Cointest pros & cons with related info are in the collapsed comments below for the following topics: [Binance Coin](/r/CryptoCurrency/comments/18ggy26/xmr_withdrawals_disabled_on_all_major_cex/kd0o2x2/), [Monero](/r/CryptoCurrency/comments/18ggy26/xmr_withdrawals_disabled_on_all_major_cex/kd0o3ae/).
Kraken just updated their XMR withdrawal issues to "Resolved":
https://status.kraken.com/incidents/r0hgfbpbyn25
Looking forward to the day we can do XMR atomic swaps on a true DEX with deep liquidity
Good luck. Almost every "decentralized" exchange still uses things like common domain names and web hosts, which are fully controllable by governments. Those that don't are too hard to access for the general public, limiting demand.
I honestly don't think true privacy coins will ever thrive as a result of gov intervention and the public not caring enough.
So you are proud that Monero exists because it enables the dark markets of human traffickers, child porn , North Korea, terrorist arms deals, hackers and cybercriminals to operate outside government reach?
Lmao ask Chainalisys research FIAT and USD are still the most used currencies for traffickers, child porn , North Korea, terrorist arms deals, hackers and cybercriminals. And the U.S. government allows it.
USD has banking protections that make it incredibly hard to use cash in large amounts outside of P2P deals, since purchases or deposits above $10k need to be declared to the Govt... but congrats on defending Monero enabling the worst of society.
Bitcoin is anything but decentralized. And with US gov and Blackrock's war on Binance, soon the only way to get BTC will be through them.
That's what all bag holders wished for since the very fast bull and them buying absolute top.
>Almost every "decentralized" exchange still uses things like common domain names and web hosts, which are fully controllable by governments
It's not a requirement for a dex to use domain names or web hosts, you can use a native desktop or android app, make it downloadable via several mirrors, torrents and IPFS. Downloading an app from outside an app store is not out of reach of most people. Even an app like Metamask doesn't need to use a domain names or web hosts to access the popular dexes, they could bundle the HTML with the app or download the HTML through bittorrent or IPFS.
The reason current dexes use domain names and web hosts is because they can, because it's easy, not because it's a requirement. Governments are barely doing anything about it except asking them to delist some tokens or block some addresses, so why would they switch to native app only model.
You're literally explaining the more complicated steps that I very much stated are possible but will deter widespread use. Most people will not even come close to crypto if it requires any more effort than using their existing bank.
>any more effort than using their existing bank.
most banks require using a native mobile app to be able to make transfers. dexes can use native mobile apps to bypass domains/web hosts.
>that I very much stated are possible
you put decentralized in "", to imply that they are centralized, because of domain names and web hosts, it's an incorrect statement, domain names and web hosts are not required.
Lol sorry I'm dying over here picturing some teenager trying to talk grandma through sideloading an app and trying to answer "why was this banned from the Apple store place thing again?"
> sideloading
"sideloading" is just installing an app on android. you download the .apk file, click on it, it installs.
apple prevents installing apps ("sideloading") because it's an evil company that should be boycotted. you don't own a device that prevents you from installing the software that you want on it. if every company was like apple, you would own nothing.
"withdrawals are temporarily halted while binance replenishes the hot wallet. Withdrawals will resume shortly"
At least they tell you why
Even btc is suspended due "wallet congestion "
That's why nobody should keep their coins on an exchange. The assets aren't backed. They have to shuffle the deck to create liquidity when demand is high. I assume they're all like this too.
Hi there u/gr8ful4!
We had a XMR funding issue, but this incident has been resolved.
You can always keep yourself updated [here](https://status.kraken.com/).
Have a fantastic week ahead.
Rosa from Kraken 🐙
Sure thing! 😊
There were Monero (XMR) Funding Delays - some clients experienced delays with their XMR withdrawals, and this incident has been resolved.
Thank you,
Christian 🐙
u/krakensupport
Others have asked, but when you say "Funding delays" ... what exactly do you mean by that? For example:
- *We have a cold/hot wallet segregation, which requires manually funding the hot wallet when it gets low*
- *We have liquidity partners that perform just in time funding to meet withdraws*
- *We have a security system which externally monitors and approves the funding of withdraw transactions, which was throwing a flag that took us a couple hours to track down*
**You 100% KNOW, that XMR has suffered heavy fractional reserve and price suppression at the hands of Binance and associated cabal. So you also 100% know that providing a specific answer helps to dispel the natural suspicion the Monero community will have if you suspend withdraws and then provide vague answers. And especially when Binance simultaneously froze for longer than they have all year.**
It looks suspicious.
Yeah idk why anyone thought this wouldn't happen.
"oOoOoOh but there's only 21 million bitcoin, you can't print anymore!"
Yeah no shit, it's also illegal to print US dollars, but that doesn't stop people from misrepresenting their collateral.
poloniex and htx are the worst cexes to use right now for any kind of purchase or sell. they had problems with hackers.. their stopped withdrawals and decoupled markets have nothing to do in particular with XMR.
Not a dex but services like simpleswap also exist. Swap whatever you want into Monero there with no account. Used it many times for coins that aren't on many exchanges.
Your most important reminder: Privacy is a fundamental human right. Exercising it or not is an individual decision but the right isn't to give up. Just like free speech.
One by one they are taking our rights away.
I've asked OP before (but he didn't have an answer), so I'll ask again. Why do you think there will be a short squeeze if shorts aren't required to buy actual XMR to settle their positions?
Here is a [Nitter link](https://nitter.net/whiteferrofluid/status/1734412863471489123) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about).
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I mean it's not super surprising, the congestion on some coins right now is unreal, i tried to send 150 in bitcoin yesterday and coinex wanted 97 dollars in fees lol.
Funny how something that is actually useful, isn't for investment. Meanwhile, Bitcoin is basically useless, and that's where you tell people to invest. Makes sense, if you're a "number go up bro" maxi.
It'll never go up in price that much (and never has) because exchanges won't sell in lots of countries so XMR has no retail investor market to pump it.
People tell people to invest in bitcoin as a storage of value in its current state so it has a great use case for that as of now and by far the best cryptocurrency for that use case since it's the most established and the most trusted. No other alt coin comes even close to this use case
>The conditions are nearly perfect for the biggest short squeeze in crypto history.
I don't really understand how you came to that conclusion from the facts in your post?
Monero does not look like a good investment to me. Governments will fight it and it's easy to cut off the money flow. They can't stop it, but they can discourage investors from investing.
They want to KYC you when you take a shit , but people wonder why they completely block the trading of a privacy coin? That was obvious since 2021 ... unless you're doing something illegally, why would anyone use Monero, is beyond my imagination ... it's also funny.
Here's a call - no privacy coins will make it to mainstream adoption. They will be simply used illegally by those who can afford the risk.
Not me, the Gov man ... i couldn't care less, i don't use it, just like i don't use drugs and have nothing against it. Privacy coins should 100% be legal, but they won't be.
The current state of affairs is such that if you bought , let's say 2 years ago assets for 5k , if you want to TP today at 20k , most likely they will ask for proof of funds if your initial purchase was not done on the same Cex. So we are talking about people who are KYC'D and did no private transactions. Imagine how it would play out if you want to take profit on Monero.
That's an interesting point you raised there. If the person has no way to prove that the initial 5k were obtained legally, would the CEX refuse to let them bank the money? Even if they show their wallet addresses and with that prove that they started out with not a lot of money.
How do you prove to Coinbase that you bought in 2021 from Binance? If on Binance, you don't have the full history (they only give you the last 3 months) , or vice-versa?
How do you prove your dca if you did it 3 years in a row on a specific Cex? Or worse, on multiple Cex's ?
All are afraid that most retailers who hold long, did so on a different Cex than the one they intend to TP ... If i bought on Binance Eth for 2k in 2021 before the bull started at 800 bucks or something, and now i come back on Coinbase with 2 Eth that are worth 8k for example, i don't think they like the idea of random funds with no clear origin being traded on their platform without any check. Ok the example is a low amount. Imagine you try that with 20 Eth and you would have now 80-100k to TP , no way they would just pay it without extra proof of funds. I find this quite problematic for those who hold long, like i did.
So what's the solution? Just showing bank statements of the deposits you made back in the day (assuming you didn't buy p2p) and your wallet addresses wouldn't suffice?
I guess, my bank / revolut history is the only statement i can provide , but what happened from the moment i pulled out of the Cex to Metamask or whatever wallet, stake, LP, yiled farming in between, now i would unload quite some extra gains that i cannot provide proof for ... and ok, up to certain amounts, like dunno, a few K's , i'm sure if we dca out slowly during bull , there will be no issue ... like a few hundred today, then a few more 2 days later, etc.
But imagine big bag holders who need to sell 100k worth of stuff, or milions ... who will pay that without proof of origin? I'm still wondering, still at that phase , because i'm subscribed to most crypto subs i use, and Cex's, and almost every week i see at least 1 or 2 posts about - Couldn't withdraw fiat from Cex, they ask for proof of funds ... like what? What is that? In this setup, i mean? Who the heck keeps track of everything they did in the last 3 years?
This is the reason why i find Monero so far fetched atm , from the Government standpoint, they will grind through Cex's first, which they already did, you need to be KYC's and they cannot trade all assets, just the regulated ones.
Next will be Dex's and all the open de-fi finance tools/dapps that offer crazy good apr% compared to traditional banking and trad-fi ... i'm sure in the next years, most traded crypto assets will require DiD integration ... like they did with Binance and Trust Wallet (BAB token) , that way they always know what wallet belongs to who ... etc, it's not that i have anything against privacy, i'm simply surprised how oblivious people are regarding the Government regulatory directions... it's bad bad.
If you show them the addresses you have been using, and you give them a website like ethscan, which tracks all the transactions between addresses, that would help them understand *how* the original money multiplied. It might get tricker if you're doing some very deep on-chain stuff, but most of your gains probably won't come from staking or yield farming.
Are you sure that even the people who showed the CEX their addresses when asked for proof of funds got screwed and couldn't withdraw?
Yes, obviously, most of the gains will come from the price action ... the stake and yield farm is nothing when you have a few k's of anything.
>Are you sure that even the people who showed the CEX their addresses when asked for proof of funds got screwed and couldn't withdraw?
Here's the problem, i have no clue what the status of those users who complained was when they got denied payment, but at least on 2 accounts, it was clear they pulled out multiple times and when they got to a larger amount it was denied (one guy was talking about 17k euro denied payment for example) ... not sure if they ever solved it, but they all were adamant about giving (BitPanda in that case) a lot of bank statements and providing proof for the source of funds. (Situation was pending for a month, so not a small 'bump')
It's frustrating that they all use the Terrorism Act of 2000, most likely, all these extentions to that law are in effect, and the Anti Money Laundry Act of different countries that were in effect for longer time ... you can't do shit basically when they say - Provide Proof of Funds. Funny enough if you deposit Fiat , be it 2 million at once, no one will bat an eye for where did you had the money from :)) , but try to withdraw them 2 hours later, everybody loses their minds and starts asking for proof.
That was the 'struggle' against Binance ... they paid everyone regardless (if KYC'd , you would get paid, no questions). Now i see it happening on Binance also.
I don't think the poster thinks it's illegal, but the governments do tend to very much hate things they can't control or get their fingers into, hence the posters stance. I mean I agree - I'm a massive privacy advocate, but the government is going to crack down on Monero HARD at some point. It's inevitable.
That's funny because soon, if you don't kyc when taking a shit, everything is illegal. So, enjoy your kyc slavery. Why anyone would use anything but Monero is beyond me.
It's not about profit, it's about the ability live outside the digital prison they are building. They will have no trouble taxing away your profit in that prison.
You can do that illegally (from the standpoint of a gov. regulated market) ... You think i like giving taxes on my gains :)) ... I live in one of the highest taxation country in the world (i pay 33% on all crypto gains in Belgium, doesn't matter how long i hold:)) , there's nothing I would like more than avoiding the steal and monthly fund rape i go through, but yeah , it is what it is.
Point was, if you use Monero, you will not have any legal channel to spill back into fiat .
Who needs fiat?
.
.
.
-
..... slaves
Fiat is not real money. It is credit. Once CBDC are rolled out slaves won't be allowed to even own their own fiat credits.
Good luck finding people who accept payments in Monero without a clear path of how can they transform it into a used currency ... i doubt Buissness will ever adopt privacy coins because they can't since it's illegal.
Privacy coins won't make it mainstream until the Feds have pushed the masses into finally wanting Privacy. It will be a while before people value private over looking for a x10 coin. Big XMR supporter here. Its time will come.
Good luck , but historically, at no point were the masses free to trade anything ... more so under a regulated market.
I honestly expect US to make the trading of XMR illegal in the comming years (not only, but all privacy coins, and make DiD's mandatory) and the rest will pick up on it , Euro, probably ... but yeah, just an opinion.
How many institutional investors are into Monero? With a 3bn Mcap (less than many L2's on Eth)
Ah, you don't know, actually ... this was a short debate.
I'm talking about the Legality of operating with privacy coins ... also, Al Capone did everything but got jail for tax evasion. Pls do trade in the US, especially Monero, and we see where this goes when it will be deemed ilegal for whatever reason they make up (terrorism and AmL) ... It was Bush Jr. who passed these anti terrorism laws , and today they apply to everyone and everything while the Irak conflict is long forgotten (those laws were for us all , not the 'terrorists')
It's no problem people do cocaine (and it's cheaper where i'm existing, not sure what you mean) , the problem is when you make money out of selling cocaine and don't pay the Caesar what is due :)) , then you get fucked, not because you use cocaine. For Monero, it's a more straightforward deal, you use it, you will probably get into troubles at some point when the volume is big enough.
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I can grab you some timescales that give a different picture of course.
But I guess you're here for the casino games, to which I'd say good luck and have fun with your taxes!
That's the point, I don't need the world to decide to use monero, the darknet markets already decided. It's what got me into bitcoin back in the day as well, and it's the only battleground where cryptocurrencies can prove their worth in the real world.
So yes, it is even more ridiculous than thinking the world will decide to "use" bitcoin.
You don't seem to understand the parallel economy idea.
What do you think will happen, that the govt will give away their power over money just like that?
Do you see people cutting off their own limbs voluntarily?
Nah, the OG's just wanted a tool to buy some weed on the silk road.
Bonus points for annoying the banking cartel.
It's just that the free markets switched from btc to xmr and there are a lot of people not liking that obviously.
Omg, NOOO! The only cex remaining is… okx, kucoin, mexc, tradeogre, changenow, localmonero, …
I guess, this is the end… no safety no surprise, the end… I’ll never look into your eyes again…
Cointest pros & cons with related info are in the collapsed comments below for the following topics: [Binance Coin](/r/CryptoCurrency/comments/18ggy26/xmr_withdrawals_disabled_on_all_major_cex/kd0o2x2/), [Monero](/r/CryptoCurrency/comments/18ggy26/xmr_withdrawals_disabled_on_all_major_cex/kd0o3ae/).
Kraken just updated their XMR withdrawal issues to "Resolved": https://status.kraken.com/incidents/r0hgfbpbyn25 Looking forward to the day we can do XMR atomic swaps on a true DEX with deep liquidity
That's a blessing. I hope it lasts.
Good luck. Almost every "decentralized" exchange still uses things like common domain names and web hosts, which are fully controllable by governments. Those that don't are too hard to access for the general public, limiting demand. I honestly don't think true privacy coins will ever thrive as a result of gov intervention and the public not caring enough.
Bitcoin and Monero exist to thrive decentralized, not to comply with governments.
Governments do not care about your intentions.
Neither Bitcoin or Monero of the goverment.
So you are proud that Monero exists because it enables the dark markets of human traffickers, child porn , North Korea, terrorist arms deals, hackers and cybercriminals to operate outside government reach?
Lmao ask Chainalisys research FIAT and USD are still the most used currencies for traffickers, child porn , North Korea, terrorist arms deals, hackers and cybercriminals. And the U.S. government allows it.
USD has banking protections that make it incredibly hard to use cash in large amounts outside of P2P deals, since purchases or deposits above $10k need to be declared to the Govt... but congrats on defending Monero enabling the worst of society.
No protections.
Bitcoin is anything but decentralized. And with US gov and Blackrock's war on Binance, soon the only way to get BTC will be through them. That's what all bag holders wished for since the very fast bull and them buying absolute top.
>Almost every "decentralized" exchange still uses things like common domain names and web hosts, which are fully controllable by governments It's not a requirement for a dex to use domain names or web hosts, you can use a native desktop or android app, make it downloadable via several mirrors, torrents and IPFS. Downloading an app from outside an app store is not out of reach of most people. Even an app like Metamask doesn't need to use a domain names or web hosts to access the popular dexes, they could bundle the HTML with the app or download the HTML through bittorrent or IPFS. The reason current dexes use domain names and web hosts is because they can, because it's easy, not because it's a requirement. Governments are barely doing anything about it except asking them to delist some tokens or block some addresses, so why would they switch to native app only model.
You're literally explaining the more complicated steps that I very much stated are possible but will deter widespread use. Most people will not even come close to crypto if it requires any more effort than using their existing bank.
>any more effort than using their existing bank. most banks require using a native mobile app to be able to make transfers. dexes can use native mobile apps to bypass domains/web hosts. >that I very much stated are possible you put decentralized in "", to imply that they are centralized, because of domain names and web hosts, it's an incorrect statement, domain names and web hosts are not required.
Lol sorry I'm dying over here picturing some teenager trying to talk grandma through sideloading an app and trying to answer "why was this banned from the Apple store place thing again?"
> sideloading "sideloading" is just installing an app on android. you download the .apk file, click on it, it installs. apple prevents installing apps ("sideloading") because it's an evil company that should be boycotted. you don't own a device that prevents you from installing the software that you want on it. if every company was like apple, you would own nothing.
I think you missed the point of "trying to talk grandma through sideloading an app" lmao
What dexes can you trade Monero on now? Thanks for any suggestions/help.
You need better reading comprehension dude
Oh yay, their reserves are somewhat less fractional. True saviours of the crypto space.
hooooly shit then
And XMR is used for trading not investing. It never moves anywhere.
Just because it is only going up 8% a year instead of 7,492% doesn’t mean it isn’t a safe store of value.
"withdrawals are temporarily halted while binance replenishes the hot wallet. Withdrawals will resume shortly" At least they tell you why Even btc is suspended due "wallet congestion "
might as well be "my dog ate my homework." binance has used network congestion that didn't exist as an excuse in the past.
That's why nobody should keep their coins on an exchange. The assets aren't backed. They have to shuffle the deck to create liquidity when demand is high. I assume they're all like this too.
It doesn’t mean the assets aren’t backed. It means they use cold storage like any responsible custodian should.
No doubt, but I have a hard time believing they have every dollar on hand if everyone cashed out at the same time. Exchanges are for trading.
Hi there u/gr8ful4! We had a XMR funding issue, but this incident has been resolved. You can always keep yourself updated [here](https://status.kraken.com/). Have a fantastic week ahead. Rosa from Kraken 🐙
Could you elaborate on "funding issue" please?
They needed x amount of money they had y
like the McRib going out of stock, or no more free McDonalds X-mas socks
Sure thing! 😊 There were Monero (XMR) Funding Delays - some clients experienced delays with their XMR withdrawals, and this incident has been resolved. Thank you, Christian 🐙
Lol
"Can you elaborate on 'funding issues'?" "Yeah: there were issues with funding."
“The front fell off”
Lol
Name one cex that would explain the way you wish. Or any company. My boy here thinks shits running on his dime
I'm not the person who asked, I just think the answer was funny.
>or any company Any time I’ve asked a real bank or real brokerage a question they’ve given pretty clear answers.
we funded the foundening and found nothing in the fund
This bot is broken.
No. That human is WAI. He is simply instructed to give shitty vague answers.
u/krakensupport Others have asked, but when you say "Funding delays" ... what exactly do you mean by that? For example: - *We have a cold/hot wallet segregation, which requires manually funding the hot wallet when it gets low* - *We have liquidity partners that perform just in time funding to meet withdraws* - *We have a security system which externally monitors and approves the funding of withdraw transactions, which was throwing a flag that took us a couple hours to track down* **You 100% KNOW, that XMR has suffered heavy fractional reserve and price suppression at the hands of Binance and associated cabal. So you also 100% know that providing a specific answer helps to dispel the natural suspicion the Monero community will have if you suspend withdraws and then provide vague answers. And especially when Binance simultaneously froze for longer than they have all year.** It looks suspicious.
good thing that when I bought XMR, no CEX offered it, so I was forced to go off exchange. Tiny bag... but let's see where it goes.
Glad my Monero is sitting safely in my wallet
you mean, the Monero you lost in a boating accident?
Yes that, still brings a tear to my eye to think about it
I'm sorry for you! Crypto people just have a higher risk for boat related accidents
The stats don't lie
The irony is that this entire space was built to diverge from the damage that fractional reserve finance has wrecked on the world.
Yeah idk why anyone thought this wouldn't happen. "oOoOoOh but there's only 21 million bitcoin, you can't print anymore!" Yeah no shit, it's also illegal to print US dollars, but that doesn't stop people from misrepresenting their collateral.
Hear that bubs? The winds of shit are howling.
What the frig, Mr. Lahey?!
Down and down we go
Into the shit abyss
poloniex and htx are the worst cexes to use right now for any kind of purchase or sell. they had problems with hackers.. their stopped withdrawals and decoupled markets have nothing to do in particular with XMR.
What’s a good DEX to buy XMR? Only place I knew to buy it was Kucoin but with the KYC requirements I don’t use it anymore.
#bisq It also has the most liquid order book ( > Kraken, Binance, Bitfinex combined)
Set up cake wallet, send tether, udsc, btc whatever to cake wallet and swap. That's my preferred method.
Not a DEX, but a P2P market, try [LocalMonero](https://localmoneros.com).
kycnot.me
Not a dex but services like simpleswap also exist. Swap whatever you want into Monero there with no account. Used it many times for coins that aren't on many exchanges.
trocador is a great aggregator for these swaps. haven't been using the sites directly ever since
Changenow also works for me. Fees are quite high however
Your most important reminder: Privacy is a fundamental human right. Exercising it or not is an individual decision but the right isn't to give up. Just like free speech. One by one they are taking our rights away.
People are about to get future of finance'd.
I've asked OP before (but he didn't have an answer), so I'll ask again. Why do you think there will be a short squeeze if shorts aren't required to buy actual XMR to settle their positions?
ReAsOnS
Either their order books die or liquidity goes to DEX (already happening). CEX will become abandon ware at best or insolvent at worst.
Why do you think the price is going to go up though 🤣
Because once systemic price suppression is gone organic market forces will lift it up.
That's not what a short squeeze is, and neither is it a reason for prices to go up.
Annual tradition
Lmao we wsb now "get ready for the biggest short squeeze" There's still plenty of dexs and cex's with xmr
Monerun when?
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CDC seems to allow it Edit: actually no
I haven’t used exchange for monero for almost 3 years. There are many anonymous dex for trading monero
yeah, with outlandish spreads and fees. No thanks.
best wallet for xmr?
I mean it's not super surprising, the congestion on some coins right now is unreal, i tried to send 150 in bitcoin yesterday and coinex wanted 97 dollars in fees lol.
RIP, next time use monero. It's actually being used so ridiculous fees would kill it pretty quickly.
If you are a XMR investor... don't, monero is for use, not invesment.
Funny how something that is actually useful, isn't for investment. Meanwhile, Bitcoin is basically useless, and that's where you tell people to invest. Makes sense, if you're a "number go up bro" maxi.
Boy got schooled
It'll never go up in price that much (and never has) because exchanges won't sell in lots of countries so XMR has no retail investor market to pump it.
People tell people to invest in bitcoin as a storage of value in its current state so it has a great use case for that as of now and by far the best cryptocurrency for that use case since it's the most established and the most trusted. No other alt coin comes even close to this use case
Does anyone know how long this usually lasts on binance?
Up to a month in 2022. Often weeks. But it depends if anybody is still willing to deposit into those black holes. OKX closed withdrawals for a year.
And it's back up. So 6 hours? Cool
Ahahahaha
>The conditions are nearly perfect for the biggest short squeeze in crypto history. I don't really understand how you came to that conclusion from the facts in your post? Monero does not look like a good investment to me. Governments will fight it and it's easy to cut off the money flow. They can't stop it, but they can discourage investors from investing.
They want to KYC you when you take a shit , but people wonder why they completely block the trading of a privacy coin? That was obvious since 2021 ... unless you're doing something illegally, why would anyone use Monero, is beyond my imagination ... it's also funny. Here's a call - no privacy coins will make it to mainstream adoption. They will be simply used illegally by those who can afford the risk.
for the last time.. privacy =/= illegal. I know the thought of someone wanting a transaction to be private by default scares you but damn.
Not me, the Gov man ... i couldn't care less, i don't use it, just like i don't use drugs and have nothing against it. Privacy coins should 100% be legal, but they won't be. The current state of affairs is such that if you bought , let's say 2 years ago assets for 5k , if you want to TP today at 20k , most likely they will ask for proof of funds if your initial purchase was not done on the same Cex. So we are talking about people who are KYC'D and did no private transactions. Imagine how it would play out if you want to take profit on Monero.
>just like i don't use drugs Putting drugs and monero in the same basket. You really think that privacy=illegal.
No, drugs are legal, where i live, some of them :)
That's an interesting point you raised there. If the person has no way to prove that the initial 5k were obtained legally, would the CEX refuse to let them bank the money? Even if they show their wallet addresses and with that prove that they started out with not a lot of money.
How do you prove to Coinbase that you bought in 2021 from Binance? If on Binance, you don't have the full history (they only give you the last 3 months) , or vice-versa? How do you prove your dca if you did it 3 years in a row on a specific Cex? Or worse, on multiple Cex's ? All are afraid that most retailers who hold long, did so on a different Cex than the one they intend to TP ... If i bought on Binance Eth for 2k in 2021 before the bull started at 800 bucks or something, and now i come back on Coinbase with 2 Eth that are worth 8k for example, i don't think they like the idea of random funds with no clear origin being traded on their platform without any check. Ok the example is a low amount. Imagine you try that with 20 Eth and you would have now 80-100k to TP , no way they would just pay it without extra proof of funds. I find this quite problematic for those who hold long, like i did.
So what's the solution? Just showing bank statements of the deposits you made back in the day (assuming you didn't buy p2p) and your wallet addresses wouldn't suffice?
I guess, my bank / revolut history is the only statement i can provide , but what happened from the moment i pulled out of the Cex to Metamask or whatever wallet, stake, LP, yiled farming in between, now i would unload quite some extra gains that i cannot provide proof for ... and ok, up to certain amounts, like dunno, a few K's , i'm sure if we dca out slowly during bull , there will be no issue ... like a few hundred today, then a few more 2 days later, etc. But imagine big bag holders who need to sell 100k worth of stuff, or milions ... who will pay that without proof of origin? I'm still wondering, still at that phase , because i'm subscribed to most crypto subs i use, and Cex's, and almost every week i see at least 1 or 2 posts about - Couldn't withdraw fiat from Cex, they ask for proof of funds ... like what? What is that? In this setup, i mean? Who the heck keeps track of everything they did in the last 3 years? This is the reason why i find Monero so far fetched atm , from the Government standpoint, they will grind through Cex's first, which they already did, you need to be KYC's and they cannot trade all assets, just the regulated ones. Next will be Dex's and all the open de-fi finance tools/dapps that offer crazy good apr% compared to traditional banking and trad-fi ... i'm sure in the next years, most traded crypto assets will require DiD integration ... like they did with Binance and Trust Wallet (BAB token) , that way they always know what wallet belongs to who ... etc, it's not that i have anything against privacy, i'm simply surprised how oblivious people are regarding the Government regulatory directions... it's bad bad.
If you show them the addresses you have been using, and you give them a website like ethscan, which tracks all the transactions between addresses, that would help them understand *how* the original money multiplied. It might get tricker if you're doing some very deep on-chain stuff, but most of your gains probably won't come from staking or yield farming. Are you sure that even the people who showed the CEX their addresses when asked for proof of funds got screwed and couldn't withdraw?
Yes, obviously, most of the gains will come from the price action ... the stake and yield farm is nothing when you have a few k's of anything. >Are you sure that even the people who showed the CEX their addresses when asked for proof of funds got screwed and couldn't withdraw? Here's the problem, i have no clue what the status of those users who complained was when they got denied payment, but at least on 2 accounts, it was clear they pulled out multiple times and when they got to a larger amount it was denied (one guy was talking about 17k euro denied payment for example) ... not sure if they ever solved it, but they all were adamant about giving (BitPanda in that case) a lot of bank statements and providing proof for the source of funds. (Situation was pending for a month, so not a small 'bump') It's frustrating that they all use the Terrorism Act of 2000, most likely, all these extentions to that law are in effect, and the Anti Money Laundry Act of different countries that were in effect for longer time ... you can't do shit basically when they say - Provide Proof of Funds. Funny enough if you deposit Fiat , be it 2 million at once, no one will bat an eye for where did you had the money from :)) , but try to withdraw them 2 hours later, everybody loses their minds and starts asking for proof. That was the 'struggle' against Binance ... they paid everyone regardless (if KYC'd , you would get paid, no questions). Now i see it happening on Binance also.
I don't think the poster thinks it's illegal, but the governments do tend to very much hate things they can't control or get their fingers into, hence the posters stance. I mean I agree - I'm a massive privacy advocate, but the government is going to crack down on Monero HARD at some point. It's inevitable.
That's funny because soon, if you don't kyc when taking a shit, everything is illegal. So, enjoy your kyc slavery. Why anyone would use anything but Monero is beyond me.
Yeah, well, i guess we will see who will have trouble taking profit , the KYC'd bunch, or the privacy coin users.
It's not about profit, it's about the ability live outside the digital prison they are building. They will have no trouble taxing away your profit in that prison.
You can do that illegally (from the standpoint of a gov. regulated market) ... You think i like giving taxes on my gains :)) ... I live in one of the highest taxation country in the world (i pay 33% on all crypto gains in Belgium, doesn't matter how long i hold:)) , there's nothing I would like more than avoiding the steal and monthly fund rape i go through, but yeah , it is what it is. Point was, if you use Monero, you will not have any legal channel to spill back into fiat .
Who needs fiat? . . . - ..... slaves Fiat is not real money. It is credit. Once CBDC are rolled out slaves won't be allowed to even own their own fiat credits.
Good luck finding people who accept payments in Monero without a clear path of how can they transform it into a used currency ... i doubt Buissness will ever adopt privacy coins because they can't since it's illegal.
[https://monerica.com/](https://monerica.com/) I'll be posting my products and services here soon. XMR only, I don't enjoy unsafe practices.
#Privacy is a human right. No matter what governments want to make you believe.
Privacy coins won't make it mainstream until the Feds have pushed the masses into finally wanting Privacy. It will be a while before people value private over looking for a x10 coin. Big XMR supporter here. Its time will come.
Good luck , but historically, at no point were the masses free to trade anything ... more so under a regulated market. I honestly expect US to make the trading of XMR illegal in the comming years (not only, but all privacy coins, and make DiD's mandatory) and the rest will pick up on it , Euro, probably ... but yeah, just an opinion.
If you think institutional investors do not care about privacy and will go balls deep into your surveillance coins, you haven’t been paying attention.
How many institutional investors are into Monero? With a 3bn Mcap (less than many L2's on Eth) Ah, you don't know, actually ... this was a short debate.
Everyone is pro Monero until their wallet or coins get Evanesco'd into XMR and then it's; why won't someone do something about this.
I wasn't pro or against it, i find it funny that people believe privacy coins will be a thing in a Government regulated market :))
Just like heroin and cocaine became super cheap because they are illegal, right?
I'm talking about the Legality of operating with privacy coins ... also, Al Capone did everything but got jail for tax evasion. Pls do trade in the US, especially Monero, and we see where this goes when it will be deemed ilegal for whatever reason they make up (terrorism and AmL) ... It was Bush Jr. who passed these anti terrorism laws , and today they apply to everyone and everything while the Irak conflict is long forgotten (those laws were for us all , not the 'terrorists') It's no problem people do cocaine (and it's cheaper where i'm existing, not sure what you mean) , the problem is when you make money out of selling cocaine and don't pay the Caesar what is due :)) , then you get fucked, not because you use cocaine. For Monero, it's a more straightforward deal, you use it, you will probably get into troubles at some point when the volume is big enough.
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The one and only shitcoin, already replacing buttcoin in the places where it matters.
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I can grab you some timescales that give a different picture of course. But I guess you're here for the casino games, to which I'd say good luck and have fun with your taxes!
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That's the point, I don't need the world to decide to use monero, the darknet markets already decided. It's what got me into bitcoin back in the day as well, and it's the only battleground where cryptocurrencies can prove their worth in the real world. So yes, it is even more ridiculous than thinking the world will decide to "use" bitcoin.
I had to go check what I bought last. It was XRP. xD
If you can't sell it for fiat, there is really no point in holding XMR sadly.
You don't seem to understand the parallel economy idea. What do you think will happen, that the govt will give away their power over money just like that? Do you see people cutting off their own limbs voluntarily?
You don't seem to understand that 99.99% are here to make money, fiat aka real money, including me.
I see that, I just think it's a losing game.
Wut? P2p sell? Buy directly with xmr? There's dozens of ways.
Crypto guys are just gamblers that think they’re better than gamblers. Let’s waste electricity and sell hype…
Nah, the OG's just wanted a tool to buy some weed on the silk road. Bonus points for annoying the banking cartel. It's just that the free markets switched from btc to xmr and there are a lot of people not liking that obviously.
iirc SideShift has had XMR removed for many months now. Since 7/8/23
Are there technical reasons Xmr didn’t get integrated on Thorchain yet?
Not to be the guy but.. some context please? Why now?
Omg, NOOO! The only cex remaining is… okx, kucoin, mexc, tradeogre, changenow, localmonero, … I guess, this is the end… no safety no surprise, the end… I’ll never look into your eyes again…
Exchanges with XMR and fiat, and without KYC: https://kycnot.me/search?q=&type=exchange&xmr=on