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How stealth addresses work in Monero
- jqpabc123 1y agoAlice and Bob may have a surprise in store --- the trust issues, the cost issues and the hoops they'll need to jump through in order to buy Monero, store it in a custodial wallet and then convert it back into fiat if needed.
- danlugo92 11mo agoBecause your auntie is using BTC to pay for her coffee? If anything she's using cashapp.
- fruitworks 11mo agoI didn't find a major trust or cost issue. I just use kraken. Or you can use any other fiat-to-crypto exchange and then take it to a crypto-to-crypto exchange. I think the bigger obstacle to most people is just the idea that cryptocurrency is difficult, and the idea that buisnesses are trustworthy by default.
- chistev 11mo agoSomething I don't understand. What's the point of obfuscation if ultimately you can be caught when you try to convert it to fiat? If I have Btc and I convert it to monero to prevent tracking, how do I get it back to money in my bank account without being traceable?
- m00dy 11mo agoWell, what you're asking about is basically a business. Most folks make bank just by setting up that kind of circle. I'd suggest reading up on front businesses like luxury restaurants that sit empty most of the time. it's such a classic play, everyone knows it. If you've got BTC and want to get it back into your bank account, hit me up anytime.
- dewey 11mo ago> If you've got BTC and want to get it back into your bank account, hit me up anytime. That's exactly how people get caught.
- ta12653421 11mo agoWell, public offering on the internet, Money laundering as a service :-D
- danlugo92 11mo agoBitcoin's traceability ruins its fungibility.
- Anon84 11mo agoWhat makes you think Monero is untraceable? - https://arxiv.org/pdf/2408.05332 https://arxiv.org/pdf/2408.05332 - https://darkwebinformer.com/chainalysis-successful-deanonymization-attack-on-monero-2/ https://darkwebinformer.com/chainalysis-successful-deanonymi... -https://www.sciencedirect.com/science/article/pii/S2666281725001283 https://www.sciencedirect.com/science/article/pii/S266628172...
- hypeatei 11mo agoThe fact that it's delisted from most exchanges because of its privacy features; if it was as traceable as Bitcoin, then the feds would allow it. What I see from these links is that it's not fully "traceable" and more educated guessing via heuristics.
- littlecranky67 11mo agoLightning (A layer-2 network based on Bitcoin) is similarly untraceable as Monero, without being an actual cryptocurrency. Yet the fed doesn't seem to concerned, probably also because few people and institutions understand Lightning, and the fed is not one of them or doesn't want to go against Bitcoin.
- nunobrito 11mo agoIt is nowhere near the privacy offered by Monero: https://raphtyosaze.medium.com/privacy-in-lightning-network-1e2902f0f61f https://raphtyosaze.medium.com/privacy-in-lightning-network-...
- littlecranky67 11mo agoOld paper, old link. Most of it is not relevant anymore today. They also do not compare, as Lightning is NOT a cryptocurrency nor does it try to be. It is still Bitcoin.
- matheusmoreira 11mo agoThe idea is to not convert it into fiat. Create a parallel economy where monero is the actual currency, not some intermediary currency. Price things in monero.
- vintermann 11mo agoWhere would the trust come from? I mean the trust that people really do what they say they're going to do in the real world - like ship you the goods, do the work you paid for, don't immediately kick you out of the servers you paid to access etc. A shadow economy doesn't run itself, who's going to stick their neck out to even try to make it work?
- ifwinterco 11mo agoWhere does the trust come from for transacting in dollars, or Spanish pieces of eight? I'm not saying the monero economy is likely but there's absolutely no reason why it couldn't theoretically happen
- kasey_junk 11mo agoCourts, law enforcement and contract law. All of which will take a dim view of using a currency which appears designed wholly to make their function harder.
- ifwinterco 11mo agoA crypto advocate would argue smart contracts can fulfil that role, but also that applies in developed countries but not in the countries where the vast majority of the world population lives. I think if a true crypto economy does emerge anywhere it's likely to be Nigeria, Lebanon etc - places with a significant population of educated entrepreneurial people but where the state is run abysmally and you can't rely on those institutions anyway
- kasey_junk 11mo ago
- nunobrito 11mo agoThe point is being like a submarine: nobody really knows where you are moving (transactions) and where you will surface (which other crypto or fiat). On the example you give, large majority of people just pay and accept payments using monero natively. When you are talking about large amount of money, then it is worth a visit to places like El Salvador where you have a bank account with BTC. The conversion tends to take place in exchanges outside 1st world supervision and from El Salvador you can convert BTC to other currencies according to the exchange values or just use it with a credit card. If you want to convert smaller amounts in Europe without tracing, mostly a matter of settling the transactions with small providers albeit you should be prepared to pay a fee between 20% to 30% as commission for the service.
- raffael_de 11mo agoLet me give you a realistic answer. There are soft and hard criminals. For example: soft criminals buy drugs, hard criminals sell drugs. The soft criminals convert from traditional to digital money (plus maybe a little obfuscation), order and hope for the best. The hard criminals have to solve the difficult problem of reversing that conversion. They'll just have some homeless person open a bank account and then use that for the conversion. If the homeless person gets busted, it better keep its mouth shut - or else.
- danlugo92 11mo agoMonero is the only real cryptocurrency.
- nunobrito 11mo agoThe root of the word "crypto" goes all the way in history as "to hide". Monero has since many years been the only option worthy of truly being called a cryptocurrency. Doesn't even make sense to use anything where anyone can see all the value in your private wallet and where you are spending them. The rest should really be designated as "virtual coins" or just call them "casino coins" because that is their use case.
- pfortuny 11mo agoThey are not even coins. Coins do not get a pseudonym of their users attached for ever.
- nunobrito 11mo agoWhen you transfer monero to someone else there isn't a trace of where the money was before nor to whom it belonged. You might be confusing monero with all the virtual "coins" out there.
- kragen 11mo agoI'm no expert, but this sounds significantly weaker than ZCash at first glance.
- nunobrito 11mo agoMonero is always private by default. The "coin" you mention is not private by default, therefore "weaker".
- kragen 11mo agoThat's true.
- fruitworks 11mo agoThe current implementation of monero's tech is less advanced than zcash, but stealth addresses are as secure as ECC gets. The idea comes from ECDH. The weakness in monero's cryptography is dependence on ring signatures, which will be improved with the FCMP++ upgrade. In other words, it is an issue of sender privacy. Stealth addresses protect recipient privacy.
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- stebalien 11mo agoThis article left me more confused than enlightened. I recommend reading https://risencrypto.github.io/Monero/ https://risencrypto.github.io/Monero/ instead as it actually explains how the cryptography fits into Monero.
- dh2022 11mo agoRe: S=sG-the article says that s is private and S and G are public. Wouldn’t then be very simple to find private s=S/G? s will then be very easy to derive.