Shiba Inu turns into privacy coin like Monero or ZCash? - page 8.

Abiky

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Quote from: vv181 on February 28, 2023, 12:32:24 PM

When we are talking privacy-centric cryptocurrencies, prices or market cap is the last thing you want to discuss or bother with. The idea of Monero has private and confidential transactions is at its root the core value of the coin. It can be proved by the core design, unlike the token you are talking about right here. The utilities are the main point, if users are getting the benefit, it will get traction by itself.

Take the example of Tornado Cash, although it is defunct now, it is able to gain popularity and traction because it is utilized.

Market cap is nothing if the coin in question doesn't provide any real use cases to the world. It's just a means to measure a coin's value relative to its circulating supply. I don't think making Shiba Inu a privacy coin would be any help, especially when governments are taking a tough stance against crypto/Blockchain tech (mainly the USA). If developers add privacy features to SHIBA, it would be optional instead of enforcing it across its users. Something like DASH is doing right now.

Maybe SHIBA holders will be able to enjoy privacy by sending their tokens to a mixer? You can bet market prices will rise if new features are added to the "meme" coin. At least, the ride will last for a short period of time. Don't expect SHIBA to get that far because of the many coins in circulation. Who knows if it never gets to $0.01? Just my opinion

vv181

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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.

When we are talking privacy-centric cryptocurrencies, prices or market cap is the last thing you want to discuss or bother with. The idea of Monero has private and confidential transactions is at its root the core value of the coin. It can be proved by the core design, unlike the token you are talking about right here. The utilities are the main point, if users are getting the benefit, it will get traction by itself.

Take the example of Tornado Cash, although it is defunct now, it is able to gain popularity and traction because it is utilized.

KingsDen

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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?

People who love privacy will always chose a trusted and total privacy over a once non privacy coin turning into one. Even if Shiba will turn to be fully privacy implemented, privacy conscious people like o_e_l_e_o would always chose what is trusted like monero over what is recently implemented but not trusted.
o_e_l_e_o, whenever I mention privacy in this ~~forum~~ in real life, you are the first person that comes to my mind. And funny enough I can't pronounce the name Grin

bittraffic

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Quote from: Johnyz on February 28, 2023, 10:21:50 AM

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.

The government is not attacking them yet, but for sure if the government sees it as a thread, Monero will face its biggest challenge and no one knows when this will happen.

If SHIB will become a privacy coin, then we must consider a lot of things before you invest again, first maybe this is just a hype and second, we have to wait for the plan of developer on how they will do this, and what are their future plans. It will be hard to replace Monero on top but I'm sure other projects will come into this market and compete with the top options.

It could be that they are just renewing the hype of SHIB, it's rank on CMC hasn't gone down though. I think there is no need for shiting to privacy to be able to outrank other tokens on top but SHIb may just have to develop further the Shibarium.

If the team however continues that privacy roadmap, they may gain users using the token in the darkweb. It just needs to have a substantial value for some users to consider accepting.

Johnyz

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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.

The government is not attacking them yet, but for sure if the government sees it as a thread, Monero will face its biggest challenge and no one knows when this will happen.

If SHIB will become a privacy coin, then we must consider a lot of things before you invest again, first maybe this is just a hype and second, we have to wait for the plan of developer on how they will do this, and what are their future plans. It will be hard to replace Monero on top but I'm sure other projects will come into this market and compete with the top options.

Sethrey

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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.

s.tanishka

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Quote from: Sethrey on February 21, 2023, 04:49:39 AM

That's a wrong way to consider only one coin to be best of the best. There's a wide choice and each has its own advantages, but I'll never supporting only 1 crypto from the whole market

Yes, the choice is large, but it is important to understand the uniqueness of the coin and its market value. In the future, some coin may and may end Monero's dominance, but certainly not soon.

Apocollapse

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I think it's high likely Shiba Inu will turn into privacy coin because the other privacy coins didn't even 100% anonymous except Monero, so I believe Shiba Inu will not be 100% anonymous too. The reason why Shiba Inu want to become privacy coin because there's many articles talking about privacy, so it might derive the developer to adopt privacy protection for Shiba Inu. In the end, Monero is still the only one the most anonymous and privacy oriented coin.

Abiky

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Quote from: mindrust on February 14, 2023, 06:29:21 AM

It has its advantages for the users but will the exchanges happy about these changes? We know that exchanges don't like privacy coins because all exchanges have a big partner which is called he government and the government wants to know who you are. If shiba becomes a privacy coin then the government will tell their partners to stop doing business with shiba and shiba will get affected in a very bad way.

You can bet the first thing exchanges are going to do is to delist Shiba Inu from their platforms. After all, privacy goes against mandatory KYC/AML laws. If they did it with Monero, they will do it with Shiba Inu or any other privacy coin for that matter. Unless developers make privacy an optional feature within Shiba Inu, I don't see the coin going anywhere soon. I think it's best for Shiba Inu to remain as is. Why would it want to become a privacy coin if Dogecoin doesn't have any privacy features? The SHIBA project should follow the original DOGE project's footsteps by staying a transparent coin anyone can audit with a Blockchain explorer.

I fail to see how privacy can be added to the SHIBA smart contract itself, when ETH gas fees are extremely high. Adding such a feature would raise fees even more. Perhaps, it would be a separate solution (a mixer?) that would enable SHIBA users to obfuscate their utmost sensitive transactions? Regulators are keeping a close eye to anything privacy-related in the crypto/Blockchain space, so expect SHIBA to be frowned upon after becoming a privacy coin. Shiba Inu is all about hype, anyways. Who knows what developers will come up with to keep investors on their little project? Just my thoughts Grin

avikz

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Quote from: o48o on February 08, 2023, 12:53:57 PM

Quote from: avikz on February 08, 2023, 12:31:40 PM

It is definitely possible!

I am happy that now Shiba Inu will now have at least one utility - anonymity! Earlier this coin was absolute rubbish without any utility at all. But I am glad to see that it is becoming privacy focused and preparing to becoming a competitor of Zcash or XMR. Good call by the dev team.

Now the value of Shiba Inu should start an upward trend due to the great utility planned to be launched.

Would you really call that any more utility then sending tokens normal way? Only difference is that this rubbish is now using third party service for private transactions.
It's not in a any way in competition of any of the privacy coins out there, especially with Zcash or XMR who have insanely talented dev team.

I would still call it an utility! Shiba inu is a shitcoin and we all know that it was built as a memecoin. But it has received unparalleled love from the crypto community and the speculators.

Now when this meme coin is thinking to move to a privacy regime, it is actually bringing in an utility to the community. Now there will be atleast a reason to buy and use Shiba Inu. So I will stand for what I have said.

Yogee

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Quote from: s.tanishka on February 21, 2023, 04:10:10 AM

I think only Monero should be trusted when it comes to privacy. All transactions are private by default,....

Contradicting statement don't you think? Maybe what you mean is when it comes to privacy and anonymity. I would agree with you if that's the case.

Quote from: JANUS23 on February 15, 2023, 04:53:14 AM

Ultimately, I don't think Shiba Inu would turn out into a full fledged privacy token. Its got a lot riding on it commercially but even at that it would still do pumps

I think other privacy-focused coins have been "commercialized" to a certain extent as well but will probably remain better than the level of privacy Shiba Inu and Bermuda offers.

Sethrey

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That's a wrong way to consider only one coin to be best of the best. There's a wide choice and each has its own advantages, but I'll never supporting only 1 crypto from the whole market

s.tanishka

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I think only Monero should be trusted when it comes to privacy. All transactions are private by default, which means you have no way of accidentally sending an open and transparent transaction to an outside observer.

o48o

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Quote from: btc_angela on February 14, 2023, 06:52:04 AM

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

On the contrary, I think otherwise, if it become a privacy coin then investors are going to stay away with it. Haven't you notice any privacy coin such as Monero having a good run during the last bull run? The reason is that regulars are hot on their tail, and some of the biggest exchanges have delisted Monero because of the pressures from regulators.

For me it's a bad move for Shiba to dig their hands on the privacy coin niche. It could be their downfall, just saying. And so for Shiba investors, they have to think twice about Shiba or any privacy coins for that matter.

Well that actually depends of lots of things. Reason why regulators want to ban Monero and some privacy coins is because they are fully private and they are mainly designed for escaping regulations.
But ZK privacy can be used in other ways as well, like for selective privacy so not all the privacy coins out there are going to be targeted by regulators. In fact they could be embraced by them as there are lots of need for confidentiality in this space instead of public transparency of every wallet and every transaction.

And then there's the fact that privacy in Shiba inu is optional. It's default setting for sure but still technically optional. I am guessing they are relying that would be enough. I am not sure if it is tho.

Quote from: JANUS23 on February 15, 2023, 04:53:14 AM

Ultimately, I don't think Shiba Inu would turn out into a full fledged privacy token. Its got a lot riding on it commercially but even at that it would still do pumps

I have no clue what are you trying to say here.

JANUS23

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Ultimately, I don't think Shiba Inu would turn out into a full fledged privacy token. Its got a lot riding on it commercially but even at that it would still do pumps

Dickiy

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Quote from: cabron on February 07, 2023, 02:44:39 PM

Interesting update of this memecoin.
I did search for the info that OP is saying. Maybe this one will be it https://www.crypto-news-flash.com/new-feature-turns-shiba-inu-into-privacy-coin-like-monero-or-zcash-can-it-drive-shib-to-0-01/

We didn't expect Doge to also reach where it is right now but it made it. If Shib happens so fast in less than 5 years to hit at least $0.01, I'll be double-dog damned!

That is very interesting and maybe very potential if it happens like Zcash and Monero where the developer might notice that privacy in transactions is very important which might interest Ryoshi to make the shiba inu coin have a privacy coin feature.

Regarding the shib price that you showed, I think it's excessive even though to this day the development of shiba is quite good, but the thing that makes me doubt the price is that shiba is not the main coin in the ecosystem, which in shibarium and metaverse uses Leash and Bone tokens and there is very little utility for shiba inu tokens in the ecosystem. I think it will take tens of years to step on the price you mentioned, if you continue to develop it.

btc_angela

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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?

On the contrary, I think otherwise, if it become a privacy coin then investors are going to stay away with it. Haven't you notice any privacy coin such as Monero having a good run during the last bull run? The reason is that regulars are hot on their tail, and some of the biggest exchanges have delisted Monero because of the pressures from regulators.

For me it's a bad move for Shiba to dig their hands on the privacy coin niche. It could be their downfall, just saying. And so for Shiba investors, they have to think twice about Shiba or any privacy coins for that matter.

mindrust

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It has its advantages for the users but will the exchanges happy about these changes? We know that exchanges don't like privacy coins because all exchanges have a big partner which is called he government and the government wants to know who you are. If shiba becomes a privacy coin then the government will tell their partners to stop doing business with shiba and shiba will get affected in a very bad way.

Sethrey

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Quote from: Xal0lex on February 07, 2023, 04:31:50 PM

The rate will go up, if only this coin will suddenly become wildly popular among private coin lovers. But why do they need SHIB when they have Monero? People who value privacy will choose Monero. SHIB is a memcoin that has grown through social media shilling. Most people don't care about its utilitarian features, they only care about the difference between the purchase price and the sale price.

I think you're right. Being myself a fan of Monero and Crypton, which are from the very beginning structured as privacy coins, I feel unconscious about such attempt to make coin private.

s.tanishka

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Quote from: o48o on February 08, 2023, 12:53:57 PM

Quote from: avikz on February 08, 2023, 12:31:40 PM

It is definitely possible!

I am happy that now Shiba Inu will now have at least one utility - anonymity! Earlier this coin was absolute rubbish without any utility at all. But I am glad to see that it is becoming privacy focused and preparing to becoming a competitor of Zcash or XMR. Good call by the dev team.

Now the value of Shiba Inu should start an upward trend due to the great utility planned to be launched.

Would you really call that any more utility then sending tokens normal way? Only difference is that this rubbish is now using third party service for private transactions.
It's not in a any way in competition of any of the privacy coins out there, especially with Zcash or XMR who have insanely talented dev team.

I fully agree! XMR is the leading privacy coin. The main and, perhaps, indisputable advantage is absolute anonymity and confidentiality. Transactions are unrelated and therefore impossible to track. Also untraceable are carefully hidden addresses.

Topic: Shiba Inu turns into privacy coin like Monero or ZCash? - page 8. (Read 1414 times)