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Definitely not intending to shill crypto (on HN of all places), but it seems like a good (as good as it gets, possibly) use case for anonymous – zero-knowledge

by klabb3 5y ago

Definitely not intending to shill crypto (on HN of all places), but it seems like a good (as good as it gets, possibly) use case for anonymous – zero-knowledge – cryptocurrency transactions.

gpm 5y ago
Now you've just raised the barrier to entry even higher for normal people, and lowered the barrier to entry even lower for cybercriminals with crypto that they would need to launder if they were going to attach it to an actual identity. I doubt this is a win.
- heavyset_go 5y ago
  It's important to recognize that there's a glut of cryptocurrency collected from illegal transactions, and that money needs to be laundered if the holders want to liquidate it. It would be dumb to go to exchanges, so they need to rely on shady groups to cash out, ensuring that there's a lot of cryptocurrency in the hands of questionable people or organizations.
- klabb3 5y ago
  > Now you've just raised the barrier to entry even higher for normal people How so?
  - gpm 5y ago
    They have to figure out how to use a new (to them) payment system...
    - klabb3 5y ago
      Oh, I misread as the barrier of entry to crypto. My bad. On topic, you could just have multiple payment methods side by side.
heavyset_go 5y ago
It seems like the anonymizing cryptocurrencies get blackballed by exchanges, meaning most people won't have access to them. Coinbase, for example, only allows transfers of Zcash to transparent addresses, which can be traced, and buying Monero isn't possible.
- charlieok 5y ago
  That's not really an impediment in the Zcash case you're mentioning. Upon making a withdrawal to a transparent address, you can immediately do another transfer to a shielded address. Some wallet apps explicitly include a feature to automate exactly this ("auto-shielding") [1]. Exchanges don't need to have this limitation, and some others don't have such a limitation. Gemini, to name probably the most prominent example, supports withdrawing to shielded addresses [2]. [1] https://f-droid.org/en/packages/com.nighthawkapps.wallet.android/ [2] https://www.gemini.com/blog/youre-one-step-closer-to-financial-freedom-with-shielded-zec-withdrawals
lIIIllllIIII 5y ago
As we all know, it's impossible to automate a crypto transaction.

by klabb3 5y ago

Definitely not intending to shill crypto (on HN of all places), but it seems like a good (as good as it gets, possibly) use case for anonymous – zero-knowledge – cryptocurrency transactions.

gpm 5y ago

Now you've just raised the barrier to entry even higher for normal people, and lowered the barrier to entry even lower for cybercriminals with crypto that they would need to launder if they were going to attach it to an actual identity. I doubt this is a win.

heavyset_go 5y ago
It's important to recognize that there's a glut of cryptocurrency collected from illegal transactions, and that money needs to be laundered if the holders want to liquidate it. It would be dumb to go to exchanges, so they need to rely on shady groups to cash out, ensuring that there's a lot of cryptocurrency in the hands of questionable people or organizations.
klabb3 5y ago
> Now you've just raised the barrier to entry even higher for normal people How so?
- gpm 5y ago
  They have to figure out how to use a new (to them) payment system...
  - klabb3 5y ago
    Oh, I misread as the barrier of entry to crypto. My bad. On topic, you could just have multiple payment methods side by side.

heavyset_go 5y ago

It seems like the anonymizing cryptocurrencies get blackballed by exchanges, meaning most people won't have access to them. Coinbase, for example, only allows transfers of Zcash to transparent addresses, which can be traced, and buying Monero isn't possible.

charlieok 5y ago
That's not really an impediment in the Zcash case you're mentioning. Upon making a withdrawal to a transparent address, you can immediately do another transfer to a shielded address. Some wallet apps explicitly include a feature to automate exactly this ("auto-shielding") [1]. Exchanges don't need to have this limitation, and some others don't have such a limitation. Gemini, to name probably the most prominent example, supports withdrawing to shielded addresses [2]. [1] https://f-droid.org/en/packages/com.nighthawkapps.wallet.android/ [2] https://www.gemini.com/blog/youre-one-step-closer-to-financial-freedom-with-shielded-zec-withdrawals

lIIIllllIIII 5y ago

As we all know, it's impossible to automate a crypto transaction.