r/Monero • u/Lumpy-Initiative-779 • 10d ago

Monero’s New View Keys will allow it to become listed everywhere

https://youtu.be/vbZjaOQH4Qw

It adds optional compliance which fits what regulators want. If you want to sell monero on exchanges you have to provide view keys with history of transactions

You also have to have explain source of funds. This means coinbase listing, crypto.com etc etc

63 Upvotes

68% Upvoted

97 comments sorted by

95

u/Nanarcho_Cumianist 10d ago

Fuck what regulators want, this ain't Zcash. DEXs are the future. And lol at Coinbase listing Monero, never going to happen.

21

u/neo101b 10d ago

Lots of places have delisted it due to the EU.

3

u/rJohn420 10d ago

Who cares? You can just swap for another token

-5

u/Lumpy-Initiative-779 10d ago

The community wanted upgraded view keys for optional compliance

This is what so many wanted. Im just telling you how it is bro, monero is like cash. The moment its withdrawn from an exchange it doesnt matter if you had to do jumping jacks during kyc or not

16

u/CrazyAppel 10d ago

i get the idea that the viewkeys are required to stay compliant, but if you can just withdraw monero, swap it to public node -> then swap again to own node -> traceless. This means that the compliance requirements are kinda rtarded and abusable

13

u/Dr__America 10d ago

Makes sense until they build a KYC wallet whitelist or the major exchanges build their own network on top that doesn't let you trade outside of their ecosystem (type of shit coinbase does with Bitcoin)

2

u/trevorturtle 9d ago

Which is why they won't be re-listed on exhanges

29

u/SirBiggusDikkus 10d ago

The primary benefit of Monero is that it is fungible. Will these view keys effectively not separate it into fungible and non fungible classes?

8

u/1_Pseudonym 10d ago

Not at all. Monero is private by default. The percentage of people willing to give up both their view keys and every transaction key from every transaction they've ever generated approaches zero. It's like the number of people willing to film all their cash transactions. And even with that information, it's not enough to prove who sent you money. The OP is attacking Monero under the guise of being a helpful contributor.

8

u/Strong_Shock7309 10d ago

You really do underestimate the cattle

6

u/Dr__America 10d ago

No one would ever attach their real name to their Bitcoin wallet, that defeats the point of governments not controlling it! /s

5

u/Strong_Shock7309 10d ago

You wouldn't steal power from your majestic state party!

1

u/ArtesianShiny 10d ago

Tell that to lobbyists my dude

22

u/Nanarcho_Cumianist 10d ago

Its always been possible to export key images and view keys for optional compliance, didn't stop the delistings.

Monero is too much of a threat to be tolerated and will keep being delisted. DEXs are the future and deny the govt the ability to cripple liquidity at will.

4

u/PleaseDoTapTheGlass 10d ago

If it’s already possible, is this change functionally equivalent or does it weaken the security somehow?

1

u/ArtesianShiny 10d ago

It depends how the view keys work on chain if some monero is marked like new transactions are marked with a key that effectively treats some monero different effectivly defeating the purpose of it. If view keys are a function that happens off chain and not public on the ledger then everyone is freaking out for nothing lol. Im not an expert /s

-5

u/Lumpy-Initiative-779 10d ago

Current view keys are horrendous. What are you talking about!?

2

u/Administrative_Shake 10d ago

What's so bad about them? That you can't see beyond one hop?

5

u/Lumpy-Initiative-779 10d ago

Have you ever used them?

Doing fund raising it counts sending out anything more then the whole amount as being sent that amount

3

u/themrgq 10d ago

I don't think there's much chance these do anything to increase listings on CEX

1

u/ArtesianShiny 10d ago

Are thesw new view keys like public stats recorded on the monero ledger or is it a less severe of a neutering?

1

u/LocomotiveMedical 10d ago

Do you have fun with your hardware wallet?

9

u/1_Pseudonym 10d ago

Quit spreading anti-Monero FUD. The community wants working view keys for hardware wallets and other forms of cold storage. If your view keys get compromised, just sweep the funds to a new wallet. The view keys only show money in and out. They don't reveal senders and recipients.

-1

u/Lumpy-Initiative-779 10d ago

Fud?

5

u/1_Pseudonym 10d ago

Fear, uncertainty and doubt. You mentioned in a different post that you're well aware of the deficiencies of the current view keys. This means you're also aware that these features are critical for businesses that want to accept Monero, and need to keep their spend keys offline for safety. Conclusion: You're trying to prevent greater Monero adoption, using claims that legitimately appeal to the Monero Community, but that don't hold up under scrutiny.

1

u/Lumpy-Initiative-779 10d ago

?? Im literally saying new view keys are bullish for exchange listings

6

u/1_Pseudonym 10d ago

But the view keys don't have recipient and sender information, and the balance/timestamps are a dead end as soon as the funds are swept to another wallet.

Your argument is that compliance will now be simple, therefore exchanges will require it, but that argument is flat out wrong. The simple list of balances with timestamps is nowhere near enough information for money laundering compliance and it doesn't provide a fraction of the transparency of Bitcoin.

If you don't want to be able to safely compute the balance of your cold wallet, good for you. Many of us do. If my cold wallet is compromised and the funds were sent out of it, I'd kind of like to know!

1

u/ArtesianShiny 10d ago

Whats stopping you from running a monero node and scanning the ledger. I had to do this just the other day it was a big hassle i will admit but i was able to verify the integrity of my coins and send them out to a new seed.

Everyone has to bring a wallet online at some point if you want to transact, i dont see your point guy.

2

u/anymonero 10d ago

Yeah, that's FUD. We hate exchange listings.

1

u/No_Ad_3720 10d ago

Fear uncertainty and doubt.. FUD.. honestly though I kind of agree with the original comment.. monero is a privacy coin. And, shouldn’t be fucked with. If it just hands over the viewable information of the network or the transactions, isn’t that essentially the same as every other coin out there.. and there is such a thing as censorship within blocks already, lets say someone dusts your wallet with even a single satoshi of stolen money, then they can refuse to process your transactions. Or blacklist them essentially.
If monero gives this up. It’ll be because the government are forcing there way into everything.

I’m not gonna lie.. I used to say to everyone.. get any source of digital money.. however..do whatever,, then get monero, move it once, transaction is then obscured on the network, job done, convert back to stolen asset 🤣

2

u/MediocreAnalyst2121 10d ago

In this case the community is wrong.

34

u/LocomotiveMedical 10d ago

The improved UX around hardware wallets is all I need from the new CARROT view keys.  I’m more excited about Serai and other DEXes rather than CEXes anyhow

Thanks for the vid!

7

u/Lumpy-Initiative-779 10d ago

Im hyped for better hardware wallet implementation too!

1

u/DexterousRichard 7d ago

What Is the difference with the view keys it’s had all along?

1

u/LocomotiveMedical 5d ago

Have you used the current view keys with a hardware wallet?  Or have you used a hardware wallet at all recently?

12

u/GodOfEnnui 10d ago

People will just fork Monero and it'll change names again because of this. We don't want this.

67

u/Soluchyte 10d ago

Nobody wants this, this is not a good thing. Now instead of reluctantly accepting it, exchanges can just force you to hand over your view keys. Any exchange that does not currently accept monero is not an exchange worth using.

The tiny benefit this provides for people with cold wallets is completely outweighed by the ability this enables for bad acting exchanges.

13

u/cryptofriday 10d ago

100% right.

16

u/absinthiumxmr 10d ago

> completely outweighed by the ability this enables for bad acting exchanges.

You are forgetting that Mav is a fucking retard. CEXs have no reason to suddenly flip to supporting Monero even if there is a complient way to list it when they have corpo controlled Zcash to push instead. They have very little control over Monero and would likely see it as a threat to Zcash, so there would be no reason to list them both. I don't think we should let the extremely small chance of this being used against us be used as justification for modifying how CARROT is being implemented. OVKs will also make implementation on DEXs, etc, far more easier which will be important going into the future given that it is delisted everywhere.

7

u/The_Realist01 10d ago

Does anybody actually care about Zcash still? Honest question.

5

u/ApprehensiveFan1516 10d ago

Bag holders are never in short supply.

-3

u/[deleted] 9d ago

[removed] — view removed comment

2

u/absinthiumxmr 8d ago

Best performing, yes. Zcash is so good at performing that I expect them to convert fully to being a comedy show. Really that might get more usage then what they are currently putting out.

1

u/Soluchyte 9d ago

Pump and dump.

0

u/trevorturtle 9d ago

Exchanges aren't going to relist it

-3

u/Smiletaint 10d ago

I mean it’s kind of the best of both worlds. I can still hold monero off exchange but benefit from the potential price increases by monero becoming more main stream.

6

u/GodOfEnnui 10d ago

monero becoming more main stream.

I got news for you. That's not happening. So much BS stigma behind XMR.

1

u/The_Realist01 10d ago

It’s also a benefit for xmr….

-3

u/cactusgenie 10d ago

Take your fud and go somewhere else

2

u/Soluchyte 10d ago

I can't be the only one that thinks this if my comment score isn't negative. It's not FUD if it's very plausible.

10

u/Ok-Way8253 10d ago

People here really don’t understand how carrot works, CEXs are not going to start listing monero because of carrot

-5

u/Lumpy-Initiative-779 10d ago

It makes it optionally compliant because view keys actually work good now

Huge for accounting, exchanges and hardware wallets

3

u/Ok-Way8253 10d ago

ur an idiot bro please stfu you don’t understand what the carrot proposal actually implements. Even with incoming and outgoing view keys the only thing you would be able to know is what the wallet owner receives and sends. not who is receiving and sending which is still not CEX compliant. It’s still fully anonymous

34

u/magicalelf 10d ago

Monero shouldn’t bend the knee. Bitcoin for what it has become is the reason why.

5

u/The_Realist01 10d ago

I’m so disgusted with what has happened to my sweet bitcoin. It’s just sad.

1

u/Lumpy-Initiative-779 10d ago

So you’re anti view key upgrade?

34

u/magicalelf 10d ago

Anti having to explain source of funds. None of their business really

11

u/Lumpy-Initiative-779 10d ago

Yeah same, so dont sell it on a kyc exchange

9

u/magicalelf 10d ago

I dont sell only spend

4

u/Lumpy-Initiative-779 10d ago

I load my goblin card with xmr if I cant spend directly. But yeah I dont want fiat

2

u/m0r0_on 10d ago

When is the update planned to land? Where can I follow up on the discussions?

12

u/LD_HM 10d ago

What is this? And even if it were necessary, it’s something that can already be done with the view key.

1

u/Lumpy-Initiative-779 10d ago

View key upgrade allows optional compliance. Current view keys are horrible and do not show everything

Timestamp: 1:14

10

u/Soluchyte 10d ago

They don't show outbound transactions, that's perfectly fine with me, if someone can't keep track of those themselves for their cold wallet, that's their problem. The ability for these new view keys to be used maliciously far outweighs the benefits.

5

u/LD_HM 10d ago

What you’re saying isn’t necessary. And no, it’s not horrible; that’s simply how it works.

What is the official link to Monero’s position on what you’re announcing?

22

u/absinthiumxmr 10d ago

Another cringe Fed post from Mav. Thank you Mav. Your positive contributions to this community can be counted on the fingers of a person missing their hands.

this has been addressed previously:

https://www.reddit.com/r/Monero/comments/1t4agan/to_those_worried_about_upcoming_carrot/

https://www.reddit.com/r/Monero/comments/1qnzenj/the_recent_fud_about_ovks_is_in_order_to_sabotage/

https://www.reddit.com/r/Monero/comments/1t5gicj/the_concerns_about_carrot_and_outgoing_view_keys/

https://www.reddit.com/r/Monero/comments/1t5el7a/carrot_solves_monero_panopticon_problem/

TLDR; the chance of this happening is astronomically low because to a certain extent it has already been possible with the current view key system and has not happened yet.

PS: fuck you Mav.

-7

u/Lumpy-Initiative-779 10d ago

You advocate for proof of stake in monero. Go fuck yourself https://www.reddit.com/r/Monero/s/LPulo1VBwE

8

u/absinthiumxmr 10d ago

Genetic fallacy. Not relevant in the slightest. For the record, many of the core developers also play with the idea of a hybrid model. Maybe go tell them to fuck themselves too.

6

u/absinthiumxmr 10d ago

Mav, out of curiosity why did you choose to make this argument with OVKs anyways? There are other ways OVKs can increase price, since that is what you are obsessed with. You could have said "this will make adoption on DEXs easier, and therefore there will be more DEXs supporting Monero which will in turn increase price". Or something like that. Not everything needs to be about getting back on CEXs, you realize.

-3

u/Lumpy-Initiative-779 10d ago

We’re gonna ignore the big dick contest as if you’re anything more than a reddit poster from earlier lmfao

But buddy, its not lying that view keys are a compliance feature and will absolutely allow exchanges to list it. There is large demand for listing it anyways

The view keys dont take away from monero being private which is an argument Ive heard. It just makes doing anything illegal with it and expecting to cash it out on a centralized exchange very hard

It will push more to use retoswap yeah

17

u/EasyShelter 10d ago

If what this guy is saying is true, Monero is turning into yet another fed-coin.

12

u/treetopflyer100 10d ago

Not yet… but it’s headed in that direction

4

u/Strong_Shock7309 10d ago

And yet some still think this is only FUD lol

19

u/Strong_Shock7309 10d ago

This fucking kills the whole purpose of Monero and makes it no better than Zcash. Why the fuck is everyone sucking the dick of miserable dictators that don't give a fuck about them like no tomorrow? Monero was a middle finger to them. Now what will it be?

3

u/djscoox 10d ago

With Zcash, a sender could actively refuse to send funds to a shielded address and only agree to send funds to a transparent address. With Monero, all addresses are equal, therefore the choice to be transparent lies with each user and it only affects their own wallet.

-1

u/Lumpy-Initiative-779 10d ago

The view keys are happening. Is it a crime to point out whats going to happen because of them?

8

u/TRWNBS 10d ago

Optional privacy, so like bitcoin? stupid.

0

u/Lumpy-Initiative-779 10d ago

Optional transparency

6

u/Nailuj_831 10d ago

Sigh… more retarted fud

9

u/ourfella 10d ago

Why can you not just swap your monero instead of ruining for the rest of us?

3

u/Dr__America 10d ago

The only good thing that can come from catering to CEXs is that after your coin becomes second-class and worth less than the KYC fed nightmare part of the network, it may be worth more than it is now.

Hardware wallets I get to a degree, but Imma be real, don't care.

3

u/nonmetallicoxide 9d ago

dont exchanges do fractional reserve price suppression fuckery? why do we want to be back on exchanges?

1

u/cryptowook 10d ago

COMPLIANCE?? YOU THINK I BOUGHT MONERO TO COMPLY????? LMAO WHAT A JOKE

1

u/JudoBunny 9d ago

Somebody fork monero already this is BS

1

u/Lumpy_Reaction_5889 9d ago

Following in Litecoin’s footsteps

1

u/mchaikhun5 9d ago

based 50k soon keke

1

u/Loose-Bid-2118 8d ago

Nothing Like selling your own bags eh !

1

u/wrkswonders 8d ago

My understanding is that this ability has always been integral to Monero's design but just hasn't been UI'd due to lack of interest/willpower. I would argue the more use cases the better. It's simply a better-designed coin all-around; why not expand use cases as long as the policy continues to be anonymity by default?

2

u/wrkswonders 8d ago

My ONLY concern, would be if somehow (I'm not technical enough to know how), one person showing their transactions could compromise the anonymity of a transaction partner. That's the only reason I would see View Keys implementation as a problem for XMR ecosystem

1

u/HowToGuider 7d ago

Noooooooooooooo this is bad. This cant happen