Someone detected the importance of privacy

[Webutxo]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

If you have done Kyc before in some exchanges, take your loss that it's normal thing we do outside. I'm sure many of us have bank account that we have done Kyc and nothing happened. Just assumed that the exchanges will not use your info for anything and since you didn't do anything bad while using the exchange, you have absolutely nothing to fear, so move on but make sure to withdraw your coins from the exchanges and start using custodial wallet.

From henceforth, avoid anything that will lead you to do any Kyc, there are plenty of other platform to get anything you want in centralized exchanges even the common p2p exchanges are available in decentralized exchange, it is better if you use one of these instead of going to centralized exchanges that makes people go through Kyc and many process before they allow uou to use their services.

[Kruw]

Coinjoin participants can consolidate their coins in a manner to reduce the anonymity set,

The implementation of direct payments in coinjoin makes this less of an issue, since this type of consolidation will further increase the spenders anonymity set.

while in Monero it is not possible. (There is no such thing as accidentally or purposefully consolidating a subset of the rings)

Doesn't the "shape" of a Monero transaction leak metadata about the spend? A 1 input 2 output spend implies a smaller value payment, but a tx with many inputs would stand out as likely sending a relatively large share of the origin wallet's total balance?

There are no "liquidity spikes" when a whale moves XMR.

True, Monero has advantages for large amounts.

[mindrust]

Monero is your biggest chance on privacy. Don’t get obsessed with its price. Focus on its fundamentals. It is the OG privacy coin and by default it keeps you anonymous. Even exchanges not accepting monero is a feature because exchanges force KYC randomly. When they don’t accept monero, they force you to use decentralized exchanges and that’s a good thing for you.

If you hold monero and try to do whatever you do with other cryptos with xmr, you’ll have good privacy automatically. It is hard, it is a painful path but nobody said privacy would be easy to acquire. Life is not ez.

You don't have to switch from Bitcoin to Monero, you just have to switch from a non-private Bitcoin wallet to a private Bitcoin wallet. There are coinjoin transactions on Bitcoin with much larger anonymity sets than Monero.

I never said “switch completely”. People always make the same mistake. It doesn’t have to be one or another as long as you are managing your risks carefully. People ask gold or btc? Btc or monero? Gold or silver? Usd vs stocks? If you feel the need, you can have all of those. Btc vs xmr? Own both if both are useful to you but I doubt it that btc offers better privacy than xmr. I mean, xmr exists just for this purpose. Btc has a public ledger so it lost that battle before it even started.

[Fivestar4everMVP]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

For someone who already have their personal data held up by several centralized exchages before discovering the importance of privacy and decides to embrace it,  I do not think there is anything he or she can do to clean up his private information from all of those exchanges he or she has kcyed on, because even he or she ask that his or her account be deleted, there is no way the exchange is also going to delete his or her kyc data from the platform..

So the best and only thing such a person can do is possibly try to keep his or her funds off centralized platforms now and try to keep as private as possible as well, but he or she should never think or believe that his or her information isn't out there.

But I wanna ask, is there anyone who actually believes they are living a private life? Like you are online, you use a smart phone with Sim card, buy data from time to time and even make calls, and you still believe no body in this world knows you exist?

[BlackHatCoiner]

Doesn't the "shape" of a Monero transaction leak metadata about the spend? A 1 input 2 output spend implies a smaller value payment, but a tx with many inputs would stand out as likely sending a relatively large share of the origin wallet's total balance?

No, I wouldn't say so. A 1 input 2 output transaction could spend a large amount of XMR, just as a 1 input 2 output transaction could spend a large amount of BTC, or just as a many inputs many outputs transaction could spend a relatively small amount of BTC.

Also, consolidating many XMR UTXOs in a single transaction does not reveal from which wallet they are spent, unless the observer has created many of those UTXOs that are selected as ring members in the ring signature.

[Emeraldo]

Personal data and information given out during verifications and kyc processes are not supposed to be public they should not be one that will be visible to everyone. Offcourse this verifications and personal data are helpful especially for the protection of your wallet against it being hacked but then it should be left private, this informations are basically to secure your account and or wallet from being hacked it does not give you control in anyway over your assets. If informations from kyc and verification processes are made public then it's not a good idea.

[Antikyc_]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

You can’t erase the past, but you can shape the future. You should definitely remove/clean any traces of your old crypto as much as possible and of course change your behaviour. Stop doing kyc completely and use tools like tor, vpns etc.

[Kruw]

I never said “switch completely”. People always make the same mistake. It doesn’t have to be one or another as long as you are managing your risks carefully. People ask gold or btc? Btc or monero? Gold or silver? Usd vs stocks? If you feel the need, you can have all of those.

I never said "switch completely" either, you are attacking a strawman.

No, I wouldn't say so. A 1 input 2 output transaction could spend a large amount of XMR, just as a 1 input 2 output transaction could spend a large amount of BTC, or just as a many inputs many outputs transaction could spend a relatively small amount of BTC.

Right, you can easily imagine counter behaviors to my example, which is why the tx shape is merely metadata instead of just data. Do you know if any XMR wallets automate churning, or would users need to perform those txs manually?

[goldkingcoiner]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

I mean.... If you have given your KYC away many times then with each time, the chances of it being leaked to a unknown party increases. And the fact is that many bad actors would love to steal your identity and take out loans in your name or something equally devious. The best thing you can do is go to the authorities and tell them your government documents may have been compromised, just in case there is an issue in the future, that way at least you can protect yourself.

And do not use any wallets or accounts that can be traced to your KYC. So no old wallets/accounts.

[suzanne5223]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

Although what is done is done, but you still have a choice to choose privacy now. I believe everyone has once made a mistake when they didn't have an adequate understanding of things or not mature enough.

Having said that. According to what I understand about the CEX platform model of operation. They keep their users name, ID, address, phone, bank details, and IP logs, with the inclusion of transaction history in multiple regulated databases ^{(BlackHatCoiner provides information on how it works here).}


So, what you'll do now is reduce the level of the future exposure by moving crypto into self custody wallet, don't leave your crypto on exchanges, get a privacy email like ProtonMail, use a new phone number or eSIM instead of your real number, check for breaches using HaveIBeenPwned, use deleteme/incogni to reduce online exposure, request data deletion on GDPR, and CCPA/CPRA, which is for Europe, and California, respectively. Start using privacy tools or a wallet with coin control, use a VPN for websites, and if you want to use stablecoin, use DAI or LUSD.

[BlackHatCoiner]

Right, you can easily imagine counter behaviors to my example, which is why the tx shape is merely metadata instead of just data.

Yes, in that case, it leaks metadata.

Do you know if any XMR wallets automate churning, or would users need to perform those txs manually?

There is the xmr-churner, but I highly doubt that if such feature is inexistent in the official getmonero.org wallet as optional, enough people will use it. I also don't think this will ever be included now with the Full-Chain Membership Proofs upgrade.

[davis196]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

Throw your computer and smartphone away and never use the world wide web ever again?
I'm kidding. There's no point of being too obsessed with the ID verifications, that you've done in the past. There are services like Deleteme, where you could request your sensitive data to be removed from "data broker databases". You can try such online services, if you want to, but I can't guarantee that they work. I can assume that most companies, that require KYC simply don't store any sensitive info of their customers.
You have to remember that your sensitive information is being stored by government agencies as well. What if there's an information leak inside a government agency's database? You have no fault for your info being leaked and yet you can still suffer from financial loses and psychological
damage.

[zasad@]

I don't think current information systems have yet learned to process large volumes of data. Most of this data is stolen or sold on hacker forums. If you decide not to use centralized services this year, all you need to do is sever the connection between your coins you withdrew from centralized exchanges and your new wallets. This isn't a difficult task, and the easiest way is to exchange your assets for Monero on one service, and then exchange Monero for the coin you need on another.

[Joy- maker]

For someone who have spent his years buying on centralised exchanges only to have found privacy, passed countless KYC verification online, almost all their information is online, do they still have a choice at privacy?

What and what do you think they should start doing? Can such mess even get cleaned up?

I would say that they still have choice, but not a reset button, because privacy is not all or nothing it is more of a damage control and future discipline.

If someone have been using multiple centralized exchanges to buy Bitcoin and the person has also completed KYC (passport, face scan address and so on) then the person have left trails across all those platforms, because that person Data is already stored by those centralized exchanges, and they sometimes share it with regulators.

So if your Data exist permanently in database or leaks of those centralized exchanges, then you can't fully erase it, but you can significantly improve your future privacy.

[famososMuertos]

OP: At the beginning of the 21st century, or around that time, people started talking about privacy and how our data was being handled with the arrival of major social networks like Facebook, Google, etc. In that first decade of the 21st century, it was mentioned how our data was being taken without our permission, so it's very possible that a large part of it is circulating on the internet.

Cryptocurrencies have certainly offered a way to contain that access, but people don't understand the essence of a DEX. Because... well, anyway it's always a good time to start doing things right. Use a DEX. It's simple.

[dkbit98]

What and what do you think they should start doing? Can such mess even get cleaned up?

You can easily swap those coins or sell them on Bisq or other decentralized and p2p exchanges.
Than you also buy coins again without kyc, but they could be connected with identity of someone else.
Some people obviously want to connect their identity with their bitcoin, especially if they are whales who likes to be fully legal.
Best solution would be to have privacy level upgrade on bitcoin mainnet,but I doubt this is going to happen any time soon.

[justdimin]

It is obviously not possible to have all your personal information removed from everywhere forever, but you can always start taking your privacy more seriously and start doing things by staying more private. When it comes to cryptocurrencies, if you are constantly using centralized platforms to buy and sell cryptocurrencies, then you won't have any privacy, but if you start using decentralized platforms more often, and stop keeping your funds at centralized exchanges, then you will have more privacy, but whatever is done cannot be undone now.

Also, if you are using a non-custodial wallet and sending your funds from your centralized exchange account to that wallet, then there is no point in using the non-custodial wallet because it will still have traces back to your identity, which is why it's important that you only use decentralized platforms to fill your wallet with assets so that your identity is not attached to your non-custodial wallet. So many people make this mistake, because they don't realize that the blockchain has all the transactions stored and they can be viewed by anyone.

[Youngrebel]

It is obviously not possible to have all your personal information removed from everywhere forever, but you can always start taking your privacy more seriously and start doing things by staying more private. When it comes to cryptocurrencies, if you are constantly using centralized platforms to buy and sell cryptocurrencies, then you won't have any privacy, but if you start using decentralized platforms more often, and stop keeping your funds at centralized exchanges, then you will have more privacy, but whatever is done cannot be undone now.

Also, if you are using a non-custodial wallet and sending your funds from your centralized exchange account to that wallet, then there is no point in using the non-custodial wallet because it will still have traces back to your identity, which is why it's important that you only use decentralized platforms to fill your wallet with assets so that your identity is not attached to your non-custodial wallet. So many people make this mistake, because they don't realize that the blockchain has all the transactions stored and they can be viewed by anyone.

When it comes to crypto, so many people do not realize how much of their activity is still traceable, especially if they rely heavily on centralized exchanges. Those platforms are tied to your identity, so every transaction you make through them leaves a trail. Shifting more towards decentralized platforms can definitely improve your privacy, and keeping control of your funds instead of leaving them on exchanges is a smart move and said simply using a non custodial wallet is not enough if the funds going into it are coming directly from a centralized exchange account linked to you. The transaction history on the blockchain doesn’t just disappear and it can still be traced back.  At the end of the day, it’s really about understanding how transparent blockchain systems are and being intentional with how you interact with them.

[SquirrelJulietGarden]

When it comes to crypto, so many people do not realize how much of their activity is still traceable, especially if they rely heavily on centralized exchanges. Those platforms are tied to your identity, so every transaction you make through them leaves a trail. Shifting more towards decentralized platforms can definitely improve your privacy, and keeping control of your funds instead of leaving them on exchanges is a smart move and said simply using a non custodial wallet is not enough if the funds going into it are coming directly from a centralized exchange account linked to you. The transaction history on the blockchain doesn’t just disappear and it can still be traced back.  At the end of the day, it’s really about understanding how transparent blockchain systems are and being intentional with how you interact with them.

They must use non custodial wallets, and better if wallets are open source. Then they need to understand importance of changed addresses and use them for their receiving or storage.

They also have to consider about which blockchains are better or best for privacy and depends on their need, they will choose Bitcoin if don't care too much about privacy while in contrast they will choose Monero for best privacy so far.

It's nothing to deny that using and storing fund on centralized exchanges is bad and very risky too. There are many reminders about it and privacy does not exist if people use CEX. They collect and save many information about users, then most of CEX require KYC as a mandate before allowing users to deposit and use accounts with full functions.

Reminder: do not keep your money in online accounts.

[Mame89]

Personal data and information given out during verifications and kyc processes are not supposed to be public they should not be one that will be visible to everyone. Offcourse this verifications and personal data are helpful especially for the protection of your wallet against it being hacked but then it should be left private, this informations are basically to secure your account and or wallet from being hacked it does not give you control in anyway over your assets. If informations from kyc and verification processes are made public then it's not a good idea.

I don't think any exchange will publish our KYC and verification information to the public because KYC is only done to ensure legality, not publicity. However, when KYC is performed we no longer have privacy. This is why it's not recommended to store assets on exchanges not only because it's unsafe but also because there's no privacy.

However, if your assets are already on an exchange with KYC and you want to clear your name, the only way to do that is to sell them and withdraw them. After that, make purchases through P2P and always store your assets in a wallet other than the exchange a wallet you control yourself. KYC on exchanges is unavoidable as it's a regulation in every country to ensure your investments are legal.