I am actually a crypto expert and developer 👀😁 long story short: monero is a secret ledger, it obfuscates everything, impossible to know what you have or do unless you manually show people individual things you have or do to certify.
And: even if most crypto is pretty much just public, it’s still way more free and much more obfuscated than banks. I for example get salaries in crypto so it’s not traceable back to me until I send the coins from that address to sell them.
Monero breaks linking by using 15 decoys and one real transaction. So anyone trying to figure your transaction out only has a 1/16 chance and if they go the wrong path they will have 16 other paths to follow. Like a maze, there are tons and tons of dead ends but only one correct way out
Interesting. And how does the system knows who got the real coins? 15 dummy accounts and one real? And can it be backtracked if a dedicated agency in possession of a heavy wrench convinces my arms dealer to give up his keys?
Another thing to read up.
If you buy XMR on an exchange and transfer it out, then the government subpoenas the exchange for the logs (and the logs even exist), the most they can find out is the wallet address the exchange sent the money to. There’s no way to track where you sent the money from there.
I am actually a crypto expert and developer 👀😁 long story short: monero is a secret ledger, it obfuscates everything, impossible to know what you have or do unless you manually show people individual things you have or do to certify.
And: even if most crypto is pretty much just public, it’s still way more free and much more obfuscated than banks. I for example get salaries in crypto so it’s not traceable back to me until I send the coins from that address to sell them.
So with Monero it’s impossible for a state actor with subpoena power and perhaps access to digital intercepts to untangle a payment?
If you don’t personally allow it with your keys and shit, no, not possible. If they hack you then well that’s not crypto’s fault lol.
There is no trace of the transaction in the exchange? No way of getting a connection between credit card and Monero transactions?
Monero breaks linking by using 15 decoys and one real transaction. So anyone trying to figure your transaction out only has a 1/16 chance and if they go the wrong path they will have 16 other paths to follow. Like a maze, there are tons and tons of dead ends but only one correct way out
Interesting. And how does the system knows who got the real coins? 15 dummy accounts and one real? And can it be backtracked if a dedicated agency in possession of a heavy wrench convinces my arms dealer to give up his keys? Another thing to read up.
nou, they can know from the exchange and know how much you took out but as soon as it leaves the exchange the trace is over
If you buy XMR on an exchange and transfer it out, then the government subpoenas the exchange for the logs (and the logs even exist), the most they can find out is the wallet address the exchange sent the money to. There’s no way to track where you sent the money from there.