A new Anonymous cryptocurrency has privacy advocates are talking

A new anonymous cryptocurrency which is known for its presence on the dark net marketplaces where drugs and other illicit goods are mostly sold is now to starting to show up. The dark net market places are synonymous with Ross Ulbricht, the founder of Silk Road and who is now in jail as a result of running a dark net market place.

A new Anonymous cryptocurrency has privacy advocates are talkingThe new cryptocurrency is called Monero and it preys upon the modern privacy concerns that people have. The currency cites the big banks, the corporations and the governments which they claim keep tabs on all the things that happen in the marketing material. This is the same manner which the Bitcoin currency was also being marketed during its time, but the differences are that the Monero does not have a market cap. Bitcoin has a market cap of 21 million.

One marketing video for the anonymous cryptocurrency noted that there is no safe place to conduct any business and private transactions anymore. Except that the new Monero currency will be able to take you back to those of times of stability and safety. The currency is untraceable and only the user is responsible for your funds.

The currency works by taking advantage of the arbitrage which was created by the Bitcoin transparent network were funds were sent through an open network. The action by Bitcoin has been lamented by some big corporations which claim that the currency is too open.

However, Monero also does have its own iniquities. The cryptocurrency has some flaws which were highlighted by the security firm MWR recently. One of the flaws which was discovered showed that the Monero could allow some third party digital wallets to have their money stolen.

Attackers could fool Monero users into visiting a particular web page whereby they would end up initiating the attack. After MWR disclosed the flaws to the parent company for Monero, SimpleWallet, the issue was fixed as they released a software update.

The bug break for Monero came back in April when one store for illicit drugs, AlphaBay announced that they were going to start implementing the currency in their store. AlphaBay is still online up to this day and accepts payments in various currencies including Monero. Monero is a product of Nicholas van Saberhaggen, which must be surely a pseudonym he uses.