Will privacy coins have future? (Bittrex delisting privacy coins)

[rekter 8129]

4 minutes ago, Dorjoy12 said:

As far as i know only usa based exchange  site doing this delisting  of privacy  coin and sec is behind this point..  By the way, i do not think privacy  coin Will  die like this as still lot of exchange  site allowing  privacy  coin to trade  time to time and some might  still listing  privacy  coin..  Its feel like usa based exchange  site getting  now a days  good pressure  from sec @rekter

But we were taking about 2 different governement branches; SEC and Secret service. And 2 different issues; selling unregistered securities and Privacy coins.

 

SEC probably has issues with privacy coins as well, but i honestly don't even know if it's SEC pressuring them or not. Most likely a joint operation from many branches of government like from Secret service. But XRP isn't a privacy coin so that's wasn't the issue. It was removed because SEC thinks it could be classified as a securities.

6 hours ago, percare said:

Privacy coins will probably be used even more as the internet money will keep expanding. It is the only way to have safety, otherwise there will be scammers having files of everybody and their holdings and attack each one personally and with many ways. We can't risk having our wallets exposed and our balances known to criminals so for this reason no matter if a government ban privacy coins, they will keep increasing in adoption.

That will be really hard to use if it's been ruled illegal. I mean who do you think is adopting it if they get trouble for it and why would the adoption increase if it has only OTC markets?

 

When you make enough money to buy a house for example. You have to provide the source for that money. This will be an issue if you have got this money illegally. Adoption seems less and less likely when you think that people would need to risk large amounts money on assets that will have negative legal support.

 

9 hours ago, kyoukage01 said:

They wouldn't. But what might happen when the other exchanges insist is that they might be forced to close, in which they wouldn't want that kind of ending. If all the exchanges accept, the cryptocurrency community will once again lose, and relenting with the demands of delisting privacy coins will be another big win for the government side; they've already gotten away with asking for KYC, levying taxes, and other such things.

 

At least DASH developers/executives are making moves to present their case to Bittrex. I wonder what the guys behind the other coins are planning to do with this news.

 

Yeah, and i don't think that's stopping here. I am not a lawyer and even i can see some of the legal disputes they will face. So i am betting that experienced lawyers presenting exchanges can see more of them. They either have prepared their defences for the future or they know they live in a borrowed time.

 

Dash however is fighting and that's good. However i am under the impression that DASH is build differently and i don't think that this argument could applied to XMR to ZEC.

 

 

12 hours ago, susan8929 said:

I think that private currencies have a future, but not in the traditional exchanges, but in the more private and anonymous ones. Although in that case, the problem would also be volume, so the future for private currencies seems complicated. Although I still think they will exist. However, it is possible that in the coming weeks they will fall too much in price.
Anyway, I think that this kind of thing was predictable because there will be more and more regulations and that kind of cryptocurrencies are sometimes used to carry out scams or ask for rewards in exchange for private information, so exchanges are forced to unlisten them.
 

Ok, so you are thinking of exchanges ran by offshore companies? I would see it going that way but making any serious money with them could end up being a huge problem.

 

For one, you will be losing any legal support if the exchange decides to scam you. Most likely you would be fined for illegal trading or something like that when you tried to report it. And secondly, like i answered to user @Percare, when you make serious money and when you are trying to use it as a fiat money. You most likely have to provide a source for that money. If you can't it can be seized.

[Dorjoy12 8962]

4 hours ago, rekter said:

SEC probably has issues with privacy coins as well, but i honestly don't even know if it's SEC pressuring them or not

 I have also a confusion  about privacy  coin that why suddenly  sec  take action  against privacy  coin or usa government  trying to dominated  crypto  world into another  ways as the most crypto user come from usa..  I feel like its time to take more research  about this issues .. 

[kyoukage01 3181]

14 hours ago, rekter said:

Dash however is fighting and that's good. However i am under the impression that DASH is build differently and i don't think that this argument could applied to XMR to ZEC.

DASH is being stressed that it is built differently and is not an AEC, and the guy at the Twitter link appears to have said so. Hopefully their formal written comment to be sent won't fall on deaf ears. We should wish them luck.

 

Who's that Twitter guy anyway? Sorry for the ignorance 😅 .

 

And if someone can bring @Tao Of Satoshi into this discussion, that would be nice. That guy basically knows a lot about DASH.

 

How about XMR and ZEC? Still no news? It feels as if they don't really care about the issue.

 

Edited January 6, 2021 by kyoukage01

[Cleaner 2549]

On 1/3/2021 at 4:48 AM, rekter said:

What do you think? Will this trend continue and will exchanges keep delisting privacy coins? Will privacy coins have future?

The future of privacy coins could be better in the crypto world.  Since the bittrex exchange with privacy coins has p2p with Zcash, monero, dash.  However, I am not willing to use the privacy coin.  If privacy coin is accepted by all exchange sites then the future of this coin can be better

[Sykkuno 2887]

Privacy coins seem to be in trouble after we learned about the Bittrex delisting, as this looks as a bad omen for things that will follow. Any news about regulations on KYC of course has privacy coins as a target too and as investments they don't look to be good ones for the time being.

[percare 3192]

23 hours ago, rekter said:

When you make enough money to buy a house for example. You have to provide the source for that money. This will be an issue if you have got this money illegally. Adoption seems less and less likely when you think that people would need to risk large amounts money on assets that will have negative legal support.

Yes, I don't disagree with this example. Criminals should be arrested and not be allowed to use a private system to have their payment networks active without anyone being able to investigate. There should be some kind of balance. Privacy is very important as well as respecting the next person and the societies. I am mostly interested to protect the future crypto I will be holding by reducing KYC to a minimum and not doing at all. If the government asks to declare I will prefer to do that in the tax authority. I don't want to hide from taxation but to be protected from the scammers.

Edited January 6, 2021 by percare

[rekter 8129]

9 hours ago, kyoukage01 said:

Who's that Twitter guy anyway? Sorry for the ignorance 😅 .

No worries, i didn't know him either as i don't really follow Dash. But it's the Dash Core Group / Dashpay CEO.

9 hours ago, kyoukage01 said:

How about XMR and ZEC? Still no news? It feels as if they don't really care about the issue.

XMR and ZEC are using zero knowledge proofs mainly to escape regulations, at least as far i can see that's their whole selling point and complying with regulators would just make these coins pointless.

 

Dash however isn't technically anonymous, but as long as the dash the users have an option to do permissionless anonymous transfers, i don't think that even matters. It's definitely in the gray area like all this new tech because regulators can't even keep up with the tech.

 

So far only privacy coin i know that is complying with regulators is Dusk Network, but their goals will be very different and their mainnet isn't yet ready so it's too early to speculate how that will go.

[Syedbesharat 5423]

9 hours ago, Sykkuno said:

Privacy coins seem to be in trouble after we learned about the Bittrex delisting, as this looks as a bad omen for things that will follow. Any news about regulations on KYC of course has privacy coins as a target too and as investments they don't look to be good ones for the time being.

If you Google privacy ckin then you will find very few because all are now dumped or closed, only the remaining one I find is BTC, XLM, Zcash. The crypto is no becoming like digital banking system. Where our funds could be stolen and they can hold our assets without reason. The funds are getting out of customers hand because they are offering many hood deal so customers cannot refuse them. Yesterday day I find 1inch have offer of 65% per annual at binance.The decentralised exchanges is a good platform then centralised exchange who gives good crypto support. 

[rekter 8129]

8 hours ago, Syedbesharat said:

If you Google privacy ckin then you will find very few because all are now dumped or closed, only the remaining one I find is BTC, XLM, Zcash. The crypto is no becoming like digital banking system. Where our funds could be stolen and they can hold our assets without reason. The funds are getting out of customers hand because they are offering many hood deal so customers cannot refuse them. Yesterday day I find 1inch have offer of 65% per annual at binance.The decentralised exchanges is a good platform then centralised exchange who gives good crypto support. 

I am not sure what you are talking about. BTC or XLM aren't privacy coins. And this isn't really a cex vs dex issue because dex can't be used as a fiat ramp, and delisting from fiat ramps could affect the future of privacy coins.

[Sykkuno 2887]

8 hours ago, rekter said:

I am not sure what you are talking about. BTC or XLM aren't privacy coins. And this isn't really a cex vs dex issue because dex can't be used as a fiat ramp, and delisting from fiat ramps could affect the future of privacy coins.

I was about to ask the same, as I wrote an opinion on privacy coins which was my personal view and it wasn't about BTC or XLM. I took the advice to google the term privacy coins, out of curiosity, and I didn't find a result like that. Yet, google gives results based on geographic locations, so perhaps this was some information given to this friend. I advice don't trust google.

This is the top result I received and it has valid information @Syedbesharat :

https://www.investopedia.com/tech/five-most-private-cryptocurrencies/

[Syedbesharat 5423]

4 hours ago, Sykkuno said:

I was about to ask the same, as I wrote an opinion on privacy coins which was my personal view and it wasn't about BTC or XLM. I took the advice to google the term privacy coins, out of curiosity, and I didn't find a result like that. Yet, google gives results based on geographic locations, so perhaps this was some information given to this friend. I advice don't trust google.

This is the top result I received and it has valid information @Syedbesharat :

https://www.investopedia.com/tech/five-most-private-cryptocurrencies/

I have look into shared link and read out all the content. The privacy is doubt main element ans needed to be contain by exchange but the new policy by U. S few days make it threating by giving fixed time to give information about customers in 24 hours with the amount limit touched by government. So it's really questioning what is crypto becoming now. The anonymity concept of satoshi is decline, I was just pointing toward this. 

[annayks 2314]

As explained in the post privacy is a human right, but privacy doesn't mean that criminals can hide behind this right and keep doing anything they want without being found and punished. In fact some are performing horrible crimes and everyone even the top advocate for anonymity wouldn't want them to remain unpunished. 

Some privacy coins offer almost total anonymity, or perhaps even completely untraceable transactions. This technology will probably be considered dangerous as long as it keeps gaining population in the criminals using the dark part of the internet. Probably will be banned and removed from all exchanges and traded only p2p. This could limit the use of them.

Edited January 7, 2021 by annayks

[kyoukage01 3181]

10 hours ago, Syedbesharat said:

So it's really questioning what is crypto becoming now. The anonymity concept of satoshi is decline, I was just pointing toward this. 

This is the price we crypto users are paying now for giving concessions in exchange for cryptocurrencies' wider acceptance in society. The exchanges started to implement KYC and other things, we (grudgingly?) consented, and now someone thinks they can still get away with trying to delist privacy coins. Then comes another regulation/restriction, and so on and so forth. Maybe tomorrow, only government-compliant coins will remain, cryptocurrencies will become fully under government control, and the government will laugh at the crypto community's futile struggle for privacy, pointing a finger at us while saying "You lose".

 

[Barbarellah 2225]

In reality, it is a situation that is now occurring with these currencies that operate in this way and I think that everything will be resolved as previous lawsuit cases where after paying large sums of money for penalties, some currencies have continued to operate. ZEC, XMR and DASH are cryptocurrencies that have been operating for years and I am sure that they will not disappear.

[rekter 8129]

18 minutes ago, Barbarellah said:

In reality, it is a situation that is now occurring with these currencies that operate in this way and I think that everything will be resolved as previous lawsuit cases where after paying large sums of money for penalties, some currencies have continued to operate. ZEC, XMR and DASH are cryptocurrencies that have been operating for years and I am sure that they will not disappear.

You might have misunderstood the point of delisting. Regulators are forcing the exchange's hand on this because of AML issues. No one is asking for penalty fees from anyone. They need to delist privacy coins if they want to keep operating as a legit exchange.

 

It's a different thing with previous lawsuits like with XRP for example. They have to pay the fees because they are have been selling unregistered securites. XRP isn't a problem when it comes to AML.

Edited January 10, 2021 by rekter

[tienda 8776]

Unfortunately if they will do that, those coins price value will suffer a lot.  I think they are on the way to kill privacy coin! And in the short future they will obligate all website exchange platform to ask their members to require KYC verifications. And all website exchange who don't use the KYC they will prohibit them the trade.

[koynayak 1923]

Delist new wasn't good for privacy coins but i beileve nothing will happend to them. We all knew 2021 will be the year of regulation, and those privacy coins always has a risk, but i like the privacy coins and i beileve they have a great future. If every big exchange start to delist them, i think that'll be a problem but i don't think it's possible.

[yonkii 3205]

I was surprised by this move from Bittrex and even more surprised later for not giving any reason to the public about that. Maybe something happened and Bittrex found out that this exchange could be in trouble. We may learn about this later in a few months, however perhaps there wasn't an explanation given as it could have made a very bad impression for the whole cryptocurrency industry.

[Froshk 1828]

I still don't believe that the dellisting of privacy coins like Zcash and Monero is actually dued to the fact that they are anonymous coins but perhaps it could eitger be dued to contract termination or something similar 

[selfmade 7]

That exchange have delisted privacy coins probably because it is centralized so regulations laws has forded them to do so, but in decentralized exchanges they would never do that and there are many of them, so yes privacy coins have future.

[chambers 58]

On 1/2/2021 at 11:48 PM, rekter said:

What do you think? Will this trend continue and will exchanges keep delisting privacy coins? Will privacy coins have future?

My question firstly is that, is bitrex a USA based cryptocurrencies exchange site? 

If yes I think it's not surprising because the state is currently on a massive shake up on some certain cryptocurrencies 

[selfmade 7]

23 hours ago, chambers said:

My question firstly is that, is bitrex a USA based cryptocurrencies exchange site? 

If yes I think it's not surprising because the state is currently on a massive shake up on some certain cryptocurrencies 

Yes it is a USA based blockchain technology provider and a cryptocurrency trading platform. So why does America bans privacy coins?

[Kanji 965]

@kikifam @selfmade @chambers @princessranlei

Well when the US government decides that they are checking all this this becomes rough and tough for so many people so to me there is only on thing today the best thing being to build up some good ideas that are effective in so many ways there are so many levels to which this is really important , the greatest thing is to be right with the law and this then becomes that powerrul for every single person that we see around

[Raqeebzy 6456]

On 1/18/2021 at 5:42 PM, selfmade said:

Yes it is a USA based blockchain technology provider and a cryptocurrency trading platform. So why does America bans privacy coins?

That's basically in compliance of Anti-Money Laundering and KYC regulations. 

Though, it looked like it's first in implementation on US based exchanges, there is possibility other follow through and it wouldn't be of surprised if more exchanges continue to delist them so long as they are regulated. It is either they comply or stop operations in those regions.

[Jack764 1841]

Most currencies have good projects, but after the Bitcoin, Ethereum and other currencies project, there can be no good projects before them