prancing389

Before you say this is off topic, fast forward to 41:00, where Alasdair talks about fungibility in a very sensible and educational way. Stopping shy of mentioning Monero, he gives the impression that all crypto is like Bitcoin and has the drawbacks associated with BTC. Now, how do we correct these influencers so they don't tar all crypto's with the same brush as Bitcoin? Ideas, feedback?

Pass this URL on to those considering crypto for the first time, or to a BTC maxi to watch their head explode, lol.

Bitcoin's Co-optation by the Financial System and the Rise of Monero: A Critical Analysis

cross-posted from: https://monero.town/post/3793583

Chart shows silver priced in Monero. Note that it's hit a recent low, meaning it takes less Monero to buy the same amount of silver. Timing is looking good for rebalancing or if you suspect grid down scenarios playing out as the election approaches.

Chart shows silver priced in Monero. Note that it's hit a recent low, meaning it takes less Monero to buy the same amount of silver. Timing is looking good for rebalancing or if you suspect grid down scenarios playing out as the election approaches.

As a community, we should all abandon centralized servers and migrate to decentralized solutions. I'd support any decentralized system supporting privacy and anonymity, something that asks no personally identifying information such as phone number or email address. Something like Bastyon or Brighteon.io . Some attributes are below:

• This solution is directly on a blockchain, has no corporation behind it, much like Monero.
• Plus it's got many of the features that Twitter or Lemmy has, we can set up private or public groups and memberships.
• It supports direct, private messaging, as well as voice and video chat.
• No email address or phone number is required, so you can remain as anonymous as you choose.
• There's already a strong group of liberty-minded individuals. While they aren't all crypto-savvy, they are predisposed to solutions benefiting privacy.
• Adequate settings to block offensive speech, only controlled by the individual, so you can limit what YOU see, but not what I see.
• Built-in design is the requirement for small amounts of PKOIN, the coin that powers the blockchain.

This last bullet about requiring PKOIN has the effect of reducing spammers and trolls, but does not eliminate them entirely. While those desiring to have a megaphone and upload large amounts of data will have to pay, the average user posting photos, articles, and links to external sources normally have no cost. I've never needed to purchase PKOIN and have steadily posted links to articles of interest repeatedly since starting to use the platform nearly a year ago.

I would volunteer to help set up any groups that the community wants to duplicate over there. Please contact me if there's anything I can do to assist in this migration should it occur.

I was doing some research on exchanges and found this on ChatGPT:

As of now, Monero (XMR) is not listed on any major US-compliant cryptocurrency exchanges. This is primarily due to regulatory concerns over its privacy features, which make it difficult for exchanges to comply with KYC and AML regulations.

Monero's focus on privacy and anonymity poses challenges for regulatory compliance, leading most US-based exchanges to avoid listing it. As a result, if you're looking to trade Monero and you are a US citizen, you will typically need to use international exchanges that may have fewer regulatory constraints but come with their own risks.

For reference, here are a few popular international exchanges where Monero is available, although they may not be fully compliant with US regulations:

1. Binance (Global, not Binance.US)
2. Kraken (Though Kraken is US-based, it has delisted Monero for US customers)
3. KuCoin
4. Huobi
5. Gate.io

Please be aware that using these exchanges may involve legal and financial risks, including the possibility of violating US regulations. It is always advisable to stay informed about the latest regulatory developments and to consider the legal implications of using non-compliant exchanges.

Did I miss something, or this another authoritarian bit of hopium that made its way into the language model?

BitPay, a popular cryptocurrency payment processor, compromises online financial anonymity in several key ways:

1. Data Collection and Sharing: BitPay collects various types of personal information from users, including names, email addresses, transaction details, and sometimes more detailed identification information such as government-issued IDs. This data can be shared with third parties, including service providers, business partners, and legal authorities.

2. Compliance with Regulations: BitPay operates in compliance with a range of US laws and regulations that mandate the collection and sharing of user data. These include:

   • Know Your Customer (KYC) Regulations: BitPay is required to verify the identities of its users to prevent money laundering, fraud, and terrorist financing. This involves collecting personal information and sometimes performing detailed background checks.
   • Anti-Money Laundering (AML) Laws: To comply with AML laws, BitPay must monitor transactions for suspicious activity and report certain types of transactions to authorities. This often requires extensive data collection and analysis.
   • The Bank Secrecy Act (BSA): This law requires financial institutions to keep records and file reports that may be useful in detecting and preventing money laundering and other financial crimes.
   • The USA PATRIOT Act: This act enhances law enforcement’s ability to combat terrorism and includes provisions that impact financial services, such as increased requirements for identity verification and transaction monitoring.

3. Implications for Anonymity: By collecting and potentially sharing this information, BitPay undermines the anonymity that is often sought by users of cryptocurrencies. Transactions processed through BitPay can be traced back to individual users, and the collected data can be accessed by various entities, including law enforcement agencies.

Admittedly, I haven't witnessed anyone in the Monero community promoting Bitpay, especially since Bitpay does NOT accept Monero payments directly, but if you find yourself in a situation where you need to use Monero, rather than fiat, to pay for a big one-time expense, you're considering swapping into a coin that will enable that transaction.

In summary, while BitPay provides a convenient way to use cryptocurrencies for transactions, it significantly compromises financial anonymity due to its compliance with stringent US regulations and its practices of data collection and sharing.

My own assessment of the OPSEC compromises required to complete this transaction is that it's not worth it. I MUST accept that I will NOT be able to spend my Monero until the retailers selling what I want to buy accept Monero natively. Until then, happy HODL'ing.

Why U.S. Citizens Must Act Now to Protect Their Wealth

In the tumultuous and unpredictable world of global finance, the stability and security once offered by the Bretton Woods system is rapidly deteriorating. Established in the aftermath of World War II, the Bretton Woods Agreement was designed to foster international monetary cooperation and create a framework for economic stability. However, as we face unprecedented economic challenges, the very foundations of this system are crumbling, signaling an imminent collapse. In this precarious environment, it is crucial for U.S. citizens to take immediate action to safeguard their wealth and prepare for the uncertain future. This article explores why converting U.S. dollars into tangible assets such as farmland, food, ammunition, firearms, precious metals, and privacy-focused cryptocurrencies like Monero is not just prudent, but essential.

The Decline of the Bretton Woods System

The Bretton Woods system, once a bedrock of global financial stability, has been eroding for decades. The initial peg of the U.S. dollar to gold and the establishment of the International Monetary Fund (IMF) and the World Bank provided a robust framework for economic growth and stability. However, the abandonment of the gold standard in 1971 marked the beginning of the end for this system. Since then, the dollar has been fiat currency, subject to the whims of monetary policy and geopolitical turmoil.

Today, the U.S. and global economies are facing severe challenges: unsustainable debt levels, inflationary pressures, and a rapidly changing geopolitical landscape. The U.S. dollar, once the unchallenged global reserve currency, is losing its hegemony as countries seek alternatives to reduce their dependency on it. These factors contribute to a looming economic crisis that threatens to devalue the dollar significantly.

The Great Taking: A Real Threat

"The Great Taking" is a term used to describe the potential government actions to confiscate or severely devalue personal wealth in times of economic distress. This can manifest in various forms, such as severe inflation, punitive taxation, or direct asset seizures. Historical precedents, like the 1933 Executive Order 6102, which required citizens to surrender gold holdings to the government, highlight the real possibility of such measures being implemented again.

In the event of a major financial collapse, governments may take drastic actions to stabilize the economy, often at the expense of individual wealth. This makes it imperative for citizens to convert their vulnerable U.S. dollars into assets that are less susceptible to government interference and inflationary devaluation.

Assets of Lasting Value

To mitigate the risks associated with the collapse of the Bretton Woods system and the potential for "The Great Taking," it is wise to invest in assets that have intrinsic value, offer security, and ensure self-sufficiency. Here are the recommended assets:

1. Farmland: Farmland provides a tangible, productive asset that can generate food and income. It is a hedge against inflation and a crucial resource in times of economic instability.

2. Food: Stockpiling non-perishable food ensures that you and your family can sustain yourselves during supply chain disruptions or economic crises.

3. Ammunition and Firearms: These not only provide personal security in uncertain times but can also be valuable barter items if traditional currency systems fail.

4. Precious Metals: Gold, silver, and other precious metals have historically been safe havens during economic turmoil. They retain intrinsic value and are universally recognized as a medium of exchange.

5. Privacy Cryptocurrencies (Monero): Unlike Bitcoin, which offers some degree of transparency, Monero provides enhanced privacy and security. It is less susceptible to government tracking and seizure, making it a reliable digital asset in times of financial uncertainty.

Conclusion: Take Action Now

The signs of an imminent collapse of the Bretton Woods system are clear, and the consequences for those unprepared could be dire. By converting U.S. dollars into tangible assets such as farmland, food, ammunition, firearms, precious metals, and privacy-focused cryptocurrencies like Monero, you can protect your wealth and ensure your security in uncertain times. Waiting for the crisis to fully unfold could leave you vulnerable to the adverse effects of inflation, asset seizures, and economic instability. Act now to safeguard your future and navigate the coming financial storm with confidence.

In an era of unprecedented economic instability and increasing concerns over privacy, it is becoming crucial for individuals to protect their wealth and financial autonomy. Traditional financial systems, dominated by fiat currencies and heavily monitored by governments and financial institutions, are facing growing scrutiny. As a result, many are turning to private, anonymous currencies such as precious metals and Monero. This shift is not only about safeguarding personal wealth but also about fostering a parallel economic system that can operate independently of centralized control. This article explores the urgency of moving wealth into these private currencies and the importance of building a circular economy around them.

The Vulnerabilities of Traditional Financial Systems

The global financial system, built on fiat currencies and centralized banking, is increasingly vulnerable to various risks:

1. Economic Instability: High levels of national debt, inflation, and economic crises can devalue fiat currencies, eroding individual wealth.

2. Government Surveillance: Increased government oversight and surveillance of financial transactions threaten personal privacy and financial autonomy.

3. Banking Risks: Bank failures or freezes, whether due to economic crises or political decisions, can limit access to personal funds.

Given these vulnerabilities, diversifying into private, anonymous currencies offers a way to mitigate these risks.

The Case for Precious Metals

Precious metals like gold and silver have been trusted stores of value for millennia. They offer several advantages:

1. Intrinsic Value: Unlike fiat currencies, precious metals have intrinsic value and are not subject to inflationary pressures.

2. Tangible Assets: Physical ownership of gold and silver means you have control over your wealth without relying on third parties.

3. Historical Stability: Precious metals have historically maintained their value, even in times of economic turmoil.

Monero: The Digital Age's Answer to Privacy

In the digital age, Monero stands out as a leading privacy-focused cryptocurrency. Unlike Bitcoin, which offers some level of transparency, Monero provides enhanced privacy and security:

1. Privacy: Monero uses advanced cryptographic techniques to ensure transactions are private and untraceable, protecting users' financial data.

2. Security: The decentralized nature of Monero makes it resistant to censorship and seizure by governments and institutions.

3. Fungibility: Each unit of Monero is indistinguishable from another, ensuring that it is always accepted without fear of tainted coins.

Building a Parallel Economy

The shift towards private, anonymous currencies requires more than just individual adoption; it necessitates the development of a parallel economic system that can sustain itself. Here's how society can build this system:

1. Acceptance of Alternative Currencies: Businesses and service providers must begin to accept precious metals and Monero as payment options. This can start with small businesses and gradually expand to larger enterprises.

2. Education and Awareness: Public awareness campaigns and educational initiatives are crucial to inform people about the benefits and usage of these alternative currencies.

3. Infrastructure Development: Building infrastructure, such as secure digital wallets for Monero and safe storage options for precious metals, is essential to facilitate their everyday use.

4. Peer-to-Peer Networks: Encouraging the development of peer-to-peer (P2P) networks can help foster a community of users who trade and transact using these currencies, creating a self-sustaining ecosystem.

5. Legislative Advocacy: Advocating for legal frameworks that protect the use of private, anonymous currencies can help ensure their legitimacy and acceptance in the broader economy.

Conclusion

As economic and privacy concerns grow, the urgency to move wealth into private, anonymous currencies like precious metals and Monero becomes increasingly clear. These assets provide security, privacy, and stability that traditional financial systems struggle to offer. Moreover, building a parallel economy around these currencies can help ensure their viability and sustainability, offering a resilient alternative to centralized financial systems. By embracing this shift, individuals can protect their wealth and contribute to a more secure and private economic future.

Good info for introduction for Monero