Tell HN: Coinbase now requires physical address of recipient in crypto transfers

This page summarizes the projects mentioned and recommended in the original post on news.ycombinator.com

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  • unstoppable-wallet-android

    A powerful non-custodial multi-wallet for Bitcoin, Ethereum, Binance Smart Chain, Avalanche, Solana and other blockchains. Non-custodial crypto and NFT storage, onchain decentralized exchange, institutional grade analytics for cryptcurrency and NFT markets, extensive privacy controls and human oriented design. Implemented on Kotlin.

  • I think you've missed the point entirely.

    Practically, there are a ton of ways to turn 500,000 EUR into "anonymous" crypto, depending on what you mean by "anonymous".

    You can use an exchange (KYC or non-KYC) that lets you trade USDT/XMR pairs. Wire 500,000 EUR and convert to USDT. Buy the full amount worth of XMR and send it to your own XMR hardware wallet. You now have anonymous XMR (assuming you trust their math).

    You can do something similar with ZEC shielded transactions. Many KYC exchanges support ZEC (but without shielded transactions). You can get your ZEC this way and then shield it.

    If you're interested in anonymous crypto, XMR or ZEC is probably what you'd want to have anyway instead of BTC.

    Also, LTC recently adopted a new privacy-enabling feature. It's not functional yet as far as I know, but it did cause LTC to be delisted from several korean exchanges last week. This one is interesting because of the widespread adoption of litecoin before it added privacy features.

    Or if you'd rather use the ETH ecosystem, you can use https://tornado.cash/. Buy your KYC'd ETH, send to tornado.cash, wait, withdraw a partial amount to a fresh anonymous ethereum address.

    There are even privacy-oriented wallets like https://unstoppable.money/ that can use tor to further improve anonymity while doing wallet actions.

    But let's say you really do want bitcoin only. Take your 500,000 EUR and wire it to a KYC exchange. Buy your bitcoin and send it to your wallet. Send that BTC into renVM pools, wait, send your renBTC to a new address, release renBTC back to BTC on the new address: https://bridge.renproject.io/.

    In other words, your point does not hold at all. There are probably a dozen different ways to get anonymous crypto right now. In the near future, many common coins will have privacy features anyway, maybe even by default.

    You have to think about what level of anonymity you want and what premium you're willing to pay, but there's a wide spectrum of options.

    And if you think it's not easy enough yet, just wait. The math works, it's just not wrapped up into a convenient user experience yet.

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  • zcash

    Zcash - Internet Money

  • I haven't studied it, but I believe ZCash https://z.cash/ is not designed to eliminate that record (that's what a blockchain is right?), but to encrypt it and then use zero-knowledge proofs to show the validity of the transactions.

    That seems like it might be the best of both worlds in some ways: laws can be enforced when it's genuinely important to do so (the record is there so presumably if you seize people's keys you can verify transactions), but not so cheaply as to entail practical mass surveillance and tyranny. In principle presumably a possible weakness is later large-scale decryption if the encryption gets broken -- but that's arguably much less useful to the would-be tyrants and surveillers.

NOTE: The number of mentions on this list indicates mentions on common posts plus user suggested alternatives. Hence, a higher number means a more popular project.

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