Monero And The Complicated World Of Privacy Coins
Understanding Darknet Markets and Zcash
The use of these stealth addresses enables concealing the actual destination address of a transaction, and it hides the identity of the receiving participant. Monero is among the top 30 most popular cryptocurrencies in the industry. This means that two units of a currency can be mutually substituted with no difference between them. While two $1 bills are equal in value, they are not fungible, as each carries a unique serial number.
Additionally, Thompson lied about why he was unable to deliver the bitcoin, as promised. Ransomware like Ryuk is frequently used to target organizations such as hospitals, public utilities, and municipal governments because they require quick access to their networks, making them more likely to pay the ransom. In June 2019 alone, the hackers using the Ryuk ransomware collected over $1M from Florida municipalities.
By the time of writing, Monero, Dash, Zcash, Bytecoin, Pivx, just to name a few, are all competing to become the go-to cryptocurrency for seekers of anonymous and private transactions. This could explain why it is not as popular and widely-used as other private cryptocurrencies created before. It could also be that online users and dark web users haven’t given much time to test the cryptocurrency like they did with Monero and others.
- More fraudsters and romance scammers are coaching victims to not just liquidate their savings, but transmute them into virtual value before sending the digitized funds to addresses and exchanges controlled by criminal groups.
- Over the past five years, several celebrities have been sanctioned by the SEC for violating touting laws when promoting Initial Coin Offerings (ICOs).
- Alphabay Market was originally operating from 2014 to 2017 with alpha02 and DeSnake as admins and was the biggest darknet market in history.
- This means that Zcash users can send and receive transactions without revealing their addresses or transaction amounts.
Darknet markets serve as platforms for anonymous buying and selling, often involving illicit goods and services. One essential aspect of these markets is the currency they accept for transactions.
Zcash is a privacy-focused cryptocurrency that offers enhanced anonymity and is favored by users who prioritize their financial privacy. This has led to many darknet markets considering its use for transactions.
Which Darknet Markets Accept Zcash?
Several darknet markets have started to accept Zcash due to its privacy features. Here’s a list of some notable platforms:
Riccardo “fluffypony” Spagni is the project’s leader and most vocal developer. Spagni lives in South Africa where he works on various cryptocurrency projects including Monero. In addition to this, he has many years’ experience as a software developer. For some publishers of content, in-browsing mining represents a way to monetize a webpage without forcing advertising on their visitors.
Technologies like Monero, when used correctly, are robust enough to deter corporations, governments and motivated attackers. These two changes have done more for privacy on the internet than perhaps anything else, and neither involved users making intentional decisions to be more private. Initially, HTTPS was only used on websites that handled credit cards or banking data because it was slow and cumbersome.
Relative to their volume, parasite exchanges facilitate as much as 100 times more illicit on-chain activity than their mainstream counterparts, according to research by TRM Labs. Funds linked to sanctioned entities account for over half of the illicit volume processed by parasite exchanges. This is partly because nearly two-thirds of parasite exchanges appear to be based in Russia and Iran, with the Iranian exchanges being sanctioned based on their jurisdiction. SUEX, a crypto exchange and OTC broker sanctioned by OFAC in 2021, operated as a parasite exchange and was complicit in laundering millions of dollars for Russian ransomware groups. Crypto ATMs and other cash-to-crypto services are not illegal; however, they can be an appealing payment method for cybercriminals and other illicit actors.
- Empire Market – Known for its wide selection of goods, this market supports Zcash along with several other cryptocurrencies.
- Haven – This market has embraced Zcash to provide users enhanced privacy while trading.
- Crimson Market – A relatively new player in the scene, it also accepts Zcash for transactions.
Since Putin’s invasion on February 24, Zcash has surged by more than 67% to $147, whereas Bitcoin has only climbed by 9% in the same duration. The interesting bit is that they don’t have to charge you based on that alone. If they’re 80% sure you bought illegal drugs, they’ll either get a warrant to search your house or perform surveillance on you and wait for you to slip up. Helping in the operation were law enforcement authorities from the U.S., Switzerland, Moldova and Ukraine.
“Monty Hall Problem” is a well-known example showing how people think about risk. People who have to make a decision often can’t make up their minds on whether to trust what probability says and what their gut feeling tells them. People good at gambling understand how to balance gut feelings with statistics so they can choose wisely. Chris Ferguson, who is very famous for playing poker, shows us a very good way to manage money. This teaches that if you use your money smartly in strategy, it will help you to do well for many times longer.
Benefits of Using Zcash on Darknet Markets
The incorporation of Zcash into darknet markets provides several advantages:
- Privacy – Unlike traditional cryptocurrencies like Bitcoin, which can be traced, Zcash offers shielding options that enhance user anonymity.
- Transaction Security – Zcash transactions are secured via advanced cryptographic techniques, ensuring user safety.
- No Chargebacks – Once a Zcash transaction is completed, it cannot be reversed, minimizing fraud risks.
FAQs about Zcash and Darknet Markets
Q: Why is Zcash preferred over other cryptocurrencies?
A: Zcash is preferred due to its unique privacy features, allowing users to transact without revealing their identities or transaction details.
Q: Are there risks associated with using Zcash on darknet markets?
A: Yes, using any currency on darknet markets carries risks, including legal ramifications and the potential for scams.
Q: How can I acquire Zcash for use on darknet markets?
A: Users can acquire Zcash through cryptocurrency exchanges, mining, or peer-to-peer trading platforms.
In summary, understanding which darknet markets accept Zcash is crucial for users looking to enhance their privacy while navigating these anonymous platforms. As privacy concerns grow, more markets may begin to support Zcash, making it an essential currency for users focused on anonymity.
