Just ignore this guy, he’s a troll. The Cyphertrace thing he is referring to is 2 years old and EXTREMELY overblown. There is a an unclaimed bounty from the FBI to trace Monero transactions. Wouldn’t cyphertrace have claimed it if they actually could trace Monero transactions? The Monero community is very open about discussing the tech and its issues. They are near-pure technologists, not get-rich-quick-cryptobros.
The 51% “attack” he is referring to is that a mining pool briefly had over 50% of the total hash rate. No attack took place, and within hours miners had moved to other pools bringing the hash rate of the 51% pool down to the mid-30s%. I’ll also mention that the power of 51% attacks is largely overstated too, especially in a privacy coin like Monero.
This still means that Monero as well as the other privacy coins still have issues, if there weren’t any issues why are they not being accepted by more exchanges?
Even a reportedly private ‘cryptocurrency’ called ‘Grin’ had an attack which rendered the coin useless.
The only usecase of privacy coins is for illegitimate purposes only.
Also: I think you mean ‘CipherTrace‘, ‘CypherTrace’ does not exist.
>The only use case of privacy coins is for illegitimate purposes only.
Excellent trolling. I have used monero for effectively anonymous online donations to legitimate non-profit institutions. Can you think of any other great alternatives for this online? You know it's not illegal to anonymously donate to someone, yes? Most of the non-privacy coins are much more susceptible to finding a KYC exposed starting point to find where the transaction comes from.
>f there weren’t any issues why are they not being accepted by more exchanges?
Kraken, one of the biggest and longest running KYC and AML compliant exchanges trades Monero in the US. Other exchanges may have simply made a business decision not to trade Monero, but there's clearly precedent that it can be done successfully at least in the US.
Are you very sure it was a business decision for Kraken to delist Monero in the UK?
Either way the so called privacy coins are not regulated and will soon be delisted from lots of exchanges, there is no use for them if the exchanges are removing Monero and coins like them.
> I have used monero for effectively anonymous online donations to legitimate non-profit institutions.
Just tick ‘give anonymously’.
It’s faster and compliant with laws, rather than using an unregulated and soon to be banned volatile crypto token used by criminals and speculators.
Isn't there still some way to trace the transaction this way? Usually through your bank, credit card provider, or something of that sort. With Monero there is basically no chance of anyone finding out I made the donation. I'm not interested in anyone knowing, including my bank. I like my privacy.
If there's some non crypto way to truly make an anonymous online transaction, I may be interested. Even with a prepaid gift card they can pull up the camera and possibly find me.
>Are you very sure it was a business decision for Kraken to delist Monero in the UK?
This is simply a legal decision in UK to flush Monero from KYC/AML compliant exchange to more anonymous exchange. All UK did was make it harder to find Monero users, with no impact on ability of someone in UK to trade it.
It all begins with a card and an exchange, it’s irrelevant who you send it to. The exchange already knows.
The ramps that allow these purchases to happen will be closed once tight regulation comes in and tanks the prices rendering the tokens useless.
> I'm not interested in anyone knowing, including my bank. I like my privacy.
What is the point when you need to buy the crypto tokens using a card? Even then I am sure Kraken and other exchanges have a log of what coins your purchased and they already know you through KYC anyway.
So it seems that privacy coins were a sly facade to get you give up information (card, kyc exchange, etc)
And when this happens, how do Monero users cash out? By meeting in a dark alley trading worthless coins?
>It all begins with a card and an exchange, it’s irrelevant who you send it to. The exchange already knows.
Already knows what? The exchange knows how much crypto I buy from that exchange, but with Monero they don't know anything beyond the first address it is sent to. There is no evidence they're able to find anything beyond that, including where I donate to.
>The ramps that allow these purchases to happen will be closed once tight regulation comes in and tanks the prices rendering the tokens useless.
As long as there is a ramp for you to obtain a pair that trades for your privacy coin, and reverse direction, there's little to no impediment to trading your privacy coin. In UK I would just buy litecoin or something, then trade it for XMR. If I wanted to cash out I would trade XMR for something else (goods, cash in another country, or another crypto that trades in my country).
>What is the point when you need to buy the crypto tokens using a card? Even then I am sure Kraken and other exchanges have a log of what coins your purchased and they already know you through KYC anyway.
Kraken knows how much XMR I buy and sell through them. Unlike with say BTC they have no idea where it goes after that. I know my bank knows I have money, so they aren't really getting any more useful information by looking at my purchases of XMR. If I donated with a card, my bank would see where that money actually went.
>And when this happens, how do Monero users cash out? By meeting in a dark alley trading worthless coins?
Explained earlier, Monero(XMR) can be cashed out by trading for something tradeable in your own country. Note Monero isn't illegal in the UK, there's nothing stopping someone in UK from owning Monero and buy goods or cash from out of the country or exchanging it for another coin.
> By meeting in a dark alley trading worthless coins?
The idea of it being worthless is certainly possible but at this point not reflective of reality.
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>Again, your will for this so called ‘privacy’ and all this hassle at the expense of the environment due to excessive Proof of Work (or Waste)
Can you quantify how much energy is acceptable to use when making a donation transaction to charity? If I were to drive to a charity and donate cash to Ukrainian refugees for example, would it be a sin to you?
>It is the privacy coins that will be banned first when regulations arrive.
But they aren't now, so I don't think you can say my charity donations are illegal, nor a 'terrorist' act.
>Monero has gotten even closer to zero from the start of this year and the trend is going down.
You can pick whatever arbitrary timeline you want. On a 5Y timeline Monero is down, on a 1Y timeline it is up. My transaction (from converting to fiat, to sending) usually take <1hr so the only timescale I'm interested in is some stability over an hour or so. 1Y is way too far for me personally to even care, but if your transactions take 1Y to clear or you use Monero as a long-term store of value that may be important to you.
>So yes, it is getting worthless as a currency buy useful for people betting and gambling on the price.
OK but that's not the only use case, you can do other things than gamble.
>Thanks for playing.
Monero has worked fine for my legitimate uses. It's fine if you haven't found them. 'Playing' has been an imperfect but effective experience for many.
Again, your will for this so called ‘privacy’ and all this hassle at the expense of the environment due to excessive Proof of Work (or Waste)
I’m sure you’re glad that you would prefer to burn the planet up with using Monero for some false sense of privacy knowing that the overwhelming majority that use it are criminals and terrorists.
Unfortunately this makes your anecdote not only irrelevant, but highly likely that Monero would be made illegal very quickly in the US, UK and other places.
It is the privacy coins that will be banned first when regulations arrive.
> The idea of it being worthless is certainly possible but at this point not reflective of reality.
Monero has gotten even closer to zero from the start of this year and the trend is going down.
So yes, it is getting worthless as a currency but useful for people betting and gambling on the price.
