What happened to XMR and other privacy coins

[MidNite36]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

[vv181]

You already made a similar thread about that here:  What about privacy coin?.

What's wrong with it, does that thread doesn't satisfy your question huh?

Anyway, as it stands, here is my thought regarding the subject.

Broadly looking at how cryptocurrenices work today, most people are busy with NFT, DEFI, and established meme coins like Doge. But that doesn't indicate privacy coin lose its purpose and usefulness. It's just how the majority of the regular user is more into those things, currently.

But the fact that Monero has been long established and battle-tested, which makes it unbreakable[1], the usefulness is still there. And I don't see why would Monero doesn't have any future.

[1] https://decrypt.co/41411/the-irs-is-offering-you-625000-to-crack-monero

Broadly looking at how cryptocurrenices work today, most people are busy with NFT, DEFI, and established meme coins like Doge

This however is basically nothing but the crystal truth. What the vast majority these days are longing for are projects that could get them rich like GetRichQuickScheme as we do call it. These memes and NFT fit into that category.

And that is the ground idea of what most developers built those projects. People have a narrow point of view that they didn't consider how many people lost their funds playing around with NFT, and meme Coin. It fits most people that haven't been unaware of cryptocurrencies before. For example, this thread[1] shows Shiba's popularity compared to others. People will use cryptocurrencies that spark their curiosity and interest them the most.

But technically, the privacy coin won't lose it meaning, there is valuable concept within it.

[1] https://bitcointalk.org/index.php?topic=5396585.0

[Jawhead999]

Monero was created for privacy reason, when did anyone care with their privacy? only less people, anyone who use centralized exchanges are the people who doesn't care with their privacy, it can be you or me or anyone. Another reason is few exchanges delist Monero because they don't want to have any trouble with anonymous coin and lead their exchanges a problem due to high illicit sources.

[GreatArkansas]

These privacy coins become less popular for me after 2017-2018. I believe privacy coins has become redundant in cryptocurrency because the essence of cryptocurrency is privacy and these coins also make some feature about privacy when you are using them.
Especially now there are already a lot of ways to hide your privacy even using non-privacy coins. Still, they are still here because they still have use.

[kaseygriffin]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

I don't think it's going to be a big hit in this space, as each passing stage is different and the hype about its applicability remains one of my personal questions. The issue of supply and demand is only on a small scale, and it's hard to think it will bring the same prominence or success as the top altcoins are dealing with in a time-gone landscape. Also, I'm not too negative about anonymous coins, but I'm clearly seeing some issues related to money laundering and confusing the concept of user security. However, I also acknowledge some of the core issues they're addressing, but it still takes time to see how they really benefit this market.

[makishart]

are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

They are. Privacy coins were garbage coins. People didn't need bunch of privacy coins. One with good tech is more than enough like monero. People are putting their main concern into the utility rather than privacy coin. If you wanna trade with cex easily and you need to complete KYC verification. In this case privacy coin is actually useless. We didn't need privacy coin anymore. Privacy coin was coming to its end.
People need utility rather than privacy coin.

[Baofeng]

These privacy coins become less popular for me after 2017-2018.

I think when crypto enthusiast realized that government will still continue to track and hunt them down even if they uses privacy coins. And perhaps this is one reason why the sudden decline except maybe Monero but still they are still far cry from what they are used to be back them.

I know that maybe some here are private person and wanted to be anonymous. However, the trend is changing and we need to embrace the notion that  we can be traced even if we used these so called privacy coins.

[diminizio]

I think privacy coins fall into the category of security coins where it's really hard to get hype , its quite a long development even though its a very good project. Like Monero, which is currently the most popular privacy coin in my opinion, but it doesn't get enough hype to lift the price up so it just stagnates in price. But it is perfect for those who mine or invest long term, as the coin's fundamental security is very strong and has long term hype.

[fortuner]

I think privacy coins fall into the category of security coins where it's really hard to get hype , its quite a long development even though its a very good project. Like Monero, which is currently the most popular privacy coin in my opinion, but it doesn't get enough hype to lift the price up so it just stagnates in price. But it is perfect for those who mine or invest long term, as the coin's fundamental security is very strong and has long term hype.

Yes, it's true that Monero is not much different from USDT, the movement is not too far away, therefore Monero has never had a price increase that is further than their usual price.
 But when it comes to investing, I also agree because apart from maintaining security, we won't feel a big loss when the price of Monero drops because it will fix the price again quickly and it's also one of the most popular coins even though it's never been hype.

[Super Protocol]

The financial services of the digital ecosystem can only be replenished from cryptocurrencies. While the financial services of cryptocurrencies are increasing rapidly around the world, the transactions of cryptocurrencies in the digital ecosystem are increasing rapidly. Various currencies are gaining popularity in the cryptocurrency market. Monero is different from other cryptocurrencies. So Monero's future is much better.

[vv181]

These privacy coins become less popular for me after 2017-2018.

I think when crypto enthusiast realized that government will still continue to track and hunt them down even if they uses privacy coins. And perhaps this is one reason why the sudden decline except maybe Monero but still they are still far cry from what they are used to be back them.

I know that maybe some here are private person and wanted to be anonymous. However, the trend is changing and we need to embrace the notion that  we can be traced even if we used these so called privacy coins.

That's partly incorrect. People choose convenience and sacrifice privacy, or they may just simply don't care about privacy at all. The coin in question is Monero, which is still unbreakable noting the NSA still offers a prize to break it[1]. While we can assume they may already break it but still keep silent, but that is another technical debate that I'm not aware of.

But the thing I want to say is it's up to the user in regard to how they manage their own privacy, so if they throughout maintain a good privacy habit, they will hardly be traced.

[1] https://decrypt.co/41411/the-irs-is-offering-you-625000-to-crack-monero

[masterrex]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

IMO, I think the price is not that bad, for Monero but compared to other privacy-centric coins I don't know what was happening in them as I observe most of them are not moving in terms of prices, but it doesn't mean that the industry is not needed them, because the truth is we still need a privacy coin. Anyway, I suspect that the reason maybe was the government crackdown on privacy coins because they are giving them headaches coz until now, no one has been able to crack the Monero code. just my opinion!

[leea-1334]

You mistake market price with utility.

Monero is the only privacy coin actually being used for the purpose of privacy (or even anonymity),,, and it has been growing in network and users and merchants. Like Bitcoin has.

Monero will win in the end. All the other nonsense privacy coins have no utility.

[Xal0lex]

Privacy is certainly good and it is the central idea of cryptocurrencies, but the world and many states are not interested in anonymous coins, so they are not popular. The fight against anonymous coins has been going on for a long time, as far as I remember, back in 2018 many large exchanges, like Bittrex, delisted anonymous coins, thus narrowing their popularity and liquidity.

Most countries have long advocated legal and tax regulation of cryptocurrencies, and various states have promoted the idea of de-anonymizing wallets over a certain limit, with major exchanges cooperating with states. Do you think anonymous cryptocurrencies can develop well in such an atmosphere, when the whole world system is against them?

[Kelvinid]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

Investors will likely ignore them and give no interest on those coins that won't give them profit. I don't wonder why this will happen, in fact, even in the past years, they don't make any hype that could gain attention.

Even for me, I'd rather invest in volatile coins even though the risk is too high knowing the fact that this becomes a reason why people make money from the market. Buy low and sell high...this is unlikely to happen in privacy coins.

[Yogee]

I think privacy coins fall into the category of security coins where it's really hard to get hype , its quite a long development even though its a very good project.

Security coins? What does that even mean?

Like Monero, which is currently the most popular privacy coin in my opinion, but it doesn't get enough hype to lift the price up so it just stagnates in price.

It's probably the only real privacy coin left in the market. The others kind of succumbed to the pressure from authorities and and exchange delistings.

The hype phase for Monero is long gone. It's only popular among the hardcores or the crypto OGs as others would call them. The new investors now are more like coming from traditional markets so privacy isn't their thing.

[sana54210]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

I guess during a time when KYC came up and became such an important and big deal, we should not be shocked about the fact that people are moving towards not caring about privacy. There are some niche situations going on and there are some type of people who would like to use it, and that is why there is still some volume there, but it is not as great as it used to be.

Remember that bitcoin used to be something that people used for buying drugs in darknet, so it is not really that much of a shock that there were ton of people who used crypto that wanted to hide their identity. But nowadays crypto moved well beyond that, and became a financial asset.

[tomahawk9]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

if you're looking at privacy coins as nothing more than an investment then you're off to a bad start in the your potential crypto investments. Privacy coins are not a pump-and-dump altcoin like 95% of the crypto market, the grand majority of people actually use them as a medium of exchange rather than an just hodl investment like eth or Btc

Monero will win in the end. All the other nonsense privacy coins have no utility.

amen to that

[Abiky]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

People are not interested in privacy coins because they have nothing to hide. Governments are also requiring exchanges to comply with KYC/AML, so anything that cannot be traced (like privacy coins) will be rejected for good. There are a lot of bad actors (eg: governments and central banks) who don't want people to use privacy coins because it would give them true financial freedom. With the number of crypto regulations increasing by the day, it's possible privacy coins will no longer be traded on traditional centralized exchanges. That would mean a lower price per coin in terms of Fiat, due to reduced exposure on mainstream markets. I'm fine with that as long as privacy coins continue to work as intended. Just my thoughts

[yazher]

The less performing top alt to me is Monero, what the hell happened to all privacy coins out there? They dont surge as good as any other altcoins, are people not interested in privacy coins anymore? Or it's the world that doesn't need the idea.

When everything seems going to be centralized they will gonna consider going back on buying XMR for this is their way to hide their assets. right now the regulations and the taxes implemented by governments in other countries are not that tough and the investors don't seem bothered by them. that's why they let their assets known to their government because they can handle the regulations. right now seems like they don't care about privacy coins which they will gonna need later if something goes wrong in the future with their centralized coins.