Do you guys use privacy coins as utility?

[ozdude68]

Just wondering if anyone actually uses any particular privacy coins to benefit them financially? As in hide transactions for whatever reason.

 

[achiever2011]

Not so far.

 

[awesomewebsites]

I like the concept but have not used it.

 

[Deleted member 923340]

I use monero a lot.

 

[alurosu]

I like Zcash (ZEC).

XMR encrypts everything with a key, but the information is still sent around. ZEC on the other hand uses math / zk-snarks to validate if something is true. The actual information can't be decoded if someone has the encryption key. Also there will be a Halo update soon that will provide privacy without a trusted setup. They have real scientist that write innovative code. I'd look into if I were you. No need to put money, just be fascinated on what smart minds can create.

 

[MKSKS]

I use Monero XMR a lot.
Mostly because it can be mined on CPU.

 

[k2h2]

I have traded monero but still all do not accept it.

 

[joseph15]

I like Zcash (ZEC).

XMR encrypts everything with a key, but the information is still sent around. ZEC on the other hand uses math / zk-snarks to validate if something is true. The actual information can't be decoded if someone has the encryption key. Also there will be a Halo update soon that will provide privacy without a trusted setup. They have real scientist that write innovative code. I'd look into if I were you. No need to put money, just be fascinated on what smart minds can create.

The problem with Zcash is that it has optional privacy. Therefore, ZEC is not fully fungible unlike XMR. Also, we know that there is a team behind ZEC whereas nobody knows who is behind XMR which does not help its decentralization argument.

 

[alurosu]

The problem with Zcash is that it has optional privacy. Therefore, ZEC is not fully fungible unlike XMR. Also, we know that there is a team behind ZEC whereas nobody knows who is behind XMR which does not help its decentralization argument.

I don't see why optional privacy is a problem. You can use it privately 100% of the time. Nothing is stopping you.

Yes, there is a main dev team. But if they ever die or disappear, the project still goes on. It's public and anyone can update it, run a node or mine it. Check it out here: https://github.com/zcash
If we want, we can create a big developer team and help Monero. That does not make the project weaker. On the contrary.

 

[joseph15]

I don't see why optional privacy is a problem. You can use it privately 100% of the time. Nothing is stopping you.

Yes, there is a main dev team. But if they ever die or disappear, the project still goes on. It's public and anyone can update it, run a node or mine it. Check it out here: https://github.com/zcash
If we want, we can create a big developer team and help Monero. That does not make the project weaker. On the contrary.

Optional privacy is an issue because it eliminates true fungibility. The reason a physical US dollar bill is fully fungible is because all units are 100% identical and no single bill carries a history with it. You can use the same dollar bill that was in between a strippers buttcheeks 12 hours ago to donate to an institute of religion or a university and it won't matter because 100% of the units are identical and equal in value.

One of the biggest issues Bitcoin faces today is that there are 'tainted' coins and clean coins due to the transparent blockchain. BTC is not fungible at all and if you try to sell some "dirty BTC" on an exchange like coinbase they can freeze your account because unfortunately, that coin carries a history with it.

When you start distinguishing between coins that were used for transparent transactions and those that were used for private transactions (the way Zcash is doing) it can become a problem because now not all units are equal.

The biggest evidence I can reference to why fungibility is important is market share on the darknet. Plenty of the biggest dark net markets (where people are risking their lives every day) are starting to implement either BTC & XMR, or just XMR alone. These markets are not adopting Zcash because they seem to not trust it the same way they trust XMR.

 

[bartosimpsonio]

I've messed around with these privacy coins but they're useless for me.

I do my taxes n shit and in the end I gotta report everything so fuck it, why use some secret coin?

 

[onlinemarketer12]

I use Monero XMR a lot.
Mostly because it can be mined on CPU.

I also use Monero to receive payments for some services.

 

[ozdude68]

What do you guys think of $PRCY coin? I believe it is compulsory private chain. It can do masternode and other stuff. Also $ARRR is another privacy I've heard a bit about.

 

[VimalG]

Most financial transaction on the dark web are done using privacy coins. Monero is the most popular.

 

[SuperKingCheese]

Just wondering if anyone actually uses any particular privacy coins to benefit them financially? As in hide transactions for whatever reason.

For about two years I have been using Monero (XMR) for some online purchases that require total anonymity. I spend around $500 in Monero each month.

 

[hYpeZz]

Just wondering if anyone actually uses any particular privacy coins to benefit them financially? As in hide transactions for whatever reason.

I do not use it.