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I'm not familiar with how exactly Monero works. But as long as it uses a public blockchain, there must be traces of money coming into Monero and money going out
by shafyy 3y ago
I'm not familiar with how exactly Monero works. But as long as it uses a public blockchain, there must be traces of money coming into Monero and money going out - you can probably do it very smartly, but if you move big amounts of money, it will be very hard to hide it.
- zamalek 3y agoMonero is laundering embodied as a protocol. You mix your transactions in a series of "signature rings" - that gives me a pretty strong image of money in a laundry machine. It's definitely still possible to use it incorrectly (not enough laundering steps, converting ransoms to Bitcoin/fiat all at once).
- tromp 3y ago> if you move big amounts of money Most privacy enhanced coins hide the amounts with so-called confidential transactions, so only the parties involved know the amount being transferred. Huge amounts are no harder to hide than small ones.
- shafyy 3y agoIsn't one of the "advantages" of cryptocurrencies that all transactiosn can be verified decentrally and indpendently? How would you do that if people can hide the transaction details?
- tromp 3y agoYou do that with so-called Pedersen commitments [1] [2]. [1] https://elementsproject.org/features/confidential-transactions/investigation https://elementsproject.org/features/confidential-transactio... [2] https://mareknarozniak.com/2021/06/22/ct/ https://mareknarozniak.com/2021/06/22/ct/