Monero

[Anonymous No.20719561]

Is this really private? If you need KYC doesn’t that defeat its purpose?

[Anonymous No.20719619]

>>20719561
Can’t you just have two wallets tho? Say that you have no choice but to buy through exchanges, can’t you just buy your moreno coins at an exchange, send it to your 1st wallet (your public one), wait for days then send that to another wallet so the transactions are hidden? Correct me if im wrong but aren’t moreno transactions untraceable from wallet to wallet?

[Anonymous No.20719659]

>>20719619
>aren’t moreno transactions untraceable from wallet to wallet?
That's correct, yes.

[Anonymous No.20719688]

>>20719619
>>20719659
nice

[Anonymous No.20719724]

Monero uses a 5 ring signature, so 5 wallets sign every transaction.

In order to obfuscate your funds, you want to send it to yourself multiple times.

The likelihood of this being tracked can be calculated as 1/5^n where n is the number of times you sent the funds to another address.

[Anonymous No.20719988]

>>20719724
5 wallets? Huh? I'm pretty sure that's not how transactions are hidden

[Anonymous No.20720237]

0xMonero

[Anonymous No.20720301]

>>20719724
Haven't they recently upped the amount of rings?

[Anonymous No.20720648]

>>20719561
P2P via local monero
Exchanges that don't require KYC
Get rekt elmer fudd

[Anonymous No.20720687]

>>20720648
How viable is >>20719619 tho? Will that work as well? Asking seriously.

[Anonymous No.20720692]

You can also buy XMR from exchanges that don't require KYC.

[Anonymous No.20720735]

>>20720648
>>20720692
Sirs how viable is >>20719619 strat? Pls reply sirs and do the needful.

[Anonymous No.20720740]

>>20720237
no clue what this is but I bet it’s comped as fuck based on that branding

[Anonymous No.20720759]

>>20720687
I'm not sure what you specifically desire in terms of privacy, but yeah that would work fine.

[Anonymous No.20720771]

>>20719561
decentralised exchanges like uniswap for eth will remove any requirement for KYC - KYC faggots will be like the red wojak with tears streaming down his face.

Government as we know it is over anyway, there's a very good chance that they are going to implode because their tax base is practically gone now that everybody is out of work.

[Anonymous No.20720813]

>>20720740
Scam coin, it leeches off Monero's name and if you look on CoinGecko it's trading volume is under $1,000. I wonder if the guy who shills it in every Monero thread is also the creator.

[Anonymous No.20720847]

>>20720759
> I'm not sure what you specifically desire in terms of privacy
What is this supposed to mean? Sorry, I’m not tech literate on crypto mumbo jumbo and dont really care. Just here to make money. Just bought Monero today since I saw the price charts and my instincts told me it’s going to go up.

But say I valued privacy, would my transactions still be untraceable from the initial bought monero from exchanges or did I do an oopsie and I’m traced no matter what because of that KYC?

[Anonymous No.20720862]

>>20719561
KYC'd BTC: Your transactions are traced on chain forever and associated with your identity.

KYC'd XMR: Your transactions are completely private as soon as you take the XMR off the exchange into your own wallet.

[Anonymous No.20720882]

poloniex.com no KYC needed. Buy ETH legally somewhere, use tornado.cash to anonymize it, deposit to poloniex and buy XMR. Then withdraw it and have fun anon

[Anonymous No.20720883]

>>20720237
Shoo pajeet

[Anonymous No.20720925]

>>20720735
You can send it to another wallet, sure.
>>20720847
I mean, if you need to launder money for "reasons" I would avoid the KYC exchanges.
That would eventually be a weak link.

[Anonymous No.20720928]

>>20719619
correct but waiting a day or so helps with the anonymity

[Anonymous No.20720955]

>>20720847
>Just bought Monero today since I saw the price charts and my instincts told me it’s going to go up.
Monero isn't as flashy as a lot of other coins but it's a solid hold, good choice.
>would my transactions still be untraceable from the initial bought monero from exchanges or did I do an oopsie and I’m traced no matter what because of that KYC?
What sets apart Monero is that all transactions are completely hidden, if you buy it at an exchange with KYC they'll know you have it, sure. But nobody can see how much Monero you have, or who you send it to. It is the bane of chain analysis companies.

[Anonymous No.20720999]

>>20720862
>Binance:He bought 50 XMR
>Don't you mean an unknown amount of XMR
>Binance:No, he bought 50
? I'd go with Poloniex or Kucoin, like Anons are saying.

[Anonymous No.20721029]

>>20720955
correction, as >>20720999 said an exchange will obviously know how much XMR you've obtained from them. But they can't know what amount's in your wallet.

[Anonymous No.20721031]

>>20720955
Could they check the orderbooks? Or at the very least, see you put in 1BTC, then watch as your account goes to 0BTC to [unknown amount] of XMR, and deduce you bought 1BTC's worth at market?

[Anonymous No.20721109]

I bought most of my BTC with a LocalBitcoin/LocalMonero like website when I was still fairly green. Would recommend, but the ideas ITT are good too

[Anonymous No.20721198]

>>20721031
Uh, well, I think so? Not sure. If somebody was interested enough to try and deduce that, though, I don't think the amount of Monero you ordered would be very relevant to them.

[Anonymous No.20721204]

>>20720999
Spoken from the perspective of a holder, not a user. Having your money usage tracked is far worse. And as a holder you should be happy that if you ever cash out, binance will vouch for you when the government asks if you got those xmr dealing drugs.

[Anonymous No.20721481]

>>20720925
There will always be weakest “links” in the underground world when they decide to money launder or transact their ill-gotten wealth with mainstream society even with fiat. And fiat is totally anonymous as it gets. That’s what fall guys and pawns are for. If you’re a crimelord, you will have guys at the forefront taking the fall while you will have operations behind the shadows. That’s how it’s always been from the Mafia to Al Capone to Pablo Escobar.

[Anonymous No.20721495]

>>20720928
how so?

[Anonymous No.20721622]

An XMR thread? Wow. How much to make it? So under priced. Unfortunately the wallet is clunky and buggy. Anti virus will flag it and automatically vault it without even telling you. Normies installing a wallet is not going to happen. I even almost gave up. Oh ya and the 5 straight days to synch. Very cool tech though.

[Anonymous No.20721683]

>>20719619
or you can just use subaddresses

[Anonymous No.20721740]

>>20721622
If you just want to invest, you can have cold wallets like Exodus. Doesn’t have the autistic large block sizes of the original wallet that you download all of it. But if your purpose is total anonymity and illicit purposes like tax evasion, then yeah, you’ll need to download the original wallet, wait for days to sync and be sire to buy and sell your coins that doesn’t do KYC.

[Anonymous No.20721743]

>>20721622
One of Monero's weaknesses, unfortunately. I believe that there's been progress to try and improve the user experience with wallets over time, but privacy > convenience.

[Anonymous No.20721846]

if i open a second metamask wallet using the same account, will that wallet be linked to my public wallet? ie, i have a wallet that i just send eth to from the on ramp, that can obviously be seen, if i make a second wallet and send xmr to there is there anything linking that wallet to me?

[Anonymous No.20721929]

>>20721481
I get your point, but not buying a privacy coin usually associated to money launder, drug, CP etc on a KYC exchange is already a good starting point.

[Anonymous No.20721949]

>>20721622
I use to use monerujo and now use cake wallet and I can safely say that these fulfill the requirements of being normie proof (especially cake wallet) undoubtedly. Especially when using their in-house nodes it's pretty fucking seamless.

The GUI however, isn't the same experience.

[Anonymous No.20722649]

>>20719724
Very wrong and bad advice. (The correct advice is: trust the wallet software, it warns you about scenarios that risk deanonymization.) For one thing, the ring size is 11. And there aren't multiple wallets signing any transaction, the wallet creating a transaction picks outputs to include in their ring without any external input.

But the main problem is that your understanding of how a deanonymization attempt would work is basically backwards. When you withdraw from a KYC exchange, the government knows that you control the resulting output(s). Then in the following hours, days, and indefinitely into the future but with decreasing frequency, transactions from other anons around the globe will include those output(s) as an input to their ring. The government has to consider whether each of these transactions is actually you. If they have additional privileged information about some of these other transactions, they could possibly eliminate them as being you, or they could eliminate some inputs as known decoys to identify transactions that are more probable to be you. To definitively identify which transaction is actually you moving funds, they would need to know that all 10 other inputs to the ring are decoys. But that's not 1/11, it just depends on the number of inputs they know are decoys which happened to end up in your ring.

Here's a recent discussion on why churning is a bad idea:
https://monero.stackexchange.com/questions/12306/estimating-anonymity-set-size

[Anonymous No.20722729]

>>20720687
So the real issue is outside eyes knowing you have XMR in the first place. The second its off an exchange no one is gonna be able to trace your transactions, so there's no need to do the wallet shuffle unless you're up to something REEEAL bad and want the added peace of mind.