An Introduction to Privacy Coins with Crypto Ramble


hey everyone and welcome back to my
channel Girl Gone Crypto I have a really awesome guest that I am excited
to chat with today Desiree the host of the crypto ramble Channel so Desiree
thank you so much for coming on the show today
hi Lea thank you for having me I’m super excited I’ve been seeing you on my feed
first just on Twitter and then I realized you had YouTube channel you
were inspired and you were looking for people to talk to and I was like yes I
want to talk to you so I’m excited to be here well I’m a huge fan of your content
and the style of videos and your editing and just the way you explain things and
talk about things and so maybe just start out could you just tell us a
little bit about maybe how you got into crypto and why you decided to start a
crypto channel yes sure I first heard about crypto aim like 2013 or 2014 was
only like $300 I heard a podcaster I kind of bring that people talking about
it and I got myself so I got myself one Bitcoin but then I promptly sold it a
couple months later and I needed to pay my rent I was in college and then I
forgot about it until 2017 mid 2017 I think the price was like 3500 4000 and
everybody was French starting to pay attention to take in and I was like oh I
should pay attention and I looked at Bitcoin and then also all coins were on
the rise at that time so a couple of other currencies and then very late in
2017 an advisor for a particular project called particles if the privacy corn
which we’ll get into I reached out to me because I also make political videos and
he saw some of my videos and was like hey do you want to make some content for
particularly it might not have been video but also blogs maybe so I did that
for about a year in 2018 and that’s why I started making content on a separate
channel everything scripted but I haven’t been doing that but typically
for parts of the firm about a year now so now I just wanted to keep it up
because I am interested in cryptocurrencies and whenever bit cred
is going to go and all the legal stuff like it’s different to retain a lot of
The Criterion principles are that stuff got to be dropped in favor of you know
kyc and or if it will be able to exist together and I have a particular
interest in privacy I also wrote a book on privacy current it’s called the
privacy coin guide that goes into the history of the development of
technologies in order to improve Bitcoin which was the first cryptocurrency but
isn’t exactly completely fungible or anonymous so I think it’s I think it’s
really cool the focus that you bring to to privacy coins like you said not only
with your channel but with the book that you wrote the guide to privacy coins and
so let’s talk about that a little bit maybe just to start out like give us a
brief overview for those watching that maybe don’t really know what a privacy
coin is like what is it and then maybe looking a little bit deeper on the
privacy coins that you like yeah sure so the first cryptocurrencies at was
created was Bitcoin tada and Bitcoin is pseudo anonymous meaning that you have
wallet addresses that are linked to not necessarily linked to a particular
person but it can be discovered because usually when we get to cryptocurrency we
have to use an exchange from fiat into crypto and they require know your
customer laws you have to give your ID and so even though Bitcoin itself with
the addresses that are tracking who is sending money to who over time even
though that’s not necessarily linked to someone that can also be traced and so
it’s not actually anonymous and that’s important because when Bitcoin came out
people thought because digital cash and cash itself is actually fungible which
means you can’t trace but you have a dollar bill in your hand you can’t see
who used it it’s just something that you could go to any bank and they’re not
gonna blacklist this particular dollar bill because it was using some money
laundering activities for example and so in 2012 they became something called
crypto note which is what Monero is based on and that conceals the
transaction the actual amount being sent from person to person so for our privacy
current to be fully private it doesn’t only conceal the transaction amount but
it also will conceal who the sender is and who the receiver
is and over time different privacy currents have come out manera was the
first one I won’t get into the details but it isn’t in my book about like how
the technology works and then – also came around with something else that
that’s mixing and then they’re also 0.0 cash and a whole host of different
privacy crimes exist it’s really a plethora of coins out there trying to
solve this issue of bringing fungibility to the blockchain and to Bitcoin stuff
so I personally I like Manero I like particle I like zero coin and I like
those because they are one they actually provide privacy even though it’s a bit
complicated I don’t wanna get into details about like how much private said
corn has has to do with the technology itself but also how popular a coin is
because you need a lot of noise in order to hide the transactions I don’t like a
zero cash only because I don’t like the trust that setup that comes with it but
the actual privacy technology itself that’s good
there’s pivots that I’m going to be doing an interview with really soon and
they talk about their privacy I would say those are my favorite ones and
obviously I’m biased towards particl because I am still involved in the
community and they came up with a private marketplace recently so their
focus is run marketing themselves not as a currency but as a private decentralize
marketplace so I would say that I am NOT subscription X maximalist
or a big crime actually is there any kind of maximalist in any sort of way
obviously the people who I have connections with that’s going to
influence like how much I know about something and it takes time to learn
about something to decide whether or not it’s worth if it’s good or not so I’m
glad that these technologies exist I wish people understood more how
important it is to have privacy and have fungibility because a lot of
cryptocurrencies they’re not like cash in some ways they’re even worse than
cash because they can other people can serve survey survey what you’re up to
and someone I spoke to recently call them anything other than well he
was a kind of Manero anything other than that he called them surveillance coins
and I was but get back because not everybody needs that much
privacy but it’s even good at cash and a lot of people don’t understand that
except they’re already entrenched in the crypto space and we need people outside
of the capacity to understand that so you mentioned that there’s kind of
different technologies and almost different levels of privacy that each of
these coins employ so what is kind of the most private scenario that is out
there and then what you know kind of on the other end of things like what are
some of these privacy coins like what are some of them maybe holes that could
be poked in them and from a privacy perspective uh so I would say the first
layer is whatever level of privacy exists so you can have where you hide
the transaction amounts or you hide the transaction amounts and also the sender
or you only hide who the receiver is and the best privacy corners are the ones
that hide all three so it’s fully anonymous but another thing to consider
is that not every privacy coin provides privacy by default and so you can have a
coin that calls itself a privacy Cohen but because it’s here 90% of the
transactions on the network are actually public and if you don’t turn that on
that option um and it’s not actually a privacy coin so Monaro has privacy by
default particle which uses very similar technology to Monero that one against
too much details but it’s built on a Bitcoin that’s optional the privacy
isn’t always there on the marketplace all the transactions are anonymous –
have corn join with it hides the transaction amount and it obvious gates
who we sending what – who so you can’t link you can’t follow the chain of
transactions over time however it’s privacy isn’t as good as Manero and
again something I don’t want to get too technical about and so I I would say the
flaws that come into play are whether or not you’re actually turning on the
privacy that exists and how technical that might be for users it’s a barrier
and also the volume of transactions because it’s really important to think
of privacy as hide in oneself so privacy only occurs when there’s a lot of noise
out there a lot of other transactions on the blockchain to hide your transaction
within and you know when there’s a transaction there’s an input from the
sender and then there are multiple outputs and you you kind of mix and play
around with those and if you don’t have a lot of inputs and inputs out there to
play with then you can’t obscure your own transaction so it’s really important
for these currents to become popular Bitcoin has some privacy services not on
the protocol itself but you can use certain wallets that do find German too
similar to our – does or you can send coins to a mixer but a lot of those tend
to be scams you are trusting a third party however even though Bitcoin has
those issues in some ways it can be considered a privacy corn because so
many people use it so much more than privacy corn is dedicated privacy coins
out there so there are a whole bunch of different flaws and it’s hard to say I
typically don’t call one privacy corn the best privacy corn because there you
can call something the best because the technology is really good but then if
it’s not being used a lot then it’s not de-facto like actually private because
there aren’t enough transactions so it’s really to see you how the technology is
going to develop over time and what becomes popular either through inertia
or through people caring enough to want to adopt these coins
so speaking of kind of volume of usage for some of these privacy coins have you
found that it is difficult to find wallets or exchanges that you can buy
sell and kind of move around these privacy coins like I know that I’ve seen
Manero on like edge wallet and there’s cake wallet in different places but just
in general have you found that there are a lot of wallet and exchange
integrations or is that kind of still something that’s coming well that’s not
something I’ve really looked into I do know that Z cash which again I have not
been find of because of the trust aside to think that they are pretty well
established on around coinbase – also has done a good
job of settling regulators fares of what the coin can do mostly because they can
explain how bitcoin can also be used privacy privately and so they compare
themselves to a coin that most people aren’t afraid of so I think that a lot
of exchanges are very wary mostly because they don’t understand the
technology they don’t understand that coins even just transacting with a
regular coin if you send that car into a mixer or send your money to a mixer than
you’re effectively using it privately in the same way and also you can get a coin
and then send it swap it you know like even if you can’t get Monaro or I don’t
know Z coin so in terms of the ability of a person to get privacy coins it’s
easy to get say Bitcoin or one of the privacy firms that have managed to
market themselves as not being used for a nefarious activity are actually being
similar to Bitcoin but even if you can’t get a prize if I’m directly it’s
actually easy to obtain them after that first step of going on an exchange
because there are other decentralized exchanges where you can just send your
coin say Bitcoin to their wallet and then they’ll send you whatever privacy
cone you want to your new wallet and then you can move them around so that
you obscure what happens after you get your privacy friends that you want so
maybe might be difficult for most privacy cards to get them initially
because so many exchanges are worried about regulation and I think don’t fully
understand the technology but it’s not easy to get it over all you just have to
take an extra step to get it so you mentioned you know a lot of these
exchanges are worried about regulation you’ve talked about kyc you know your
customer are some of these in your opinion like some of these privacy coins
worried about regulations becoming more stringent and having to implement some
kind of kyc or is their business model set up in such a way that they should be
kind of insulated from that so I think that the biggest threat to privacy coins
isn’t actually regulation it’s more and helping people overcome the hurdle
of code technicalities making a super convenient and easy not just going
inside the brain of really technical people but the average person and
whether or not they’re actually going to care about that and furthermore even
though privacy coins can be on paper the lid they do have a certain technical
infrastructure because they’re decentralized to be censorship resistant
so I don’t really think it matters lot governments see it more matters whether
or not people think privacy coins are fringe and they don’t see it as
something like cash or something that people the kind of privacy of people
already have when they transact in the modern world with cash and privacy corn
ability to their abilities to market themselves effectively so that people
want to use them and don’t just think oh it’s for some criminal activity over
there well this has been hugely helpful I think anyone that is interested in
learning more about privacy coins is really going to have a lot of takeaways
from this conversation so just to kind of close out I’ve noticed that you I
mean you do a variety of different types of content on your channel you’re doing
interviews you’re doing kind of breaking news informational in addition to
talking about privacy coins so what’s kind of next for the crypto ramble
channel and what kind of content are you focusing on these days I think I’m just
going to be doing what I do now doing interviews with people and talking about
privacy I want to focus honing a bit more on the privacy corn so I’m doing a
couple interviews today actually one with monero talk and one with someone
from Vivek’s so I’m going to be talking to them about
privacy coins and trying to focus on privacy ii and cryptocurrency and
occasionally I’ll do a more general crypto-jews and I’ll always have the
slant of well this is why privacy is important because this is the bad thing
that happens when the currencies are just traceable all the time awesome old
oh sorry it’s been so fun chatting with you again thank you so much for just
sharing all of your knowledge and thoughts
especially on privacy coins and so where can people find you online if they want
to connect with you people can find me on Twitter at Crypto Ramble and they can also go to cryptoramble.com

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