Privacy and privacy coins, do we really need these?

[dentolas 551]

A lot of people say that privacy coins are meant for illegal activities and that we don't really need them as persons that seek privacy are the ones with something to hide.

I think that we should be able to choose the level of anonimity and privacy of our finance. Does this make me a dark lord exchanging diamonds? well, those guys have been using printed money for ages... and isn't printed money anonymous?

For those with nothing to hide, Facebook supporters, etc... why don't you broadcast all your passwords online? oh... privacy issues....

BTC does not fullfill this goal, and even privacy coins still show holes and keep evolving with the recent introdution of the first non-BTC-based MimbleWimble coins...

To me, this is an interesting subject that most times remain undiscussed... humanity valued it's privacy in the past, and with the digital age we are forgetting about it... the problem is that privacy is one of the things that helps us to grow as individuals

Well, there are many points of view on this, so I would like to see yours 🙂

[hexwin 4931]

We do need privacy coins, but we can also use privacy based wallets for Bitcoin.

This is alternative way to make transactions private for Bitcoin also.

[dentolas 551]

1 minute ago, hexwin said:

We do need privacy coins, but we can also use privacy based wallets for Bitcoin.

This is alternative way to make transactions private for Bitcoin also.

I am not a tech expert and never used a privacy based wallet for BTC, so please correct me if I'm wrong, but with BTC there are always 3rd parties involved, or a way to track the coins...

If we consider global use of BTC, isn't there the possibility of a "finance facebook"?

BTC code has many possibilities, not only money, but seems they have been focusing on just that... maybe on the future, we can also see a privacy upgrade?

 

[hexwin 4931]

5 minutes ago, dentolas said:

I am not a tech expert and never used a privacy based wallet for BTC, so please correct me if I'm wrong, but with BTC there are always 3rd parties involved, or a way to track the coins...

If we consider global use of BTC, isn't there the possibility of a "finance facebook"?

BTC code has many possibilities, not only money, but seems they have been focusing on just that... maybe on the future, we can also see a privacy upgrade?

 

Now you can use something like https://samouraiwallet.com/

and in future we they may release some second layer solution for privacy.

Bitcoin will never have privacy upgrade code for various reasons

[dentolas 551]

6 minutes ago, hexwin said:

Now you can use something like https://samouraiwallet.com/

and in future we they may release some second layer solution for privacy.

Bitcoin will never have privacy upgrade code for various reasons

Thanks, didn't know about this one... I've checked the website and seems to have really nice features... I think I'll try it...

 

[hexwin 4931]

First read the manual and instructions please....there is a fee for using privacy feature, and it is still in beta

[1millionClub 494]

Private coins are good but if the corporate adoption doesn't grow with those coins they will never ever be mainstream like Bitcoin. If you are in for the moon shots, lambos etc, private coins are probably not going to give you those. They are good for hiding your wealth away from the governments probably.

[Kumar 260]

We do need privacy and it's our right and private currencies plays a vital role in it but different policies are making it harder for them to even survive and many are not accepting it too so hard to say the future of it.

[xBDT Script 4371]

I can not talk about privacy coin but taking about privacy, I think it's my right and I am free to practice it.

 

2 hours ago, dentolas said:

A lot of people say that privacy coins are meant for illegal activities and that we don't really need them as persons that seek privacy are the ones with something to hide.

Well are they saying that illegal activites had not done before with fiat and cash?

 

2 hours ago, dentolas said:

For those with nothing to hide, Facebook supporters, etc... why don't you broadcast all your passwords online? oh... privacy issues....

Hypocracy LOL

By the way, good to see a good topic.

[Elton23 202]

Privacy is everything! Too much of our private info is being abused by corporate entities such as facebook and the likes. Privacy coins are needed. For example, when you go to the bank the cashier knows everything about you, where you last shopped, how much cash you have, your address, dob everything! Just because they are a bank employee we assume they are to be trusted with all this info. and I have a big problem with someone I dont know knowing everything about my shopping habits, places ive been, etc etc. Hence why i like crypto, nobody knows whats in my wallet but me!

[cryptosix 1643]

yes privacy is needed and privacy coins too as we see there are few that are new to the market, Bitcoin is not a privacy coin as I read on forums. Some privacy coins allow to delete the transaction too so that no one can know who traded and how much etc.

Coinjoin method can solve more privacy of a transaction. Privacy is useful for large investors, but not for us like small traders.

[dentolas 551]

8 hours ago, Elton23 said:

Privacy is everything! Too much of our private info is being abused by corporate entities such as facebook and the likes. Privacy coins are needed. For example, when you go to the bank the cashier knows everything about you, where you last shopped, how much cash you have, your address, dob everything! Just because they are a bank employee we assume they are to be trusted with all this info. and I have a big problem with someone I dont know knowing everything about my shopping habits, places ive been, etc etc. Hence why i like crypto, nobody knows whats in my wallet but me!

You are right... bank employee is a very good example on how our privacy got lost along the way and we don't even care/realise ...

Not saying that everyone needs to get all their transactions private, or hide everything away, but one should have the right to choose what should remain private... up until now people where hiding bills under their matresses, or sending money to countries where financial privacy is protected... privacy coins can fill this gap

[dentolas 551]

9 hours ago, Kumar said:

We do need privacy and it's our right and private currencies plays a vital role in it but different policies are making it harder for them to even survive and many are not accepting it too so hard to say the future of it.

I've read an interview with Beni from Beam, and on their project, privacy is optional, allowing them to have auditability... they are supposedly in negotiations with Japanese authorities, etc, etc... it is worth to check out

https://cryptosieve.substack.com/ 

april 8th edition

it is a good example on how privacy coins are effectively evolving and adapting

[Bills 583]

Well, the truth is not to pay much attention if they are to do bad things or not, bad things are always present in everything, I particularly like it a lot, especially Monero, it is a currency that is widely used even in deepweb .

[Elton23 202]

8 hours ago, dentolas said:

You are right... bank employee is a very good example on how our privacy got lost along the way and we don't even care/realise ...

Not saying that everyone needs to get all their transactions private, or hide everything away, but one should have the right to choose what should remain private... up until now people where hiding bills under their matresses, or sending money to countries where financial privacy is protected... privacy coins can fill this gap

 When the collapse of the financial institutions happened some years ago, I remember watching on the news normal working class people going to cashpoints to withdraw wages etc. Even though they had funds in the account, the bank refused to pay them out or severely limited the amount they could withdraw. 

My point is we all hear stories of elderly people dying and having "mattresses" full of cash! Ask any of them why? And the answer is, they don't trust the banks, and unless the cash is in your pocket so to speak, then you have none!

 

[Consignee 2395]

Privacy is our right. I very welcome the privacy coins. I don't like someone spying on my financial activities.

Till date, Monero is the best privacy coin however, it also contain some flaws which have revealed a group of researchers couple of months ago. No other privacy coin have much option although DeepOnion is claiming themselves as the best with DeepSend for hiding sender and Stealth for hiding receiver address. I don't know what they are using, they are tagged negative in bitcointalk.

For untraceable transactions, theymos suggested using wasabi wallet, then converting BTC to Monero. That's a good way he suggested.

[dentolas 551]

10 hours ago, Simeon4real said:

I don't really see the need. If we want more privacy why don't we just use Bitcoin Mixers and get on with our lives? Privacy coins  are overrated in my opinion 

mixers don't work as you need to trust a third party... BTC isn't private and is anonymous only up to a certain level... all the patches you put in it will always have flaws because the base isn't meant for that

[dentolas 551]

2 minutes ago, Simeon4real said:

Trusting a third party doesn't mean they don't work. I agree, Bitcoin was built to be a private cryptocurrency. What about does created to be privacy oriented coins, Has the aim be achieved? They still have a long way to go. 

Everything is still developing, and vulnerabilities have been found in most privacy coins... there are a few new ones that explore combination of techs or new tech, but these are still new and have a lot to prove

Trusting a third party is the same you do when you use fiat banks... and look at the result...

Besides, if there is a third party, there's always the possibility of leaking info, or demands from the government requiring that

[dentolas 551]

10 hours ago, BTCmooping said:

And you think you are doing well by just saying that? Let's us know how to contribute to the forum positively and not negatively.

 

don't understand what you mean. I've created this very topic and I've been contributing the best I can...

did I write something that upset you?

have you also been contributing?

this was not necessary

[Consignee 2395]

Whatever you use, your privacy is never 100% guaranteed. It can be mixing with all the reputed mixers even. We have seen proof of breaking mixing service and tracing coins. It's possible with outstanding knowledged people in blockchain.

Monero was a great one, but their recenr flaws made them tracable in some ways.

[dentolas 551]

4 minutes ago, Consignee said:

Whatever you use, your privacy is never 100% guaranteed. It can be mixing with all the reputed mixers even. We have seen proof of breaking mixing service and tracing coins. It's possible with outstanding knowledged people in blockchain.

Monero was a great one, but their recenr flaws made them tracable in some ways.

it is still an ongoing evolution, like on the remaining crypto...

Monero is having a serious upgrade... those guys keep on working and I have high hopes in them...

Grin and Beam are also different in many ways, and might make a difference after they develop further...

I am hopping that someday we can have anonymity/privacy in our finance

[d3nz 88]

I will go with privacy coin since it is anonymous and untraceable. And the purpose of becoming anomity is hiding our wealth and transactions to protect ourselves.

[xBDT Script 4371]

 

3 hours ago, d3nz said:

I will go with privacy coin since it is anonymous and untraceable. And the purpose of becoming anomity is hiding our wealth and transactions to protect ourselves.

You can do it easily with Bitcoin. Use a mixer and put all your coins in a different wallet where no one knowas about it.

 

3 hours ago, dentolas said:

I am hopping that someday we can have anonymity/privacy in our finance

We still have it with bitcoin. One just need to be knowledgeable about it.

[dentolas 551]

10 minutes ago, xBDT Script said:

We still have it with bitcoin. One just need to be knowledgeable about it.

or will it be the illusion of privacy? I have no doubts you can do it, and a percentage of the times everything will be ok... and someone showed me samourai wallet and it seems awesome... but everyone should be able to do it if it chooses to, a hard task if we are aiming to billions users...

we need to gather and discuss, educate and evolve, because it is not only the tech that has to evolve, but also the user... scams, breaches of privacy, surveillance, hackers... this can escalate, or tend to end... is up to everyone to make their contribution

[xBDT Script 4371]

1 minute ago, dentolas said:

we need to gather and discuss, educate and evolve, because it is not only the tech that has to evolve, but also the user... scams, breaches of privacy, surveillance, hackers... this can escalate, or tend to end... is up to everyone to make their contribution

I can not agree more than this. 

 

1 minute ago, Rabby20 said:

Privacy is our birthright no one can take it from us.

Do you have social media accounts? Do you use VPN? Have you posted a pictrure in google? Do you have gmail account?

Well you have given up your privacy long ago when you singed up online LOL