Is this the end of Monero?

[FireBallex]

Many third party entities are paying hackers to penetrate Monero privacy security and it's never been possible for them till today, if this Ciphertrace can really trace Monero transactions I don't see any reason why they should announce it because Monero can easily patch things up, it's like spreading useless FUD because it's impenetrable for them lol

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[AnonBitCoiner]

If you guys remember, one of the major bitcoin mixer - bitmixer was closed in 2017 and the owner stated that after deep investigation, he could confirm that the most anonymous coin for transactions was - Monero. We all also know that this altcoins is known for it's anonimity.



But right now, as it seems, crypto analytics firm - CipherTrace announced that they are capable of tracing monero transactions (stolen money, illegal transactions, etc) and they already have filed two patents. They made this tool as a part of the project with the U.S. Department of Homeland Security and they have been working on this since 2019.

What do you guys think about it? According to the structure of monero transactions (rings...) will they really be able to trace it? Or just another hype?

Mostly the altcoin will sustain in market over a period and it will change for sure. I mean it will make a funeral path for sure. So we should use the opportunity and inverse in it and get profit from. If you feel like a end, just sold your holding at good price. Then you will get more profit as compared to selling at low price.

[shoreno]

If actually there is a tool developed by the officials to track the Monero transactions then I can say it is the end of the coin because the real reason why it exists is for the privacy when transaction but until now it hasn't been proven or they just saying as clickbait reasons so we can't trust anything until there is an actual tool available.

there are people that invest in Montero for profits because Montero can grow in value due to its utility which was for privacy , people and criminals use it for privacy but if its primary purpose is destroyed the coins value can also go down because investors will leave the coin . There's already two case as the op stated and that can be a proof  .  He missed the link but I googled it and found this out https://decrypt.co/40284/us-homeland-security-can-now-track-privacy-crypto-monero?amp=1 .

I also found another link on cointelegraph ; https://cointelegraph.com/news/ciphertrace-develops-monero-tracing-tool-to-aid-us-dhs-investigations/amp . They look legit and not a clickbait

[DU18]

If actually there is a tool developed by the officials to track the Monero transactions then I can say it is the end of the coin because the real reason why it exists is for the privacy when transaction but until now it hasn't been proven or they just saying as clickbait reasons so we can't trust anything until there is an actual tool available.

Crypto transactions are transactions that are indeed private in nature and basically that is what causes many people to think that crypto is an alternative to money laundering, but if there is a technology that can track every crypto (monero) transaction it seems that is a pretty good thing according to me personally because that certainly will reduce the occurrence of fraud in cryptocurrency and maybe there will even be many countries regulating crypto in the future. And if I'm not mistaken right now the Monero team is also working on a project called "Kovri", which is basically trying to improve the privacy aspects of Monero even further, so they also are working to increase Monero's scalability.

[bocyaj]

If actually there is a tool developed by the officials to track the Monero transactions then I can say it is the end of the coin because the real reason why it exists is for the privacy when transaction but until now it hasn't been proven or they just saying as clickbait reasons so we can't trust anything until there is an actual tool available.

It may be a fake news with a expectation.But we can't say it's a end of coin until the official development team have his words on it. And it should end on all his trading platform.Don't believe the fake news to the market.It was easy to spread a rumor to the open media like this forum.

[Gorosden]

I think it's fake news or the organization planned to FUD Monero, moreover Monero team are not saying a word about this so it doesn't matter I guess,  also I though homeland security likes doing their things in the dark, why bring this to the public? So that criminals using Monero for illegal funding can panic or what?

[Abiky]

If you guys remember, one of the major bitcoin mixer - bitmixer was closed in 2017 and the owner stated that after deep investigation, he could confirm that the most anonymous coin for transactions was - Monero. We all also know that this altcoins is known for it's anonimity.

...

But right now, as it seems, crypto analytics firm - CipherTrace announced that they are capable of tracing monero transactions (stolen money, illegal transactions, etc) and they already have filed two patents. They made this tool as a part of the project with the U.S. Department of Homeland Security and they have been working on this since 2019.

What do you guys think about it? According to the structure of monero transactions (rings...) will they really be able to trace it? Or just another hype?

I don't think this is the end of Monero. While government agencies have offered bounties with the purpose of tracing down every Monero transaction, their efforts will eventually die in vain. That's largely because of the open source and decentralized nature of crypto. The Monero project will continue to adapt itself to the latest threats in cyberspace, becoming stronger and resilient than ever. With a hard fork taking place every 6 months, developers can easily strengthen the privacy of the XMR blockchain in order to render government efforts worthless. It's a like a "cat and mouse" game if you ask me.

Besides, Monero isn't the only privacy coin available in the crypto/Blockchain space. There are other privacy coins with unique anonymization techniques, which prove to be quite a challenge for governments to regulate thoroughly. Surveillance/analytics tools won't be able to catch up with the constant changes in anonymization techniques used by many privacy-oriented cryptocurrencies in cyberspace. The government might as well give up in trying to hunt down "malicious" actors on privacy coins. Their intentions are not to put an end to criminal activity on privacy coins, but rather invade people's privacy in order to get what they want (which is complete surveillance and total control). As long as Monero remains decentralized and private, it'll be regarded a threat to the existing monetary system. Given that surveillance companies have been unable to provide proof of their claims (like CipherTrace being able to track & trace Monero transactions), everything is just about hype more than anything else. It's a strategy used by the government in order to scare away people from using Monero. But they'll eventually fail as the crypto/Blockchain space has grown into a force to reckon with. Just my opinion

[Novatech8]

Presently XMR price is 134$ and it's still very bullish, XMR team don't have time for all those fake news about Ciphertrace having a solution to track Monero transactions, this is why this altcoin is created for, to make transactions anonymous and it works, if Ciphertrace find a way then that's good for them, they should concentrate on putting that into action first because boosting about it

[bearexin]

This is not the first time that I am seeing people say that they are able to trace Monero, I don’t know this for sure and how they can do it, maybe it is possible or maybe not. But, one thing I have also known from time is that Monero is the only cryptocurrency that is really anonymous, and then when I come to think about it, these cryptocurrencies are created by people and some of those people who worked on these projects are developers who might possibly be working for the government by now.

If someone will be able to create something anonymous, wouldn’t that person or someone with the same knowledge as he or she have an idea on how to break down that project?

[masterrex]

I think it's only a form of advertisement, and as we know the crypto industry easily reacts to negative news and misinformation, and I don't believe this crap until it wasn't proven true, CipherTrace needs to prove it. in well-documented position and not just on a piece of paper. But if it's true I believe that Monero will find any solution regarding this issue but for now that it has no concrete evidence let's wait and see.

[Eddyc]

In my opinion it's not the end of Monero because each project has its own style of dissemination or even no dissemination at all. We can say that Monero needs to undergo a market adaptation despite having a considerable value in the last few days and its weekly increase varies around 12% but leaving the speculation aside I believe that with the advance of the high Monero can follow the values due to the large number of investors and community supporters.

[Abiky]

This is not the first time that I am seeing people say that they are able to trace Monero, I don’t know this for sure and how they can do it, maybe it is possible or maybe not. But, one thing I have also known from time is that Monero is the only cryptocurrency that is really anonymous, and then when I come to think about it, these cryptocurrencies are created by people and some of those people who worked on these projects are developers who might possibly be working for the government by now.

If someone will be able to create something anonymous, wouldn’t that person or someone with the same knowledge as he or she have an idea on how to break down that project?

Exactly. I don't think anyone has been able to "crack" Monero yet. The code is open for anyone to improve it in case flaws are discovered in the long run. With Monero being a decentralized and open source cryptocurrency, it's easy enough to detect privacy vulnerabilities. The network upgrades every 6 months in order to maintain ASIC-resistance and improve its privacy techniques. It's practically impossible to be able to successfully track down XMR transactions on the blockchain, given how frequently the network changes over time. Surveillance authorities and/or companies are going to need to adapt their techniques every time, in order to stay ahead of the game. This process is time-consuming and costly, leaving government's efforts in vain.

If CipherTrace's claims are true, then developers should act quickly by strengthening Monero's privacy techniques. I've seen somewhere that they're planning to add the Dandelion Protocol to the Blockchain in order to improve a person's anonymity on the Blockchain. This, alongside the use of Tor + VPN, should make your transactions completely anonymous. One thing for sure is that no system is perfect. We should take necessary precautions to secure our anonymity just in case. As long as the Monero project continues to deliver constant development and innovation, it'll be able to stand the test of time. Just my opinion

[Koutami]

Monero will always be used and be the top privacy coin,
especially now that Monero is above the $ 120 resistance, the bullish possibility for XMR is very big,
and this is not the end of Monero!

If someone break the privacy usecase, isnt it became useless coin? Or maybe there will be some Fork to upgrade the code. im not really sure

[mu_enrico]

I don't think if privacy can be compromised, Monero will "end."
The Crypto market is so irrational that coins that are a blatant scam, have been hacked, only useful as memes, etc., can exist for a long time.
However, price-wise, it's difficult to reach top-10 again because of tail emission and limited market (some countries ban Monero).

[safari88]

this is an interesting discussion it's indeed that many people claimed that monero is one of the most anonymous coin well i have doubts that it was true and if it's true why don't they publicly reveal it or they could also be true and if so then there's no such thing as  anonymous coin?

[Febo]

If CipherTrace's claims are true, then developers should act quickly by strengthening Monero's privacy techniques. I've seen somewhere that they're planning to add the Dandelion Protocol to the Blockchain

Dandelion is already part of Monero for almost a year.


CipherTrace's claims are not true. Their CEO was interviewed here: https://www.youtube.com/watch?v=w5rtd3md11g

And CipherTrace said on twitter: Nobody can deterministically trace Monero transactions yet.

https://twitter.com/davejevans/status/1330008956270374918

[speedforce]

Monero will always be used and be the top privacy coin,
especially now that Monero is above the $ 120 resistance, the bullish possibility for XMR is very big,
and this is not the end of Monero!

If someone break the privacy usecase, isnt it became useless coin? Or maybe there will be some Fork to upgrade the code. im not really sure

Pretty sure monero privacy mechanism will be hard to be cracked. Even if that happen, we will see some fork happen to upgrade the code then.

[pixie85]

It depends on whether they really can trace it and how much time it requires to do it. If they need to dedicate significant resources to each transaction people will divide big money into many transactions.

Is somebody going to hire a tracing company to find out where every 1000 dollars worth of coins went in the network? I don't think so.

They say there's no lock that cannot be unlocked and there's no perfect murder so you could expect with enough work somebody someday would trace privacy coins.

[Argoo]

Monero will always be used and be the top privacy coin,
especially now that Monero is above the $ 120 resistance, the bullish possibility for XMR is very big,
and this is not the end of Monero!

Today the price of Monero is already $ 154, which means that the price of this coin has increased significantly over the past month.  Therefore, nothing happens to Monero as a highly anonymous coin.  You can declare anything you want, but you only need to judge the events and draw conclusions based on deeds.  This coin has proven itself well for a long time, and you shouldn't even pay attention to such statements.

[Hueristic]

^^^--- Are you people Morons incapable of comprehending a thread or are you all just sig spamming?


Febo very clearly points out right here that the CEO of the company that is claiming to break Monero is stating in SIMPLE English that it HAS NOT BEEN BROKEN.  DO YOU IDIOTS comprehend this??

If CipherTrace's claims are true, then developers should act quickly by strengthening Monero's privacy techniques. I've seen somewhere that they're planning to add the Dandelion Protocol to the Blockchain

Dandelion is already part of Monero for almost a year.


CipherTrace's claims are not true. Their CEO was interviewed here: https://www.youtube.com/watch?v=w5rtd3md11g

And CipherTrace said on twitter: Nobody can deterministically trace Monero transactions yet.

https://twitter.com/davejevans/status/1330008956270374918