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Maintaining privacy from government/corporate surveillance.
by doggosphere 6y ago
Maintaining privacy from government/corporate surveillance.
- klodolph 6y agoIsn't Bitcoin structured so that all transactions are recorded for everyone to see in the ledger? Doesn't that make surveillance easier?
- doggosphere 6y agoThey are. Monero and other privacy coins have features built in. But the ability for anyone to generate addresses anywhere adds for some level of privacy. The only way to identify the owner of an address is to have concrete information linking a person to an address.
- NicoJuicy 6y agoSo, when you are actually using it, then your privacy is revealed ( since you'll use that "anonymous" ledger to convert to USD/Eur). Every cloud application for doing this literally requires you to send your ID to them.
- Forbo 6y agoOne could mine it directly and never involve KYC. Or they could use a coin that has privacy features built-in, such that once it leaves the exchange they no long know what was done with it. There are also decentralized exchanges.
- NicoJuicy 6y agoYou're suggesting to mine a bitcoin, which has a pretty big difficult rate by now or to join a cloud miner. Either way, you're arguments don't make any sense anno 2020. I'd rather trust my bank, that is regulated than some anonymous thing on the internet.
- Forbo 6y agoI've mined a few Moneroj just casually using my desktop PC. Makes for a good space heater in the winter time. Depending on it as a sole source of income, no. But it's not impossible to obtain cryptocurrency from mining in 2020.
- Forbo 6y agoPseudonymity is not the same as anonymity. Coin tracing companies exist because of this. Unless the currency itself has numerous privacy mitigations built in (a la Monero), it's only going to keep casual observers from knowing. I compare most cryptocurrencies' observability to common household locks. They aren't keeping real thieves out. They just keep honest people honest.
- Forbo 6y agoYes. To achieve privacy and fungibility, one would need to use something like Monero instead.
- CharlesW 6y agoSo called "privacy coins" are more private than Bitcoin, but do not (and cannot) offer absolute privacy guarantees. Zcash and Dash can now be tracked, and Monero is next. [1] https://blog.chainalysis.com/reports/introducing-chainalysis-investigation-compliance-support-dash-zcash https://blog.chainalysis.com/reports/introducing-chainalysis... [2] https://news.bitcoin.com/chainalysis-and-integra-win-1-25-million-irs-contract-to-break-monero/ https://news.bitcoin.com/chainalysis-and-integra-win-1-25-mi...
- Forbo 6y agoI'll believe Monero is traceable when someone claims any of the various bounties available for proving it.
- merely-unlikely 6y agoA payment processor would help with this. Basic idea is you would buy a good online but you wouldn’t pay the merchant directly. You would pay a payments processor who would pay the merchant from its account. Somewhat similar to using Visa or Mastercard. Then the payments processor has data about you, but Mastercard and Visa sell your data today anyway. You can also using mixing pools and generate new addresses for each transaction to help mitigate tracking.
- NicoJuicy 6y agoPeople don't pay for privacy, that's why we have ads. + You can see all the transactions in bitcoin..