My thoughts about privacy coins | Bitcointalksearch.org

Twinkledoe

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Quote from: pixie85 on March 02, 2020, 06:24:07 PM

It's not important who is selling the coins and that he is trackable because all you can track is that he used to have a privacy coin from an unknown source and then sold it. You're removing the source from the process so if you want to hide that your coins come from a casino or fom a black market trade you can do it with Monero and other similar coins.

They are not there to hide everything but they succeed in hiding some of the path your money took.

Very well said. We can't expect them to achieve ultimate privacy but at some point there will be blind spots for those who want to track you. And I think that's already sufficient. Because there will be a situation that you really need to convert your crypto to your fiat currency. And in doing so, the exchange has your details but they won't know where your crypto is coming from if you have these privacy coins.

akram143

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Quote from: Byakuga on March 01, 2020, 07:50:50 AM

Quote from: akram143 on March 01, 2020, 06:15:29 AM

Quote from: Ryushin on March 01, 2020, 05:58:26 AM

I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

But why they have to convert it in the first?

Monero team doesn't want you to use any other coins so keep using monero then you won't get tracked or you wanted to trade then pay your taxes or you will get caught. Tongue

Who would use privacy coins for their privacy only without trying to change them to other coins or money? That doesn't make any sense, on deep web criminals use Monero to buy items, right? What others use this Monero have if not using them to get other things?

The name itself says what is the coin meant for,so if you want some shit tradeable coin then go and find thousands of tokens available for you on coinmarket cap.

Privacy coin can be send and received so it make sense of their existence.

If you think dark web is only used by criminals then 90% of world population supposed to be criminals. Cheesy

pixie85

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It's not important who is selling the coins and that he is trackable because all you can track is that he used to have a privacy coin from an unknown source and then sold it. You're removing the source from the process so if you want to hide that your coins come from a casino or fom a black market trade you can do it with Monero and other similar coins.

They are not there to hide everything but they succeed in hiding some of the path your money took.

shinratensei_

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Quote from: Ryushin on March 01, 2020, 05:58:26 AM

This is just my own personal thoughts about privacy coins, we called XMR and others the best privacy coins and we still send them to exchange to trade, once you trade for other coins you are trackable, how is this an anonymous? No it's not, I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

There you have it, here is another for developers who are out of idea for new use cases, how about a privacy coin with inbuilt swap on their very own blockchain without involvement of centralized exchanges.

You should add an additional info if the third parties should be centralizer party. If that was still pegged with the exchange site and you will always never get your privacy. Anonymous tech can be used when people are creating direct transactions. Swap can be the best answer for monero to do that but the problem is the government and regulators will be giving you sub-poena regarding it.
Did you think just because of the swap process and this project will be anonymous (safe) from the monitoring of centralized entities? I didn't even think if that can happen. It's better to use a direct transactions to receiver's wallet.

DarkDays

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Most people first pass their ethereum or bitcoin througn mixers or wasabi wallet before interacting with centralized exchange platforms to trade for privacy coins like Monero.

It really isn't that difficult to go from Bitcoin to Monero in a completely anonymous way, particularly if you only need small amounts.

Here's a plausible pipeline to do so.

1. Create a new Bitcoin wallet using a tor-based web wallet
2. Receive Bitcoin from your source to said wallet
3. Optional step, pass this cryptocurrency through a mixer or coinjoin wallet
4. Again using tor, create an account on an exchange with BTC/XMR trade pairs and lax KYC requirements (or none)
5. Trade BTC for XMR
6. Withdraw XMR to external wallet.

Anybody who actually cares about their privacy will definitely be using some variation of this technique.

seoincorporation

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Quote from: Ryushin on March 01, 2020, 05:58:26 AM

This is just my own personal thoughts about privacy coins, we called XMR and others the best privacy coins and we still send them to exchange to trade, once you trade for other coins you are trackable, how is this an anonymous? No it's not, I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

There you have it, here is another for developers who are out of idea for new use cases, how about a privacy coin with inbuilt swap on their very own blockchain without involvement of centralized exchanges.

There is always a way to do it right if you want to have clean coins. That´s why we have mixing coins service.

If you use one of this services to make a deposit to Atomic Wallet, then you can use the swap service, and after that, if you want to get back bitcoin, you can use xmr.to Wink

Ziskinberg

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Monero to monero it will be anonymous but once you trade it in other coins, that's where you kill the anonymity.
It's true you will be track in centralized exchange because they are regulated and in fact some decentralized exchange now are not fully decentralized anymore.

batang_bitcoin

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Nice thoughts but Monero alone is anonymous and it is your option to trade it. I think every user should be aware that when their coins entered to any centralized exchange, they should be aware that they can be tracked by the exchange alone.
There are decentralized exchanges but I don't think it's a good option because volumes there are not high. If you don't want to be tracked by the exchange, send the anonymous coin directly to the receiver without exchanging it.

LbtalkL

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I dont have a lot of knowledge about this privacy coins but this is what I have read on some article "privacy coins conceal the information, There is no record of the recipient's or sender's addresses" This is really cool if you are concern with your privacy. Some people also uses mixers to increase anonymity and privacy I guess the best is chipmixer.

kooboat

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I think developers are still do more with privacy issues when it comes to transactions. Just thinking a lot but I guess there are still some good third party agents that can help you stay anonymous with Monero and co. Even with open source blockchain technology, one can still stay private without getting traced using the right input.

Febo

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Quote from: Ryushin on March 01, 2020, 05:58:26 AM

This is just my own personal thoughts about privacy coins, we called XMR and others the best privacy coins and we still send them to exchange to trade, once you trade for other coins you are trackable, how is this an anonymous? No it's not, I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

There you have it, here is another for developers who are out of idea for new use cases, how about a privacy coin with inbuilt swap on their very own blockchain without involvement of centralized exchanges.

Difference between Monero and Bitcoin is that once you withdraw Monero from an exchange no one can link it to that exchange back. When you withdraw Bitcoin, everyone even after 10 transactions can track it back to that exchange and can ask them for your identity. This makes using Monero very anonymous. If you buy Bitcoin anonymously and dont link coins to your identity you are totally fine. With Monero you don not need to worry abut that. With increased regulations and mandatory KYC Monero will become only more and more useful.

But this is not the most important thing. The most important thing is that when you use Monero, no one knows where you got your coins and how many you have. Imagine you go to a vacations in foreign land and you buy a drink with Bitcoin. That bar waiter will know how much coins you have and where you got them. Sounds really scary to me.

Atomic swaps of Monero with other coins will be available when they will be developed. Currently Monero have other priorities. More people that will donate to Monero development. Or more developers that will decide to develop Monero for free faster the atomic swaps will kick in.

Byakuga

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Quote from: akram143 on March 01, 2020, 06:15:29 AM

Quote from: Ryushin on March 01, 2020, 05:58:26 AM

I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

But why they have to convert it in the first?

Monero team doesn't want you to use any other coins so keep using monero then you won't get tracked or you wanted to trade then pay your taxes or you will get caught. Tongue

Who would use privacy coins for their privacy only without trying to change them to other coins or money? That doesn't make any sense, on deep web criminals use Monero to buy items, right? What others use this Monero have if not using them to get other things?

Ucy

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Quote from: Ryushin on March 01, 2020, 05:58:26 AM

This is just my own personal thoughts about privacy coins, we called XMR and others the best privacy coins and we still send them to exchange to trade, once you trade for other coins you are trackable, how is this an anonymous? No it's not, I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

There you have it, here is another for developers who are out of idea for new use cases, how about a privacy coin with inbuilt swap on their very own blockchain without involvement of centralized exchanges.

The bolded will be via decentralized exchanges.

Well, the mistake was probably allowed because developers were interested in adoption and price growth. I honestly would not be comfortable seeing a project I am involved in listed on centralized exchanges for safety reasons. I will encourage the project users to use DEXes more, and probably will never encourage centralized ones unless maybe they are very safe and Crypto-friendly

akram143

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Quote from: Ryushin on March 01, 2020, 05:58:26 AM

I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

But why they have to convert it in the first?

Monero team doesn't want you to use any other coins so keep using monero then you won't get tracked or you wanted to trade then pay your taxes or you will get caught. Tongue

meanwords

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That's where you are wrong. That depends on the person whether you are going to send it to centralized exchanges or not. They can only track you if you give them the chance to do so. So why would you do that? you don't. Use decentralized exchange if you don't want to be track or at least use some third party that will help you stay anonymous, there's a lot of them. The moment you send your own coin to a wallet that you don't own the private key, it means that you've already given your privacy to a centralized system.

Ryushin

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This is just my own personal thoughts about privacy coins, we called XMR and others the best privacy coins and we still send them to exchange to trade, once you trade for other coins you are trackable, how is this an anonymous? No it's not, I think for coins like Monero to maintain their privacy they should have their own ways of converting into other coins without any third parties

There you have it, here is another for developers who are out of idea for new use cases, how about a privacy coin with inbuilt swap on their very own blockchain without involvement of centralized exchanges.

Topic: My thoughts about privacy coins (Read 171 times)