XMR Monero - The #1 bad boy crypto. great Moon$hot candidate?
Summary: Preparing to go long if $240 resistance gets broken out of this trading zone.
Current valuations and volume to watch: MARKET CAP $3.93B VOLUME (24H) $414.43M Would go long on short term trade when we break resistance convincingly. Would not invest in this since it's gangster funds. No reason to mix clean money with dirty money if you own clean money. Much like it's a bad idea to store value in cash because there, you have banksters behaving badly.
If I was Monero XMR incorporated, I would be worried having a half-a-million dollar bounty on my head by the US Government. But monero isn't an entity, it's crypto technology that provide privacy for financial transactions, Unfortunately, it's used by bad guys to trade and do bad things. But the technology itself appears to be rock solid with the US Department of Justice telling the world it cannot track monero transactions by offering a substantial amount of money to break it.
What does that tell the bad guys??? They just found their leader?! This makes Monero #1 government target in the crypto space because if you understand the technology and potential is possibly warranted? Well, XMR maybe #2 just behind BS vapour stablecoins.
Unlike Bitcoin BTC that has a public ledger, everyone in the world can track funds between wallets. Biitcoin is great for law enforcement, they can get easy analytics of "clean" wallets. Money flowed KYC onramp to crypto-> BTC wallet with a public BTC address -> KYC offramp to fiat. Conversely, illegal activity connected "dirty" wallets can easily be tracked on Bitcoin and so can the money flow between open ledger wallets. If you're a bad guy, you can try to use a bunch of tricks to try to hide your illegal activity on Bitcoin (and failing miserably) or use Monero or other privacy coins. From my research XMR seems to be the #1 privacy coin out there?
Monero is the technology equivalent of a world bank. Banks operate closed ledgers, not open ones like Bitcoin. From a technology perspective, XMR is fabulous. From a society and world implication, it will push humanity to evolved to solve problems illicit use creates. But ultimately, in a civilized and law abiding society, there's no reason to ban any of this. If I want to send say $100 to a friend in an oppressed country, she is stuck. That $100 is a gift, I earned it honestly, paid tax on it to earn it etc and I want that $100 to be 100% confidential between me and her. It's a gift between two people, nothing illegal is done, I want the transaction to be online, bankless, and private.
Monero is the #1 solution from what I can see.
Monero isn't bad, but it can be used to hide transfers of illegally funds. Monero is like a knife. You can use it for good or bad. You can use a knife for productive use like preparing your meal or use it for illegal use like stealing at knifepoint. You should be allowed to use Monero for good and law enforcement should be able to monitor bad guys. But how do you track the bad guys with Monero. That's the core issue there so I understand the issues governments and law enforcement would have with monero.
Banning monero is easy, it's a law and a country can say "citizens may not own this", just like owning plutonium. India is the leading democratic country that will attempt to do it.
Is Monero akin to plutonium? As a technology person, I do appreciate the beauty of incredibly powerful elements. I would classify plutonium and monero is the same category of potentially highly regulated elements. One is physical and highly detectable. The other isn't.
Regardless what happens with Monero's future legal status, Bitcoin fans will rejoice in knowing that democratic governments cannot ban Bitcoin, they will get voted out of office. But democratic governments can, and likely will, ban untraceable crypto like Monero because of its illicit capabilities so this is not a safe investment coin. It's a toxic trading coin, like USDT. Trade with care and make sure you can quickly trade out on triggers when you hold. If the G20 countries ban it, one would have to move to a non-G20 country to legally own Monero? Not something I would do for the sake of privacy.
Adding XMR on my trade-only watch list and I will likely hold it minutes/hours because this coin has big bullseye on it. If I was law enforcement and policy makers, I would ban all closed-ledger or private cryptos that are not operated by a custodian registered in the country. Bitcoin BTC, as the world's #1 open ledger, proven crypto, goes to a million dollar plus
as altcoin investors flow back into the #1 safe heaven crypto.
Stay safe. Trade and invest with care. Please comment, like etc. Always looking for alternate point of views to avoid the blindsides.
Current valuations and volume to watch: MARKET CAP $3.93B VOLUME (24H) $414.43M Would go long on short term trade when we break resistance convincingly. Would not invest in this since it's gangster funds. No reason to mix clean money with dirty money if you own clean money. Much like it's a bad idea to store value in cash because there, you have banksters behaving badly.
If I was Monero XMR incorporated, I would be worried having a half-a-million dollar bounty on my head by the US Government. But monero isn't an entity, it's crypto technology that provide privacy for financial transactions, Unfortunately, it's used by bad guys to trade and do bad things. But the technology itself appears to be rock solid with the US Department of Justice telling the world it cannot track monero transactions by offering a substantial amount of money to break it.
What does that tell the bad guys??? They just found their leader?! This makes Monero #1 government target in the crypto space because if you understand the technology and potential is possibly warranted? Well, XMR maybe #2 just behind BS vapour stablecoins.
Unlike Bitcoin BTC that has a public ledger, everyone in the world can track funds between wallets. Biitcoin is great for law enforcement, they can get easy analytics of "clean" wallets. Money flowed KYC onramp to crypto-> BTC wallet with a public BTC address -> KYC offramp to fiat. Conversely, illegal activity connected "dirty" wallets can easily be tracked on Bitcoin and so can the money flow between open ledger wallets. If you're a bad guy, you can try to use a bunch of tricks to try to hide your illegal activity on Bitcoin (and failing miserably) or use Monero or other privacy coins. From my research XMR seems to be the #1 privacy coin out there?
Monero is the technology equivalent of a world bank. Banks operate closed ledgers, not open ones like Bitcoin. From a technology perspective, XMR is fabulous. From a society and world implication, it will push humanity to evolved to solve problems illicit use creates. But ultimately, in a civilized and law abiding society, there's no reason to ban any of this. If I want to send say $100 to a friend in an oppressed country, she is stuck. That $100 is a gift, I earned it honestly, paid tax on it to earn it etc and I want that $100 to be 100% confidential between me and her. It's a gift between two people, nothing illegal is done, I want the transaction to be online, bankless, and private.
Monero is the #1 solution from what I can see.
Monero isn't bad, but it can be used to hide transfers of illegally funds. Monero is like a knife. You can use it for good or bad. You can use a knife for productive use like preparing your meal or use it for illegal use like stealing at knifepoint. You should be allowed to use Monero for good and law enforcement should be able to monitor bad guys. But how do you track the bad guys with Monero. That's the core issue there so I understand the issues governments and law enforcement would have with monero.
Banning monero is easy, it's a law and a country can say "citizens may not own this", just like owning plutonium. India is the leading democratic country that will attempt to do it.
Is Monero akin to plutonium? As a technology person, I do appreciate the beauty of incredibly powerful elements. I would classify plutonium and monero is the same category of potentially highly regulated elements. One is physical and highly detectable. The other isn't.
Regardless what happens with Monero's future legal status, Bitcoin fans will rejoice in knowing that democratic governments cannot ban Bitcoin, they will get voted out of office. But democratic governments can, and likely will, ban untraceable crypto like Monero because of its illicit capabilities so this is not a safe investment coin. It's a toxic trading coin, like USDT. Trade with care and make sure you can quickly trade out on triggers when you hold. If the G20 countries ban it, one would have to move to a non-G20 country to legally own Monero? Not something I would do for the sake of privacy.
Adding XMR on my trade-only watch list and I will likely hold it minutes/hours because this coin has big bullseye on it. If I was law enforcement and policy makers, I would ban all closed-ledger or private cryptos that are not operated by a custodian registered in the country. Bitcoin BTC, as the world's #1 open ledger, proven crypto, goes to a million dollar plus
as altcoin investors flow back into the #1 safe heaven crypto.
Stay safe. Trade and invest with care. Please comment, like etc. Always looking for alternate point of views to avoid the blindsides.