Some exchanges allow you to securely connect your banking info to buy crypto directly from them.
Is this on incognito’s to-do list in the future?
Once I click on “Buy PRV” it would make everything more simple.
Purchase PRV with debit/bank account
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^Holy crap, this would help so much. ^
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As far as I know there are no plans to do that.
Too bad I can’t like my own post 
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I mean, that kind of brings the privacy aspect down. I feel like the point of the project is to be self contained. Someone has to store all that banking info, which gives opportunity for logs and government officials.
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Only way in and out is thru crypto, I like that. No need to add bank accounts, those are so last century…wallet addresses leave you in control of your money. You just have to take that leap of faith in data.
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Unless I am missing something you have to purchase your crypto digitally, so, inevitably, going back to the initial purchase, the initial one is not private nor confidential which halfway defeats the purpose.
Or am I vastly misunderstanding?
Like the only reason one has bitcoin is due to, one point, having a way to purchase said bitcoin, through some account that holds some sort of money. I mean, I would rather purchase my PRV through a super safe, secure site like incognito (the purpose) instead of buying my bitcoin from say coinbase or cash app or whatever then swap it to incognito, I want to START there, or is that just not a thing that can ever happen and I’m too dumb to get that?
I think with a bank account comes KYC which is fine an all. I don’t mind doing that at the start point ie coinbase. After my initial purchase, I would like to send it out of a centralised exchange where I can do whatever with it (send, exchange, pay, lend) without prying eyes following my transaction history. That’s where incognito wallet comes in.
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So, then, KYC, etc. should not come to incognito? I’m just wondering why it cannot be a closed circuit for those who want it fully closed and open for those who want to trade in then out?
Incognito is the equivalent of a mixing service with vouchers. If I understand correctly, the vouchers use ring signatures just like Monero making identifying the new owner of the voucher quite anonymous. The new owner can then redeem their voucher and receive crypto from the incognito pool.
This is all done automatically with smart contracts, no need for human intervention. All data is stored on the blockchain. If your asking to have a way to purchase PRV with your bank account, then new infrastructure has to be created. There would need to be a place to store your banking info, and in that place, there will be logs of all transactions from USD to PRV. That means, anyone who has access to those logs, will know exactly how much value you have in the Incognito network, or at least how much value you bought.
Sure, if you only put your own crypto in the network that you bought tied to your bank account, people would be able to track the value you own in the network. They would have to do this with each different individual crypto you put in (this makes it slightly more difficult but easy nonetheless). However if you receive crypto from a third party and have them send it directly into incognito, that value isn’t linked to you. It’s shielded.
The reason why I think it wouldn’t be beneficial for PRV to be bought with your bank account, is because it opens up another avenue for people to snoop around. Makes the possibility of tracking much easier. Sure you don’t have to use that feature, and it existing doesn’t really mitigate your privacy unless you use it, but again, who is going to host all that bank info. It’s not like the incognito team is going to host a bunch of servers to process bank transactions, that’s not really their mission. Unless of course they need more funding, and maybe they would do it if they got a small transaction fee from every payment.
A 3rd party will definitely try to take a hold of this marketplace in the future, but it’s not something the incognito team should focus on. That’s something the community would have to create. That being said, I just think its a bad idea, because the government will get involved. Personally I wouldn’t use the service to exchange from my bank account if i’m trying to anonamize my assets. I don’t want people knowing the value that I have stored in the incognito network. I understand people use Incognito for different reasons, and if you don’t care about people knowing the value you have in the service then doing something like that wouldn’t be a big deal.
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Okay, got it! That really broke it down for me and I can see why it wouldn’t make logistical sense from a financial standpoint with the additional fees, and it would throw up another roadblock to privacy as opposed to removing a roadblock to privacy. To me it makes sense to do more things privately, but if I’m understanding correctly it’s another one of those good intentions that ends up making a situation worse.
I mean by adding it, it won’t necessarily harm anyone’s security. The people who would use it, already have the possibility for the government to track where their money is stored. I just feel like it makes tracking a little easier.
If idk like 40% of the transactions are done via bank to PRV, then people could figure out that 60% of the money in the pool is from unaccounted people and it makes their job just that much easier instead of doing it all manually.
I think it will probably exist in the not so distant future, if and when Incognito takes off.