Why an anonymous feature for serious coins could be a disadvantage

digitalindustry

hero member

Activity: 798

Merit: 1000

‘Try to be nice’

Quote from: reRaise on June 09, 2014, 07:10:21 AM

What's your opinion?

Quote

Apart from the possibility of regulatory issues, if the blockchain/transaction record is hidden, then groups of pool owners of large pools could potentially collude to double spend, and if there is no transaction record, then this will not be detectable. Other such scenarios exist as well - remember that the blockchain is a public ledger designed to prevent or record fraud. Hiding this exposes the coin to serious risks.

indeed who will have faith in a currency that can hide a double spend perfectly - you may as well be using monopoly money, add to that mining monopoly and you may as well call it the Federal Reserve of Crypto -

You can have that turd.

give me the good old Sudo Anon ledger - can't see this changing in many possible futures.

esotericizm

hero member

Activity: 750

Merit: 500

Keep saying it but does noone remember E-gold? Anonymity will paint a big target on the networks that introduce it.

In order for crypto's to survive impending regulation everything will have to be transparent unless of course you are going for an "underground" service which again paints a huge red bullseye on the network. I also have 0 doubts that whatever solution dev's come up with will be infiltrated by nefarious elements.

reRaise

hero member

Activity: 868

Merit: 1000

Quote from: solid12345 on June 09, 2014, 09:51:29 AM

I actually think what will be the death nail in anon coin's coffins is the unrealistic search for a 101% anonymous solution. The expectations people have almost border on the bizarre level like seeking NSA proof anonymity. I mean really that would be nice but just what do you need that for? The majority of working anonymous solutions we have right now are more than enough to protect you from being indicted for buying a 50 dollar bag of weed on the internet but apparently people demand the moon.

Agreed, annoymity as we have at Bitcoin levels is good enough, more of it would give issues as stated above.

solid12345

legendary

Activity: 1246

Merit: 1000

I actually think what will be the death nail in anon coin's coffins is the unrealistic search for a 101% anonymous solution. The expectations people have almost border on the bizarre level like seeking NSA proof anonymity. I mean really that would be nice but just what do you need that for? The majority of working anonymous solutions we have right now are more than enough to protect you from being indicted for buying a 50 dollar bag of weed on the internet but apparently people demand the moon.

Zer0Sum

legendary

Activity: 1588

Merit: 1000

Quote from: reRaise on June 09, 2014, 07:10:21 AM

What's your opinion?

Quote

Apart from the possibility of regulatory issues, if the blockchain/transaction record is hidden, then groups of pool owners of large pools could potentially collude to double spend, and if there is no transaction record, then this will not be detectable. Other such scenarios exist as well - remember that the blockchain is a public ledger designed to prevent or record fraud. Hiding this exposes the coin to serious risks.

It depends how well the algo is designed...
Get out the popcorn as people probably already have exploits in the pipeline...
And we'll see about the completely untested CN group over time.

It seems the anon coins are better suited as a secret store of wealth (than currency)...
(Because in real life you often have to be able to prove you made a payment)...
The CN coins with their long, slow emission curves seem designed for wealth storage.

mrvegad

hero member

Activity: 616

Merit: 500

Quote from: reRaise on June 09, 2014, 07:10:21 AM

What's your opinion?

Quote

Apart from the possibility of regulatory issues, if the blockchain/transaction record is hidden, then groups of pool owners of large pools could potentially collude to double spend, and if there is no transaction record, then this will not be detectable. Other such scenarios exist as well - remember that the blockchain is a public ledger designed to prevent or record fraud. Hiding this exposes the coin to serious risks.

This is the biggest drawback to anonymous txs that gets overlooked. The recent share coin exchange mess is a good example, the stolen coins were transferred to another exchange but it was able to be traced and the account was frozen. This would be extremely hard to do with anonymous txs.

Amph

legendary

Activity: 3248

Merit: 1070

this should put an end to the darkcoin era and his clones

stealth address are better than anon, the one that vertcoin want to implement

reRaise

hero member

Activity: 868

Merit: 1000

What's your opinion?

Quote

Apart from the possibility of regulatory issues, if the blockchain/transaction record is hidden, then groups of pool owners of large pools could potentially collude to double spend, and if there is no transaction record, then this will not be detectable. Other such scenarios exist as well - remember that the blockchain is a public ledger designed to prevent or record fraud. Hiding this exposes the coin to serious risks.

Topic: Why an anonymous feature for serious coins could be a disadvantage (Read 867 times)