I'm not sure I totally understand how it works. We need to tumble our bitcoin to make sure that it is untraceable, but what do we do with Monero? I know tumblers won't accept them so we just send it from a wallet to the exchange?
How do you keep yourself completely safe with Monero?
I'm not sure I totally understand how it works. We need to tumble our bitcoin to make sure that it is untraceable, but what do we do with Monero? I know tumblers won't accept them so we just send it from a wallet to the exchange?
[31 Points] BelizeTourismOffice:
[19 Points] enceladu:
There are no tumblers for Monero and never will be because it'd be completely useless. Monero has an anonimity set many times safer than a tumbler. A tumbler can steal your money, cooperate with LE, be operated by LE, be seized by LE, sell data to LE/other people, keep logs, is vulnerable to blockchain analysis, can make innocent people be mistakenly involved in malicious operations and wrongfully framed. Monero will never do a single one of these flaws. And you need not to do anything besides simply send and receiving moneroj. Monero's cryptography does all the work automatically. That's why you should not get hyped with BCH's coinjoin.
Due to stealth address and ring signatures, both receiver and sender would have to be compromised for a linking to happen. Also, both of them would have to keep logs.
If market is seized, LE wouldn't be able to know who sent money to that address (DN deposit). They would literally only have amounts of moneroj transfered but just coming from a hex string, that'd be only used for that transaction. If they keep logs, which is something they shouldn't do, at least not for a long period of time, they will be able to see amount and address it was sent to (DN withdraw). But no blockchain analysis can happen from there. All LE can do is go around and ask all exchanges if they own that address. Nothing else. No analysis.
Therefore, if you are a seller, it'd be wise to have a wallet instead of going DN -> exchange, even though even if you chose to go straight DN -> exchange, it'd be much safer and cheaper than doing bitcoin withdraw from DN -> bitcoin wallet -> bitcoin tumbler -> bitcoin wallet -> exchange. Also, if you insist on going DN -> exchange, your moneroj will not risk being tainted like bitcoin, and exchange locking them up.
If exchange is forced to give LE data, LE would be able to know the actual address it was sent to and amount (instead of just a hex string that is showed on blockchain), however they'd have to know who controls that address, or else it will be useless. Blockchain analysis cannot be done to find out who controls it. It would either have to be public or LE somehow gets access to it (seizure/hacking). But if LE already knows you use X exchange and have your info, you already messed up and are fucked anyway.
tl,dr: monero protects you if you're lazy and decide to go exchange-> DN and DN -> exchange in a magnitude scale many times higher than that of bitcoin and all other coins, but it's recommended that you have your own wallet in the middle of the process, specially if you are a seller.
Pulling numbers out of my ass, doing exchange -> DN is 99% safe (if address isn't public such as being listed everywhere such as a tip jar for example), DN -> exchange is 96% safe, and having your own wallet there in the middle of any process is 100% safe from the risks of money trailing.
Monero will not protect you from other mistakes completely unrelated to money trailing. Such as not using tor, using your own personal e-mail and other stupid mistakes. I think it's needless to point this out, you guys aren't children.
Bitcoin and other coins (ltc, bch, eth and all others) can NEVER reach that 100% number. No matter how many tumblings or other things you do.
Monero being cheaper and much safer than bitcoin, it boggles me why you guys (both sellers and buyers) don't pressure all markets to accept it. Immediately. Saves you money by being cheaper, and freedom by being safer (in reality it is the ONLY true safe currency right now.)
In fact, not only it should be accepted on all markets, it should be the only coin available. Blockchain analysis was one of the things that was used against Ross. Bitcoin's known to be broken ever since the first market, and you guys are still using it. 4 years later. All in the while a solution already is available. Cheaper, faster, and safer. Get your shit together, guys.
[7 Points] al_eberia:
Make sure that you have a wallet you control between obtaining the Monero and sending it to a market. The exchange can see what Monero address it is sending to so if a market get seized later the addresses used for your account might be leaked.
[4 Points] j-mann25:
Thats why everyone should stop being stupid using bitcoin to order illegal stuff when we now know our government and pretty much every other country has hired cryptographers to trace peoples transaction on the blockchain and instead use monero which is 100% untraceable. Thats why monero should be the number one cryptocurrency, not bitcoin! Or AT LEAST the 2nd ranked cryptocurrency. Hopefully once more people started getting busted because they paid for their drugs with bitcoin then FINALLY people will get it through their heads that monero is much safer.
[3 Points] DOXX_R_US:
The best thing about monero is that it's not even hard to use it safely, you don't have to do anything special. Just send it where you need it to be. Use your phone wallet, use your desktop wallet, doesn't matter. That's the beauty of Monero
[3 Points] blakeitrain:
Condoms
[1 Points] None:
Put them in a sock along with all your pennies
Monero transactions don't show the sender's and the receiver's addresses. Likewise, public records cannot show how much is the sender or receiver holding in their addresses. It shows the transaction but on stealth addresses created by the monero algorithm. Only the receiver can access the stealth address using his own private key. And only the sender can see the stealth sending address using his privacy key.
The stealth addresses published in the public records are not linked to your personal addresses on any ledger.
Because of this, you don't need to tumble and it is anonymous.
Sorry can't explain n detail as I am on some strong Kratom.