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Question: What is the future of cryptocurrencies in terms of privacy?
Bitcoin as it is today
Bitcoin with the aid of lightning network
A fully anonymous cryptocurrency like Zcash
Monero
None of the above

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Author Topic: So how much privacy do we really need?  (Read 7990 times)
bomberb17
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October 08, 2017, 03:47:34 AM
 #21

Here's another interesting link regarding privacy in bitcoin
https://bitcoinmagazine.com/articles/confidential-transactions-how-hiding-transaction-amounts-increases-bitcoin-privacy-1464892525/
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crismass1225
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October 08, 2017, 03:55:02 AM
 #22

Bitcoin have anonymity which blockchain will not release any identification od the user but let everyone in the community see the transaction thats the essence of it so that the government will see it all but dont have a power to sue any one or any individual as they dont know who they are. As of now i thinkbwe have enough privacy to anyone or in the government. When one crytocurrency will exist with the "right" privacy that what you are thinking this coin will be use to many criminal activities and will be ban soon and of course with high cost like zcash and monero...

cr1776
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October 08, 2017, 11:34:23 AM
 #23

mb creation of the wallet must be limmited, may have any person verification with passport? Create the wallet using the special service with verification, and that service will controll all transactions legality. Block of blockchain will have personal data witch can be read only by "admins"

In that case, it will be able to everyone given something ALWAYS leaks from whomever these “admins” are.

Might as well just use PayPal instead of the above.
the rise
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October 08, 2017, 06:34:17 PM
 #24

Bitcoin have anonymity which blockchain will not release any identification od the user but let everyone in the community see the transaction thats the essence of it so that the government will see it all but dont have a power to sue any one or any individual as they dont know who they are. As of now i thinkbwe have enough privacy to anyone or in the government. When one crytocurrency will exist with the "right" privacy that what you are thinking this coin will be use to many criminal activities and will be ban soon and of course with high cost like zcash and monero...

If bitcoin wants to be formally regulated by the government, then bitcoin must apply KYC, after which the government will begin applying tax for each transaction that occurs. I have no problem with it because we can still use other wallets personally. Many things can not be traced by the government and it's just a matter of ordinary rules.

   
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OZZYMANDIAS
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October 09, 2017, 06:23:52 AM
 #25

Why is it so expensive to go private.

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Kakmakr
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October 09, 2017, 06:44:49 AM
 #26

The ideal solution would be that Bitcoin gives you the same level of anonymity that Cash gives you, but with special forensic tools, some law enforcement agencies would be able to track criminal activities. Obviously these tools might end up in criminal hands too, but hackers can hack Banks and financial institutions too, so Bitcoin will be no different.

In a digital world, nothing is 100% anonymous. We can make it Pseudo anonymous to protect us from the normal thief, but we will not be able to counter the experts. ^hmmmmmm^   

dominicx@vieR198
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October 09, 2017, 12:25:34 PM
 #27

We all know that Bitcoin transactions are not anonymous but pseudo-anonymous, resulting in many problems like tainted coins etc.
Some cryptocurrencies offer significant more privacy (Monero, Zcash etc) but at a cost.
However my question is more fundamental: How 'much' privacy do we really need for a widely-adopted cryptocurrency?
I believe Bitcoin as-is won't get adopted for everyday transactions. Nobody would want showing his buying habits to the whole world (imagine how many ads and flyers you would get).
On the other hand, I don't believe cryptocurrencies that offer too much privacy will get adopted either, since they will be used for criminal activities and eventually get banned.
My feeling is that we want a currency that offers privacy to some extent, without revealing our transaction to the world but still be possible for law-enforcement to track illegal activities.
What do you think?

if we have to saving our bit coins in wallet in that write some code like submitting ID proof like passport and other one. next finger print, next OTP for our mobile, next changing password weekly once. and next that wallet is secure or not these all parameters we want to see for saving bit coins.
Jameseversmile
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October 09, 2017, 12:39:35 PM
 #28

As much as I love blockchain I can not over emphasize the fact that it needs regulations. High record of scam scenarios  are making the headlines Daily. We need to be able to trace transactions in other to reduce crime

AverageGlabella
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October 09, 2017, 12:45:15 PM
 #29

Personally i think bitcoin had its appeal and what really launched in off the ground was the fact the masses believed it to be completely untraceable. but since then i think we've moved on and once youve read into bitcoin its not as simple as being untraceable. blockchain is public which i believe is an excellent idea. its means that every single transaction that has ever been done will be viewable by anyone with a bitcoin client or internet browser. therefore the community can look after each other and certain suspicious activity can be monitored by everyone.

but i believe bitcoin needs to stick to its core beliefs and keep ip addresses and personal information out of the blockchain to prevent doxing and other related activities.
mrayazgul
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October 09, 2017, 03:30:30 PM
 #30

We all know that Bitcoin transactions are not anonymous but pseudo-anonymous, resulting in many problems like tainted coins etc.
Some cryptocurrencies offer significant more privacy (Monero, Zcash etc) but at a cost.
However my question is more fundamental: How 'much' privacy do we really need for a widely-adopted cryptocurrency?
I believe Bitcoin as-is won't get adopted for everyday transactions. Nobody would want showing his buying habits to the whole world (imagine how many ads and flyers you would get).
On the other hand, I don't believe cryptocurrencies that offer too much privacy will get adopted either, since they will be used for criminal activities and eventually get banned.
My feeling is that we want a currency that offers privacy to some extent, without revealing our transaction to the world but still be possible for law-enforcement to track illegal activities.
What do you think?

The main people that scream for privacy are the scammers that want to be able to off load large amounts of BTC without people seeing it. The minute they start moving the initial bad of coins, that is when people bail and run.



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JohnBitCo
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October 09, 2017, 03:32:53 PM
 #31

We all know that Bitcoin transactions are not anonymous but pseudo-anonymous, resulting in many problems like tainted coins etc.
Some cryptocurrencies offer significant more privacy (Monero, Zcash etc) but at a cost.
However my question is more fundamental: How 'much' privacy do we really need for a widely-adopted cryptocurrency?
I believe Bitcoin as-is won't get adopted for everyday transactions. Nobody would want showing his buying habits to the whole world (imagine how many ads and flyers you would get).
On the other hand, I don't believe cryptocurrencies that offer too much privacy will get adopted either, since they will be used for criminal activities and eventually get banned.
My feeling is that we want a currency that offers privacy to some extent, without revealing our transaction to the world but still be possible for law-enforcement to track illegal activities.
What do you think?

The main people that scream for privacy are the scammers that want to be able to off load large amounts of BTC without people seeing it. The minute they start moving the initial bad of coins, that is when people bail and run.

Those is companies that have a desire to implement Bitcoin or crypto desire privacy for their stock holders, and that can be accomplished with a private side chain asset. Most people have no issue with their TX's being out there, just concern for their wallets.



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Coin-Keeper
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October 09, 2017, 05:39:14 PM
 #32

Loss of privacy of YOUR BTC ownership can be a major security concern for your safety.  Example:  a person has 5000 BTC (currently approaching 25 million USD in value).  If that is YOU do you realize the danger in having that knowledge public?  Where I live gangs, organized crime rings, etc....   could easily ransom your family members or send you a body part of theirs if you refuse to send your BTC.  This is not movie stuff this is easy stuff.  It is very possible to keep BTC pretty close to anonymous if you understand computer networking an connectivity OPSec.  If this all seems crazy to you just know I respect your opinions but I will hold the line on mine here.

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October 09, 2017, 06:24:05 PM
 #33

To my opinion Bitcoin is not so much private and anonimous as it was couple of years ago. New methods have appeard to reveal the Bitcoin users and to track transactions and that is also the reason why some users have abandoned Bitcoin.
Because of regulation Bitcoin exchangers and other services are more demanding regarding your private data. Honestly, I don't like that very much because I appreciate privacy very much but on the other hand I understand that this is necessary because of all abuse that appear all the time and legality of business.

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daserpent
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October 09, 2017, 08:44:21 PM
 #34

The more privacy the better imo. The govts are snooping on everyone nowadays without any regard to anyone's privacy. Bitcoins and other cryptos are a small step in the direction of regaining our privacy but ofcourse, for total privacy, we need a lot more to be done.
bitcoinisbest
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October 10, 2017, 05:33:29 AM
 #35

The more privacy the better imo. The govts are snooping on everyone nowadays without any regard to anyone's privacy. Bitcoins and other cryptos are a small step in the direction of regaining our privacy but ofcourse, for total privacy, we need a lot more to be done.

No government can allow the bitcoin to run in the unregulated market in their country. Because you never know how it can be a threat to the country and government will take all the precaution to curb such privacy. This is what I have understood after reading some of the articles.

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October 10, 2017, 06:47:42 AM
 #36

On the other hand, I don't believe cryptocurrencies that offer too much privacy will get adopted either, since they will be used for criminal activities and eventually get banned.
My feeling is that we want a currency that offers privacy to some extent, without revealing our transaction to the world but still be possible for law-enforcement to track illegal activities.
What do you think?
I don't think a chain that allows 'law enforcement' access that it doesn't allow anyone else is a good solution at all. Do you mean that law enforcement would be able to track the blockchain because they have the vast technical resources to do so, or because they are granted special access that other people are not?

There is an ideal balance between anonymity and transparency to be found. Does btc have it? How much metadata that is linkable to transactions is too much?

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October 10, 2017, 07:58:05 PM
 #37

On the other hand, I don't believe cryptocurrencies that offer too much privacy will get adopted either, since they will be used for criminal activities and eventually get banned.
My feeling is that we want a currency that offers privacy to some extent, without revealing our transaction to the world but still be possible for law-enforcement to track illegal activities.
What do you think?
I don't think a chain that allows 'law enforcement' access that it doesn't allow anyone else is a good solution at all. Do you mean that law enforcement would be able to track the blockchain because they have the vast technical resources to do so, or because they are granted special access that other people are not?

There is an ideal balance between anonymity and transparency to be found. Does btc have it? How much metadata that is linkable to transactions is too much?



Law enforcement doesn't have special access of course, but it can taint dirty coins and with the help of special companies they can de-anonymize transactions. Bitcoin is not anonymous, many examples exist (some listed above, like someone who might have a 5000BTC wallet, or the bitcoins that are coming from ransomware attacks).

On the opposite side do we really want perfect anonymity?
My point is that if we somehow had a 100% proven perfectly anonymous cryptocurrency, that cryptocurrency would certainly be used also for illegal activities (money laundering, drugs etc.). If you were a criminal and you had the perfect way to receive/send money for your illegal business, you would choose this anonymous cryptocurrency to do your business. And eventually governments would shut down exchanges accepting this cryptocurrency, so instead of a mainstream currency it would eventually become a currency for illegal activities only, and that currency would only be traded on the black market.
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October 10, 2017, 08:32:35 PM
 #38

Hey,

It`s almost same how much is privacy on bitcoin/altcoin, main point is my life how to survive? I dont steal that is wrong thing to do.
Its easy if parents pay everything, remember respect that!  Roll Eyes
I remember when my father pays everything and working two jobs. I try to be smarter then he.

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aleksej996
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October 10, 2017, 08:35:05 PM
 #39

Law enforcement doesn't have special access of course, but it can taint dirty coins and with the help of special companies they can de-anonymize transactions. Bitcoin is not anonymous, many examples exist (some listed above, like someone who might have a 5000BTC wallet, or the bitcoins that are coming from ransomware attacks).

On the opposite side do we really want perfect anonymity?
My point is that if we somehow had a 100% proven perfectly anonymous cryptocurrency, that cryptocurrency would certainly be used also for illegal activities (money laundering, drugs etc.). If you were a criminal and you had the perfect way to receive/send money for your illegal business, you would choose this anonymous cryptocurrency to do your business. And eventually governments would shut down exchanges accepting this cryptocurrency, so instead of a mainstream currency it would eventually become a currency for illegal activities only, and that currency would only be traded on the black market.

I think that if country would block a crypto because it offers anonymity, then we should make Bitcoin anonymous and let them make it illegal.
We shouldn't let some government tell us that our privacy isn't worth it, it is and should be our right.
If a country wants to cut itself out of a financial revolution, then let them do it, we will see how it works out for them when the rest of countries take over the market and have all the benefits of this new and amazing tech.

I have known this tech for few years now and I have known the governments for many more and I can tell you that I trust in this technology far more then any other government in this world.
If it was up to governments or Bitcoin, I think I have a pretty good idea on who will win in the long run.

Hannu
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October 10, 2017, 08:44:48 PM
 #40

Law enforcement doesn't have special access of course, but it can taint dirty coins and with the help of special companies they can de-anonymize transactions. Bitcoin is not anonymous, many examples exist (some listed above, like someone who might have a 5000BTC wallet, or the bitcoins that are coming from ransomware attacks).

On the opposite side do we really want perfect anonymity?
My point is that if we somehow had a 100% proven perfectly anonymous cryptocurrency, that cryptocurrency would certainly be used also for illegal activities (money laundering, drugs etc.). If you were a criminal and you had the perfect way to receive/send money for your illegal business, you would choose this anonymous cryptocurrency to do your business. And eventually governments would shut down exchanges accepting this cryptocurrency, so instead of a mainstream currency it would eventually become a currency for illegal activities only, and that currency would only be traded on the black market.

I think that if country would block a crypto because it offers anonymity, then we should make Bitcoin anonymous and let them make it illegal.
We shouldn't let some government tell us that our privacy isn't worth it, it is and should be our right.
If a country wants to cut itself out of a financial revolution, then let them do it, we will see how it works out for them when the rest of countries take over the market and have all the benefits of this new and amazing tech.

I have known this tech for few years now and I have known the governments for many more and I can tell you that I trust in this technology far more then any other government in this world.
If it was up to governments or Bitcoin, I think I have a pretty good idea on who will win in the long run.

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LTC: LTUXxZWZpgFTzi8LftzcSD73HNy32V84Lw
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