Bitcoin shark moved to Monero

[MeGold666]

Last 12 months:

Bitcoin: +52.52%
Monero: +121.82%

You can see in my post about price that Monero is much more stable, making it a safer long-term investment:
https://bitcointalk.org/index.php?topic=5499690.0

Furthermore, its price is closely correlated with its real-world usage, as can be seen in the charts:
https://bitinfocharts.com/comparison/transactions-price-xmr.html#alltime

It's not a speculation-driven asset like Bitcoin, it has real value.

Monero's biggest advantage is its scalability, which is not constrained by the protocol as in Bitcoin.

As a programmer, I admire the technical aspects of Monero - it has solved all the problems Bitcoin faces, and from an investor's point of view, I can see it has much greater potential.

This is the reality:




/Over&Out.

[MeGold666]

Another article with fake news:

https://www.binance.com/en/square/post/23524616075089

Title: "$330M Bitcoin Theft Sparks Monero Surge"

Proof ? the same X "tweet" I have posted in the beginning  

No victim - No crime, there is no evidence there was a theft.

They just can't let it go that someone swapped so many “precious” bitcoins for a better project.

/Over&Out.

[PrivacyG]

If Tornado Cash is allowed after all, why Monero is attacked and not allowed. A mixer, a private blockchain is only a tool that can be used for privacy and privacy is one of basic human rights which is universally exists in most nations globally.

By attacking and shutting down mixers and private blockchain for example Monero, it is like an official announcement from government that they are no longer respectful on citizen privacy. This means one of universal human rights is on a way to be revoked or destroyed.

That is what YOU think.  The average citizen will not seek more information on the subject and will consider every thing the government says to be true.  Which is ironic considering the vast majority of people do not trust their own government.

The government can simply pull the 'terrorism' and 'drugs' card from under their sleeves and use it yet again.  Slightly fewer people will fall for it than last time, but the total number is large enough to be generally considered the right thing for the governments to do.

It was an attack on Privacy when governments wanted backdoors in all chat software.  It was an attack on Privacy when government agencies put a bounty on Monero and Lightning Network.  It was an attack on Privacy when they said Signal was an app for terrorists and traffickers while the European Commission is using particularly Signal for communication and the Trump administration has recently had the leaked chat from Signal as well.

Yet, nobody budged.  Not even once.  We cried out loud here on Bitcoin Talk and some others did as well on Reddit and other forums, but the outcry was far too small to be heard or even considered.  The general population is still storing nudes in Google servers, sexting on Meta communication software and having all their weak passwords leaked all over the internet.

-----

You can see in my post about price that Monero is much more stable, making it a safer long-term investment:
https://bitcointalk.org/index.php?topic=5499690.0

I agree that Monero is strongly undervalued and strongly underrated.  But Monero being more stable than Bitcoin is a questionable fact.  The market cap difference, the volume difference and the difference in how much big players hold, they all make a big change in how stable a Cryptocurrency like Monero is.

Monero has been doing very well from the last cycle on, but if you want to see real action then check its price every time big news came by.  That is when a large number of people move their wealth and assets accordingly, just like it happens to Bitcoin when big news come.  Monero easily drops significant amounts, it never seemed more stable than Bitcoin to me so far.

[MeGold666]

Coinmarket seems to be the biggest aggregator of fake news:

https://coinmarketcap.com/community/post/357902661/


Another pathetic idiot saying there was a hack when there is no evidence of it.

It will be hilarious when more Bitcoin whales move their holdings to Monero  

Edit: It's hilarious:

https://coinmarketcap.com/community/post/357962205/

A devastating $330M Bitcoin theft has shaken the crypto world — and the victim is an elderly U.S. citizen.

Source: His uncle A$$.

Again, no evidence, no victims, just pure garbage because they can't stand the fact of rich guy moving to Monero. 

/Over&Out.

[d5000]

Okay so a couple of days have passed and the Monero price is still significantly higher than before the move or pump (currently around $280, up from $210-230 before):


Source: Coingecko (April 27 until today)

If my assumption from this post is true, then for now it doesn't look like a "privacy swap" (btc -> xmr -> btc or btc -> xmr -> fiat), which could be caused by a criminal. One can see clearly that the XMR/BTC rate (orange line in the chart) has been moved significantly to the upside, so Bitcoin's pump in the last week wasn't the reason.

Of course it can't be ruled out - the person who bought Monero could also be cashing out back to Bitcoin (or out to fiat) very slowly, capitalizing from the increased volume and potentially Monero FOMO. But I still think that if that was happening the XMR price should be lower now.

So IMO at this moment it looks as if the OP was correct and it's an one-way movement.

[mv1986]

Okay so a couple of days have passed and the Monero price is still significantly higher than before the move or pump (currently around $280, up from $210-230 before):


Source: Coingecko (April 27 until today)

If my assumption from this post is true, then for now it doesn't look like a "privacy swap" (btc -> xmr -> btc or btc -> xmr -> fiat), which could be caused by a criminal. One can see clearly that the XMR/BTC rate (orange line in the chart) has been moved significantly to the upside, so Bitcoin's pump in the last week wasn't the reason.

Of course it can't be ruled out - the person who bought Monero could also be cashing out back to Bitcoin (or out to fiat) very slowly, capitalizing from the increased volume and potentially Monero FOMO. But I still think that if that was happening the XMR price should be lower now.

So IMO at this moment it looks as if the OP was correct and it's an one-way movement.

It was immediately my assumption that this price jump will not be pulverized due to XMR getting dumped straight down right away.

I talked to MaxMueller about it and he asked me for some fundamental reasons why XMR has potential to go up. I can't provide hard facts, but I think nobody can provide hard facts for any crypto, it is based on assumption.

For XMR I think there is tremendous upside potential and it doesn't matter whether it gets regulated or not. As I said here (German), if someone discovers an amazing investment opportunity in cocaine fields or trafficking, the person won't care about regulation. There will be people who use XMR as a tool for things that Bitcoin can't provide for now. the question is whether XMR has enough liquidity and market cap to serve all players in the world who might have an interest to use it and I say no, XMR market cap would have to grow for that.

My other point was whether I believe that it is more likely for Bitcoin to go from 2 trillion to 4 trillion or for XMR to go from 4 billion to 8 billion, and I am damn sure that XMR will first go to 8 billion in market cap before Bitcoin reaches 4 trillion.


In this specific case now, whether it was a Bitcoin shark moving some into XMR or not, I thought it was a hack, wasn't it? This is what I read in some sources. But whoever it was and whatever the reason, this is one example how XMR could be used. If it was a hack, it is definitely not stupid to park those XMR and cash them out slowly. I don't know if the BTC->XMR->back to BTC swap would have worked as smoothly because exchanges by then might have been warned and there were some low credibility exchanges involved from what I read. They would have good reasons to just steal the money themselves if they notice quickly enough. Pulling off the whole scam circle of going back into BTC again, may have been too good to be true to get that done in literally just one continuous action I guess.

At the end of the day, as long as XMR has this market cap, it needs a single big move to outperform the rest of the market and since I am not a shit coin fan, I am pro XMR as that has one specific angle, no wird bullshit buzzword USPs, and that is why I don't consider it a shit coin. I recently read that there is a solvable security issue. I haven't been following up on that, but so far it seems to be serving the purpose it was created for.

[d5000]

@mv1986, I saw your post only now

I was about to post that today Monero's price indeed tanked a bit. Of course, as it had moved above $400 before, this could also have been product of profit taking. And 10% in the last 24 hours (as of now) or 8% vs. Bitcoin which also lost a little bit is still not a really deep dip for an altcoin, and the price continues to be excellent for Monero. However, if those movements continue, then one could at least speculate that a part of the big money which entered XMR some time ago is now been cashed out.

I also think that XMR has the potential to double faster than BTC. It's exciting that it has the price it has even considering that there are few direct XMR<->fiat onramps (and many have delisted them last year). Kraken still supports it but not in all countries. If Bisq 2 becomes open for alternative trading protocols, maybe a direct XMR<->fiat ramp could be integrated, with a lot of upside potential for Monero.

As if it was money of a hack or not, I have seen articles like this one about that but not really something I would accept as proof. Some of these hobby blockchain researchers (particarly ZachXBT) lack credibility for me.

But the evolution after the big surge is very interesting actually if we take into account the XMR/BTC chart and not only XMR/USD:



While we saw a drop back down immediately after the surge in late April, then the XMR/BTC price continued to increase up to around 0.0038. At least this part of the price growth can't be easily attributed to a single event like a hack. It looks more like that interest in XMR was sparked by the price surge and generated genuine flows into it. And now after the drop the XMR/BTC price is on 0.0032, a similar level than directly after the big surge in April (before, it was at 0.0024).