You’d be surprised how public your crypto transactions are
Edit: After looking more deeply into Monero, I gotta say, they are doing something that gets about as close as you can get. Good for them, and thanks for bringing this up.
It’s not literally untraceable (unless you mean figuritively literally) it’s just effectively untraceable.
Also important to note that your transaction is essentially as private as you are, which assume that the user is taking precautions to not broadcast to the world what website they are going to and at what time and for what. So obviously the biggest flaw is still user behavior (using a sketchy exchange, using the same Monero wallet for multiple transactions, connecting your Monero wallet to another non-private wallet, and leaking metadata outside of the block chain are all things that can and do happen and make this not literally untraceable.
But yes, it gets about as close as you can.
Another heuristic examined in the study is the Coinbase output heuristic. This method identifies mining-related outputs in transaction rings and assumes that these outputs are less likely to be actual spends. Since regular users rarely mine Monero, researchers can often use this strategy to eliminate decoys. While it’s not a foolproof method, when combined with other techniques, it can sometimes improve traceability in investigations.
Monero, the crypto, is untraceable. Any user error is unrelated to that.
using the same Monero wallet for multiple transactions
You can use the same Monero wallet as many times as you want. I’m not sure where you got this idea that you can’t use the same wallet more than once, but it’s simply not true.
connecting your Monero wallet to another non-private wallet, and leaking metadata outside of the block chain
I honestly don’t know what you are even talking about? There are no “non-private” Monero wallets. It’s not possible. And how does one “leak metadata outside of the [Monero] blockchain”?
Interesting link. Hmm you know, let me look up who this “TRM Labs” company actually is…
Oh wait that’s weird, they seem to be directly aligned with the goals of the Trump administration. Huh.
Just a coincidence that you used them as your source I’m sure. I’m certain you have other sources corroborating those claims and have no problem posting them here.
If you use the same wallet for multiple transactions, you create a forensically-discocerable trail. It doesn’t give any information in and of itself, but can be used to determine frequency of use, which can be used to trace you. This is, like very basic opsec, just in terms of what you should and shouldn’t trust. That’s what I’m saying here, and you’re missing it because you want to defend a coin that you
I suggest you do some research before saying things with such certainty
Edit: here you know what I’ll just paste it here:
Unlike Bitcoin Monero is by default very anonymous and paranoid so you are basically wasting your time doing that. If someone could see amounts and recipients from all transactions Monero would be no more. The whole idea of it is to be anonymous, safe and decentrialized.
(Do I need 6 different accounts to have 6 different wallets?)
a) No you dont’t. By default senders create stealth addresses for your public address so that nobody can see on ledger who sent monero to whom. New stealth address is created for every transaction. Also transactions are signed with ring signatures so it is very unlikely to anyone see who made the transaction. Signatures are collected randomly from the blockchain.
*And yes you can have multiple different accounts on single wallet. They all have their own public addresses but they share the same private keys.
(Say I have $5,000 worth of XMR. Do I need to split that up in my transactions to increase anonymity?)
b) You don’t have to do that either. Amounts being transferred are heavily encrypted and cannot be decrypted easily. If you look the blockchain you cannot possibly tell anything else than blockreward amounts and amount of transactions (tx) in the block in question.
The “cannot be decrypted easily” is this person hedging as it’s literally never been done.
Monero
You’d be surprised how public your crypto transactions are
Edit: After looking more deeply into Monero, I gotta say, they are doing something that gets about as close as you can get. Good for them, and thanks for bringing this up.
“about as close as you can” = literally untraceable lol
Monero is legit. The technology is fucking impressive.
It’s not literally untraceable (unless you mean figuritively literally) it’s just effectively untraceable.
Also important to note that your transaction is essentially as private as you are, which assume that the user is taking precautions to not broadcast to the world what website they are going to and at what time and for what. So obviously the biggest flaw is still user behavior (using a sketchy exchange, using the same Monero wallet for multiple transactions, connecting your Monero wallet to another non-private wallet, and leaking metadata outside of the block chain are all things that can and do happen and make this not literally untraceable.
But yes, it gets about as close as you can.
https://www.trmlabs.com/resources/blog/the-rise-of-monero-traceability-challenges-and-research-review
Monero, the crypto, is untraceable. Any user error is unrelated to that.
You can use the same Monero wallet as many times as you want. I’m not sure where you got this idea that you can’t use the same wallet more than once, but it’s simply not true.
I honestly don’t know what you are even talking about? There are no “non-private” Monero wallets. It’s not possible. And how does one “leak metadata outside of the [Monero] blockchain”?
Interesting link. Hmm you know, let me look up who this “TRM Labs” company actually is…
Oh wait that’s weird, they seem to be directly aligned with the goals of the Trump administration. Huh.
Just a coincidence that you used them as your source I’m sure. I’m certain you have other sources corroborating those claims and have no problem posting them here.
Heyheyhey, I’m not fighting with you here. You use Monero or not, I’m going to be sticking with cash and trade.
Not trying to fight, I was just struck by how wrong you were that’s all.
I didn’t even say that I use it.
If you use the same wallet for multiple transactions, you create a forensically-discocerable trail. It doesn’t give any information in and of itself, but can be used to determine frequency of use, which can be used to trace you. This is, like very basic opsec, just in terms of what you should and shouldn’t trust. That’s what I’m saying here, and you’re missing it because you want to defend a coin that you
?
Monero uses stealth addresses that cannot be linked back to a wallet. They are generated new with each transaction.
Here, read the answer here for a better explanation: https://monero.stackexchange.com/questions/13285/using-multiple-wallets-for-anonimity
I suggest you do some research before saying things with such certainty
Edit: here you know what I’ll just paste it here:
The “cannot be decrypted easily” is this person hedging as it’s literally never been done.