Do we need a privacy coin that can only hide transaction amounts ?

Silberman

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Quote from: Apocollapse on August 07, 2023, 04:50:48 AM

Monero was popular since it ever reach top 15 coins in CMC, but due to government want to kill privacy and control everything, they force the centralized exchange to delist privacy coins. This is why the popularity of privacy coins keep declining and centralized coins regain it hype.

Obviously we need a privacy coin to protect our privacy, do you think you don't need any privacy? you can share your real name, your face, your house, your total wealth here.

Those that think Monero and other privacy coins were not popular are deluding themselves, they were very popular however governments cannot tolerate at all a currency that gives complete privacy to their users and they basically started a war against privacy coins, and even bounties were released for anyone that could break their privacy, so with this in mind we do not need a coin that only hides certain aspects of a transaction but keeps everything open as that is not enough to call itself a privacy coin.

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Quote from: cryptoaddictchie on August 06, 2023, 05:02:12 AM

Im not sure about that. Im not a fan though since privacy in blockchain seems to break the idea of transparency but since its contradict the anonymous concept still be a huge importance to other people. Like the use of mixers which users prefer to use to hide their identity or erase tracks which is important for safety. Apparently we can all agree to that since people have different preferences.

Cryptos are said to be anonymous and then said to be transparent but it's indeed contradicting but I think cryptos like Bitcoin has only a partial anonymity. It was still transparent because we can follow the path of our transaction in a block explorer but there are coins created like Monero who offer more privacy and then crypto mixers are also created on the side which can do the same function if we still want to use a Bitcoin rather than Monero and other privacy coins. People have different preferences so some would agree and some won't. If those who are conscious about their privacy, I don't think hiding the amount alone will be enough for them.

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Quote from: Apocollapse on August 07, 2023, 04:50:48 AM

Monero was popular since it ever reach top 15 coins in CMC, but due to government want to kill privacy and control everything, they force the centralized exchange to delist privacy coins. This is why the popularity of privacy coins keep declining and centralized coins regain it hype.

Obviously we need a privacy coin to protect our privacy, do you think you don't need any privacy? you can share your real name, your face, your house, your total wealth here.

I do not think that I need it, but I also do not want to share my face, ID and all that here at the same time, there is a huge difference. Think of it this way, if you know my transaction and you are aware of it, then you only know my address and my transaction that's it, and I do not feel the need to hide that, but if I use bitcoin, that doesn't mean you know my name, my face, my address and my id. Those are different things and not the same thing.

Monero hides your transaction, but bitcoin hides who you are if you want to, you could also do KYC and all that will be open to public if it's hacked, which happened a few times but that doesn't mean that you should do it neither, there is a small gap between monero and bitcoin privacy.

Apocollapse

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Monero was popular since it ever reach top 15 coins in CMC, but due to government want to kill privacy and control everything, they force the centralized exchange to delist privacy coins. This is why the popularity of privacy coins keep declining and centralized coins regain it hype.

Obviously we need a privacy coin to protect our privacy, do you think you don't need any privacy? you can share your real name, your face, your house, your total wealth here.

serjent05

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The thing with the privacy coin is that it will never be adopted as mainstream adoption. The government will always frown upon this kind of coin and will always restrict its usage. Honestly, I don't see any need for privacy tokens unless we wanted to hide our wealth and evade taxes. Or we are involved in illegal trades that we need to hide our identity and hide the traces of transactions.

Wexnident

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Privacy can be a huge thing only if big organizations and government groups actually accept and acknowledge their use. I mean, who would buy Bitcoin if you can't use it to anonymously buy stuff you want in the first place no? And Bitcoin is seen more as a sort of investment, for now at least. It should change if the things I've said earlier change, and if it's volatility dies down (which afaik should happen once the halving supply dies down to the point where it has minimal influence on the market).

And also isn't Monero still used today? well what you did compare were coins that were much more popular though so I guess the reasoning still stands, but it's still popular imo, probably not just much discussion about it as others though since the others have a lot of discussions going on about them.

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

If a coin only hides the transaction amount, will it be popular?

Something like that would be wildly popular especially if you could buy the coin easily on a no KYC exchange. I don’t think there is a coin or token currently in use that has this feature but I’d definitely buy some if it ever becomes a possibility.

nutildah

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You could actually do this by forking to an earlier version of Monero, removing a privacy component known as Stealth Addresses and disabling Ring Signatures, and keeping RingCT.

RingCT is the component that hides the amount being sent from the blockchain, providing only a cryptographic proof that the amount is between a certain range.

I don't think this would be very popular and its probably too late to try Cheesy

Most cryptos that are successful now are only so because they've established themselves over the years... I really don't see the point in launching a new coin these days.

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

As much as we want to be anonymous with crypto, but I guess that is not even possible right now. Of course there are mixers and privacy centric coins, like Monero, but if you look at them most are being delisted by exchanges because of regulatory pressures.

But if you said that you have Monero then I guess you have to stick with it. Unless what you want could be developed later. However, as I have said, there is regulation around privacy coins that is hard to overcome.

IRS Will Pay Up To $625,000 If You Can Crack Monero, Other Privacy Coins

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When the Internal Revenue Service (IRS) signaled that it was getting serious about cryptocurrency, the agency wasn’t kidding. The IRS is now offering cash to anyone who can “reliably produce useful results on a variety of real-world CI cryptocurrency investigations involving Monero and/or Lightning.” That’s right: they are looking for code crackers.

https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs-will-pay-up-to-625000-if-you-can-crack-monero-other-privacy-coins/?sh=275c5eab85cc

cryptoaddictchie

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Im not sure about that. Im not a fan though since privacy in blockchain seems to break the idea of transparency but since its contradict the anonymous concept still be a huge importance to other people. Like the use of mixers which users prefer to use to hide their identity or erase tracks which is important for safety. Apparently we can all agree to that since people have different preferences.

mindrust

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.

The current environment is not suitable for monero. Almost all of the exchanges and casinos are demanding KYC from their customers now. The establishment has declared war against privacy. Remember what the little bitch of Claus Schwab said:

https://twitter.com/wef/status/804549664439762945

"Welcome to 2030. I own nothing, have no privacy, and life has never been better."

See where we are going?

Privacy is important but something more serious is happening.

Soon we will have nothing.

Blitzboy

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Your wondering, and not without reason, why privacy coins aint got the big-time fame like other cryptocurrencies such as ETH, LTC? Well, sir or madam, thats an interesting pondering thing you got there. Its like asking why dogs bark but they dont talk. They are hard to use, indeed.

People, they seem to associate privacy coins, like Monero, with bad things. Maybe criminal activities? Maybe its the regulation thing, or maybe these coins are just not good enough. They’re hard to use, aint they?

The part about hiding only the transaction amount, well, that's a fascinating idea too. Maybe it would be popular. Or maybe not. I don't know, and that's the honest truth right there.

Silberman

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

Either you got privacy or you do not, those that do not care about it will not need a coin like this as this does not matter to them at all, while those that care about their privacy have no use for a coin that only hides one aspect of their transaction while everything else is open to anyone that cares to take a look, then as you can see there is not really any market or demand for a coin like this or it would exist already and be popular among the privacy minded individuals we have on this forum.

Huppercase

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

Monero is popular for it privacy and use case, it doesn't have attraction like ethereum because it doesn't have smart contract design like Ethereum blockchain. Monero(xlm) privacy is even stronger than bitcoin that is why some exchange don't accept them and majority of US crypto exchange don't accept monero and the reason why they are doing that is because your anonymity is to the fullest when you used Monero to send payment and also receive payment and with this, the authority will have to do extra analysis if not impossible to be able to track the payment route.

Its up to what you really want as to preserve your privacy but trust me, you need it to the fullest whether it will hide your transaction amount or not, the goal is to disjoin any association from anyone trying to check up on the user behind a particular transaction, your privacy must be protected at all cost, don't compromised it for anything,

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Satoshi Nakamoto originally wanted bitcoin to have privacy, but couldn't get it implemented properly. Only later did projects that provide privacy and anonymity to the owners of such coins begin to appear. I believe that everyone has the right to privacy, so I think it is good that such projects exist. But if we're talking about privacy, it should be total and not by any particular metrics.

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

There are so many questions that this raises... To whom this is for? Who would need it? Why hide just a transaction amount? Who exactly is gaining from this? If just amounts would be hidden, what it would help?

With zero knowledge proof, you can technically hide only the amount, as you can pick and choose what you need to reveal or hide, or if you just want to confirm something without revealing it and that would help the regulators. Because i don't get what regulators would get from just hiding the amounts.

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Quote from: Yudhisthir on August 05, 2023, 09:35:46 AM

Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

We can make such a coin but what would the benefit of it as people can track the transactions and reach to the start and endpoints where the cash is coming in or out in any forms. It would not be privacy focused coin in true sense. But we can name it so and with proper advertising it could be a hit. But it won't attract true privacy focused user and remain just another alts to pump and dump. Monero is not a coin for normal users, yes we can buy it as an investment but won't be suitable to use as a merchant coin unless you absolutely need it.

Since they are named privacy coins, I think they will be somewhat more important in terms of privacy. For example, in Bitcoin, transactions can be tracked through the block chain, but these privacy coins cannot be tracked. It works a lot like Bitcoin Mixer. And that's why Maybe's height was also very high at one time, because they take user's privacy seriously. But I also think that the future rules and regulations may have an impact on these coins.

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I don't think is that popular since vast majority of people do not focused their investment in a privacy coin anymore, moreover there are some investors who doesn't have that patient over a particular coin while there are other coin that could yield a reasonable amount for them. Just take a good look at Memecoin, and compared with those privacy coin, you would understand that many of them are actually focusing on profits maximization instead of focusing on a privacy coin that yield no value and no profits for long time hold. Secondly we could classified it as altcoin and lots of invest had channeled their efforts to bitcoin holdings than altcoin except for the quick profit making.

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

We can make such a coin but what would the benefit of it as people can track the transactions and reach to the start and endpoints where the cash is coming in or out in any forms. It would not be privacy focused coin in true sense. But we can name it so and with proper advertising it could be a hit. But it won't attract true privacy focused user and remain just another alts to pump and dump. Monero is not a coin for normal users, yes we can buy it as an investment but won't be suitable to use as a merchant coin unless you absolutely need it.

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Quote from: j1792 on August 05, 2023, 07:06:24 AM

There are already some privacy coins, such as Monero, but they don't seem to be widely popular. At least not as popular as ETH, LTC.
Is it because privacy is not a necessary requirement? Or are existing privacy coins not good enough?
Or is it because of regulation? Or is it that privacy coins make the public feel that they are always connected to criminal activities?

If a coin only hides the transaction amount, will it be popular?

When I was using Monero, I found that for offline cold wallets, it is a troublesome thing to check the balance. You have to wait for the wallet client to scan a large number of blocks to find all transactions associated with the account. If only the transaction amount is hidden, this problem will be solved.
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

Monero is still the favorite for privacy focused people specially the market in dark web. The regulations had made it difficult for normal people to trade on it but it has became a crypto currency in true sense with its own value. The popularity of bitcoin mixers is another example how large the privacy based market is.
Hiding just the transaction amount would not be a solution as monero implements Stealth Addresses, Ring Signatures and RingCT to ensure every of its users are anonymous.

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