The Fate of Privacy Coins - page 2. | Bitcointalksearch.org

Mahanton

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Quote from: dothebeats on May 22, 2020, 03:21:54 PM

The fate of privacy coins lies on the hands of those who still wish to use it.

Even if the governments ban or advice against the use of such, if people see value in what the coin offers, they'd use it still. Besides, if the coin is anonymous already, why would one be scared to use it and be caught? Anyway, I don't see governments easing their stance against such coins since it can be a vehicle to launder money anonymously. They can't just knock on the doorsteps of developers and force them to relay information as it can't be done. They will allow certain cryptocurrencies only if they know that they have a way to see how transactions are going, and with privacy coins, they are completely denied of that spying ability.

Main reason on why they do try to shut things down and the primary target would be exchanges on which we have seen on delisting out privacy coins like XMR etc.
No one can stop if there would be still a community or people do support or make use of it but we cant really deny the fact that it would be hard if they would continue
to shut of the gateways on where a certain privacy coin user tend to make conversions but its not really that a big issue atm yet we have seen that these coins
do still manage to exist even though theyre are being gradually restricted.

mersal

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Quote from: Abiky on May 22, 2020, 01:44:06 PM

Ever-increasing regulations are demanding centralized exchanges to provide utmost sensitive information from their customers. Transparent cryptocurrencies like Bitcoin and Ethereum are much easier to keep track (for taxation, illegal activities, etc.) than it's the case with privacy-oriented cryptocurrencies like Monero and Grin. As governments pressure centralized exchanges to de-list privacy coins (consider the case of Huobi Exchange which de-listed Monero a while ago), their fate could be put at risk.

Imagine if all centralized exchanges decided to stop the trading of privacy coins to Fiat or any other cryptocurrency. People will only be able to access them via decentralized exchanges or atomic swaps. The fact that they'll be considered "illegal", will make many people skeptical about using privacy coins in the first place.

What do you think the fate of privacy coins will be? Will governments continue to be friendly towards them or not? Your input will be greatly appreciated.

If all the exchanges tries to delist the privacy coins means then it will be the cause for evolution of decentralized exchanges into main stream exchange, so regulation should be in limits or people will broke it without any limits.

Governments will never become friendly towards decentralized or privacy coins but if people demanding them means they have to accept it.

electronicash

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Monero will not disappear. Privacy coins are always going to be part of crypto and that it will always have a place in the market. I have not followed the development of Monero though but there is a good community that had been using XMR for good and probably along with the anonymous coin like the DeepOnion.

It doesn't matter if government will not be friendly to Monero and other anon coins, its going to be used by the people who are concern of their privacy.

dothebeats

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The fate of privacy coins lies on the hands of those who still wish to use it.

Even if the governments ban or advice against the use of such, if people see value in what the coin offers, they'd use it still. Besides, if the coin is anonymous already, why would one be scared to use it and be caught? Anyway, I don't see governments easing their stance against such coins since it can be a vehicle to launder money anonymously. They can't just knock on the doorsteps of developers and force them to relay information as it can't be done. They will allow certain cryptocurrencies only if they know that they have a way to see how transactions are going, and with privacy coins, they are completely denied of that spying ability.

tabas

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Quote from: Abiky on May 22, 2020, 01:44:06 PM

What do you think the fate of privacy coins will be? Will governments continue to be friendly towards them or not? Your input will be greatly appreciated.

Not anymore. With the steps that the South Korean government did which forced some of their exchanges to delist Monero. I don't think that they'll be evermore friendly to Privacy Coins. That's what the government don't like. Bitcoin isn't fully anonymous and that's why they can tolerate it and they can still look into it. But with the other altcoins that's completely implementing anonymity, we can think of the same how did the example country did.

fvb

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The use of such coins is very convenient and important for the entire crypto community. For the most part, many unnecessary coins depreciate, and some disappear completely as unnecessary. Since most of them are forks. I think coins like Monero will not disappear, they will always be in demand. At least due to the fact that at low commission fees, the blockchain processes more transactions per second. But this is only my opinion, there are those who think differently.

tycsols

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I think governments will not support them ever even when crypto mass adoption becomes a reality but at the same time i think that they will continue to exist and they will be used like they are used today because governements cannot block them and that is the beauty of blockchain and decentralized products. I have seen many countries have banned or rendered them illegal in some countries but the people are still using crypto freely which goes to show that blockchain tech can survive in all conditions.

dentolas

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This is definitely a very interesting subject... while the printed bills of USD grant anonimacy and have been widely used for illegal purposes all over the globe they are physical and as such they are much easier to control than a crypto currency as you need to carry them from one place to the other in order to preform a transaction... this is maybe why governments are scared of private crypto as they might very well get out of their control ...
I think the future will bring something similar to what Beam was trying to acomplish while working with the japanese authorities, a private coin in which you can still have some kind of choice concerning the privacy level or some auditability...
I do not believe that privete coins will vanish as privacy is one of the most important things for humanity... people just forgot about it...

eaLiTy

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Quote from: Abiky on May 22, 2020, 01:44:06 PM

Ever-increasing regulations are demanding centralized exchanges to provide utmost sensitive information from their customers. Transparent cryptocurrencies like Bitcoin and Ethereum are much easier to keep track (for taxation, illegal activities, etc.) than it's the case with privacy-oriented cryptocurrencies like Monero and Grin. As governments pressure centralized exchanges to de-list privacy coins (consider the case of Huobi Exchange which de-listed Monero a while ago), their fate could be put at risk.

All the centralized exchange will be forced to follow the regulations and the authorities will force them to de list all the privacy based coins and the situation with Huboi exchange was just the beginning and if the exchanges wants to run their business successfully then they will be forced to follow the regulations and none of these exchanges would be willing to go against them.

Quote from: Abiky on May 22, 2020, 01:44:06 PM

Imagine if all centralized exchanges decided to stop the trading of privacy coins to Fiat or any other cryptocurrency. People will only be able to access them via decentralized exchanges or atomic swaps. The fact that they'll be considered "illegal", will make many people skeptical about using privacy coins in the first place.

To trade privacy coins in a regulated exchange will be a dream in the future, but there will be exchanges that will stay away from regulations and if there is a site that can be trusted and if all the fiat transactions can be carried out using P2P where the site acts as an escrow and it will move forward with ease. Government will try to restrict but they will not succeed completely because it is the world wide web Wink

.

The only difference is that the authorities will force the privacy coins underground.

Abiky

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Ever-increasing regulations are demanding centralized exchanges to provide utmost sensitive information from their customers. Transparent cryptocurrencies like Bitcoin and Ethereum are much easier to keep track (for taxation, illegal activities, etc.) than it's the case with privacy-oriented cryptocurrencies like Monero and Grin. As governments pressure centralized exchanges to de-list privacy coins (consider the case of Huobi Exchange which de-listed Monero a while ago), their fate could be put at risk.

Imagine if all centralized exchanges decided to stop the trading of privacy coins to Fiat or any other cryptocurrency. People will only be able to access them via decentralized exchanges or atomic swaps. The fact that they'll be considered "illegal", will make many people skeptical about using privacy coins in the first place.

What do you think the fate of privacy coins will be? Will governments continue to be friendly towards them or not? Your input will be greatly appreciated.

Topic: The Fate of Privacy Coins - page 2. (Read 308 times)