Tornado Cash sanctions as the beginning of the end of privacy coins?

[Sethrey]

Recent U.S. sanctions against cryptocurrency mixer Tornado Cash have sparked a debate within the crypto community on whether the ban compromises users’ ability to operate anonymously.

Earlier this week, the Treasury Department imposed sanctions against Tornado Cash for helping hackers launder over $7 billion worth of virtual currency. The agency said the mixer service allowed cyber criminal groups, including North Korean-backed hackers, to use its platform to launder the proceeds of cyber crimes.

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

[RussiaUkraineTranslation]

Recent U.S. sanctions against cryptocurrency mixer Tornado Cash have sparked a debate within the crypto community on whether the ban compromises users’ ability to operate anonymously.

Earlier this week, the Treasury Department imposed sanctions against Tornado Cash for helping hackers launder over $7 billion worth of virtual currency. The agency said the mixer service allowed cyber criminal groups, including North Korean-backed hackers, to use its platform to launder the proceeds of cyber crimes.

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

Privacy coins like Monero will be banned but privacy tokens like 0xMonero cannot be banned because they exist as assets on Ethereum and don't need to be traded on centralized exchanges. Anyone can trade 0xMR on any EVM chain AMM without KYC or censorship, on 9 different chains in fact. The future of privacy is on Ethereum, you just can't see that through the fog of regulation right now.

[Teraboy]

The fact that if it doesn't matter what kind of privacy platform or protocol being developed and the developers behind it can always be jailed by regulators due to providing a tool that always related with criminal. It may become the end for privacy coin but oh i forgot that basically privacy coin already ended started when so many privacy coins worth nothing and starting to disappear. There are a few that are still exist in the crypto but they still there caused by people used it as investment.

[Starkick]

Recent U.S. sanctions against cryptocurrency mixer Tornado Cash have sparked a debate within the crypto community on whether the ban compromises users’ ability to operate anonymously.

Earlier this week, the Treasury Department imposed sanctions against Tornado Cash for helping hackers launder over $7 billion worth of virtual currency. The agency said the mixer service allowed cyber criminal groups, including North Korean-backed hackers, to use its platform to launder the proceeds of cyber crimes.

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

Privacy coins like Monero will be banned but privacy tokens like 0xMonero cannot be banned because they exist as assets on Ethereum and don't need to be traded on centralized exchanges. Anyone can trade 0xMR on any EVM chain AMM without KYC or censorship, on 9 different chains in fact. The future of privacy is on Ethereum, you just can't see that through the fog of regulation right now.

Hmm, well, I do not know how you can ban coins like Monero. Okay, recently these coins were delisted from popular exchanges, however, there are a number of anonymous exchanges where you can buy it.

[blockman]

Hmm, well, I do not know how you can ban coins like Monero. Okay, recently these coins were delisted from popular exchanges, however, there are a number of anonymous exchanges where you can buy it.

Well, it's the government and exchanges will be disallowing for their listing while those exchanges that are complaint to the government will just halt its trade and will delist it.
It's true that there are still exchanges where it is still listed and the government can't do nothing with it, they can command certain exchanges to have it delisted but they can't dictate it to all.

[Sethrey]

Privacy coins like Monero will be banned but privacy tokens like 0xMonero cannot be banned because they exist as assets on Ethereum and don't need to be traded on centralized exchanges. Anyone can trade 0xMR on any EVM chain AMM without KYC or censorship, on 9 different chains in fact. The future of privacy is on Ethereum, you just can't see that through the fog of regulation right now.

If I got you right, Crypton CRP privacy coin from Utopia p2p will also remain available in any case? Own blockchain, decentralization..

[Jawhead999]

How decentralized it's crypton and utopia project? if it's really 100% decentralized, any sanctions wouldn't affect it since anyone can still use it. The privacy coins price are based on demand and supply, so since the sanctions are mainly focused to privacy coins, it might decrease the price due to panic and less demand. IMO holding privacy coins for long term isn't a good choice due to government always enforce submit KYC that would kill privacy concern.

[kojektea]

Privacy coins are indeed very vulnerable to being used for crime because it makes it easier for them to transact with secrets. but I don't think privacy coins are bad as long as some coins are mined and used properly as privacy coins it's okay. and regulations I think are better owned by the state, it will make us feel safe in transacting on privacy coins.

[RussianEnglishTranslation]

I think that the demand for privacy DApps and tokens will increase dramatically from this moment forward. People are starting to realize how important privacy is on public blockchains and that's why I am dedicating 20% of my portfolio to privacy project investments. Some projects I hold are RAIL, 0xMR, and I'm looking to invest in spinner cash on the internet computer if they release a token.

[Starkick]

How decentralized it's crypton and utopia project? if it's really 100% decentralized, any sanctions wouldn't affect it since anyone can still use it. The privacy coins price are based on demand and supply, so since the sanctions are mainly focused to privacy coins, it might decrease the price due to panic and less demand. IMO holding privacy coins for long term isn't a good choice due to government always enforce submit KYC that would kill privacy concern.

Thank you, I think this project is very reliable. I mean the Utopia p2p. As far as I know, the ecosystem is decentralized, and no personal data is needed to use the exchange. Moreover, the moment is organically growing and developing, even despite the fall of bitcoin and its impact on the crypto world.

[Bitcoin_Arena]

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

I see what you are trying to do here. You are trying to shill some unknow exchanged called crypton and it's shitcoin. Most members didn't notice this but on taking a look at your posting history, it's all about crypton 

I even doubt if that exchange is legit.

Nice try but not quite.

[Sethrey]

What happened to XMR coins is the worst nightmare of investors using it. The government can’t do anything directly to the project but they can always target exchange to delist it or make a law that restricting user to own since every in crypto is starting to be regulated. Privacy coin might continue to exist but there’s no guarantee that user will keep using it of the government itself will do whatever it takes to restrict user on acquiring this kind of tokens.

Wrong again. Not all the exchanges can be affected by governments. That's exactly why no kyc decentralized exchanges exist. They can't be banned or forced delisting something.

[samcrypto]

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

I see what you are trying to do here. You are trying to shill some unknow exchanged called crypton and it's shitcoin. Most members didn't notice this but on taking a look at your posting history, it's all about crypton  

I even doubt if that exchange is legit.

Nice try but not quite.

Nice try at the end though some speculation really creates panic especially when we are talking about privacy coin. Though the government can’t totally control it but once they take action, probably this can still affect the project. With the current pressure from the government targeting privacy coins, I hope they are ready for this and will still fight for the project, the investor should take cautious for now and once in doubt don’t invest yet.

[Xal0lex]

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

Almost everything in the crypto industry is regulated now, not just private coins. Private coins have been subject to delisting for several years now, since 2018. Since that time, the crypto industry has been heavily regulated and regularly banned. This will continue to evolve. Cryptocurrencies are being used on an increasing scale in today's world. No one but crypto users want privacy and anonymity. Therefore, states will promote everything private and anonymous by regulating these areas or replacing them completely with centralized and transparent counterparts, such as CBDC. It is suspected that cryptocurrencies in 10-15 years will be completely regulated.

[btc_angela]

Does that mean that all the privacy coins will be banned and regulated? Even those having own no KYC decentralized exchanges, like Crypton?

Almost everything in the crypto industry is regulated now, not just private coins. Private coins have been subject to delisting for several years now, since 2018. Since that time, the crypto industry has been heavily regulated and regularly banned. This will continue to evolve. Cryptocurrencies are being used on an increasing scale in today's world. No one but crypto users want privacy and anonymity. Therefore, states will promote everything private and anonymous by regulating these areas or replacing them completely with centralized and transparent counterparts, such as CBDC. It is suspected that cryptocurrencies in 10-15 years will be completely regulated.

And only Monero will be the one standing, but not sure how many exchanges are still supporting it, as you have said, majority of the exchanges, top tier have delisted them due to government pressure and because of the regulations.

Although there could be some individuals who still want privacy, it's gong to be difficult to maintain at present day as everyone is required to do a full KYC on exchanges now. For sure you can buy personal info on some black market, but who knows, still exchanges will try to be one step of the game by requiring not just selfie, but a full interview.

[CryptoATM]

Tornado cash team are known, stupid of them, if a privacy coin is going to survive anything it has to be 100% private, all teams have to be strictly Anonymous, there will be no way to stop them this way but instead they reveal who they are to the world.

[Sethrey]

Almost everything in the crypto industry is regulated now, not just private coins. Private coins have been subject to delisting for several years now, since 2018. Since that time, the crypto industry has been heavily regulated and regularly banned. This will continue to evolve. Cryptocurrencies are being used on an increasing scale in today's world. No one but crypto users want privacy and anonymity. Therefore, states will promote everything private and anonymous by regulating these areas or replacing them completely with centralized and transparent counterparts, such as CBDC. It is suspected that cryptocurrencies in 10-15 years will be completely regulated.

Sad to hear that.. Then crypto will lose its sense almost fully. I'm tired of being totally controlled from all the sides. Okay, and what will happen to the countries that don't put taxes on crypto? They will also check every step?

[iamverybusyperson]

Almost everything in the crypto industry is regulated now, not just private coins. Private coins have been subject to delisting for several years now, since 2018. Since that time, the crypto industry has been heavily regulated and regularly banned. This will continue to evolve. Cryptocurrencies are being used on an increasing scale in today's world. No one but crypto users want privacy and anonymity. Therefore, states will promote everything private and anonymous by regulating these areas or replacing them completely with centralized and transparent counterparts, such as CBDC. It is suspected that cryptocurrencies in 10-15 years will be completely regulated.

Sad to hear that.. Then crypto will lose its sense almost fully. I'm tired of being totally controlled from all the sides. Okay, and what will happen to the countries that don't put taxes on crypto? They will also check every step?

Hmmm, to be honest - I haven't heard much about such a coin. For me, the most famous is probably monero. But to be honest -I don't think that's the case. There must be some ways to solve this problem.

[Iyeman]

What happened to XMR coins is the worst nightmare of investors using it. The government can’t do anything directly to the project but they can always target exchange to delist it or make a law that restricting user to own since every in crypto is starting to be regulated. Privacy coin might continue to exist but there’s no guarantee that user will keep using it of the government itself will do whatever it takes to restrict user on acquiring this kind of tokens.

Wrong again. Not all the exchanges can be affected by governments. That's exactly why no kyc decentralized exchanges exist. They can't be banned or forced delisting something.

DEX can be taken down by regulators easily. A few times dex got taken down and developers got jailed. All of exchange sites can be affected by the governments. We have international law. As long as the exchange site was violating the law and it can be taken down by the government. Even tornado can be taken down easily. Are you expecting anything that being decentralized can't be taken down?

[Sethrey]

DEX can be taken down by regulators easily. A few times dex got taken down and developers got jailed. All of exchange sites can be affected by the governments. We have international law. As long as the exchange site was violating the law and it can be taken down by the government. Even tornado can be taken down easily. Are you expecting anything that being decentralized can't be taken down?

Please let me know, how can one find and imprison anonymous developers? Let's try to play this action with Utopia p2p project, where no one knows whose child is it.