Future of Privacy Coins

in #cryptocurrency5 years ago


altcoinprivacy.jpg

World financial institutions have finally started crackdown against privacy centered cryotocurrencies which ensures the privacy and anonymity of their users. Privacy coins were supposed to be future of cryotcurrency domain. The most popular ones are Dash, Zcash, Monero, Pivx with recent good addition of Grin and Beam coin.

Korean exchange OKEX is going to delist 5 privacy cryptocurrencies supposedly under pressure of FATF Rule including Monero, Dash, Xcash, Horizen and Super bitcoin.

As per FATF rule:

Exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset.

This is supposed to control anti-money laundering but it is a fact that $800 - $ 2 Trillion is still laundered in US dollars per annum which is 2-5% of total fiat money transaction which is way higher than 1% Bitcoin transactions which are deemed to be fishy.

Sort:  

In the future, it will possible to use them on DEX and transact without the need to use a central authority!

do DEX have a central server on top of which they operate? if so server access can be denied ... ?
Amazon is lending its cloud service to many central exchanges and can deny access anytime... or is it the miners that secures these networks... miners will get attacked
privacy is of decentralisation and vice-versa so until a truly decentralised economy rises the problem will persist...

Decentralized exchanges looks like the possible solution, but even those can get shut down if there are known humans involved in running them.

You cannot shutdown something decentralized.

Posted using Partiko Android

US agencies have history of shutting down some Dark Web sites and even running some TOR nodes.

Hi there
Am good, how are you?

I am good,too😄

Posted using Partiko Android

Nice information, though if you could include your opinion on future of privacy coin

I kinda enjoy the anonymity of crypto myself. Cracking down on certain ones seems like decentralization and the government seems alright with the usd which funds global crime!

I always hold some Monero because I like gpu-mined coins and know a scare in the kyc coin regulation at some point will make Defoe a huge spike in value for monero and dash. Zcash has too much inflation to hold any value for me.

It is a shame but it is what it is I suppose.

Posted using Partiko iOS

I like your contingency plan.

Hi @bluemist!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 5.550 which ranks you at #566 across all Steem accounts.
Your rank has not changed in the last three days.

In our last Algorithmic Curation Round, consisting of 121 contributions, your post is ranked at #29.

Evaluation of your UA score:
  • You've built up a nice network.
  • The readers like your work!
  • Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!

Feel free to join our @steem-ua Discord server

Hi, @bluemist!

You just got a 3.38% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.

Congratulations @bluemist! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You distributed more than 11000 upvotes. Your next target is to reach 12000 upvotes.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvoting this reply.

Coin Marketplace

STEEM 0.36
TRX 0.12
JST 0.039
BTC 69965.85
ETH 3540.49
USDT 1.00
SBD 4.71