Governments against privacy-oriented cryptocurrencies

[Hueristic]

Guys, one way or another, we will have to come to terms with the fact that the cryptocurrency will be under control.  Cryptocurrency users can exchange funds with each other, but buying goods using cryptocurrency will not be possible anyway, because any business is under state control and there are certain rules for entrepreneurial activity.  If there is an acute question regarding KYC and tax returns in relation to cryptocurrency, then we can not change anything.

What kind of drugs are you doing?

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[Layers318]

The governments are against such privacy oriented cryptocurrencies because they believe that cryptocurrencies are used for illegal activities such as money laudering, drug trafficking, terrorism funding etc due to the fact that the identities of senders and receivers are anonymous. This is what has called for the numerous request for KYC submission from recent projects on the market.

[Jpti]

Governments and the people in power are still shying away to accept the existence of cryptocurrency. They argue that cryptocurrency encourages illegal activities and terrorism. But in fact, cryptocurrency will assist transaction and make lives of the people easier. But no matter government comes hard on privacy coins or other coins, there is difficulties in controlling it.

[TheClownSong]

Governments and the people in power are still shying away to accept the existence of cryptocurrency. They argue that cryptocurrency encourages illegal activities and terrorism. But in fact, cryptocurrency will assist transaction and make lives of the people easier. But no matter government comes hard on privacy coins or other coins, there is difficulties in controlling it.

Indeed there are still many people who think that cryptocurrency is more widely used for illegal activities but actually they are wrong. Many governments still have old thoughts and are still fixated on old regulations, while technological developments continue to progress. Hopefully in the next few years, more and more governments will open their minds to regulate cryptocurrency and its use so that crypto adoption can run faster

[jcarlo]

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?

From what I read, privacy coins like Monero have been banned in Japan and maybe America will do the same thing. Privacy coins may be good for users who often transact with crypto but want to remain anonymous but actually for investors it is not very influential because basically investors are more important to take profits from their investments

[qwizzie]

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?

My thoughts on this : Dash is not a privacy-oriented cryptocurrency, as Dash provides optional privacy as just one of its many other services.
Other Dash services / Dash focus points :

* providing fast, low cost and secure transactions (secure in the sense of protection against double spending and immediately spendable)
* setting up and supporting global on-the-ground teams in those countries that struggle with their own traditional payment system (Venezuela, Colombia) or where high operational costs occur
  (intermittances & legal cannabis markets)
* providing incentives and requirements to keep its full nodes online 24/7 (also known as its masternode network)
* having a decentralized governance and budget system in place, which allows Dash to operate and pay its developers even in a bearmarket
* active protection against 51% attacks on its network, through ChainLocks
* developing Dash Platform, Dash Decentralized API, Dash Drive and more user-friendly wallets for users and merchants. All combined will provide Dash with more use cases, more users and more merchants.

The number of Dash PrivateSend transactions is actually very low, compared with Dash normal transactions.

Link :

https://dashradar.com/charts
https://dashnews.org/private-bitcoin-transactions-over-double-all-privacy-focused-cryptocurrencies-combined/

Dash may have been privacy-orientated in its early years, but Dash has certainly evolved since then.

 
      

[Coltpython]

I have also thought about this as well. In time to come government may want to accept cryptocurrency with a degree of regulation. When that time comes, privacy coins will either have to adapt quickly by changing the fundamentals of their project or be swept aside forcibly due to regulation requirements

[Layers318]

I have also thought about this as well. In time to come government may want to accept cryptocurrency with a degree of regulation. When that time comes, privacy coins will either have to adapt quickly by changing the fundamentals of their project or be swept aside forcibly due to regulation requirements

I agree with you and this is one of the main reasons why upcoming projects and other old projects already on the market are now introducing KYC into their systems. In the near future where governments will decide to accept cryptocurrency because they cannot stop it completely, there will be regulations on its transactions and other activities hence all privacy-oriented cryptocurrency must undergone changes in order to for governments to know who is behind any transaction.

[Hueristic]

I have also thought about this as well. In time to come government may want to accept cryptocurrency with a degree of regulation. When that time comes, privacy coins will either have to adapt quickly by changing the fundamentals of their project or be swept aside forcibly due to regulation requirements

I agree with you and this is one of the main reasons why upcoming projects and other old projects already on the market are now introducing KYC into their systems. In the near future where governments will decide to accept cryptocurrency because they cannot stop it completely, there will be regulations on its transactions and other activities hence all privacy-oriented cryptocurrency must undergone changes in order to for governments to know who is behind any transaction.

You two are the definition of "Sheeple".

[guydin]

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?

From what I read, privacy coins like Monero have been banned in Japan and maybe America will do the same thing. Privacy coins may be good for users who often transact with crypto but want to remain anonymous but actually for investors it is not very influential because basically investors are more important to take profits from their investments

Probably, the privacy of these cryptocurrencies does not play the main role. Besides, some governments started the regulation of crypto operation and everything connected with them. For instance, in Iran, mining has become a legal business. However, now, each miner will have to pay taxes for the country.
The electricity is cheap in this country, and people will mine with pleasure.

[fvb]

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?

A vivid confirmation of what you are talking about was in Norway.  When they abducted the wife of a businessman and demanded a ransom in the Monero cryptocurrency.  Against this background, it is very convenient for governments of different countries to use such cases and prevent the spread of confidential cryptocurrency.  Of course, there are other reasons why governments are trying to prevent the introduction of technology to the masses.

[xenomorphe1]

We can see that Dash, ZCash and Monero are still in the top exchanges. Governments are surely against privacy-oriented cryptocurrencies. But they will always exist if cryptocurrencies don't die. There will be always some people who are going to create new privacy coins or buy the old privacy coins.

[ololajulo]

The tone in the thread has really changed and People are beginning to see how government can influenc/control Cryptocurrency use. Some early crypto adopters and enthusiasts that are advocate with strong influence are under watch in the US according to John MCafee, The adoption of privacy coin had reduced and users are more careful, more so, countries are also controlling the use.

[jostorres]

I have also thought about this as well. In time to come government may want to accept cryptocurrency with a degree of regulation. When that time comes, privacy coins will either have to adapt quickly by changing the fundamentals of their project or be swept aside forcibly due to regulation requirements

I agree with you and this is one of the main reasons why upcoming projects and other old projects already on the market are now introducing KYC into their systems. In the near future where governments will decide to accept cryptocurrency because they cannot stop it completely, there will be regulations on its transactions and other activities hence all privacy-oriented cryptocurrency must undergone changes in order to for governments to know who is behind any transaction.

The moment that US starts showing interest which I am already seeing, that is the moment that the whole adoption will start, and it is already showing through the involvement if tax men on the some of the exchanges that holds the investment and transaction of their citizens, I see they are already trying to regulate coinbase that is domiciled in their country, and also making the biggest exchange which is binance o also separate their citizens into a different domain for proper monitoring.

I think that United Kingdom also is already following this line too, so it is a matter of little time more now before we see full force regulation on the cryptocurrency market, and yes as he said, those anonymous coins are the ones that will be a scape goat for the government more.

[Abiky]

From what I read, privacy coins like Monero have been banned in Japan and maybe America will do the same thing. Privacy coins may be good for users who often transact with crypto but want to remain anonymous but actually for investors it is not very influential because basically investors are more important to take profits from their investments

I'm afraid this will happen soon, as the US government is becoming "strict" towards the development of the entire crypto industry. Their excuse for banning privacy-oriented cryptocurrencies will be that they're the main payment system for money launderers. However, that's not largely the case since money launderers use Fiat currency for their nefarious tasks than crypto itself. The true reason of an outright ban will be to prevent people from hiding their transactions from government's surveillance programs. After all, they want to remain in power and the only way to do this is to control the entire monetary system.

Still though, it'll be possible to continue using privacy-oriented cryptocurrencies no matter how hard governments try to stop them, because of their distributed and decentralized design. People will adopt other methods of gaining access to these cryptocurrencies, putting in vain government's efforts. If governments wanted to stop this revolution, they would've done so within Bitcoin's early days. Now, it's virtually impossible to take down everything as Blockchain has grown to levels far beyond reach. Governments will have to join this movement or be left behind in the dust. Just my thoughts

[Semosuchi Tesongrato]

Anything that cannot be controlled is disturbing to governments. It is obvious that they will do everything possible to boycott the development of crypto.

[Abiky]

Anything that cannot be controlled is disturbing to governments. It is obvious that they will do everything possible to boycott the development of crypto.

Exactly. The situation becomes worse for privacy-oriented cryptocurrencies as transactions are completely obfuscated from the public. Combining this with the decentralized and distributed nature of crypto, you get a financial system that is completely independent from the government. That's something that bothers worldwide governments since they want to enforce control over people after all. It wouldn't be surprising if they start cracking down on privacy-oriented cryptocurrencies, because of this reason. They've already been forcing exchanges to comply with KYC/AML. Most centralized exchanges have already adopted KYC, due to government pressure. Exchanges that don't comply with these regulations, will be shut down by the government itself.

I believe that the same thing will happen with privacy-oriented cryptocurrencies as governments force developers to implement a KYC system among them. Privacy coins that don't comply with this, will be threatened by governments in many ways. But the government's reach will be limited by how many people will allow them to proceed. If people join themselves together in order to protect this revolution from experiencing a massive crackdown, then governments efforts will be put in vain. Otherwise, it'll be the end of privacy coins and crypto in general as we know it. Just my opinion