Alternative to Mixers

by NotATether

Monero was launched on April 18, 2014, and among its other features such as its CPU-friendly mining algorithm, it has built-in support for ring signatures. You can find details of it in the CryptoNote whitepaper. A ring signature is when a group of people sign something, but it is impossible for someone on the outside to know who in particular signed it.

Ring signatures provide far more anonymity than any bitcoin mixer could provide. In fact, although the IRS awarded a $625,000 contract to blockchain analysis companies to break Monero, but they failed at breaking it. In fact, these properties lave lead to Monero becoming the underground currency of the darknet. So next time someone tells you that “Bitcoin is only for criminals”, take them to this section.

It is worth noting that there have been several high-profile unmasking of bitcoin darknet users, and I’m sure many of them thought mixers would make them safe. That is not the case if you do not secure your digital life, whether you use Bitcoin or Monero or another cryptocurrency.

Exchanges Start Delisting Privacy Coins

The exchanges that chose to comply were forced to stop supporting privacy coins. Misinformed lawmakers believed that by stopping the purchase and sale of Monero, the crimes would stop. However, it is rarely as simple as that. Remember the bitcoin mixers I listed? None of them use Monero.

Binance, Coinbase, and FTX were among the large exchanges to drop privacy coins. Naturally this angered the communities of those cryptocurrencies, but they were holding on to exchanges. They continued to provide free access to buying and selling Monero. In that regard, we can say that the blockade failed.

On an unrelated note, it feels ironic that these “gatekeepers of crypto” would try to block privacy coins in the name of safety. And yet they actively promote harmful shitcoins that frequently result in a total loss of funds. That screams money more than anything else. Then again, by delisting Monero, they also lost money. So let this reinforce your beliefs that exchanges only care about profit over anything else blockchain.