cryptocurrencies with a transparent blockchain ledger have seen an exponential increase in demand as people join the craze. Coins with smart contract functionalities and Bitcoin are soaring towards new All-time-highs. But the same cannot be said about privacy coins like Monero, Zcash, Grin, Dash, and BEAM. It seems that innovation and mainstream demand for privacy-oriented cryptocurrencies have declined for the past years.

Nowadays, it's all about NFTs and "De-Fi" leaving privacy behind in the dust. If you take a good look at the market, you'll notice that there hasn't been a new privacy coin for quite some time. New coins and tokens are usually built on existing blockchains with a transparent ledger or one from scratch without any privacy features whatsoever. If this keeps up, privacy on crypto might become extinct. The more centralized exchanges de-list privacy coins, the less their public exposure will be. Governments may have succeeded in destroying privacy coins altogether.

Do you think privacy coins are destined to failure? If not, why? Your input will be greatly appreciated. Thanks.

I think you missed the mark on this post. It's not that privacy coins are dead, they are very important to our privacy and the greater crypto ecosystem but there has been a decline in adoption and they have failed to pump as much as DeFi mainly because they do not have smart contract functionality. Any cryptos that cannot be connected to other chains and participate in DeFi are doomed to fail. If you are looking for Privacy coins with smart contract functionality they are:

Incognito chain
Dero
0xMR
Dusk
there are more, feel free to add them...

Koutami

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Its not destined to failure since its has a great purposes. But probably most of privacy coins couldnt well marketed since it will faces many problem from government and another issues.

Baimovic

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I also feel that privacy coins have failed for now a lot of them can't survive even though other coins are having a high increase especially with the arrival of DEFI and NFT which are so crazy this year that they made privacy coins invisible to Crypto lovers so many people are leaving privacy coins for the benefit of DEFI and NFT.

ivankoh

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In crypto libertarianism, privacy is an important level of support for the community. This provision does not cover factors that may have influenced the failure of its nature. Monero, Zcash will still achieve their own level of success. Even if taproot comes to bitcoin, privacy will become an increasingly important need, related to the maximalism that the community has always enjoyed. Therefore, I will advocate success for coins with good privacy.

Abiky

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Quote from: kensaii on October 05, 2021, 10:04:04 AM

Privacy coin still has its niche market after all this is the internet, always have someone wishing to remain anonymous. Maybe not many like the old days but they're still there, niche after all. I remembered privacy feature used to be the main feature for many new cryptocurrencies before cex become so dominant and then privacy now is a thing of the past.

Gone are the good-old days where new cryptocurrency projects cared about privacy. People now prefer convenience on top of privacy/anonymity and decentralization. KYC/AML greatly defeated the whole purpose of crypto. At least, there are decentralized exchanges and some privacy coins around. Those who actually care about their privacy will resort to cryptocurrency projects with built-in anonymity features. I don't think such projects will fade away into oblivion as long as there are a community backing them every step of the way. Everything is open source, so anyone can build upon existing projects or build a new one from scratch. As long as people is able to enjoy privacy in crypto, there should be nothing to worry about. Just my thoughts Grin

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