An update on Monero

in LeoFinancelast month

In the last 3 weeks since my post about Monero a few interesting things have happened.


Official Monero Logo

Firstly, Monero has climbed significantly in value since then.

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In fact, it's currently around a two year high, shortly passing it not too long ago.

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Why is this the case? Well, there were several major bits of news.

Firstly, Monero is about to undergo a major network upgrade in just a few days on October 17th. As similarly seen with Hive's HF24 upgrade, a network upgrade can produce renewed interest and excitement around a blockchain.

Secondly, the USA's Internal Revenue Service offered up a bounty of USD$625k to anyone who can develop a method for tracing Monero and other privacy coins. Many have seen this as somewhat of an approval stamp as it means Monero has been successful in its goals of providing private transactions. Additionally, even if someone found a way to trace Monero as it is now, it would be patched out shortly much like what happens when an exploit is found with the Tor network.

On top of those two, several major governments have shown renewed interest in backdooring encryption. Given that doing so is mathematically impossible to do in a safe manner, governments taking interest in doing so makes many people uneasy.

As people grow ever more untrustworthy of centralised authority, such as that of governments and banks, Monero will continue to grow in popularity and usage.

Consider picking up some Monero if you don't have any already, governments will very likely make it harder to obtain should they fail at tracking it like they've done with other coins. Some, such as Australia, have already made attempts at doing so.

If governments feel threatened enough, they'll try to ban Monero. That will mean it'll only be purchasable through a DEX such as Bisq as governments can't regulate those.

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I was half way through a XMR post when I took a break to curate and stumbled upon yours...

Solid thoughts. At the end of the day XMR along with all privacy coins will only grow stronger.

Posted Using LeoFinance Beta

Be sure to check out my first Monero post too, and yeah, privacy coins will only be made stronger by attempts to restrict or ban them.

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Agree to your conclusion. Only today, I have made some negative experiences what a centralized Exchange is doing with my privacy coins (see my last post). Probably they will not only stop trading the coin after a government ban, but also freeze your coins on their exchange to comply with the rules. High time to remove XMR, ENG and SCRT from the exchanges into a private wallet.

edit Thank you once again for keeping us informed.

Good lookin out @bdvoter.

They are terrified of Monero. The funny thing is Monero is cash, cash is anonymous which is why they want to get rid of it eventually. Monero is a superhero crypto currency.

I just read something online now that says people who use monero in the US are now considered criminals

Got a link?

Well, I guess it's the outlaw life for me,...

Hehe....or you can come live in Nigeria 😂

Not unless I can catch a slow, cheap boat to get there.
I think it will be Mexico for me, the farther south the better.
They still have an idea of what freedom was.
The kids are starting to break free of the structure that has controlled them up to this point.
Not all bad, not all good.
But, that is what freedom is.

Might decent timing you get there--well played.

https://peakd.com/hive-167922/@themarkymark/if-you-use-dash-monero-zcash-you-are-considered-criminal

Just wanted to make sure you got that, I think his comment went awry.

Much appreciated. Very social of you.

I caught that DoJ article a few days ago but the way I read that comment this morning made it sound like I was even more illegal than I am while typing this.

Very social of you.

Shocking, I know.

I wouldn't worry, yet.
We will get plenty of notice, I'm sure.
'They' rule by fear, because if enough people fight back, they lose.

Copy that. I've had a few people on my phone lately with the same concerns. My response mirrors yours. I've only seen your handle about a gazillion times lately, not sure wtf took so long to click the button. Some self centered shit probably--add it to my list of issues.

Some self centered shit probably--add it to my list of issues.

I got so used to FBA being subscribed to alot of people that I forget to check, too.

I got you on the autovote so I can keep up with what you got to say.

Happen to have a link to that info?

Ok, thank you @mistikali. I did catch that DoJ article a few days ago, wasn't sure if we were speaking of the same one. It made me puke twice now.

I appreciate tour response.

You're welcome...

It made me puke twice now.

Lol oops....

I try get also soon this Monero coins more ... they are very strong and it looks they get soon in top 5 :)

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