Shiba Inu turns into privacy coin like Monero or ZCash? - page 7.

Abiky

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Quote from: StarKay on March 20, 2023, 12:25:08 AM

I don't see any reason for a meme coin like Shiba Inu to turn to a privacy coin especially now that the regulators are after such coins. Although having read through the comments, I was made to understand that it's just a third party app that is involved in the privacy thing and not Shiba Inu itself.

If some day Shiba Inu Devs decide to make it a privacy coin, I think it will negatively impact on the price. So it should just keep being a meme coin.

A third-party app would be the best way for Shiba Inu to obtain privacy features without having to worry about the regulators. That's because privacy would be more of an optional feature instead of something mandatory for users of the cryptocurrency. You can see why Monero and Zcash are rejected by most exchanges. That's because they enforce privacy by default.

Shiba Inu is a "meme" coin anyways, so don't expect anyone to take it seriously for day-to-day payments. There are billions of coins in circulation, making the prediction of $0.01 per coin a distant dream. Who knows if it fades away into oblivion as people move on to the next big thing in crypto? Just my thoughts Grin

Sethrey

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Quote from: StarKay on March 20, 2023, 12:25:08 AM

I don't see any reason for a meme coin like Shiba Inu to turn to a privacy coin especially now that the regulators are after such coins. Although having read through the comments, I was made to understand that it's just a third party app that is involved in the privacy thing and not Shiba Inu itself.

If some day Shiba Inu Devs decide to make it a privacy coin, I think it will negatively impact on the price. So it should just keep being a meme coin.

Its price is already terrific, especially looking on its Market Cap. It seems that it's impossible to return the previous popularity, that's why such news appear. Just to remind investors that Shiba is still here and nothing else.

s.tanishka

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Quote from: Sethrey on March 14, 2023, 06:32:29 AM

Quote from: Abiky on March 07, 2023, 12:14:50 PM

There isn't much innovation in the privacy-oriented sector, probably because of governments' reluctance against coins with added anonymity. Monero may be the leading privacy coin, but it isn't listed on many exchanges unlike cryptocurrencies with transparent blockchain ledgers such as Bitcoin and Ethereum. I just hope SHIBA doesn't go the privacy route, else CEXs will begin de-listing it for good. For what I know, this is just a rumor among holders of the token.

What will developers do in the long run is an excellent question. Everything must be done in the best interests of the project. Making privacy an optional feature would be a great way to satisfy the regulators. Whatever new feature gets added to Shiba, prices will skyrocket for a short period of time. Maybe it's time to buy some SHIBA before that happens? Just my thoughts Grin

Maybe you're right and it's the right time for investments. Or maybe it's a kind of rumor in order to create an artificial interest and bigger investments to pump it with the help of simple traders. Anyway, for some reason people now don't like privacy coins more an more.

The authorities of different countries have a negative attitude towards anonymous cryptocurrencies and take various measures to limit their use, since with the advent of such coins, the number of fraudulent attacks and financial fraud with cryptocurrencies has significantly increased. Although I think people who have at least some idea of what private coins are, they understand that there is nothing illegal in this. Moreover, a very small number of people use privacy coins for criminal purposes.

Rasa nanas

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Quote from: Sethrey on March 14, 2023, 06:32:29 AM

Quote from: Abiky on March 07, 2023, 12:14:50 PM

There isn't much innovation in the privacy-oriented sector, probably because of governments' reluctance against coins with added anonymity. Monero may be the leading privacy coin, but it isn't listed on many exchanges unlike cryptocurrencies with transparent blockchain ledgers such as Bitcoin and Ethereum. I just hope SHIBA doesn't go the privacy route, else CEXs will begin de-listing it for good. For what I know, this is just a rumor among holders of the token.

What will developers do in the long run is an excellent question. Everything must be done in the best interests of the project. Making privacy an optional feature would be a great way to satisfy the regulators. Whatever new feature gets added to Shiba, prices will skyrocket for a short period of time. Maybe it's time to buy some SHIBA before that happens? Just my thoughts Grin

Maybe you're right and it's the right time for investments. Or maybe it's a kind of rumor in order to create an artificial interest and bigger investments to pump it with the help of simple traders. Anyway, for some reason people now don't like privacy coins more an more.

I kinda agree with what you're saying, because after all shiba is a meme coin and without the hype the price of shiba wouldn't go up. maybe indeed this rumor was deliberately created to be a counterpoint for doge who got hype first because of the support of elon musk. it would be a shame if shiba really took the privacy route.

StarKay

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I don't see any reason for a meme coin like Shiba Inu to turn to a privacy coin especially now that the regulators are after such coins. Although having read through the comments, I was made to understand that it's just a third party app that is involved in the privacy thing and not Shiba Inu itself.

If some day Shiba Inu Devs decide to make it a privacy coin, I think it will negatively impact on the price. So it should just keep being a meme coin.

bayudndy

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Quote from: goldkingcoiner on March 16, 2023, 12:44:55 PM

I doubt that Shiba Inu will ever be able to turn into a privacy coin like Monero or ZCash. Especially because Monero and Zcash are already better as they are and Shiba Inu is not really a coin but rather a ERC20 token. Which means it does not have its own blockchain, unlike Monero, for example. And as its on the Ethereum blockchain, it will never be an effective privacy token. Furthermore, I would stay away from any coin/token which is being held by Vitalik Buterin. He already sold part of his SHIB, showing everyone that he does not care about Shiba Inu, and recently he started selling tokens he does not consider "culturally or morally viable".

I am certain that its better to stay away.

Yep, I also find this to be completely true, can see the project trying to come up with new solutions for product development to escape the shadow of memecoin.
But until now, I only see the hype and rumors surrounding it. However, with the direction of development is to build a private blockchain of shiba I find it quite interesting, they already have a large community and if they take advantage of that opportunity, they will most likely create huge price rallies. chief.

jacafbiz

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Quote from: s.tanishka on March 14, 2023, 05:56:28 AM

Quote from: Sethrey on March 07, 2023, 04:01:43 AM

However, I would argue that the cryptocurrency market is constantly evolving, and new privacy coins with innovative solutions may emerge in the future. While it may be challenging for new privacy coins to gain traction, it's not impossible.

It's important to remember that different privacy coins may have unique features and use cases that may appeal to different types of users. As the demand for privacy and anonymity in cryptocurrency transactions grows, we may see an increased adoption of new privacy coins that offer improved features and security.

I hope that someday there will be one cryptocurrency that can satisfy all the needs of users. Now many projects are being created and maybe over time, most of the shortcomings of cryptocurrencies will be eliminated, and there will be one,
which will suit everyone.

There can't be one Crypto that satisfies all the users' needs. The thing about technology is that it is a living thing and yesterday's tech will likely become obsolete in the future. Another thing is human greed, everyone wants to be called the main developer and become rich through token launch, just look at the story that broke out today about the DefiLlama team, a very good team but disagreement about how to monetize the project.

Abiky

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Quote from: goldkingcoiner on March 16, 2023, 12:44:55 PM

I doubt that Shiba Inu will ever be able to turn into a privacy coin like Monero or ZCash. Especially because Monero and Zcash are already better as they are and Shiba Inu is not really a coin but rather a ERC20 token. Which means it does not have its own blockchain, unlike Monero, for example. And as its on the Ethereum blockchain, it will never be an effective privacy token. Furthermore, I would stay away from any coin/token which is being held by Vitalik Buterin. He already sold part of his SHIB, showing everyone that he does not care about Shiba Inu, and recently he started selling tokens he does not consider "culturally or morally viable".

I am certain that its better to stay away.

It's technically hard (if not impossible) to add features to a token living on an existing Blockchain network (in this case, the Ethereum blockchain). It would increase gas costs and completely slow down the network. That's because ETH doesn't have the capacity to process smart contracts' computations at a large scale. If developers decide to make Shiba Inu a "privacy coin", they're going to have to use a L2 network just to reduce the burden on the main ETH blockchain. Or they could just create a decentralized mixer like Tornado.Cash that would let SHIBA users "launder" their coins on the go.

With Vitalik not taking the project seriously, we can't expect the token to "explode" in price anytime soon. It won't even reach $0.01 during its lifetime. Who knows if it dies in the long run as people move on to the next big thing in crypto? Just my opinion

goldkingcoiner

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I doubt that Shiba Inu will ever be able to turn into a privacy coin like Monero or ZCash. Especially because Monero and Zcash are already better as they are and Shiba Inu is not really a coin but rather a ERC20 token. Which means it does not have its own blockchain, unlike Monero, for example. And as its on the Ethereum blockchain, it will never be an effective privacy token. Furthermore, I would stay away from any coin/token which is being held by Vitalik Buterin. He already sold part of his SHIB, showing everyone that he does not care about Shiba Inu, and recently he started selling tokens he does not consider "culturally or morally viable".

I am certain that its better to stay away.

so98nn

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If it becomes privacy coin then sure it’s popularity will increase dramatically however it’d no guarantee that price would go hike on that basis. If so monero would have been enormously high right now considering it’s Privacy properties. However, it got attacked by authorities many times for unfair transaction which were so claimed by authorities themselves.

SHIBA on the other hand got its popularity basically because of the meme competition and anti doge community. Now adding a feature which is entirely other side of its basic framework can only push it little further but not similar to the original privacy coins.

borovichok

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Quote from: Abiky on March 15, 2023, 12:40:45 PM

That "one" cryptocurrency would be none other than Bitcoin itself. It can do everything altcoins can do via the use of sidechains, L2 networks, and other scaling techniques. Why invest in a risky coin like SHIBA, when it can go all the way down the drain in an instant? "Meme" coins are often manipulated by whales for their own benefit, leaving the average person "rekt" in the process.

The privacy feature could be some sort of "buzz" to "pump" the coin to new heights. But I doubt developers will go this route, especially when they know governments are hunting privacy coins like crazy. If you know how to play your cards right, then SHIBA is the right investment for you. Otherwise, I'd suggest you look elsewhere. Who knows if this coin eventually dies in the long run? Just my thoughts Grin

Many traders lost their accounts due to liquidation as a result of abandoned projects like Shiba Inu and Dogecoin, which the project's moderators are blamed for dumping for their own interests. With the introduction of innovative projects, the crypto space is moving into a new phase. Shiba Inu lacks the necessary resources to maintain a long-term purpose in the market because whales use these memecoins and manipulate their profits for themselves, unlike Bitcoin, which has been around for almost ten years and is still around because most investors relied on it for their enormous profits in the market. Traders profit from the project because it is a reliable one in both bear and bull seasons.

Abiky

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Quote from: s.tanishka on March 14, 2023, 05:56:28 AM

I hope that someday there will be one cryptocurrency that can satisfy all the needs of users. Now many projects are being created and maybe over time, most of the shortcomings of cryptocurrencies will be eliminated, and there will be one,
which will suit everyone.

That "one" cryptocurrency would be none other than Bitcoin itself. It can do everything altcoins can do via the use of sidechains, L2 networks, and other scaling techniques. Why invest in a risky coin like SHIBA, when it can go all the way down the drain in an instant? "Meme" coins are often manipulated by whales for their own benefit, leaving the average person "rekt" in the process.

The privacy feature could be some sort of "buzz" to "pump" the coin to new heights. But I doubt developers will go this route, especially when they know governments are hunting privacy coins like crazy. If you know how to play your cards right, then SHIBA is the right investment for you. Otherwise, I'd suggest you look elsewhere. Who knows if this coin eventually dies in the long run? Just my thoughts Grin

Sethrey

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Quote from: Abiky on March 07, 2023, 12:14:50 PM

There isn't much innovation in the privacy-oriented sector, probably because of governments' reluctance against coins with added anonymity. Monero may be the leading privacy coin, but it isn't listed on many exchanges unlike cryptocurrencies with transparent blockchain ledgers such as Bitcoin and Ethereum. I just hope SHIBA doesn't go the privacy route, else CEXs will begin de-listing it for good. For what I know, this is just a rumor among holders of the token.

What will developers do in the long run is an excellent question. Everything must be done in the best interests of the project. Making privacy an optional feature would be a great way to satisfy the regulators. Whatever new feature gets added to Shiba, prices will skyrocket for a short period of time. Maybe it's time to buy some SHIBA before that happens? Just my thoughts Grin

Maybe you're right and it's the right time for investments. Or maybe it's a kind of rumor in order to create an artificial interest and bigger investments to pump it with the help of simple traders. Anyway, for some reason people now don't like privacy coins more an more.

s.tanishka

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Quote from: Sethrey on March 07, 2023, 04:01:43 AM

However, I would argue that the cryptocurrency market is constantly evolving, and new privacy coins with innovative solutions may emerge in the future. While it may be challenging for new privacy coins to gain traction, it's not impossible.

It's important to remember that different privacy coins may have unique features and use cases that may appeal to different types of users. As the demand for privacy and anonymity in cryptocurrency transactions grows, we may see an increased adoption of new privacy coins that offer improved features and security.

I hope that someday there will be one cryptocurrency that can satisfy all the needs of users. Now many projects are being created and maybe over time, most of the shortcomings of cryptocurrencies will be eliminated, and there will be one,
which will suit everyone.

Abiky

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Quote from: Huppercase on March 07, 2023, 02:40:52 PM

If this is true, Shiba Inu will become Non US token jurisdiction, they wouldn't allow people to used that coin because coins like Monero, Dash and other privacy coin are not allow to be used in US, they fear what bad actors will do with the coin that is why they discourage such privacy coin. They could also see less interest in those projects when US put eyes on them for purposely upgrading ordinary project to a privacy coin, they will start seeing that it is done on purpose for bad people to used it encouraging theft and illegal activities that will harm US.

Isn't crypto/Blockchain tech all about being "permissionless"? Restricting people in certain countries from using a coin, would greatly undermine Blockchain's potential. It's like going back to traditional banking. Countries may ban crypto, but that doesn't mean developers have to "play by their rules". The community can keep a cryptocurrency decentralized and censorship-resistant to help withstand government's "attacks" against it. By staying that way, people can access the Blockchain regardless of a ban imposed by a government.

I know privacy coins are often a target of governments, because of the benefits they provide to their holders. But if they remain decentralized, nothing should be able to stand in their way. If SHIBA decides to become a privacy coin, CEXs will begin de-listing it in-mass. So developers' best bet would be to leave everything as is for the good of the project. Who knows how far will the "meme" coin go? Just my thoughts Grin

Huppercase

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Quote from: Sethrey on February 07, 2023, 06:17:41 AM

According to the latest news, the next 2 updates turns Shiba Inu into privacy coin:

The non-custodial privacy dApp Bermuda announced support for Shiba Inu (SHIB) allowing its users to conduct anonymous transactions.
The Shiba Inu ecosystem continues to expand as the community eagerly awaits the launch of the Layer-2 Shibarium protocol.

Is it on the whole possible to turn a regular coin into privacy one? And does that mean that its rate will now start growing?

If this is true, Shiba Inu will become Non US token jurisdiction, they wouldn't allow people to used that coin because coins like Monero, Dash and other privacy coin are not allow to be used in US, they fear what bad actors will do with the coin that is why they discourage such privacy coin. They could also see less interest in those projects when US put eyes on them for purposely upgrading ordinary project to a privacy coin, they will start seeing that it is done on purpose for bad people to used it encouraging theft and illegal activities that will harm US.

jacafbiz

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I would love for Shiba Inu community try as much s possible to remain meme coins, memes are what drove the price to Billion Dollar value trying to be the jack of all trades or chasing every next shining thing in the space will not help the project long term, because

1. There will always be a better Layer 2, privacy coin or whatsoever they try to turn into
2. The community will always be late into the next narratives
3. People will expect the team to keep innovating and this will open flaws in the smart contract for hackers to exploit because of so many alterations

Abiky

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Quote from: Sethrey on March 07, 2023, 04:01:43 AM

However, I would argue that the cryptocurrency market is constantly evolving, and new privacy coins with innovative solutions may emerge in the future. While it may be challenging for new privacy coins to gain traction, it's not impossible.

It's important to remember that different privacy coins may have unique features and use cases that may appeal to different types of users. As the demand for privacy and anonymity in cryptocurrency transactions grows, we may see an increased adoption of new privacy coins that offer improved features and security.

There isn't much innovation in the privacy-oriented sector, probably because of governments' reluctance against coins with added anonymity. Monero may be the leading privacy coin, but it isn't listed on many exchanges unlike cryptocurrencies with transparent blockchain ledgers such as Bitcoin and Ethereum. I just hope SHIBA doesn't go the privacy route, else CEXs will begin de-listing it for good. For what I know, this is just a rumor among holders of the token.

What will developers do in the long run is an excellent question. Everything must be done in the best interests of the project. Making privacy an optional feature would be a great way to satisfy the regulators. Whatever new feature gets added to Shiba, prices will skyrocket for a short period of time. Maybe it's time to buy some SHIBA before that happens? Just my thoughts Grin

Sethrey

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However, I would argue that the cryptocurrency market is constantly evolving, and new privacy coins with innovative solutions may emerge in the future. While it may be challenging for new privacy coins to gain traction, it's not impossible.

It's important to remember that different privacy coins may have unique features and use cases that may appeal to different types of users. As the demand for privacy and anonymity in cryptocurrency transactions grows, we may see an increased adoption of new privacy coins that offer improved features and security.

s.tanishka

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Quote from: Sethrey on February 28, 2023, 06:19:51 AM

Regarding Monero, it has been a dominant privacy coin for a while now, and it is hard to say when or if another coin will dethrone it. However, the cryptocurrency market is known for its volatility and unpredictability, so it is always possible for new coins to gain traction and popularity.

Well, so far, not a single coin is gaining momentum. Monero is still in the lead. Monero is driven by two important concepts: hidden addresses and ring signatures. Therefore, it is not so easy for new privacy coins to catch on.

Topic: Shiba Inu turns into privacy coin like Monero or ZCash? - page 7. (Read 1414 times)