Do we need a privacy coin that can only hide transaction amounts ? - page 2.

vv181

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Quote from: j1792 on August 05, 2023, 06:06:24 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?

The state of privacy coin within the cryptocurrency market is a niche. That should explain why it is not popular, compared to another type of coin, that you also mentioned ETH, LTC and many others.

Most people in general also did not mainly and necessarily pick privacy-by-default cryptocurrency as their choice. Monero by far is the most private coin, currently, so in terms of features, XMR is good enough. The regulation does indeed also affect people's choices, but not significantly.

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

If a coin only hides the transaction amount, will it be popular?
~
Of course, this semi-privacy coin is also more friendly to supervision.
Will anyone be willing to use this kind of coin ?

I doubt it will even gain any traction. Your inconvenience is insignificant that it does not worth to tackle about.

livingfree

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Quote from: j1792 on August 05, 2023, 06:06:24 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?

Actually, it was very popular and I guess even til' now when one is talking about privacy coin then the first thing that will come to the mind is Monero. But its demand dropped like a bomb because of how the regulators, the government kept track on where it was listed.

There's a pressure from the specific countries and its government to the exchanges where it's found locally on those locations.

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

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 ?

I guess everyone is willing to use it as long as there's a demand and there's a lot of support from many exchanges. It all will still end up where it's listed and how huge the volume and its liquidity is.

hugeblack

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Quote from: j1792 on August 05, 2023, 06:06:24 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?

The majority invest in bitcoin or cryptocurrencies as an investment, and therefore privacy is not a priority, and therefore we do not see a high demand for Monero compared to any currency that can give any high investment return, even if it is bad..
This thing will change in the coming years, especially if cryptocurrencies are regulated.

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

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 ?

Privacy comes from the difficulty of knowing the party who is buying, and therefore when the party knows, part of his money can be known. You can do this by using the coincotrol feature in some bitcoin wallets and always request a new address for each transaction, then ordinary people will not be able to know all your money.
Litecoin has a privacy feature^[1] that has been incorporated into some transactions.

[1] Explaining MimbleWimble: The Privacy Upgrade to Litecoin

j1792

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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 ?

Topic: Do we need a privacy coin that can only hide transaction amounts ? - page 2. (Read 215 times)