Monero under scrutiny of the FBI

[qwizzie]

http://www.coindesk.com/fbi-concerned-about-criminal-use-of-private-cryptocurrency-monero/

The privacy-focused digital currency monero has captured the attention of the Federal Bureau of Investigation (FBI), which has expressed concerns over its use among criminals.

Following the event, the special agent said he couldn't provide additional details specifically pertaining to the FBI’s investigative techniques surrounding monero when asked by CoinDesk.

Thats what you get when you promote as cryptocurrency your direct links to darknet markets, i guess.
The FBI's full attention and subject to its investigative techniques.

[alyssa85]

Yup. Better to just promote a normal coin and stay under the radar.

Monero's price doesn't seem to have moved on this news though. 

[slick2]

if the transactions are not connected to child porn, arm's dealership and drugs. There are nothing to worry about.

[NUFCrichard]

if the transactions are not connected to child porn, arm's dealership and drugs. There are nothing to worry about.

How do you prove that they aren't?
Monero is made for crime basically, it will never be allowed to succeed by the powers that be.

Bitcoin at least allows an online 'papertrail', Monero has as its USP something that will ultimately make it unusable by the wider public!

[qwizzie]

if the transactions are not connected to child porn, arm's dealership and drugs. There are nothing to worry about.

+ gambling ?

[European Central Bank]

if the transactions are not connected to child porn, arm's dealership and drugs. There are nothing to worry about.

the possibility is enough. i don't know how the hell they plan to figure anything out when monero's designed to avoid that completely. it could have a knock on effect on exchanges specifically.

if there were any measures then all they'd achieve is more whack a mole. it'll never end now.

[sgk]

First they were worried about Bitcoin, and now Monero. What's next? Z-Cash?
They should understand the fact that there are probably more than a thousand cryptos out there, many of them are privacy-focused. How many of them can be kept under their watch? They can't do shit. Game over.

[qwizzie]

First they were worried about Bitcoin, and now Monero. What's next? Z-Cash?
They should understand the fact that there are probably more than a thousand cryptos out there, many of them are privacy-focused. How many of them can be kept under their watch? They can't do shit. Game over.

Actually they can do a lot, they can easily install spyware on target computers without the users ever knowing about it.
The FBI has a wide array of "investigative techniques" ...

[qwizzie]

I wonder if it is in any way connected to this :

https://www.reddit.com/r/Bitcoin/comments/5qhaud/am_i_the_only_one_who_has_their_poloniex_account/

[European Central Bank]

They can't do shit. Game over.

nailing every single above ground exchange would certainly dampen things down a bit but there'll always be ways in and out.

[btc_zero_sum]

well, the fbi concern makes it a legit tech

soon we will know for sure how hackable monero is, if important investigations are behind it the fbi will try to break it, infiltrate in the community and so on

[iCEBREAKER]

well, the fbi concern makes it a legit tech

soon we will know for sure how hackable monero is, if important investigations are behind it the fbi will try to break it, infiltrate in the community and so on

If the FBI is concerned and criminals are actually using Monero instead of Bitcoin or Zcash or Dash, that does tend to support a hypothesis of legit tech.

No wonder the DashHoles are so transparently jealous of expressing genuine concern about this invaluable publicity (cue the Schumer Effect).   

[Febo]

LOL,

If any of you guys think that different governments are not reading this forum or reddit or any other crypto sources you are so naive. They know all about it but cant do anything. Pandora box opened many many years ago. All they can so is sit any watch.


PS: I might work for KGB, so take care!

[qwizzie]

I wonder what this increased attention from the FBI on Monero will do to the volume of Monero
which is largely build up from certain Darknet Market whales.

Will they stay with Monero ? Knowing its under active investigation ? or will they move to another cryptocurrency ? (Zcash for example)
Time will tell, i guess.

[Febo]

I wonder what this increased attention  will do to the volume of Monero

Have not you read my post. Is just one up. Those responsible in governments know about Monero for years. In governments of most countries. They monitor development of cryptocurencies and also Monero closely.  Now also 150 law students know about Monero.  



I wonder if you put a proposal to advertise DASH to 150 Law students, how much would that cost?

[European Central Bank]

I wonder what this increased attention from the FBI on Monero will do to the volume of Monero

more agents stealing it and selling it most likely. silk road set a neat precedent that won't be changing any time soon.

[qwizzie]

I wonder what this increased attention from the FBI on Monero will do to the volume of Monero

more agents stealing it and selling it most likely. silk road set a neat precedent that won't be changing any time soon.

okay, that was actually pretty funny  

[The Sceptical Chymist]

Not surprising at all, but what does their scrutiny mean anyway?  There are hundreds of other coins on the market,  too, and it's not like the FBI can shut any of them down.

[qwizzie]

Not surprising at all, but what does their scrutiny mean anyway?  There are hundreds of other coins on the market,  too, and it's not like the FBI can shut any of them down.

i think this is all part of the FBI's ongoing battle against darknet markets and since Monero has such direct links to it,
it has become a target now.

It could also be an indication on how the FBI can adapt their strategy with regards to cryptocurrencies when needed.

[European Central Bank]

i think this is all part of the FBI's ongoing battle against darknet markets and since Monero has such direct links to it,

obviously we don't know the volumes, but i was under the impression that monero is only being used in a couple of places and probably not a great deal either. no doubt it will increase but bitcoin is still the one.