The value of Monero's privacy

GazetteFlames2 · Jun 25, 2020

Bitcoin has always been my top choice. I have earned well through bitcoin mining and it has now become my hobby

AbbotAle · Jul 3, 2020

Governments consider banning Monero.

Thanks for making me laugh.

How exactly is my question and how easily can and will that ban be enforced?

(Note, most Governments have also banned drugs. How's that working out for them?).

Trader Curt · Jul 3, 2020

AbbotAle said:
Governments consider banning Monero.

Thanks for making me laugh.

How exactly is my question and how easily can and will that ban be enforced?

(Note, most Governments have also banned drugs. How's that working out for them?).

They've already put regulations into place that ban exchanges from trading them. If you look into any U.S crypto exchange you will see that they offer no privacy tokens. There are ways around it, but it's more difficult.

destriero · Jul 3, 2020

CrackedSkull said:
I've followed cryptocurrencies for years. From a technical standpoint, a privacy coin like Monero seems superior to a completely transparent blockchain like bitcoin. See
https://web.getmonero.org/

https://www.reddit.com/r/path%3D%252Fr%252FMonero%252Fcomments%252F6spbvi%252F

https://www.monero.how/why-monero-vs-bitcoin

Granted Bitcoin has a lot more adoption, but that could change. I like to buy Monero at Kraken. What are your thoughts on Monero?

Yawn? Isn't the point that the blockchain is transparent?

AbbotAle · Jul 3, 2020

Trader Curt said:
They've already put regulations into place that ban exchanges from trading them. If you look into any U.S crypto exchange you will see that they offer no privacy tokens. There are ways around it, but it's more difficult.

Yes, but banning privacy coins from Exchanges is one thing, banning them from a country is impossible.

Easy to get Monero, buy Bitcoin, use Bisq to buy Monero. Use Bisq to exchange the other way as well. Bisq uses Tor so pretty hard for anyone to figure out what's going on. But if someone is worried then first use Samurai Wallet or Wasabi to mix the Bitcoin and then use Bisq to exchange. This is what I mean about governments having a hard time.

931 · Jul 3, 2020

AbbotAle said:
Yes, but banning privacy coins from Exchanges is one thing, banning them from a country is impossible.

Easy to get Monero, buy Bitcoin, use Bisq to buy Monero. Use Bisq to exchange the other way as well. Bisq uses Tor so pretty hard for anyone to figure out what's going on. But if someone is worried then first use Samurai Wallet or Wasabi to mix the Bitcoin and then use Bisq to exchange. This is what I mean about governments having a hard time.

Gold is physical scarcity.
Crypto is cryptographic scarcity.

But the tranansaction fees are too high IMO, last time i checked.
Wont you get gigantic transaction fees & fill exchangers pockets in the process that goes over 3 currencies?

Trader Curt · Jul 3, 2020

AbbotAle said:
Yes, but banning privacy coins from Exchanges is one thing, banning them from a country is impossible.

Easy to get Monero, buy Bitcoin, use Bisq to buy Monero. Use Bisq to exchange the other way as well. Bisq uses Tor so pretty hard for anyone to figure out what's going on. But if someone is worried then first use Samurai Wallet or Wasabi to mix the Bitcoin and then use Bisq to exchange. This is what I mean about governments having a hard time.

Yes, I forgot about Bisq. Bisq is a great site to use. By the way do you know of any good decentalized crypto exchanges?

AbbotAle · Jul 3, 2020

931, yes, costs have to be taken into account.

Buy BTC and exchange to Monero would probably cost 1%-2%. Not too bad if done once in a while, can get expensive is doing it all the time.

Buying Monero direct from an exchange (with fiat) would probably be 0.5%.

johnarb · Jul 3, 2020

AbbotAle said:
931, yes, costs have to be taken into account.

Buy BTC and exchange to Monero would probably cost 1%-2%. Not too bad if done once in a while, can get expensive is doing it all the time.

Buying Monero direct from an exchange (with fiat) would probably be 0.5%.

There's very cheap ways to get the privacy of monero for your bitcoin transactions, and i mentioned on a previous post. Won't provide too much detail to protect the process and there is risk of funds being seized if you mess up so make sure your transactions are low enough for your risk appetite and withdraw immediately after each exchange. The biggest hurdle is no one wants to deal with US residents. It involves VPN, fake-email, CEX, DEX, (new) local wallets that have not interacted with kyc counterparties.