Governments against privacy-oriented cryptocurrencies

[Abiky]

The inception of privacy-oriented cryptocurrencies like Monero, Zcash, and Dash, has revolutionized the way we transact on public blockchains. Whereas everything is transparent in Bitcoin, privacy-oriented cryptocurrencies obfuscate sensitive transaction information. Now, cryptocurrencies like the ones mentioned earlier, have increased exponentially in price over the past years.

However, the very existence of these cryptocurrencies could be threatened over the long term, as most governments have been oppressive towards the growth of crypto and Blockchain technology in general. The US has been cracking down on exchanges and tokens with the SEC, and it's only a matter of time before it hunts down privacy-oriented cryptocurrencies too. After all, the excuse of governments is that privacy coins encourage money laundering and criminal activity. While this is true in part, their main intent is to prevent ordinary people from gaining access to fully private cryptocurrencies like Monero and Grin.

Nonetheless, it may not be long before many governments turn themselves against privacy-oriented cryptocurrencies. Since governments want power over people's transactions, a privacy coin like Monero turns the tables against them. Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

What are your thoughts about this?

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[@prashant]

It was expected privacy coin is similar to dark web ,government ban them still people use them ,i think sooner later government will ban privacy coin as they want everything under their control as they want to gain profit from crypto as well but for now we have to worry about SEC or other government regulated body regulation that they are going to impose on crypto.
There is no denial to it that majority of wrong thing/trade/other stuff payment are done by crypto ,to be more accurate privacy coin so i think it will continue to grow as huge dark market depends on it so i think we should look forward to regulation rather than worry about privacy coin.

[monalia]

Now simply can say that these government will not accept any decentralized cryptocurrency stay longer in this world. Then they will comes to adopt such cryptocurrency for their business or any other purposes.
We wish to invest on decentralised cryptos only soon this government can understand what is fact among crypto community.

[pixie85]

We all know that governments want to be in control. If they could they would want to control bitcoin too. Should we be scared?

If they find a way to deal with privacy coins other coins will be next. We should oppose their actions from the start and show them that the community supports privacy and decentralization. Show them your stance and don't vote for those who want to control the economy and strtip you of your right to privacy.

[darylalban]

I honestly do not think that governments will still be able to control privacy platforms entirely. They might have to do some sort of reporting esp for businesses but overall making them non existent isn't true. I am still a firm believer and user of privacy coins and looking forward to Elixxir's upcoming privacy platform too

[Febo]

The inception of privacy-oriented cryptocurrencies like Monero, Zcash, and Dash, has revolutionized the way we transact on public blockchains. Whereas everything is transparent in Bitcoin, privacy-oriented cryptocurrencies obfuscate sensitive transaction information. Now, cryptocurrencies like the ones mentioned earlier, have increased exponentially in price over the past years.

However, the very existence of these cryptocurrencies could be threatened over the long term, as most governments have been oppressive towards the growth of crypto and Blockchain technology in general. The US has been cracking down on exchanges and tokens with the SEC, and it's only a matter of time before it hunts down privacy-oriented cryptocurrencies too. After all, the excuse of governments is that privacy coins encourage money laundering and criminal activity. While this is true in part, their main intent is to prevent ordinary people from gaining access to fully private cryptocurrencies like Monero and Grin.

Nonetheless, it may not be long before many governments turn themselves against privacy-oriented cryptocurrencies. Since governments want power over people's transactions, a privacy coin like Monero turns the tables against them. Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

What are your thoughts about this?

Monero is fully SEC compatible. So I dont expect there will ever be any such problems as ETH or other ICO coins will have.  I do not see that any government has been oppressive towards Bitcoin. Bitcoin is cryptocurrency that is by far most used on dark markets. Governments will regulate exchanges. Cryptcurencies like Monero or Bitcoin cant be regulated.

[pishite]

How can they prohibit anonymous cryptocurrencies? It will not be possible to track them, the only option is to remove them from the exchange, but not all exchanges will want to do it. People will be able to make exchanges and exchange coins among themselves. Of course they will affect the course of the coin, but it will give new ideas for solving this problem.

[juperos]

we have the same though. Our crypto market is no longer a low market capitalization, it is really attracting great attention from many genuine investors and large corporations.
So, in order for the crypto market to be safe and better, the background security money is expelled from the market. because the government does not want the appearance of money laundering.
When the market grows strongly, many investors will evade taxes by laundering money in monopolies like Monero, Zcash and the government cannot do anything about them.

[poodle63]

I honestly do not think that governments will still be able to control privacy platforms entirely. They might have to do some sort of reporting esp for businesses but overall making them non existent isn't true. I am still a firm believer and user of privacy coins and looking forward to Elixxir's upcoming privacy platform too

When the government has lost the control over the funds that gone to privacy crypto they will take an action against it, not a rocket science to think logically that such privacy crypto prone to missuse of illegal activities, while there's some cases revealed some of them left uncovered.
Some people are just too paranoid of their privacy making them create such thing while I don't blame this kind of coin but I totally understand what will the government do.

[DDante]

Of cos government always want control over everything and privacy coins and tokens are threats for them ,but I don't think there is anything they can do about it ,john McAfee is the only one supporting these privacy coins

[jazmuzika217]

On my own opinion I will agree with the government because all we know that online transactions using crypto is very fast and easy so criminals or illegal transactions will perform very easy if there is an privacy-oriented crypto government will afraid that using crypto will be a subtance to crime. If we are doing good and only business or an illegal transactions I think there is no reason to hide.

[Bttzed03]

It is quite expected that after imposing stricter rules on these exchange, people will start using privacy coins. Authorities may try but unfortunately for the them, it won't work. They can go after these exchanges, mixers, and tumblers but they can't impose anything on the cryptocurrency itself.

[0zero0]

As long as the internet is active there will be people who will like to stay anonymous and there will be people who would like to make anonymous transactions.
There will be people who would make such currencies which will provide such services. So in my opinion the competition will never stop.

[Red-Apple]

a very big part of the reason for that is because the anonymous coins are mainly used by people who want to do something illegal. they are the ones that will always ruin it for everyone else too. so it is partly understandable to see how governments would be against all these types of coins and for good reasons.

Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

i don't think governments are going to ever "support" bitcoin because it is decentralized and even though it is not an anoncoin, it provides a lot of privacy and is out of their control because of its decentralization.

they may support ethereum though because it is centralized and they can easily control it.

as for survival, i don't think ETH can survive in the long run even if it had government support because it is flawed. and the more apparent its centralization gets the more it will fail.

[WalkerIVIV]

How can they prohibit anonymous cryptocurrencies? It will not be possible to track them, the only option is to remove them from the exchange, but not all exchanges will want to do it. People will be able to make exchanges and exchange coins among themselves. Of course they will affect the course of the coin, but it will give new ideas for solving this problem.

How those people can get anonymous coin like dash, monero if they are not using exchange site? Please, you should put exchange site as the main problem why the government still able to control it even it was not having control over the blockchain that used decentralized consensus like Pow

[SaRmY]

Know it. They cannot prevent this. They can not interfere even the dark side of the Internet. I think this obstacle of anonymity will cause a new stream of anonymous exchanges and the growth of anonymous cryptocurrencies.

In general, on the last bench in Japan, the G20 should have discussed the fate of cryptocurrencies and regulating them, however, looking at the news for several days, I did not find any confirmation that this dispute was discussed. So we can sleep for another year.

[NeuroticFish]

How those people can get anonymous coin like dash, monero if they are not using exchange site?

I guess that it's not so difficult to make truly decentralized exchange where one can exchange between Bitcoin and Monero. And when there will be no easier options, that's what people will use.


It's unfortunate that the governments could actively try to constrain anonymous coins, but they cannot actually stop them. However, for now the actions against anonymous crypto are weak, so maybe it's a bit early to worry?

[Abiky]

We all know that governments want to be in control. If they could they would want to control bitcoin too. Should we be scared?

If they find a way to deal with privacy coins other coins will be next. We should oppose their actions from the start and show them that the community supports privacy and decentralization. Show them your stance and don't vote for those who want to control the economy and strtip you of your right to privacy.

Agree. We should take our part in supporting the future of cryptocurrency in every way. Regulations that go against cryptocurrencies can be easily counteracted by not voting for specific entities within the government. Of course, this easily applies to democratic governments like US and UK where people have an equal say with their votes. But, in communist countries like China and North Korea, that's not widely possible. Eventually, there would be a massive crackdown into privacy-oriented cryptocurrencies from such governments in the world.

This is because, governments want to stay in power and control finance. They claim that their biggest concern is money laundering, when in fact, most privacy coins are not being used for that. Fiat currency like the USD is largely used by money laundering, but it's not as targeted as cryptocurrencies themselves.

Still, if governments manage to stop the wide-spread usage of privacy-oriented coins worldwide, then people will always find a way to get access to them. With alternative networks like ZeroNet, Tor, and i2p, anyone can get access to privacy coins without restrictions. For trading them into Fiat or another cryptocurrency, then the only way to do so would be in a P2P fashion.

Nonetheless, let's hope that privacy coins like Monero and Zcash, will survive for a very long time. As long as most governments support them, there should be nothing to worry about. Just my thoughts

[FlyingDrozd]

The inception of privacy-oriented cryptocurrencies like Monero, Zcash, and Dash, has revolutionized the way we transact on public blockchains. Whereas everything is transparent in Bitcoin, privacy-oriented cryptocurrencies obfuscate sensitive transaction information. Now, cryptocurrencies like the ones mentioned earlier, have increased exponentially in price over the past years.

However, the very existence of these cryptocurrencies could be threatened over the long term, as most governments have been oppressive towards the growth of crypto and Blockchain technology in general. The US has been cracking down on exchanges and tokens with the SEC, and it's only a matter of time before it hunts down privacy-oriented cryptocurrencies too. After all, the excuse of governments is that privacy coins encourage money laundering and criminal activity. While this is true in part, their main intent is to prevent ordinary people from gaining access to fully private cryptocurrencies like Monero and Grin.

Nonetheless, it may not be long before many governments turn themselves against privacy-oriented cryptocurrencies. Since governments want power over people's transactions, a privacy coin like Monero turns the tables against them. Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

What are your thoughts about this?

No wonder. Government wants to control everything. If people get financial freedom, they’d get too independent.

[frost_wind]

Governments are always interested to control its citizens, I thought it was no longer a secret for anyone.  So attempts to restrict the usageof privacy-oriented coins are absolutely expected, but I do not think that they will succeed in completely banning their use, because no one can restrict p2p transactions and decentralized exchanges