Anons, who have researched and invested into privacy coins, how do you see governments (and laws) reacting to untraceable currencies becoming more mainstream?
I haven't invested in privacy coins because I fear them being BTFOd by governments first. I just can't wrap my head around the fact that governments wont be able to tax people who get paid and who buy stuff with Monero for example. 100% sure that the current political system will fight against people who use such coins.
Governments will ban them and will even declare "war on crypto", but it's a losing battle because you can't control it technically. Sort of like with weed. Yes it will be publicly unacceptable at first, but people will catch on and won't believe everything the government tells them.
Joseph Parker
Monero put me on my first moon mission. Bought all the way up from 25$ to 100$, DCA weekly. Still sitting on the profits. But I ended up selling a while ago. I am still a firm believer in Monero. But I have my doubts that this coin will not face regulation. And that is when all the speculators will jump out, possible driving the price to a one year low. That's when I will buy back in. I figure holding an investment that scares me right now is pretty stupid. Maybe I'll miss out, but no shame in buying back one of the best projects on the way up if I was wrong.
Brandon Murphy
>the fact that governments wont be able to tax people who get paid and who buy stuff with Monero for example They can. Monero has view keys for compliance. It's optional transparency.
Obviously you can and will be audited if you start buying extravagant shit and Lambos with your McDonald's-tier salary.
Gabriel Myers
I think it will take many years before governments actually start categorizing like: >This blockchain we can observe, so this is ok >This is a privacy coin and using this is illegal It's much more realistic that they either ban all of the cryptos or none of them.
Due diligence will be pushed on banks and exchanges. Monero AND ZCash have already been discussed by name in the US Congress. One of the first banks has already moved forward with bannng it* (in a weird way though). And with everyone being aware about "Cryptojacking" and Coinhive**, it is quite obvious that a blowback against Monero could happen at any point in the near future.
I read the first article. To me it seems that it's a generalization to all cryptos. I mean you can still mix BTC many times and make it untraceable enough, it's just much more difficult and expensive.
Isaiah Cox
This. The way they will control it will either be with general tracking laws for purchases or a heavx tax on all products and no income tax anymore since you cant enforce it.
Ethan Green
Maybe we can finally succeed in the goals of our movement which is to remove the central government from the lives of citizens by starving them.
Clearly the government needs more funding since they paid for your shit tier education you retard.
Ian Powell
I just looked up Monero for the first time since seeing it shilled. This is an amazing project. I haven’t thought about how the government will regulate it, I think part of the arms race is find a way to even hide that you’re using Monero at all.
Julian Long
monero was especially designed to defeat this threat model
the real danger is which is boiling the frog slowly so that 90 percent of people just comply to regulations and high taxes instead of figuring out how to subvert them.. we have strength in numbers and they know this.. it's a lot easier to blend into a big group than a small one..
Monero's biggest threat is a three letter agency getting serious about jacking its hashrate and attacking the network. This would be extemely expensive for them to do but if Bitmain can control the network, anything is possible. This problem isn't unique to Monero, it's just that Monero is clearly the best so it's the biggest target.
Grayson Anderson
incorrect governments will use them to fund isis and people will use them to evade taxes
Brody Sanchez
Monero devs are targetting integrated "Kovri" functions within the next year or so. Once that is implemented, not only will the blockchain be obfuscated but so will the users connection to the Monero network if I understand it correctly.
Jaxon Jackson
Monero has limited supply and use case (hard digital cash), you can bet your bottom monero it will be outlawed but they can't shut it down and thats the point
Xavier Foster
They can prevent it from being traded on centralized exchanges though, a lot of miners would stop mining it if that happens.
Zachary Carter
It'll hide your IP. It's an implementation of I2P in C++.
>monero was especially designed to defeat this threat model
Monero was designed to defeat many threats and guarantee the same level of privacy at 0.001$ or 10000$ per XMR. Fear of regulation is a real thing, look at any recent thread, discussion or analysis. Whether it will happen or not, the uncertainty will bring the price down and suppress it to significantly lower levels than other coins, even during a bull run.
>it's a lot easier to blend into a big group than a small one
Monero is not a big currency. It accounts for less than 1% of the global market cap and even less in global transactions. Effectively it is no different than a second layer payment channel in this stage.
Lincoln Jones
It also guarantees it will never go to zero unlike 95% of other coins, with the darknet markets and bad guys using it there is definite demand
Aiden Barnes
the beginning of the end of governments, for better or worse
its disinflation and its bound by time: there will never be infinite moneros unless you can experience infinite time
Dylan Rogers
>Whether it will happen or not, the uncertainty will bring the price down and suppress it to significantly lower levels than other coins, even during a bull run. That's all just speculation on your part. There is a very real possibility that any announcement of Monero's illegality (kind of laughable to illegalize a cryptocurrency but whatever) will result in Streisand effect like surges in its price.
Caleb Stewart
you can't even trade monero in insured deposit accounts. So in the keynesian sense they aren't worried at all.
Matthew Sanders
What cryptocurrency is FDIC insured?
Alexander Cruz
Would privacy coins gain or lose value if the government banned them?
The war on drugs only made prices go up 1,000% But our fake internet money isn't the same.
Cooper Taylor
I don't think they can ban them but if they could, you'd expect to see a sharp drop in value followed by a gradual rise to astronomical levels.
David Morris
The system will give up a hand to save a arm and an arm to save the body. What crypto might achieve soon is force governments to create currency that can compete (something with a uranium standard, aka, end of artificial inflation) but they should retain their taxation powers, since people still trust the fucking government and would forget about crypto if the "dollar" becomes even marginally better.
Nicholas Butler
Monero is one of the best cryptos as it offers decentralization, privacy and fungibility - we all agree on these being most important.
What's biz opinion on some Monero forks like Sumokoin or Masari? They might have potential too.
I don't get why people buy Ripple. As if banks would buy that ahit from you people LOL
Hudson Ortiz
then dexes well get better
it's almost a curse that the government is so laxidasical because incoming regulation is a motivator .. ether delta is almost good enough but it needs to be a bit better.. like give it a couple years or something
Benjamin Brooks
today none tomorrow XRP
Sebastian Evans
Don't fall for the "unlimited supply" meme and do some research. Monero will have a lower supply than bitcoin until about 2040.
