WHICH PRIVACY COIN WILL YOU CHOOSE?

in #bitcoin7 years ago

IRS.jpg

Whether You're a cryptocurrency Investor or Trader then chances are the recent articles floating on the internet https://townhall.com/columnists/lindsaymarie/2017/12/29/brace-yourselves-cryptocurrency-investors-taxes-are-coming-n2428153 regarding the U.S. tax consequences of buying and selling your crypto has you somewhat unnerved. Which leads me to what this article is about...will You buy privacy coins, e.g. Spectrecoin, Cloak, Monero, Verge, etc?
If You're not famaliar with privacy coins let me bring You up to date.

Why You need a privacy coin:

HOW THE FEDS TOOK DOWN THE SILK ROAD DRUG WONDERLAND https://www.wired.com/2013/11/silk-road/
https://news.bitcoin.com/government-cracks-down-on-illegal-bitcoin-money-transmitters/
https://motherboard.vice.com/en_us/article/7xz35e/us-law-enforcement-have-spent-hundreds-of-thousands-on-bitcoin-tracking-tools
https://www.technologyreview.com/s/608763/criminals-thought-bitcoin-was-the-perfect-hiding-place-they-thought-wrong/
https://www.thedailybeast.com/irs-now-has-a-tool-to-unmask-bitcoin-tax-cheats
https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/
http://time.com/3689359/bitcoins-track-anonymous/

Even if You're not violating the law wouldn't give You peace of mind to know that should the occassion arise You can transfer Your wealth digitally somewhere in the event of political upheaval?

Better yet. You want to sell what is yours. Yet you're criminalized. https://news.bitcoin.com/the-slow-criminalization-of-peer-to-peer-transfers/

If those articles above peeked your interest then continue to see what coins are available. by no means is this an exhaustive work. I'm not going to tell You which one to buy. that's Your choice.

Here is a list of them:

Coins/Currency

Monero (XMR): https://getmonero.org
Dash (DASH): https://www.dash.org
Verge (VXG): https://vergecurrency.com
PIVX (PIVX): https://pivx.org
Zcash (ZEC): https://z.cash
NavCoin (NAV): https://navcoin.org
Hcash (HSR): https://h.cash
CloackCoin (CLOAK): https://www.cloakcoin.com
Zcoin (XZC): http://zcoin.io
StealthCoin (XST): https://www.stealthcoin.com/
Hush (HUSH): https://myhush.org
Crave Project (CRAVE): https://craveproject.net
Bulwark (BWK): https://bulwarkcrypto.com
InnovaCoin (INN): https://innovacoin.info
Zoin (ZOI): http://zoinofficial.com
Phore (PHR): https://phore.io
Pura (PUR): https://pura.one/
SpectreCoin (XSPEC): https://spectreproject.io/
Sumokoin (SUMO): https://www.sumokoin.org/
DeepOnion (INION): https://deeponion.org/
Grin (http://grin-tech.org/)
Aeon (AEON): http://www.aeon.cash/
Bytecoin (BCN): https://bytecoin.org/
SolarisCoin (XLR): https://solariscoin.com/
Pure (PURE): https://purealt.org/
(Source: https://www.reddit.com/r/CryptoCurrency/comments/7lxq79/full_list_of_privacy_coins_networks/)

I will disclaim that I own a few of those listed above. Specifics I'll leave out. Further, this isn't trading or investment advice. Do Your Own Researach.

The following Steemer has an article touting ZCash and DASH as the best privacy coins, https://steemit.com/cryptocurrency/@ricardosarcar/the-best-privacy-coins-in-the-market
This writer at https://www.fool.com/investing/2017/12/27/meet-the-newest-cryptocurrency-trend-privacy-coins.aspx purports that Monero, Verge, Dash, PIVX, Hush, Zcash, and Xios are the best.
Below You'll find a comparison between Spectrecoin, PIVX, Bitcoin, Monero, Dash, and Zcash
2017-12-30 (2).png

As You can see, Spectrecoin appears to be the better untraceable, privacy coin.
According to https://www.torproject.org/docs/pluggable-transports.html.en "obfs4 is currently the most effective transport to bypass censorship". And bypassing censorship is what privacy is all about? correct? hrswor summed it up pretty well here https://steemit.com/crypto/@hrswor/anonymous-crypto-spectrecoin-now-sees-tor-obfs4-integration so visit that page and for more information.

Presently, here are the prices for those coins mentioned above according to coinmarketcap.com
Monero $341.77
DASH $1005.76
Verge $0.146274
PIVX $9.64
Zcash $504.42
NavCoin $2.97
Hcash $25.71
Cloak $28.95
Zcoin $115.13
Stealthcoin $0.943523
HUSH $6.76
Crave Project $5.88
Bulwark $6.90
InnovaCoin $5.50
Zoin $1.22
Phore $4.72
Pura $.414226
Spectrecoin $2.66
Sumokoin $8.92
DeepOnion $8.03
Grin $not listed on coinmarketcap
Aeon $5.11
Bytecoin $0.005194
Solariscoin $12.24
Pure $2.95

$87.78 is the basic average of a privacy coin. As You can see by the above-mentioned prices there are several far below the mean. This doesn't mean that all privacy coins should be at $87.78.

Take Spectrecoin for example. Based on the above comparison chart XSPEC should be trading near or above the price for DASH. DASH is selling at $1005.76 and this coin pales in comparison to the privacy provided the user. DASH has the illusion of privacy. The same is true for Monero, Bitcoin, PIVX, and Zcash. According to Spectrecoin's website: "Spectrecoin (XSPEC) is the premier privacy-focused cryptocurrency, featuring an energy-efficient proof-of-stake algorithm providing fast transaction confirmations, a fully integrated Tor+OBFS4 layer for network privacy and ring signatures for transaction privacy." https://spectreproject.io/

As You can tell by the list above there are many privacy coins to choose from with prices ranging from $.005194 to $1005.76.

Now that You know what perils exist and which coins are available. Are You going to buy some privacy coins? You don't have to answer.

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I'm curious to see what Verge will do in the future it was way up and now come down a lot again

As far as I'm concerned Verge is just your average crypto with TOR slapped on it, I don't believe in it long term. I'm banking on Monero and Aeon right now.

Anyone know how these coins compare with ZenCash?

I am a HUGE supporter of Cloakcoin! I believe that Cloak coin will take Monero's place on CoinMarketCap very soon. It is very important for Cryptos to be completely open-source and Cloakcoin is doing just that by making their 'transaction system' ENIGMA open-source. Cloakcoin has a great future ahead of it and I am going along for the ride! In fact, I just made post showcasing the benefits of Cloakcoin and why it will become the #1 privacy coin!

Thanks for sharing!

Good info! What are your thoughts on Wanchain and Bitcoin Private?

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