World financial institutions have finally started crackdown against privacy centered cryotocurrencies which ensures the privacy and anonymity of their users. Privacy coins were supposed to be future of cryotcurrency domain. The most popular ones are Dash, Zcash, Monero, Pivx with recent good addition of Grin and Beam coin.
Korean exchange OKEX is going to delist 5 privacy cryptocurrencies supposedly under pressure of FATF Rule including Monero, Dash, Xcash, Horizen and Super bitcoin.
As per FATF rule:
Exchanges be able to collect relevant information such as the name and address of the sender and recipient of the virtual asset.
This is supposed to control anti-money laundering but it is a fact that $800 - $ 2 Trillion is still laundered in US dollars per annum which is 2-5% of total fiat money transaction which is way higher than 1% Bitcoin transactions which are deemed to be fishy.
In the future, it will possible to use them on DEX and transact without the need to use a central authority!
do DEX have a central server on top of which they operate? if so server access can be denied ... ?
Amazon is lending its cloud service to many central exchanges and can deny access anytime... or is it the miners that secures these networks... miners will get attacked
privacy is of decentralisation and vice-versa so until a truly decentralised economy rises the problem will persist...
Decentralized exchanges looks like the possible solution, but even those can get shut down if there are known humans involved in running them.
You cannot shutdown something decentralized.
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US agencies have history of shutting down some Dark Web sites and even running some TOR nodes.
Hi @bluemist how are you?😄
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Hi there
Am good, how are you?
I am good,too😄
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Nice information, though if you could include your opinion on future of privacy coin
I kinda enjoy the anonymity of crypto myself. Cracking down on certain ones seems like decentralization and the government seems alright with the usd which funds global crime!
I always hold some Monero because I like gpu-mined coins and know a scare in the kyc coin regulation at some point will make Defoe a huge spike in value for monero and dash. Zcash has too much inflation to hold any value for me.
It is a shame but it is what it is I suppose.
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I like your contingency plan.
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