EU moving towards total monetary surveillance and banning all anonymous payments
EU moving towards total monetary surveillance and banning all anonymous payments
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153 comments
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So, Europe limiting people's freedom, even more. Why am I not surprised? Use Monero and build the circular economy. Give the middle finger to these clowns. People in the US need to do the same thing because we are headed down the same path. That's why I always suggest if you have Monero not turning it back into Fiat ever.
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You obviously didn't read it. This is specifically targeting businesses, not individuals, so you'll still be able to use Monero and whatnot to buy stuff from companies, they just need to have their crypto wallets at a custodian (presumably for tax transparency). Likewise with cash transactions, large transactions are rare and unnecessary between businesses.
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If that is actually the case, the crypto portion is at least not that bad. The 10k limit on cash transactions is just not feasible in some industries though.
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Yeach im most worried about used car market. Thats the only place that i know of where large amounts of cash is exchanged most often.
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I'm pretty sure this is business to business, not customer to business. So you could still buy that €11k car, the bank would just need to deposit it instead of handing that €11k to the wholesaler in cash (they'd need to use a bank transfer for that).
I could be wrong though, it just depends on what "business transactions" means. Is it only B2B, or B2C counts too?
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Monero is a terrible investment long term. Pricing is hard because the value is always changing
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What do you mean? I've been using Monero for over a year and in that time one Monero has always equaled one Monero. /s
It's only when you price it in fiat currency that the price changes.
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How about against the price of gold? You also will see it change
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True, i have never measured it against gold. Though my guess is that price action would be pretty muted since both are decently stable.
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Monero is not stable
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Monero is actually the least volatile crypto asset that is not specifically designed to be pegged to fiat.
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I did not say stable. I said decently stable. Since Monero is actually used as money and changes hands often, the price fluctuations do exist, but they are less than they might otherwise be. Monero took a big shock recently during the Binance de-listing and dropped 30% which lasted for all of about a week before it was back to a decent equilibrium and only a month to recover most of that loss. It has recovered 20% of the original drop, even though there are fewer people using it. Because it removed some speculation from the market. More people over time are realizing that Bitcoin is not the promise they understood it to be and are leaving for Monero.
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How does Monero avoid the problem of Bitcoin? Of just being used for investment and not currency?
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Low fees, a focus on privacy, not calling itself "digital gold"
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But is it still deflationary? I may be wrong, but I feel like any currency that is deflationary over inflationary encourages hoarding instead of spending.
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Just because it's deflationary doesn't mean that it's not spent primarily because you still need electricity, food, gas, and other things. So you are forced to spend it whether you want to or not. Monero itself is not technically deflationary as 0.6 new coins are released every 2 minutes forever. What you end up with is that Inflation asymptotically approaches zero until an equilibrium is reached where new coins are created at the same rate that coins are destroyed through negligence, etc. Right now, Monero has an inflation rate of about 0.85% and falling all the time.
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Use Monero, burn the planet, don't buy anything useful with it as it can be made illegal after one legislation and don't forget to actively swap it between 10 other different cryptocurrencies. Also thanks to Microsoft for hosting Monero official source code repository.
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burn the planet
How much energy does it take to run the banking sector?
don't buy anything useful with it as it can be made illegal after one legislation
Yeah, good luck with that. It's censorship resistant. So that legislation doesn't fucking matter.
actively swap it between 10 other different cryptocurrencies
Funny as most stuff can be purchased in Monero without swapping.
Also thanks to Microsoft for hosting Monero official source code repository.
which could be easily changed at any time.
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Please do remember that the banking industry provides banking for the entire world, instead of ~ten thousand people. It does cost a lot of energy, yes, but the energy per person is far less than with any cryptocurrency.
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The point of crypto is for everybody on earth to be their own bank and be part of the financial system, which is something the banks cannot do.Also, the bank's banking system and governments have gotten us into the situation we are in now where the poor get poorer and the rich get richer. I don't know who said it, but I heard a quote once that said something to the effect of, let me control what a man uses as money, and I care not who makes his laws.
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And yet most cryptocurrencies are mostly used as a investments instead of using them for their intended purpose which is transactions .
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Which I agree is a problem. I don't see them as an investment. I see them as a way to get out from under the authoritarian rule of governments. Unfortunately, we have what we call the number go up crowd and we don't like them very well.
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The poor get poorer and the rich get richer because of the economical system we live under, not because of the banking industry. Crypto isn't going to solve that.
I agree that banks are not to be trusted, but a blockchain hasn't proven to be a safe option either.
You also just skipped over my comment. I take that means that you acknowledge that crypto is extremely wasteful and would never scale unless gigantic changes were made to how it functions?
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Not at all. The rich get richer and the poor get poorer due to inflation, which is caused by government spending and central banks creating money out of nothing and saying that it has value when it does not. Not all crypto is extremely power-hungry. Take Monero, for example, as it is mined with CPUs only, which everybody has access to. If cryptocurrency mining ends up using less power than the banking system, then that is a net positive instead of a net negative. The majority of cryptocurrency losses have not been because of the blockchain, but because of services built on top of it that should not have existed to begin with, such as exchanges, lending companies, etc. When you give your crypto to somebody else, it is no longer your crypto, and that's where people have messed up by giving their crypto to places like FTX, Mt Gox, etc. There's also quite a lot of mistakes made with two-factor authentication via SMS which is not secure to maintain a cryptocurrency account such as Coinbase. When somebody tries to explain that you should not hold your keys on exchanges, a lot of times you get feedback about, oh, that's too much work. Well, if you're not going to care about your money, nobody else will. One of the big major points of crypto is to eliminate the trusted third party.
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Also thanks to Microsoft for hosting Monero official source code repository.
which could be easily changed at any time.
Not just that. Git would let the devs know if the repository contents were maliciously changed.
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153 comments