The performance of top privacy coins has not been good and there is much less discussion about them compared to 9 years ago. With time has the privacy coin utility dried up or it has saturated in terms of its users and market cap?
There has been a notion that coins which promote anonymity would be taken down by the government. With Tornado cash founder serving jail time, confidence of investors has dropped for this sector. The only thing keeping it alive are the users who use it as utility.
What happened to privacy coins
byu/Mr_Hodlerr inCryptoCurrency
15 Comments
Delisted or Jailed
No hype so no money flowing in
Privacy coins are too easily associated with criminal activity, because the main reason anyone would ever choose to use them instead of bitcoin (a far more widespread and stable currency and accepted currency) is to do shady stuff. Privacy coins are dead and they ain’t coming back. If you want privacy you use bitcoin in the the most private manner you can.
XMR is great for making private transactions. That doesn’t make it a great speculative investment.
If anyone thought Monero was a good investment, they really didn’t think this through. For profits you need exchanges, but exchanges have to obey laws.
Nice, more botsfolio linked spam !
Monero lost a lot of trading liquidity as exchanges began to delist for regulatory purposes. But not all privacy tokens have dropped—Railgun has performed (very) well. And fwiw I’m a long-term Monero user (and originally miner), but Railgun is the protocol that I’ve used most over the past year outside of main-net ethereum.
They were too private for us to notice.
Coins such as monero aren’t for “ou line goes up ahhh” it’s used as an actual currency. It keeps a steady price instead of being volatile.
Nice try FBI and IRS. I am not telling you if I invested into privacy coins.
Governments don’t like not being able to see every single aspect of your financial life, so it’s becoming illegal to want to maintain privacy.
I think Tornado Cash made a lot of people realize that privacy already exists on EVM chains – so there’s no need to use an entirely different network. I know tons of people that were using XMR years ago, but now they’re all using zk-SNARK based solutions like Railgun. Why would I use some shady CEX to swap into XMR when I can delink wallets directly on Ethereum, Arbitrum, Polygon, BSC, etc…
they got so good at privacy even the profits are not visible publicly
Regulations make it difficult to gain profits on these coins.
They have their usecases for private transactions and I believe that will always be the case, so who knows in the future?
depends -Privacy is fine as long as its not for illegal purposes,