The cryptocurrency sector faced one of its most significant security breaches this year as stablecoin banking platform @0xinfini fell victim to a sophisticated cyberattack.
That’s the only thing I use it for, and the only thing I’m interested in. I don’t care about speculation, I just want a private, digital currency so financial institutions and governments can’t snoop on me.
I don’t buy anything particularly interesting (mostly VPNs and other online services), but I go out of my way as a form of protest because I don’t like how much tracking goes on.
I stick to Monero for my cryptocurrency use largely because there’s so little speculation and it doesn’t have a good way to track purchases. I only keep a couple hundred USD worth at a time in my wallet, which is plenty for the stuff I buy.
Yes, but Monero has a ton of privacy features that makes it infeasible to track transactions. Basically it makes a bunch of fake transactions, generates a bunch of wallets, etc, so an outside observer would need some very sophisticated techniques to untangle everything, if it’s possible at all. The public ledger allows you to prove the transactions are accurate, not who made them.
As far as we know, Monero hasn’t been compromised, and law enforcement would need the user’s device to prove they made a transaction. Even having the device of someone they transacted with doesn’t help.
Basically, it’s as good as unmarked cash, but digital, and transaction fees are often less than a penny.
I don’t buy anything illegal, I just really like the idea of digital, untraceable cash. It’s none of the government’s or a bank’s business what I do with my money, even if it’s just mundane stuff.
We started to see offchain system that don’t need an onchain transactions to transacts, it does not have the same level of security as the public ledger but what does that mean is that in the future we will probably not transact daily on the blockchain but on second layer that communicate to the base layer.
Blockchain is inneficient by design but it allows us to have a decentralized immuable and neutral ledger, we will scale by other mean.
That’s the only thing I use it for, and the only thing I’m interested in. I don’t care about speculation, I just want a private, digital currency so financial institutions and governments can’t snoop on me.
I don’t buy anything particularly interesting (mostly VPNs and other online services), but I go out of my way as a form of protest because I don’t like how much tracking goes on.
I stick to Monero for my cryptocurrency use largely because there’s so little speculation and it doesn’t have a good way to track purchases. I only keep a couple hundred USD worth at a time in my wallet, which is plenty for the stuff I buy.
Isn’t every single transaction you’ve made stored on the blockchain that anyone can view? How is that private?
Yes, but Monero has a ton of privacy features that makes it infeasible to track transactions. Basically it makes a bunch of fake transactions, generates a bunch of wallets, etc, so an outside observer would need some very sophisticated techniques to untangle everything, if it’s possible at all. The public ledger allows you to prove the transactions are accurate, not who made them.
As far as we know, Monero hasn’t been compromised, and law enforcement would need the user’s device to prove they made a transaction. Even having the device of someone they transacted with doesn’t help.
Basically, it’s as good as unmarked cash, but digital, and transaction fees are often less than a penny.
I don’t buy anything illegal, I just really like the idea of digital, untraceable cash. It’s none of the government’s or a bank’s business what I do with my money, even if it’s just mundane stuff.
We started to see offchain system that don’t need an onchain transactions to transacts, it does not have the same level of security as the public ledger but what does that mean is that in the future we will probably not transact daily on the blockchain but on second layer that communicate to the base layer. Blockchain is inneficient by design but it allows us to have a decentralized immuable and neutral ledger, we will scale by other mean.
You’d have to tie the wallet number to the person. Not sure how much effort that takes, but it’s a good deal more anonymous than using a credit card.