Bitcoin legitimacy may be improved by the hackers who are moving to Monero

[Amlloi]

 A hacking group has announced it is switching to Monero, a form of cryptocurrency that can be impossible to trace. No longer content merely to steal from ordinary people at random, the group wants to reduce its risk by hiding completely from law enforcement.

As of December 2019, Monero was sometimes impossible to trace. Europol couldn’t always trace it, the UK government was trying to pay someone to develop a way to trace it, and most countries aren’t particularly close to being prepared for its use: Reuters reported last year that “few [countries] have set out comprehensive strategies for dealing with digital coins.”

Because transactions are so hard to trace, cryptocurrency is used for a lot of illegal activity, such as hacking and buying the proceeds of that hacking. Consequently, it enjoys a less-than-stellar reputation in the eyes of many powerful people.

As Federal Reserve Governor Lael Brainard noted in a speech last year, “One study estimated that more than a quarter of bitcoin users and roughly half of bitcoin transactions, for example, are associated with illegal activity.” That study was based on data from no later than May 2017, so if you’re betting that cybercriminals have increased bitcoin use in scamming, theft and other nefarious behavior, you’re probably not wrong.

The other big barrier to cryptocurrency legitimacy is that their values can fluctuate severely. But that can be true of nearly anything of monetary value, which isn’t innately a reason to dismiss it.

Nonetheless, many investors seeking a reliable return on their investment rather than a roller coaster ride are going to find their safe haven in a moderately performing mutual fund. That might be part of the reason why most bitcoin investors are fairly young. They have the time to sit around and wait for periods of volatility to even themselves out while buying into the latest exciting digital trend.

With that background established, what might happen if hackers embraced Monero and bitcoin itself became more accepted by the commercial banking and business establishment?

s/cryptopotato.com/ransomware-hackers-switched-to-monero-xmr-over-bitcoin-due-to-increased-anonymity/%3famp] https://www.[Suspicious link removed]s/cryptopotato.com/ransomware-hackers-switched-to-monero-xmr-over-bitcoin-due-to-increased-anonymity/%3famp  

[MicroGuy]

Human beings demand freedom, and you can't have freedom without privacy.

Therefore, currencies like Monero will replace the antiquated Model-T's like Bitcoin that are little more than 'payment tracking systems'.

[fiulpro]

So apparently , the government will have a lot of doubts about this Currency being launched.
It took years for Bitcoins to gain 1-2 % acceptance and I do not think it would be able to gain a stable place in the economy.
When Bitcoins took years and that too when it is not even fondly welcomed by the society despite being more traceable than normal Fiat.
Hackers would be able to use it and hide it very well but it won't be able to be presented and accepted.
There is a reason why freedom is limited for the people , because unfortunately they do not use it very well .

[Nadziratel]

So apparently , the government will have a lot of doubts about this Currency being launched.
It took years for Bitcoins to gain 1-2 % acceptance and I do not think it would be able to gain a stable place in the economy.
When Bitcoins took years and that too when it is not even fondly welcomed by the society despite being more traceable than normal Fiat.
Hackers would be able to use it and hide it very well but it won't be able to be presented and accepted.
There is a reason why freedom is limited for the people , because unfortunately they do not use it very well .

Governments always want to be able to control everything within their boundaries (and often beyond their boundaries). This issue is actually one of the biggest problems for Bitcoin. Because no one has control over BTC.

[Darker45]

Bitcoin's legitimacy is already set in stone with its basic features. And I don't think complete privacy is what everybody is looking after. A significant amount of privacy will do. Well, at least for me; I cannot speak for everyone else, of course. But as for me, I don't need a currency which is impossible to trace. I am very much contented with a decentralized and a fairly private one in Bitcoin.

Let the hackers choose whatever cryptocurrency they prefer. I don't think they will add anything legitimate to Bitcoin. It is in fact better if they leave Bitcoin behind and shift to an altcoin. They are not actually contributing to Bitcoin's growing adoption in a nice and acceptable manner.

[Yaunfitda]

I don't think that there is a correlation if cyber criminals chooses Monero as their 'default' crypto currency. And as you have pointed out, Monero is hard to trace, so exchanges has started it's delisting as early as 2018 if I'm not mistaken. And some exchanges are under pressure from government and other authorities to follow suit as well.

So let those hackers chooses Monero and let them figure it out how they are going to exchange it to Fiat. As far as BTC legitimacy, it has been in this game for more than 10 years so I don't know what more can you ask for it.

[davis196]

A bunch of hackers can't make or break the legitimacy of Bitcoin Core.Your statement is ridiculous.
For the last 3 years,I hear the same stuff about hackers moving from Bitcoin to Monero and I can't see any evidence about that actually happening.Many hackers/darkweb sellers are still using Bitcoin because it's more valuable and widely accepted,compared to monero,plus there are more ways to convert BTC to fiat or some other financial asset.If the hackers are really choosing Monero instead of BTC,then good for them,and good for us.It's a win-win.

[eaLiTy]

With that background established, what might happen if hackers embraced Monero and bitcoin itself became more accepted by the commercial banking and business establishment?

Do you think that the commercial banking and business establishment are not adopting BTCitcoin because of hackers . The legitimacy of BTCitcoin is written in stone in the white paper and people who spend the time to read will understand.

Therefore, currencies like Monero will replace the antiquated Model-T's like Bitcoin that are little more than 'payment tracking systems'.

It is a bold statement when regulator are planning to implement rules and regulations and once that is proposed i would be surprised if the regulators ignore the anonymous coins and i am expecting they will be forced to remove these anon coins from all the regulated exchanges .

[avikz]

Human beings demand freedom, and you can't have freedom without privacy.

Therefore, currencies like Monero will replace the antiquated Model-T's like Bitcoin that are little more than 'payment tracking systems'.

So you support the hackers who are siphoning out millions of dollars from the pocket of legitimate owners to their own pockets and hiding behind the wonderful privacy feature of cryptocurrency? Human will definitely demand freedom but to what extent? And at what cost?

The cryptocurrency is just 11 years old and can you count the number of frauds it has been associated with? Can you count the billions of dollars were associated with such frauds. All these are happening because a computer algorithm is providing "privacy and freedom" to such scammers!

Bitcoin will never grow if the reputation is not taken care now. Mark my words!