Believe me, thousands of dollars will not be transferred by private coins unless there is knowledge among those parties.
It is difficult to spend millions of dollars without the knowledge of governments and regulators.
I agree with you the transparency required to combat all the dark activities, but unless the whole world uses cryptocurrency "no more paper money is needed", all private currencies are suitable for dark activities in small amounts, not millions of dollars.
Topic: On-chain Security. Thoughts? (Read 275 times)
If we talk about security this is one of big disadvantage of bitcoin. Bitcoin is not kn decentralization stage so government will not able to take any law to make our money or crypto safe or secure . So moderator have a very big role in this industry. In that issue I think we always need KYC for every person who will entering or investing here in crypto this is for our security.
The attack on on cryptocurrency from government and labeling it to be aiding money laundering and founding terrorism top exchanges have been forced to carry out measure to protect the cryptocurrency industry from.this evil and at that binance as one of the world leading exchange have been taking to lead in this direction by providing measures to tackles all the loop holes.
But with the corresponding security that it gives do have significant negative side yet transactions is monitored then most likely later on this would be heavily centralized.I wont be surprised though.Although it is a little centralized, it remains with a decentralized system. Only I have a decentralized system wrapped up in centralization, it is all an effort to maintain exchange security. It's better like this, rather than losing money later, we don't know when the system can be broken into, so prepare security before an attack occurs
The recent CipherTrace and Binance partnership has me questioning a lot about compliance and security. I like the idea of having moderators helping analyze anything out of ordinary on-chain such as mass amounts of money moving around wallets. I also think it can help protect blockchain from anything threats from governments or terrorists.
would love to know your thoughts. I know we are in the heat of privacy coins and platforms at the moment so i'm interested to see how that will play out both with exchanges and compliance.
would love to know your thoughts. I know we are in the heat of privacy coins and platforms at the moment so i'm interested to see how that will play out both with exchanges and compliance.
I think when it comes to KYC, some of us can trust Binance. As long as our security is not at risk, and our platform is not used in any types of illegal activies like money laundering. This is a decentralized platform and makes us vulnerable to any threats. I hope this partnership removes or lessens these threats.
Also i would like to point out that no matter which kind of measurement we put in place, the network will be a lot better the more capable eyes that are on it constantly analyzing and improving it.
Blockchain technology is really good but i'm pretty sure that it will be a lot better in the future as Bitcoin improve as a currency and more people including capable people working in it comes. A lot more.
Blockchain technology is really good but i'm pretty sure that it will be a lot better in the future as Bitcoin improve as a currency and more people including capable people working in it comes. A lot more.
It doesn't seem like Binance have any vulnerabilities, at least no one is publicly talking about it. I think that all this mess was started in order to show governments that Binance is safe and legal platform and prevent any further ban attempts.
Cash is a kind of anonymous money until you come to the shop and show your ID to buy some wine.
You have to show yourself to make any purchases, no matter what money you use.
Slowly, we're drifting away from the ethos of bitcoin regarding privacy, and I think we ourselves were to blame since we wanted bitcoin to get legalized and be accepted in the whole world.
No one said that Bitcoin was created as a private currency. You can still see every BTC transaction on blockchain.what you said has nothing to do with "security" specially "on chain". you are talking about privacy and the fact that some companies have always been trying to take that privacy away from bitcoin users and they have started doing it from early years, this is not a new thing and anybody who enters bitcoin should know that bitcoin is not an anonymous coin although it offers you a good deal of privacy.
I disagree. Bitcoin is an anonymous coin even if it does not offer advances privacy measures like Monero, Dash etc, but it provides sufficient anonymity to its users unless KYC is enforced by the exchange, p2p platform etc. You have to show yourself to make any purchases, no matter what money you use.
Personally, I think the tech developed for on-chain analysis should only be used for law enforcement and prosecution and nothing else, because if it is used for personal and corporate activities, bitcoin's privacy may not be so private after all. Having said that, there's also a limit as to how well would this analysis tool be useful, and for sure people have already one-upped Ciphertrace by crafting strategies on how to mask themselves on the blockchain.
Slowly, we're drifting away from the ethos of bitcoin regarding privacy, and I think we ourselves were to blame since we wanted bitcoin to get legalized and be accepted in the whole world.
Slowly, we're drifting away from the ethos of bitcoin regarding privacy, and I think we ourselves were to blame since we wanted bitcoin to get legalized and be accepted in the whole world.
I don't mind about the partnership as long as it has to be a good purpose of protecting the customer from the attacker. As long as they can assure to give the best services for the members, I think we could accept them and don't have a problem with that.
But still, many people don't like with the partnership for some reason. So I think we need to wait for the next update from them, so we know the progress.
But still, many people don't like with the partnership for some reason. So I think we need to wait for the next update from them, so we know the progress.
what you said has nothing to do with "security" specially "on chain". you are talking about privacy and the fact that some companies have always been trying to take that privacy away from bitcoin users and they have started doing it from early years, this is not a new thing and anybody who enters bitcoin should know that bitcoin is not an anonymous coin although it offers you a good deal of privacy.
I disagree. Bitcoin is an anonymous coin even if it does not offer advances privacy measures like Monero, Dash etc, but it provides sufficient anonymity to its users unless KYC is enforced by the exchange, p2p platform etc. A good deal of privacy as you stated is all that is needed at present.
Bitcoin itself is anonymous, but the transaction cant be anonymous if an exchange is involved in the transaction. Most exchanges are applying KYC and AML, which makes the possibility of money laundering attempt become lower. It is good to be honest, so it may reduce the negative opinion of bitcoin.
what you said has nothing to do with "security" specially "on chain". you are talking about privacy and the fact that some companies have always been trying to take that privacy away from bitcoin users and they have started doing it from early years, this is not a new thing and anybody who enters bitcoin should know that bitcoin is not an anonymous coin although it offers you a good deal of privacy.
I disagree. Bitcoin is an anonymous coin even if it does not offer advances privacy measures like Monero, Dash etc, but it provides sufficient anonymity to its users unless KYC is enforced by the exchange, p2p platform etc. A good deal of privacy as you stated is all that is needed at present.
what you said has nothing to do with "security" specially "on chain". you are talking about privacy and the fact that some companies have always been trying to take that privacy away from bitcoin users and they have started doing it from early years, this is not a new thing and anybody who enters bitcoin should know that bitcoin is not an anonymous coin although it offers you a good deal of privacy.
If you can somehow stay anonymous (without providing) those transactions ownership, but only for money launders that data would be exposed, i am ok with it.
I mean that must be ok since they are only securing that transactions are fully legal and not scamming someone else and complying with the law a.k.a. fraudulent activities.
I mean that must be ok since they are only securing that transactions are fully legal and not scamming someone else and complying with the law a.k.a. fraudulent activities.
The reason 50% people are in this business is because of one factor *they can be anonymous *
Now if the transactions have a mediator and will be taken care of then there will be a problem with people like that , who knows there is someone associated with 😂 the dark side and Hi to those reading it maybe 🙄, now they won't be able to use it like that .
It will of course decrease the amount of input they put in but gradually people will start seeing this and finally more investments will flood in if the fee for the mediators is not sky breaking , because how do we plan on paying the controlling it?
And fee is already a problem for the Bitcoins technology.
Maybe the government will start to love it more than it already does 😂 ( sarcastic )
Government then won't have any bad side for our cryptocurrency, but to be honest It won't be decentralized again. That is going to be a tough call.
Now if the transactions have a mediator and will be taken care of then there will be a problem with people like that , who knows there is someone associated with 😂 the dark side and Hi to those reading it maybe 🙄, now they won't be able to use it like that .
It will of course decrease the amount of input they put in but gradually people will start seeing this and finally more investments will flood in if the fee for the mediators is not sky breaking , because how do we plan on paying the controlling it?
And fee is already a problem for the Bitcoins technology.
Maybe the government will start to love it more than it already does 😂 ( sarcastic )
Government then won't have any bad side for our cryptocurrency, but to be honest It won't be decentralized again. That is going to be a tough call.
The attack on on cryptocurrency from government and labeling it to be aiding money laundering and founding terrorism top exchanges have been forced to carry out measure to protect the cryptocurrency industry from.this evil and at that binance as one of the world leading exchange have been taking to lead in this direction by providing measures to tackles all the loop holes.
That's one of the disavantage of cryptocurrency, being decentralized, it can be used for money laundering and frauds. As we know, one of the most trusted and used platform in crypto is binance, that is why maybe they made a move to lessen the possibility of their platform being used to do such activities.
*I have read a thread and an article about this, will post and edit post once I found it.
The attack on on cryptocurrency from government and labeling it to be aiding money laundering and founding terrorism top exchanges have been forced to carry out measure to protect the cryptocurrency industry from.this evil and at that binance as one of the world leading exchange have been taking to lead in this direction by providing measures to tackles all the loop holes.
But with the corresponding security that it gives do have significant negative side yet transactions is monitored then most likely later on this would be heavily centralized.I wont be surprised though.
The attack on on cryptocurrency from government and labeling it to be aiding money laundering and founding terrorism top exchanges have been forced to carry out measure to protect the cryptocurrency industry from.this evil and at that binance as one of the world leading exchange have been taking to lead in this direction by providing measures to tackles all the loop holes.
The recent CipherTrace and Binance partnership has me questioning a lot about compliance and security. I like the idea of having moderators helping analyze anything out of ordinary on-chain such as mass amounts of money moving around wallets. I also think it can help protect blockchain from anything threats from governments or terrorists.
would love to know your thoughts. I know we are in the heat of privacy coins and platforms at the moment so i'm interested to see how that will play out both with exchanges and compliance.
would love to know your thoughts. I know we are in the heat of privacy coins and platforms at the moment so i'm interested to see how that will play out both with exchanges and compliance.
Jump to: