Russian tool will make your transactions transparent

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

You should only be worried, if you participated in illicit activities on the Internet .....right? ...Nope.. the Pseudo anonymity in Bitcoin is very important, because it protects people's financial data. (If all transactions can be linked and traced to individuals... then we are all in trouble)

Imagine if all cash transactions could be traced to the individual that used it... and also where it originated from... eg. (Your Bank account) ..then criminals will pick the juicy (rich) targets and they will exploit them. (The same goes for the Fiat system.. if criminals had access to everyone's Bank accounts... lot of people would have been hurt for these people to get to their wealth.) Angry

pawanjain

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Nothing lasts forever

Quote from: witcher_sense on August 18, 2020, 01:06:58 AM

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

Worried for what ? If you are worried about your anonymity and you think that this system will compromise your privacy then you should not be worried because it is still not proven to identify any person's identity yet and besides that we don't even know if this project is legit.
We know how many projects have used the term artificial intelligence just to gain the attention of investors.
It's far from reality yet and so we do not have to worry about it yet.

katiepower

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Okay, but I think this is a bit of a departure from the original idea of decentralization.

AicecreaME

sr. member

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It shouldn’t be worrisome if all of your activities and transactions are legal.

I don’t think there’s a need for being afraid of them knowing the transactions address. After all, our identities wouldn’t be at stake. We’ll still be anonymous if that’s what you’re overthinking about. Unless, of course, you’ll use a KYC platform or website. Because by using so, it can definitely leak your information once a hacking happens.

Also, this isn’t proven yet right? So why bother to worry for some kind of false and overstated advertisement? As long as you’re not using a KYC website for your financial transactions, i believe you’re always going to be fine.

wanted sliter

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Anonymous cryptocurrencies are now helping crypto-related crimes. I don't think so much because if they can create a protocol to make anonymous cryptocurrencies invisible, they will help reduce crypto crime. That's good news for the market as a whole, we should see the market's manipulators and better predict market trends.

bitcoinst

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Sorry. Did I hear it or did the Russians reinvent blockchain?
It is not entirely clear how they are going to deal with drug traffic, because it is impossible to identify all wallets, new and new ones will appear. It remains only to negotiate with the exchanges to block this kind of funds, but it still needs to be proved that the funds are "dirty". So far, this looks like a great project for kickbacks of collected money.

charlie137

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(ノಠ益ಠ)ノ

Quote from: hatshepsut93 on August 21, 2020, 08:21:41 PM

You know it's all bullshit when someone says that they can deanonymize Monero. And claims about artificial intelligence often don't inspire confidence and can be another sign of a scam, because nowadays it's so easy to claim that you can solve any problem with AI, but it's actually hard to do so on practice. Also Russia is notorious for making bold claims about technology with nothing to back them up, Putin's vaccine being the latest one.

thats some genuine crap))) https://arxiv.org/pdf/1704.04299/ you guys really think you gonna shield every gray coin before the proto shift?)))))))))) fucking monero fanshit)

xenon131

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Quote from: hatshepsut93 on August 21, 2020, 08:21:41 PM

You know it's all bullshit when someone says that they can deanonymize Monero. And claims about artificial intelligence often don't inspire confidence and can be another sign of a scam, because nowadays it's so easy to claim that you can solve any problem with AI, but it's actually hard to do so on practice. Also Russia is notorious for making bold claims about technology with nothing to back them up, Putin's vaccine being the latest one.

Russian scientists are forced to do such bold claims to get grants from government. After receiving money they do nothing and at the end just write the final report meaning all their work is ended. This way the system works for dozens of years, so you don’t have to worry about that statement of Lebedev Institute.

hatshepsut93

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You know it's all bullshit when someone says that they can deanonymize Monero. And claims about artificial intelligence often don't inspire confidence and can be another sign of a scam, because nowadays it's so easy to claim that you can solve any problem with AI, but it's actually hard to do so on practice. Also Russia is notorious for making bold claims about technology with nothing to back them up, Putin's vaccine being the latest one.

goldade

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Although this will help reduce scam and fraudulent activities, it will drastically reduce the privacy users have in making transactions.
It is noteworthy to know that one of the characteristics of bitcoin that led to its adoption is the fact it provides anonymity for users.
If that is removed, it is impossible to know what the future holds for bitcoin.

BChydro

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Activity: 1426

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Quote from: MCobian on August 19, 2020, 07:49:44 PM

There is nothing to worry about regarding the Russian tool that can track digital asset movement, because as long as we make transactions without
KYC procedure will be fine. Moreover, if it is true that this Russian tool can be run, it will reduce the current number of scams. I am among those
who support this Russian tool.

The idea behind it is not about identifying the users from exchanges but to follow the transactions and identifying the trail, sure these tools will help the law enforcement authorities in identifying scams but it reduces the privacy of the users. There are companies that are helping the authorities in identifying the trails even now and more companies are coming forward providing these tools.

witcher_sense

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Quote from: suzanne5223 on August 19, 2020, 07:04:59 PM

You're totally wrong about bitcoin to be only used for illicit activities.

They clearly meant that. For them, cryptocurrency is not decentralized, open, neutral, borderless, permissonless payment system that is about to replace central banks and legacy financial system. Criminals, weirdos, geeks are the only users and adopters of that payment system. They should be controlled and surveilled all the time. Either they underestimate its importance or they actually believe that bitcoin is capable of replacing the current obsolete system. The main problem is rationales they are providing are always the same, haven't changed over long time, and thus real motives behind aren't clear either.

thesmallgod

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This can only be useful for the government and other parastatals that want to monitor and get access to people's identity. Crypto users want something more transparent and offer higher anonymity and which is the reason why some make use of additional services such as mixing services. Also for a country that has been engulfed in a series of news about an attempt to regulate some crypto-related activity, I believe it won't be a welcome idea for all crypto nerds

imstillthebest

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monero is a privacy coin . it would be a bad if they this tool makes the coin useless but i guess its okay with btc because btc is not fully anonymous . other than that ,you said this helps combats illegalities that are done before secretly , if this tool helps expose them why not ? and industry now are into blockchain because they want transparency but if this tool helps blockchain to be more transparent they will be happy with that .

wiss19

sr. member

Activity: 2072

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I don’t see any reason for me to be worried about this, these kind of news no longer bothers me because I don’t do illicit Businesses with cryptocurrency, so even if they should start tracking my address they are not going to find anything that’s related to illicit activities, cause I’m all clean.

The people that are going to be worried are mainly those that are using cryptocurrency for bad purposes. I know that they are doing all these things as a way to reduce the rate of scammers in the cryptocurrency market. Some of us are interested in using cryptocurrency just for transactions, and good purposes only, but others have decided to only use it in the wrong way.

MCobian

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Activity: 1190

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There is nothing to worry about regarding the Russian tool that can track digital asset movement, because as long as we make transactions without
KYC procedure will be fine. Moreover, if it is true that this Russian tool can be run, it will reduce the current number of scams. I am among those
who support this Russian tool.

suzanne5223

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Activity: 2590

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Want top-notch marketing for your project, Hire me

Quote from: witcher_sense on August 19, 2020, 05:55:10 PM

First of all, it doesn't exist, literally. The prototype they built was not using and was not based on any AI.

The analytic AI is yet to be exist cause they are having financial challenges but the protocol will be run by AI.

Quote from: witcher_sense on August 19, 2020, 05:55:10 PM

They concluded that blockchain is immutable, the data stored in it cannot be changed.

Precisely and thats why the transaction done since 2009 when bitcoin was created still exist in the blockchain.

Quote from: witcher_sense on August 19, 2020, 05:55:10 PM

In order to identify participants of particular immutable transaction, those participants first need to disclose their identity through passing KYC, for example. If you don't reuse your address, AI will not find you.

KYC is not the only way they are planning to disclose identity cause they can still do that through IP address.

Quote from: witcher_sense on August 19, 2020, 05:55:10 PM

Bitcoin blockchain is not based in Russia.

Yes but they are taking bold step in supporting blockchain.

Quote from: witcher_sense on August 19, 2020, 05:55:10 PM

Bitcoin is only used in illicit activities and nowhere else, all countries should unite to turn off internet and make bitcoin useless.

You're totally wrong about bitcoin to be only used for illicit activities.

javainn

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Merit: 100

Quote from: suzanne5223 on August 19, 2020, 08:21:36 AM

Quote from: kryptqnick on August 19, 2020, 07:21:59 AM

Quote from: witcher_sense on August 18, 2020, 01:06:58 AM

According to Cointelegraph developers from Lebedev Physical Institute have successfully developed a prototype of new crypto analytics system called "Transparent Blockchain".

They claim this system effectively uses artificial intelligence to reduce anonymity of transactions in blockchains like Bitcoin, Ether, Omni, Dash and Monero.

In essense, the system enables blockchain analysts "to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to digital assets".

What do you think? Should we be worried?

Bitcoin transactions aren't anonymous, Blockchain is already public and thus transparent. As for Dash and Monero which are also mentioned in the article, that's another story. Whatever they're planning to do with Bitcoin blockchain, I'd be cautious about it. Russia is not the kind of country that I would trust with such a task. The level of corruption is high, the police is very militarised, human rights violations are not irregular. So there's a good chance the officials would use the system to track down someone's money for their personal reasons or to sell the data to someone. If there were a way to ensure the system is indeed only used to fight criminals, it's one thing. But since it's not the case, it's worrisome.

Please try to read the original article source link because privacy coins are not mentioned by the Russian intelligence team and it the article writers that mention privacy coin in other to get our attention. How is it possible to track a transaction which it does not exist on blockchain and only disclose to the parties involved?
Speaking of Russia corruption level which is well know and I dont think people will trust them but I'm sure the device they created to target bitcoin transactions.

It is very risky to do its job of tracking the transactions on the blockchain without being detected ... but maybe it has a positive purpose to avoid criminals who use crypto for bad purposes. if we don't make a mistake in using crypto maybe there's no need to worry

witcher_sense

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Quote from: suzanne5223 on August 19, 2020, 08:49:49 AM

~

Lets summarize gathered information about magic russian AI:

First of all, it doesn't exist, literally. The prototype they built was not using and was not based on any AI.
Despite the fact it doesn't exist, it is able to scan whole Internet. Twice.
They concluded that blockchain is immutable, the data stored in it cannot be changed.
In order to identify participants of particular immutable transaction, those participants first need to disclose their identity through passing KYC, for example.
If you don't reuse your address, AI will not find you.
Bitcoin blockchain is not based in Russia.
Bitcoin is only used in illicit activities and nowhere else, all countries should unite to turn off internet and make bitcoin useless.

I am scared.

stompix

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Jambler.io

Quote from: pooya87 on August 18, 2020, 03:04:07 AM

just another low quality article from cointelegraph that is actually advertising yet another blockchain analysis service trying to gain some popularity and make some money from that.

Actually right now it the worst combination possible, a low-quality article, a government agency waiting for money and of course the promises of developing something out of the ordinary made in russia. Every once in awhile there is an "inventor" that comes out with something that blows the competition away making the Russian invention totally revolutionary, the propaganda uses it as one of its tools, the guy behind it cashes a lot of funds and then, there is silence.
It happens on a large scale as we see now with the covid vaccine, happened with the Yo-Mobile, YotaPhone, and of course Alyosha, and of course, happens at a smaller scale as we see here.

Now somebody from that agency saw a chance for funding and using some buzzwords, and here we go, what the rest of the world has deemed impossible they will manage...until they run out of funding as it proves useless.

Quote from: bitbunnny on August 18, 2020, 03:31:14 PM

For me Russia and transparency don't go into same sentence.

It's is transparency alright, but only for you, not for them Grin

Topic: Russian tool will make your transactions transparent (Read 573 times)