Privacy Coins Discussion

[MrMojoRising26]

Since I got into crypto I have always really liked monero!! I noticed that the USA in particular doesnt want monero to be used for obvious reasons, but why is something like zcash, dash allowed to be sold on gemini, but monero gets blackballed from gemini, coinbase something fishy there it makes no sense to me. The coin has a great use case and most people love it! I would assume that privacy coins will be banned from exchanges at some point because of money laundering concerns, but I hope not! Does anyone know why monero cant get no love from gemini/coinbase is it because the issues I mentioned or something else??

[zasad@]

Read Complies with the Financial Action Task Force (FATF), ehere are very complex requirements

"The Travel Rule that specifically addresses this point mandates that the VASP must be able to collect “Required Information” which includes:
• Originator’s name (i.e., the sending customer);
• Originator’s account number where such an account is used to process the transaction (e.g., the VA wallet address);
• Originator’s physical (geographical) address, national identity number or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth;
• Beneficiary’s name
• Beneficiary’s account number where such an account is used to process the transaction (e.g., the VA wallet address)."

https://blog.dash.org/dash-complies-with-the-financial-action-task-force-fatf-guidelines-including-the-travel-rule-a4c658efc89d

[Sourhearrt]

Monero getting delisted from some exchanges isn't because of lack of volume or market cap, it has something to do with centralized regulations of sorts, it's not a bad move, I believe privacy coins will do better with dex exchanges in future because I feel that's where they belong

[tabas]

Monero getting delisted from some exchanges isn't because of lack of volume or market cap, it has something to do with centralized regulations of sorts, it's not a bad move, I believe privacy coins will do better with dex exchanges in future because I feel that's where they belong

It has nothing to do with market cap because it's one of the huge altcoins. The question has been already answered by zasad and that's because of FATF.

[kingzpro]

Since I got into crypto I have always really liked monero!! I noticed that the USA in particular doesnt want monero to be used for obvious reasons, but why is something like zcash, dash allowed to be sold on gemini, but monero gets blackballed from gemini, coinbase something fishy there it makes no sense to me. The coin has a great use case and most people love it! I would assume that privacy coins will be banned from exchanges at some point because of money laundering concerns, but I hope not! Does anyone know why monero cant get no love from gemini/coinbase is it because the issues I mentioned or something else??

Governments and global authorities do not simply like privacy coins and they are somewhat right, their transactions cannot be tracked so these coins can be used for bad criminal activities like ransom, drugs, money laundering and other dark web marketplaces and due to their being private such transactions and criminals can not be traced similarly governments cannot track transactions to tax or track transactions. So i do not see privacy coins have a bright future legally but yes they can survive in the background and people will keep using them for privacy they offer.

[bct_ail]

Monero getting delisted from some exchanges isn't because of lack of volume or market cap, it has something to do with centralized regulations of sorts, it's not a bad move, I believe privacy coins will do better with dex exchanges in future because I feel that's where they belong

It has nothing to do with market cap because it's one of the huge altcoins. The question has been already answered by zasad and that's because of FATF.

And unfortunately, so does everyone else out there. The FATF will still cause problems for many privacy coins. Apart from the dex exchanges they will probably only be tradable p2p in the future.

[MrMojoRising26]

Read Complies with the Financial Action Task Force (FATF), ehere are very complex requirements

"The Travel Rule that specifically addresses this point mandates that the VASP must be able to collect “Required Information” which includes:
• Originator’s name (i.e., the sending customer);
• Originator’s account number where such an account is used to process the transaction (e.g., the VA wallet address);
• Originator’s physical (geographical) address, national identity number or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth;
• Beneficiary’s name
• Beneficiary’s account number where such an account is used to process the transaction (e.g., the VA wallet address)."

https://blog.dash.org/dash-complies-with-the-financial-action-task-force-fatf-guidelines-including-the-travel-rule-a4c658efc89d

well that explains it! thanks for the detailed response

[Little Mouse]

Apart from the point mentioned by zasad, I think another reason is in Monero, privacy is forced. There is no way of doing transparent tx in Monero but with Zcash and other privacy coin, so far the privacy is optional.
And yeah I agree that at some point privacy coins will no longer be listed in exchanges, however, if they have acceptance in various marketplace for example in darkweb, I do not think exchange delisting will be an issue.

[MrMojoRising26]

Apart from the point mentioned by zasad, I think another reason is in Monero, privacy is forced. There is no way of doing transparent tx in Monero but with Zcash and other privacy coin, so far the privacy is optional.
And yeah I agree that at some point privacy coins will no longer be listed in exchanges, however, if they have acceptance in various marketplace for example in darkweb, I do not think exchange delisting will be an issue.

great point on the use of them on the darkweb I didnt even think about that

[TanakabZX]

Monero is more anonymous than dash I think and that's why hackers use this coin on darkweb the most, it's the most favorable on darkweb than other privacy coins, many will hate this fact, most especially SEC and they will surely force some exchanges to delist Monero

[TanakabZX]

Monero is more anonymous than dash I think and that's why hackers use this coin on darkweb the most, it's the most favorable on darkweb than other privacy coins, many will hate this fact, most especially SEC and they will surely force some exchanges to delist Monero

This won't stop Monero though, it will only make it the best choice for anonymous users or darkweb users, there are new privacy coins presently that has better features than Monero but just like Bitcoin is the best for people even with old tech that's how Monero is going to be

[Cnut237]

Privacy coins are certainly useful and serve a purpose. My main concern is that as crypto moves inevitably into the mainstream, and causes prices to increase due to the increased demand, we will encounter more and more legislation. Privacy coins may be the big losers here as governments look to demand a degree of transparency. Privacy coins can't comply with KYC/AML, and are much more likely to fall foul of regulators and other official bodies.

[leea-1334]

Since I got into crypto I have always really liked monero!! I noticed that the USA in particular doesnt want monero to be used for obvious reasons, but why is something like zcash, dash allowed to be sold on gemini, but monero gets blackballed from gemini, coinbase something fishy there it makes no sense to me. The coin has a great use case and most people love it! I would assume that privacy coins will be banned from exchanges at some point because of money laundering concerns, but I hope not! Does anyone know why monero cant get no love from gemini/coinbase is it because the issues I mentioned or something else??

Especially when you consider all the crap that has been going on with the different privacy coins. I mean even Dash which has a lot of marketing power now we know people hardly even use it the way it was intended, so why call it a privacy coin? Monero will be the original and by that only the one people serious about anon use will go to.

Gemini/Coinbase cannot use it yeah for those reasons;) Forced anonymity.

[MrMojoRising26]

Since I got into crypto I have always really liked monero!! I noticed that the USA in particular doesnt want monero to be used for obvious reasons, but why is something like zcash, dash allowed to be sold on gemini, but monero gets blackballed from gemini, coinbase something fishy there it makes no sense to me. The coin has a great use case and most people love it! I would assume that privacy coins will be banned from exchanges at some point because of money laundering concerns, but I hope not! Does anyone know why monero cant get no love from gemini/coinbase is it because the issues I mentioned or something else??

Especially when you consider all the crap that has been going on with the different privacy coins. I mean even Dash which has a lot of marketing power now we know people hardly even use it the way it was intended, so why call it a privacy coin? Monero will be the original and by that only the one people serious about anon use will go to.

Gemini/Coinbase cannot use it yeah for those reasons;) Forced anonymity.

I 100 percent agree monero is the top privacy coin and will be for the foreseeable future

[tabas]

Monero getting delisted from some exchanges isn't because of lack of volume or market cap, it has something to do with centralized regulations of sorts, it's not a bad move, I believe privacy coins will do better with dex exchanges in future because I feel that's where they belong

It has nothing to do with market cap because it's one of the huge altcoins. The question has been already answered by zasad and that's because of FATF.

And unfortunately, so does everyone else out there. The FATF will still cause problems for many privacy coins. Apart from the dex exchanges they will probably only be tradable p2p in the future.

Yes. Very plausible. When most countries rely to FATF decision for privacy coins, we're likely to see that.
As long as there will be a remaining volume for these privacy coins, there will be no problem at all but seeing them on exchanges is possible to happen. Maybe not for all of them but for few.

[MikeyVeez]

Monero was delisted from many exchanges because regulators intervened hard against all anonymous cryptocurrencies. Mainly due to the fact, that some politicians are talking about the dangers of crime with anonymous cryptocurrencies. You have heard a lot of times that cryptocurrencies are used to buy drugs or weapons and if you add privacy mode, then it is a really good instrument for it.

[MrMojoRising26]

Monero was delisted from many exchanges because regulators intervened hard against all anonymous cryptocurrencies. Mainly due to the fact, that some politicians are talking about the dangers of crime with anonymous cryptocurrencies. You have heard a lot of times that cryptocurrencies are used to buy drugs or weapons and if you add privacy mode, then it is a really good instrument for it.

Yeah sad but true that is definitely going to hurt the upside potential on privacy coins down the road

[Krislaw]

Monero is the real definition of anonymity. This coin is serving it's purpose and it is not in the best interest of government because they want control, especially the USA.
This still won't stop Monero because it's has userbase and it's still on big exchanges. The coin cannot be buried.

[bct_ail]

You have heard a lot of times that cryptocurrencies are used to buy drugs or weapons and if you add privacy mode, then it is a really good instrument for it.

Privacy mode is not only for illegal products. It is just, that nobody can trace back your wealth on your wallets. It is in the nature of things that they are use for buying stuff in darknet. But I would like to use it for buying stuff outside from the darknet.

[covfefe_]

Read Complies with the Financial Action Task Force (FATF), ehere are very complex requirements

"The Travel Rule that specifically addresses this point mandates that the VASP must be able to collect “Required Information” which includes:
• Originator’s name (i.e., the sending customer);
• Originator’s account number where such an account is used to process the transaction (e.g., the VA wallet address);
• Originator’s physical (geographical) address, national identity number or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth;
• Beneficiary’s name
• Beneficiary’s account number where such an account is used to process the transaction (e.g., the VA wallet address)."

https://blog.dash.org/dash-complies-with-the-financial-action-task-force-fatf-guidelines-including-the-travel-rule-a4c658efc89d

So it basically means dash and zcash transactions are not private at all. Isn't it or am I getting it wrong?
I have no good knowledge and skills about privacy based coins but hates the government interfering and taxing everything it can. I don't trust my government with my money. So, is monero the only option for me?