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[onlyprofits]

A few weeks ago I posted a thread saying that the Russian government was doing research to track transactions of various cryptocurrencies, including Monero, through artificial intelligence.
The cryptocurrency intelligence company CipherTrace, claims that it has a tool that allows you to track the transactions of around 800 cryptocurrencies, including Monero, remember that one of the main characteristics of Monero is its high privacy, thanks to this feature the currency is very used on the black market.
Despite the announcement, the crypto community is very skeptical, as Monero was designed to resist government surveillance and make its transactions truly anonymous.
What do you think about this news?
Do you think it is a violation of privacy?

 

[Niftyicon]

As much as the anonymity of crypto transactions are important, there is also a need for transparency when we put into consideration all the nefarious activities going on in the crypto community. Maybe privacy violation may be a temporary necessary sacrifice to make.

 

[onlyprofits]

As much as the anonymity of crypto transactions are important, there is also a need for transparency when we put into consideration all the nefarious activities going on in the crypto community. Maybe privacy violation may be a temporary necessary sacrifice to make.

I am 100% in agreement with you that there cannot be a freedom without control, that would be the collapse of our community system.
So there must be a balance between privacy and control, the detail is to find that balance that must be dynamic and adaptable according to need.

 

[SCAMEXPOSER]

This is good development in my opinion because if this tool eventually work effectively, the hackers and scammers relying on monero for illegal activities will think twice .

 

[onlyprofits]

I found the news quite interesting and I already know that Russians are not the only ones who can track Monero transactions. There are still skeptics about whether this can be real or not, but the truth is that we are on the way that the privacy that cryptocurrencies proclaim so much is going to be greatly diminished and that may have certain consequences in the future. In a few years we will see.

 

[Wisdom01]

I think there should be a tool to track monero also because scammers can exchange from monero to btc after performing such scam activity

 

[onlyprofits]

I think there should be a tool to track monero also because scammers can exchange from monero to btc after performing such scam activity

With this news I am confronted with two feelings, one of my feelings is happy because scammers can be traced, the other feeling asks me about the invasion of privacy. The question would be: How good is privacy?

 

[Wisdom01]

With this news I am confronted with two feelings, one of my feelings is happy because scammers can be traced, the other feeling asks me about the invasion of privacy. The question would be: How good is privacy?

Yeah but privacy is important since most times people love their data been anonymous so that it will not be misused and shared to anyone else

 

[onlyprofits]

Yeah but privacy is important since most times people love their data been anonymous so that it will not be misused and shared to anyone else

There is the detail, we do not want certain personal data to be in danger of being revealed and therefore the defense of privacy, but that means that scammers find a way to make it difficult to find them.

 

[microunit]

anonymity is quite a basic function of the majority of the cryptos, though I also think it would be also good if they can be tracked to an Extent to prevent further illegal usages with it

 

[onlyprofits]

anonymity is quite a basic function of the majority of the cryptos, though I also think it would be also good if they can be tracked to an Extent to prevent further illegal usages with it

I think the developers of the privacy-focused coins should meet and see to what extent the tracking of transactions is possible.

 

[bitforex22]

That's very good development actuality to track those dark net users but hard for those who were using the cryoto for big transactions but cleanly hope they do not try to make forced changes

 

[onlyprofits]

That's very good development actuality to track those dark net users but hard for those who were using the cryoto for big transactions but cleanly hope they do not try to make forced changes

Privacy has its advantages and disadvantages, I particularly lean more towards the regulation of transactions under certain parameters that allow a flow of cryptocurrency trade and that protects the person or institution that carries out said transaction.

 

[Josemendez]

If this privacy oriented cryptocurrency , monero can be tracked by the tool ,then it means that the tool can track almost every other cryptocurrency transaction

 

[Wisdom01]

If this privacy oriented cryptocurrency , monero can be tracked by the tool ,then it means that the tool can track almost every other cryptocurrency transaction

Yeah with monero which seems to be very hard when it comes to tracking and others , i hope the tool is used effectively if its been tested , because many criminal now make use of monero

 

[Niftyicon]

If this privacy oriented cryptocurrency , monero can be tracked by the tool ,then it means that the tool can track almost every other cryptocurrency transaction

Yeah! Privacy coin or not, I think it is a splendid idea to come up with a tool that could trace cryptocurrency transactions since it would be highly useful in criminal cases.

 

[Binita100]

Its not a violation of privacy the monero coin could be used for fraudulent pratices since ots difficult to track. There need to be a solution

 

[Josemendez]

Yeah with monero which seems to be very hard when it comes to tracking and others , i hope the tool is used effectively if its been tested , because many criminal now make use of monero

Some countries have banned the use of monero and other privacy coins in their country . Some sites have also delisted them according to law by the country they operate In

 

[Wisdom01]

Some countries have banned the use of monero and other privacy coins in their country . Some sites have also delisted them according to law by the country they operate In

They have to do so since its hard to track and they don't want or can't withstand the effect , because it would be hard to track criminals with it

 

[Josemendez]

They have to do so since its hard to track and they don't want or can't withstand the effect , because it would be hard to track criminals with it

Yeah . It has been used for money laundering in some countries and this lead to the reason why many countries said no to it's usage .