I recently read an article about privacy coins and their potential threat to anti-money laundering regulations. The article, Debunked: Privacy Coins Are a Threat to Anti-Money Laundering Regulations and Hence Have No Future, made some interesting points. It argued that privacy coins are not a threat to anti-money laundering regulations and that they have a future.
I’m curious to hear what other people think about this topic. Do you think privacy coins are a threat to anti-money laundering regulations? Do you think they have a future? What do you think the implications of privacy coins are for anti-money laundering regulations?
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*If those legislators could read they’d be really upset*
I bet if they controlled e.g. XMR’s supply as they do with fiat their take would be different.
We need coins like **Monero**, it’s the antagonist of CBDCs, hence XMR plays an important role for our freedom.
Monero is everything that crypto wants to be, down to its core value of privacy and decentralization, a few example of features:
Ring Signatures hide the sender’s true identity and make it difficult to trace transactions to a specific user.
Stealth Addresses ensure that the recipient’s address is never visible on the public blockchain.
Confidential transactions hide the transaction amounts, making it impossible for anyone to know how much was sent or received.
RandomX is a mining algorithm that is designed to be ASIC-resistant, making it difficult for powerful mining operations to dominate the network.
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Monero for the win.
Out of everything, to me privacy coins have a more certain future than anything.
Will they be a top coin? Maybe not … but they will always be valuable and needed.
But what do you mean privacy? Like transactions not on a ledger of some sort? Like if I go down and buy some Coke-A-COLA with cash?
Let’s not forget most government banned Monero because they can’t crack it. IRS was even offering bounty for anyone who can crack it lol
https://www.coinbureau.com/news/crack-monero-irs-six-figure-reward-trace-xmr/
Only coins with a clear and working use case
Monero will not die, doesn’t matter what they try to do
Controversial opinion:
* What you have said may be true.
* But that doesn’t matter in the slightest as to their future, as governments don’t like the lack of transparency of privacy coins and will continue to restrict them wherever possible, leaving privacy coins always in the shadows of the likes of bitcoin.
The tech behind monero seems great. But it’s too risky as an investment as governments will just outright ban it because of its privacy
Yes, privacy coins won’t be mainstream doesn’t mean they won’t exist. Despite the government crackdown on tornado cash, people still use it
The majority of money laundering happens in USD
How many times do I have to tell you people, what the government wants, is not good for you!
> More than 90% of addresses used on darknet markets are for Bitcoin compared to less than 0.3% for Monero…
Okay but how would they count the Monero addresses 😎
Get at least some XMR, there’s a very real chance it could get to BTC price if governments decide to quit playing ball.
People have made considerable effort to transact privately throughout history.
Privacy coins like Monero are here to stay
Any government that is against privacy coins should first ban their fiat, otherwise it’s just hypocrisy isn’t it?
Privacy coins are a risk for the politicians and ruling class that need to steal our money to pay for their degen habits.
Something you didn’t mention is how exchanges have the ability to create paper monero unchecked because of its privacy feature. So not only can we not verify proof of reserves, they can devalue the shit out of xmr.
Monero is needed precisely because governments will try to kill it
I don’t feel that privacy coins have much of a future to begin with, but that’s just because they have so little people using them
I own a few Monero and I think everyone should own at least one if they can.
Long live monero 💪
The nuts have infiltrated the thread. Turn back now
Definitely
Bullish on Monero!!!!
No wonder Monero never moon
It’s so confusing when crypto and blockchain are all out under the same umbrella when we discuss these kinds of things.
Why do we even want a public ledger if it’s anonymous?
Seems every pro has a con, we want bad actors to be held accountable and that’s easy when transactions are transparent on the blockchain but we also won’t want every individual to have ever transaction easily tracked.
Privacy and transparency at extremes are not going to make it imo
Privacy coins are like encrypted messaging apps for your money. They’re not perfect, but they’re a lot better than nothing if you want to keep your financial transactions private. And just like encrypted messaging apps, governments are trying to ban them.
When you talk about Bitcoin is not private and you give an example, you should have finished with “that’s why Bitcoin isn’t fungible”. People need to understand that privacy and fungibility go hand in hand. Any public network can NOT be fungible.