IRS Vs Monero

[Bitbtc8]

IRS have a bounty on Monero right now to jailbreak it's anonymity for around 625,000$ if this becomes a success will it affects Monero value? I don't know why IRS want this to happen, is Monero a threat to them or what? Or they just hate the fact that some people are using Monero to hide from preying eye like the government?

[Yogee]

IRS have a bounty on Monero right now to jailbreak it's anonymity for around 625,000$ if this becomes a success will it affects Monero value?

It will surely affect the value of XMR since anonymity is the main feature.

I don't know why IRS want this to happen, is Monero a threat to them or what? Or they just hate the fact that some people are using Monero to hide from preying eye like the government?

It is actually easy to know why. Governments do not want anything hidden to them. They would instantly suspect money laundering or funding for illegal transactions when anyone would use a payment system that they can't trace.

[bitkanu]

As far as i know there's a company that claimed can crack monero but it's not yet proven. This bounty already created since last year and there's no good progress from the IRS bounty.
It seems like that monero can't be cracked. Monero was a threat to IRS because people can avoid the tax.
They are also hating monero as it was a fully private coin.

[el kaka22]

If it is successful if would impact Monero price so much that it would make it nearly zero that's true, however how do you think it could be done? I mean it has been available as a bounty for months and months now and nobody came even close to it, which is why I think nobody will break it, it is a very solid code, plus it's done and can't be changed that's the deal.

Normally when hackers want to get into something they abuse the system and change a few things to get in, shift things around to make a room for themselves, when blockchain is set it is set for life unless everyone agrees to change it, just like how we did for bitcoin using segwit and unless that happens nobody can change monero code and that is why it is nearly impossible to hack it that way. I mean maybe one day it will be changed, maybe quantum computing could change something but I still do not think that it would make that much change.

[Stanlo]

You don't have to be bothered about this because I've been hearing this since past years now, the IRS trying to ruin Monero and at one time they lied to have figure out a way to break Monero anonymous feature, since then we don't see any proof, that fact is Monero will remain stronger and in future this might just be the reason for many people to join privacy train

[RussianEnglishTranslation]

IRS have a bounty on Monero right now to jailbreak it's anonymity for around 625,000$ if this becomes a success will it affects Monero value? I don't know why IRS want this to happen, is Monero a threat to them or what? Or they just hate the fact that some people are using Monero to hide from preying eye like the government?

Monero can be tracked, the bounty is to provide the illusion for Monero users that it can not be tracked. I sold my Monero for 0xMonero when I figured it out.

[DapanasFruit]

Most governments are wary of private coins and that is why they don't like Monero on top of many other coins they dislike in the marketplace. And I think it is not just the USA which is concerned of the possibility of this coin to be utilized in illegal activities. As to the merit of this fear, I am leaving that to be discussed by anyone willing. At the end of the day, there will always be some level of animosity between governmental regulators and players in the cryptocurrency industry. The relationship will always be riddled with suspicion and mistrust towards each other. I am sure that even if the trudge can be difficult, Monero will still be Monero years from now. So maybe IRS should raise the amount of money as bounty for anyone who can crack the code.

[blackened515]

It is over and they IRS and bounty hunters didn't succeed, the task submission had ended long time ago, and the final results had not yet been announced.

The deadline for submissions is Wednesday, September 16, 2020, at 08:00 EDT. No late submissions will be accepted or considered or evaluated.

The government is looking for a way to stop monero from operating but that can't be stopped, no matter how much they pay to destroy privacy coins, it would be possible I think.

[Ucy]

I actually prefer Cryptocurrencies with Transparency, Immutablity, Decentralization, and Anonymity mixed together to enable easy tracing of funds used for committing dangerous crimes.
Anonymity without Transparency, Immutablity etc will likely be abused by people hiding under anonymity to commit serious crimes.
I think Transparency, immutablity, Reputation are some of the important features that can help in achieving safe Anonymity.

Anonymity (safe Anonymity) is actually a human right.
So, Monero should help in achieving it so that it's value will be worth it.