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Privacy coins

  • 06-01-2018 5:16pm
    #1
    Registered Users Posts: 2,903 ✭✭✭ Blacktie.


    So I see the blockchain technology and can see the huge potential. The only problem I see with the big guys right now is privacy. Some day someone is going to build a huge database of whos address is associated with who and you have no way to spend money without everyone being able to see exactly what you're buying and how much you're worth.

    Privacy is a right and not a privilege. There are a good few different privacy coins out there. Which ones are you betting on making it to the top? I can't really see anyone beating Monero for it right now. Seems to already becoming the currency of the dark net as far as I've heard. Even the feds couldn't track the Moneroj when they shut down Silk Road.

    So opinions on the future of privacy coins?


Comments

  • Registered Users Posts: 60 ✭✭✭ covfefe


    I agree there there will be a place for privacy coins (more than one).

    I've been doing some research on this recently, I was close to going with Monero but decided on Zcash, these were my top 2. I'm still researching, but I understand Monero is a fork of Bytecoin, Zcash is a fork of Bitcoin, Monero uses obscurity to achieve privacy whereas Zcash uses encryption to achieve privacy (which in my book is a positive for Zcash). Monero has been around longer and has first mover advantage.

    My Zcash findings are in the Zcash thread: https://www.boards.ie/vbulletin/showthread.php?t=2057794871

    I was close to going with Monero, but think that Zcash has more upside price potential. Both are a good buy for 2018 in my opinion.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    If you like upside potential then AEON should be on your radar.

    The LTC to XMR's BTC, the main dev is one of XMR's core contributors and he uses it as a game theory testbed for ideas that might eventually make it to XMR.


  • Registered Users Posts: 15,112 ✭✭✭✭ Dohnjoe


    Privacy should be used in cases where it's relevant. If/when any of these coins are abused on a large scale for tax evasion, laundering, bribe-taking, fraud, etc, then the authorities will come down like a hammer. Before anyone jumps in with the whole "but fiat is used for..". Fiat is more traceable. I would be very surprised to see a more privacy orientated fiat (e.g. a "dark" Euro) ever making it past regulators, legislators, etc

    I hold several privacy coins, it's not something I'm awake at night about now, but it's definitely a long-term concern.


  • Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,764 Mod ✭✭✭✭ Zascar


    John McAffee tweeted that he thinks Privacy coins are the ones that are doing to do best.


  • Registered Users Posts: 60 ✭✭✭ covfefe


    grindle wrote: »
    If you like upside potential then AEON should be on your radar.

    The LTC to XMR's BTC, the main dev is one of XMR's core contributors and he uses it as a game theory testbed for ideas that might eventually make it to XMR.

    Thanks for this, yet another coin to research! Upside potential isn't my primary concern, obviously, like everyone, when we invest in something we are speculating that the price will increase, but what I look for is technology that I believe in, with the belief that the price will follow at some point, so more medium to long term options.

    I do think Monero is currently more private by essentially doing some kind of mixing for all transactions, Zcash isn't as private at the moment due to the fact that it is essentially Bitcoin (i.e. transactions are visible) with a opt in for private transactions.

    But I prefer their method of encrypting transactions and when they improve the performance later this year and become shielded transactions by default I think they will be the most private coin on the market (just my opinion).


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  • Registered Users Posts: 60 ✭✭✭ covfefe


    Dohnjoe wrote: »
    Privacy should be used in cases where it's relevant.

    It sounds like you're making the "nothing to hide argument": https://en.wikipedia.org/wiki/Nothing_to_hide_argument

    I personally don't agree with this, I believe privacy should be by default (and not just for cryptocurrencies).

    I don't have anything in particular to hide when I use the internet, but I am always online behind a VPN, I try to keep my digital footprint as small as possible etc.


  • Registered Users Posts: 6,306 ✭✭✭ EagererBeaver


    I'm long on Blackcoin.


  • Registered Users Posts: 15,112 ✭✭✭✭ Dohnjoe


    covfefe wrote: »
    It sounds like you're making the "nothing to hide argument": https://en.wikipedia.org/wiki/Nothing_to_hide_argument

    I personally don't agree with this, I believe privacy should be by default (and not just for cryptocurrencies).

    I don't have anything in particular to hide when I use the internet, but I am always online behind a VPN, I try to keep my digital footprint as small as possible etc.

    Switzerland had to eventually open up their private banking because a significant portion of people were using the accounts for tax evasion

    If privacy coins offer a better solution than fiat for illicit activities, and those activities become widespread, then the coins will come under scrutiny from regulators. That's pretty much a given. Regulation on these coins (exchanges can't trade them, banks can do business with exchanges that do) would destroy the secondary market value very quickly

    I don''t think that's something we can ignore


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