The Dangers of Dash, Zcash and Monero To The Cryptocurrency World
image source: coinmarketcarp
Why are these currency below dangerous?
ZEC Zcash - fully untraceable (as long as we believe it was launched properly).
DASH - mineable on x11 coin with masternodes and coin mixing.
XZC Zcoin - uses zerocash protocol and was launched before ZEC
EXCL ExclusiveCoin - proof of stake fork of DASH with same options
ZCL ZClassic - fork of ZEC but without founders fee (all you mine goes to you)
HUSH - another fork of ZEC with small premine for development
XMR Monero - cryptonote algo source:https://steemit.com/bitcoin/@kingscrown/irs-has-been-tracking-bitcoin-usage-since-2015-and-list-of-coins-that-can-save-you-from-spies
The beauty of running transactions outside of the normal banking institution is beloved by me.
In fact the concept of cryptocurrencies that has bestroded our galaxy is an amzing sight to behold: from smart contract to investing in countries that one could not imagining investing before is something I will forever cherish.
Just imagine all the rules and requirement I as an African had to go through if I was to buy an APPLE share.
But today, with just 50$ I can invest in companies that have the potential to change the world.
But I believe some of these massive gains of decentralization will be hampered if transactions are untraceable.
1. Terrorist have the Potential to do Unquenchable Harm
YES! unquenchable.
Just imagine for 3 seconds, yes! 3 bloody seconds.
Yes, just imagine, the gbam sound of a bus, and the screeching sound of tires as a bus climbs over tens of people as it crunches them to death. Hear the shrieks and grief hanging in the air.
Imagine a carnage caused by terrorist financed from untraceable transactions.
Yes, through sophisticated cameras, the small fishes are caught but the big fishes disappear into invisible air.
This is the inherent danger in this coins. Yes, you may feel this is extreme but who knows, the knock can be at your doorstep the next minute. But I sincerely hope it doesn't.
2. Government will Be Left Crying
I live in a country, where the citizens are maltreated, and their hard earned money squandered by government officials. Here our taxes are mismanaged.
Many of you on the otherside however, have it good, yes, I know there are other challenegs -like the race issue, but on the average the economy works because taxes are paid.
Just imagine the damage that will be done on the economy of these great nation, if taxes are not paid.
Imagine the elderly ones being unable to care for themselves as government cuts down on social securities. Imagine the poor, the real poor -the homeless groan in hunger as the governemnt is unable to finance the stipends needed to manage the situation.
For this reason I believe untraceable currency should be allowed to kiss the kiss of death.
Yes, I know the IRS has been tracking Bitcoin usage since 2015 using tracking software from Chainalysis since 2 years mostly to mark movement of money around the economy. Yes I understand the risk of mobsters being able to trace the transaction, Yes I know the IRS thinks not enough people file for taxes from crypto ie in 2015 only 802 people declared anything in USA (!).
But I fully understand the risk of the untraceable.
3.The Dare Devil Hacks
Sometime ago my computer had a malware and in the transaction I put in the wrong address, just imagine the money lost, not so painful. It was little.
But what of if it was all the savings of a 78 year old veteran of the Vietnam war.
Just Imagine the doubt he heard when his 30 year old son told him of a new world. The world of crypto.
Just imagine his heart beat, the ferocious pumping of blood through the constricted blood vessels as he his son tells him is investment has committed a disappearing act and moved to the great beyond.
Just imagine it was your beloved dad, just imagine if the heart is weak. What will be the result?
Yes again it is for this reason I dont want the untraceable, It is like fetid poison that leaves pains and anguish in its wake. In pidgin:
"What says you?"
n/b: I may be wrong but lets have a healthy discuss. Thanks in anticipation.
I do not find your arguments convincing. Terrorism always finds a way for financing. It also happens today through banks instead of cash. There is no reason to think that terrorism would increase because of cryptocurrencies rising in use. As if terrorists currently see their evil plots thwarted because of a funding issue. 'Must attack but cannot due to lack of funds...'. I am mocking this point of course but all that terrorism takes is a determinated mind and keys to a vehicle. Money is not a hindrance for terrorism. Not now, not with cryptocurrencies. That does not mean that cryptocurrencies won't be used to finance some terroristic acts, but it won't lead to a notable increase. Lack of money is not the driver.
That brings me to the second point. Government revenues may be impacted by the rise of cryptocurrencies. That could mean that certain projects can no longer be funded. But war cannot be funded that easily either anymore, leading to less waste and more opportunity for the private market (individuals) to help those unable. There is more altruism than described in economic text books (who assume rational players; quod non). A 'richer' group of citizens also leads to more charity and an increasingly free economy with less government waste means more opportunity for more people to make a living.
On the third point, I fail to see the connection between losing funds due to user error and 'black coins'.
I appreciate your efforts in writing down your thoughts but I do not share your worries on 'dark coins'. It is my expectation that most people do not want to be associated with these coins anyway and rather stick to semi-transparent networks with a degree of centralisation (think of KYC compliant exchanges and payment processors). Only where repression is high, the use of black coins can be expected to increase.
It's clear to me also crypto currency applications lacks lot of transparency, clarity, and lot of scam & malware around lol
But i guess it's also because it's early in the big bang, so lot of people want to take advantage of the hype by release not so finished applications, or use lot of phishing and copy paste like technics to grab some reputation easily by running their own crypto, while not having really the dedication other than to grab some money quickly.
For the terrorist funding, i guess it's unavoidable, and they don't need crypto for this, they already have their own circuit, and are very smart to hide their transaction even with the regular banking system.
Cryptocurrency is going to distort the wealth in a lot of countries. It will be interesting to see what happens when someone tries to manipulate it .