If the US debt problem leads to capital controls, using Monero will become a federal offence overnight. Might as well call it money-laundering coin.
> Might as well call it money-laundering coin
The state's concept of money is private and it has just enjoyed help in getting data about electronic ledgers for the last 55 years, by deputizing banks. And for the last 18 it has also enjoyed public ledgers of crypto currencies.
But the successful stigma of financial privacy doesn't invent its right to having data. This is just a privilege, and private money is a reversion to the mean.
I long used to think that private money was a good thing for freedom helping the little guy living under state repression, but I'm recently starting to worry that it will do the opposite, by helping the ultra-rich engage in corrupt schemes.
The rumors that people bought Trump-coin for the sole purpose of currying favor got to me.
None of the transactions systems are aiming to solve for that. The legacy financial system enables this too. Trump coin just happens to be more liquid than expensive dinner seats, campaign donations, and less cumbersome than a Trust. It is not private.
So its fine to feel disillusioned from that goal because it was a misplaced goal.
Monero on the other hand is private by default, and you can disclose transactions. It has optional auditability. This is a power dynamic I can appreciate.
a bigger better thing it does is fund the north korean nuclear program.
easy to steal, liquid to sell, cant be confiscated.
North Koreans are getting employed by US tech companies and just getting payroll over clearnet to normal banking, and wiring that to the state. They’re not even hacking
Yeah their expropriations in Monero are occurring too, but I can’t levy a separate higher standard when this other thing is happening
> but I'm recently starting to worry that it will do the opposite, by helping the ultra-rich engage in corrupt schemes. The rumors that people bought Trump-coin for the sole purpose of currying favor got to me.
How would government knowing exactly who spends what where help in that scenario?
Do you think that is a likely scenario under this government?
IDK about this particular administration, but the government did place Tornado cash on the sanctions list (now removed). Which does operate differently than monero, but from the view of a bureaucrat I think similar effect.
Yes. I would bet on it. Certain Democrats don't like Monero because of the criminal activity around it. If the king told Republicans to ban it, they would be able to get enough Dems on board to avoid any filibuster problems.