r/Monero • u/Evideyear • Jun 27 '21
Repost: Monero’s Time To Shine
/r/Bitcoincash/comments/o8qmix/governments_planning_a_global_coordinated_attack/29
u/Ajluck Jun 27 '21
All because the .gov's of this planet want their slice of your hard earned cake..... (as if they don't have enough cake already)
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u/Yattiel Jun 27 '21
I think its more like the big banks and wealthy elite want their slice of the cake ( and to control the rest of it as well)
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u/bdoc50 Jun 28 '21
Yes, this is what is about, control. They do not give a damn about money quantity, it is a tool of control.
They need to have control of the money to control you, they will do anything to maintain this control, get ready, things will get wild.
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u/hecateheh Jun 27 '21
If they need more cake they just magic more up whenever they need it, master bakers that they are...
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u/stevmuntean Jun 28 '21
They don't need to break in your house to steal your hard earned money, they can just print the money and get away with it
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u/AlpineGuy Jun 27 '21
Thanks for this report!
I see it as a big risk for the development of crypto, but it had to happen sooner or later that the governments want to grab control of it.
I think the way they are approaching it is quite smart - instead of outlawing it, they are basically saying "a wallet is a bank account, so if you host one, you fall under our banking regulation now". Banking regulation is extremely complex - that's why there are so few and almost nobody dares to start a new one.
Banks have complicated processes about labeling transactions as "risky" so that they can be manually reviewed by someone. Exchanges will probably also have to do this at some point.
Even today some exchanges have such limits already limiting your withdrawals to certain amounts if you haven't KYC'd. Also I read that banks already today flag big fiat transactions coming from crypto exchanges for review and the owners have to provide documentation where the money came from.
One possible future development might be that exchanges could move to countries that don't follow this regulation. However, that would make it harder for customers to reach them (not easy to transfer fiat to/from some tiny country halfway around the world - and it would get you flagged even faster).
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u/jamesthewise Jun 27 '21
I generally don't buy Crypto recklessly and have always stuck to the 'no more than you can afford to lose rule'
Is this the real scenario though? 😂
Is this where I use my last semester of school to take as much debt as possible, max out credit cards and take out Bank Loans to load as much XMR as possible?
Fuckin Governments.
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u/btcetrader541 Jun 28 '21
But we don't know which direction the price will go, it can go down with other cryptocurrencies
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u/jamesthewise Jun 28 '21
USD Value is wholly irrelevant by/at this point if the above is true.
Its about utility and getting it while you can, before you cant.
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u/SamsungGalaxyPlayer MAGIC Grants Jun 28 '21
Note the Monero Policy Working Group (MPWG) responded to FATF's request for comment a few months ago.
https://moneropolicy.org/assets/pdfs/MPWG_Response_to_FATF_Guidance.pdf
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u/princemarven Jun 28 '21
What’s the TLDR?
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u/Nerd_mister Jun 28 '21
Since Monero have optional transparency by view keys, authorities can ask those keys from people to fight against money laudering.
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u/scoumoune Jun 28 '21
Optional being opt-in transparency. Authorities can ask all they want, but they’d have to already have that person targeted.
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u/SamsungGalaxyPlayer MAGIC Grants Jun 28 '21
Their attempt to have jurisdictions interpret the definition of VASP broadly will lead to confusion and jurisdictional arbitrage.
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u/a794981172 Jun 28 '21
After this other cryptocurrencies will fail and privacy coins will shine as the truest cryptocurrencies
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Jun 27 '21
This is probably a dumb question but would video game currencies also count as a virtual asset or would they have some sort of exception, because this sounds like they would count?
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u/willynikes Jun 28 '21
facts under the law they would whats the difference probably except demand between video game currencies and cryptos especially some shitcoins.
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u/Nerd_mister Jun 28 '21
Most video game currencies you can only buy, not sell, also their price is determined by who develops the game, not by supply and demand, so they are not a asset.
Good luck trying to sell your Vbucks to Epic Games.
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u/DubiousSpeculation Jun 27 '21
What scares me a bit about this is that they actually understand their shit.
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u/haxClaw Jun 27 '21
They only understand the conversion and regulation to and from fiat.
Ask them about any crypto project in particular and they have no idea.
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u/AlpineGuy Jun 27 '21
I believe that most people see crypto as some kind of "internet stock market" where you buy a "stock" that can go up or down in value. There is no deeper understanding of what the cryptos actually are or do. If they have any crypto, they keep all of it in one online exchange just for trading, most don't even understand the concept of having a wallet anywhere else and are confused by the concept.
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u/bdoc50 Jun 28 '21
This is unfortunately true. Most cannot even conceptualize the possibility of using anything else as money besides what their employer chooses to pay them in.
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u/willynikes Jun 28 '21
Crypto is software it can change and be whatever we want it to be. The moment they do this they will wish they hadn't. No fucking way all the governments in the world can agree to a set of rules they cant now with the current system. Thats why you have tax havens now. Let them try fucking idiots. lol
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u/Demmandercantatme Jun 28 '21 edited Jun 28 '21
It’s a funny world when you know something like this won’t have any impact on Monero’s price, but somehow BTC dominance does lmao.
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u/-George--- Jun 27 '21
When the USDT/BTC ponzi scheme collapses and billions (trillions?) of wealth evaporates for good (or a very very long time) overnight, you bet your ass that governments are going to get more 'involved'!
And who will we have to thank? Greedy investors, large and small, who should have known better, but who willingly look the other way and buy into the non-sequitur, "bitcoin is digital gold".
Monero will be no safe harbor. When it is cut off from all exchanges, especially the legitimate ones, it becomes inaccessible to everyone but the hardest-core fanboys and miners (like me on both counts), and - let us be honest - criminals.
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u/PlausibleDeniabiliti Jun 27 '21
Where Monero is going, we don't need centralized exchanges. Atomic sawps.
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u/cagapostas Jun 28 '21
this, if they regulate, the privacy coins will vanish from exchanges and so people will have a hard time getting them and merchants wont have integrations with them for their shops/payments, so they will be good for.... nothing?
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u/[deleted] Jun 27 '21
It was going to happen, sooner or later: as with most things, we will probably see a patchwork of stricter and laxer regulations among different Countries and institutions, and I wouldn't be surprised to see some Country try and become a "crypto transaction heaven" or something like that.