Exodus Wallet to End Monero Support

[OmegaStarScream]

This stupid Exodus wallet started implementing KYC and they are asking for verification when using some optional features!
For now they are not asking for verification for crypto transactions, but I can see that could happen in future.
I am sure they are recording all IP addresses, and we already know they have closed source code.

I saw this on X earlier, but this doesn't look like it's any different than how things used to be before, as far as I can remember? You use the swap feature, the exchange find it "suspicious" -> you contact exodus -> they ask you to reach out with the exchange responsible for processing this transaction, and then you might get KYCed. Just looks like it's now done with them beforehand?

[apogio]

That's a good point but Monero is a currency, not a treasure, so I think, that won't work. Who needs XMR when it's hard to convert it into fiat or pay for services with it?

There are services that accept XMR, either only XMR, or multiple cryptocurrencies and XMR among them. So, who would need XMR in this case? Someone who would like to pay for the service and maintain their privacy at the highest possible level.
If there are no services to accept it, then it will be limited only to those who will keep it and use it P2P for other types of financial deals (legal & illegal).
In general, it all depends on the demand, I guess.

[dkbit98]

Just looks like it's now done with them beforehand?

I don't know and I don't want to test it.
Especially if I don't have the option to decline sending them my documents and to receiving back my coins.
They probably wanted to simplify things for end users, but they literally turning into spyware wallet 

[apogio]

This stupid Exodus wallet started implementing KYC and they are asking for verification when using some optional features!
For now they are not asking for verification for crypto transactions, but I can see that could happen in future.
I am sure they are recording all IP addresses, and we already know they have closed source code.

Holy... This is too sad. I can't say I 've been using Exodus, but it's definitely sad to see things go this way... I literally don't understand why they needed to do this. Are they legally obliged? I mean, I could see it happening if they were an exchange, but it's supposed to be a wallet. Unless I am mistaken, since I 've not used it.

[NotATether]

Guys, what do you think, will Monero crash? I think that lots of companies will cut its support.

No, that is silly.

Besides the darknet and various markets, there are also many services which do legitimately accept Monero. So nothing will happen to Monero just because a mutli-coin wallet decides to cut support for Monero addresses. Genuinely speaking, it's better to use a dedicated wallet for Monero anyway, so that you can manage the seed phrase properly. (It is of a different format to Bitcoin.)

[mindrust]

You can use feather wallet and it will work as good or even better than anything out there. I have been doing it for quite some time and never had any problems with it. Tbh I don’t even understand why anyone would go with a closed sourced app like exodus when this option is available. It looks like electrum/btc too.

The concern for monero losing its user adoption should be taken seriously though. If it is going to be darknet only coin, no point in holding it as it will be completely isolated from the real world. I still hold because I don’t want to believe that.

[apogio]

Besides the darknet and various markets, there are also many services which do legitimately accept Monero. So nothing will happen to Monero just because a mutli-coin wallet decides to cut support for Monero addresses. Genuinely speaking, it's better to use a dedicated wallet for Monero anyway, so that you can manage the seed phrase properly. (It is of a different format to Bitcoin.)

The concern for monero losing its user adoption should be taken seriously though. If it is going to be darknet only coin, no point in holding it as it will be completely isolated from the real world. I still hold because I don’t want to believe that.

I am leaning towards NotATether's opinion in this discussion. I am still using Monero to pay for legit services that are offered on the clearnet and that are absolutely legal. As long as I can do it, I will keep doing it.

And another aspect to keep in mind, is that Monero is also used for P2P trading a lot. I recently sold two old/vintage PlayStation 1 games for XMR.

[Synchronice]

That's a good point but Monero is a currency, not a treasure, so I think, that won't work. Who needs XMR when it's hard to convert it into fiat or pay for services with it?

There are services that accept XMR, either only XMR, or multiple cryptocurrencies and XMR among them. So, who would need XMR in this case? Someone who would like to pay for the service and maintain their privacy at the highest possible level.
If there are no services to accept it, then it will be limited only to those who will keep it and use it P2P for other types of financial deals (legal & illegal).
In general, it all depends on the demand, I guess.

My points is that more and more services are banning XMR and it's becoming very hard to use it. Many exchanges (including small instant exchanges) remove Monero, many places like Bitrefill cut Monero support. I'm sure that in the near future, there will be more and stricter regulations on Monero, so more and more services will ban it, which will make it very hard to poses and use Monero, which makes me think that it will crash.

Besides the darknet and various markets, there are also many services which do legitimately accept Monero. So nothing will happen to Monero just because a mutli-coin wallet decides to cut support for Monero addresses. Genuinely speaking, it's better to use a dedicated wallet for Monero anyway, so that you can manage the seed phrase properly. (It is of a different format to Bitcoin.)

Yes, besides them there are some services that accept Monero but my point is that, their number is declining. If you could trade XMR on Binance a few months ago, now that's impossible, not only on Binance but on other exchanges too. Since Monero is almost impossible to trace and is a perfect coin for privacy, I'm afraid that governments will push more exchanges and crypto services to cup support to Monero and the number of websites that accept Monero will narrow, that's why I think that it will crash. When I say crash, I don't mean that one XMR will cost one dollar but it will probably worth $50-$100 in the near future instead of $500 and higher price.

[apogio]

My points is that more and more services are banning XMR and it's becoming very hard to use it. Many exchanges (including small instant exchanges) remove Monero, many places like Bitrefill cut Monero support. I'm sure that in the near future, there will be more and stricter regulations on Monero, so more and more services will ban it, which will make it very hard to poses and use Monero, which makes me think that it will crash.

Sure, I do understand your point. I have some difficulty in believing that it XMR will perish, but it's obvious that for legal reasons (to comply with new regulations) more and more services remove monero.
If I can be honest with you, I definitely understand a company that is legitimate and has a solid financial plan, that transparently says to its customers "I am sorry, but to comply with the new regulations, I need to remove this option from my payment methods list". It's sad, but it's honest.

[BitHodlers]

Besides the darknet and various markets, there are also many services which do legitimately accept Monero. So nothing will happen to Monero just because a mutli-coin wallet decides to cut support for Monero addresses. Genuinely speaking, it's better to use a dedicated wallet for Monero anyway, so that you can manage the seed phrase properly. (It is of a different format to Bitcoin.)

The concern for monero losing its user adoption should be taken seriously though. If it is going to be darknet only coin, no point in holding it as it will be completely isolated from the real world. I still hold because I don’t want to believe that.

I am leaning towards NotATether's opinion in this discussion. I am still using Monero to pay for legit services that are offered on the clearnet and that are absolutely legal. As long as I can do it, I will keep doing it.

And another aspect to keep in mind, is that Monero is also used for P2P trading a lot. I recently sold two old/vintage PlayStation 1 games for XMR.

Exodus is a terrible wallet by a terrible shitcoin company, so I am not sure why this discussion is still ongoing. Monero is accepted where it matters, and for now it is not going anywhere. I agree with both of you.

[apogio]

Exodus is a terrible wallet by a terrible shitcoin company, so I am not sure why this discussion is still ongoing. Monero is accepted where it matters, and for now it is not going anywhere. I agree with both of you.

The discussion is actually a warning and, besides, we can't ignore the fact that there are too many people using it. For the most part, people who actually know how monero works and use it, they most likely use other wallets, but there are still people who use Exodus for various other coins. They should be warned as well.

[mindrust]

Obviously the number is different for everyone since everyone has a different net worth and risk appetite but for me, owning 0,5% to 1% monero in my books wouldn’t hurt me much. It is like gold but way way riskier and ignoring it completely is also very risky.

Still though, I wouldn’t go above 1% with this one because I can afford to lose that 1% if the world goes completely mad about this.

If they let us use it, fine I’ll make use of it as well.

If it gets completely banned from everywhere and people still want to use it?

That’s the tricky part.

1- It will probably lose 90% of its market cap in this situation
2- People will be rightfully afraid to offer services for monero
3- The liquidity will be nearly non existent (we are close to that point btw)

What then? It will serve as a trophy if that happens. A nice relic from the past when there was freedom (at least partly compared to the picture i am drawing )

[Trêvoid]

Monero’s future really depends on how much people value privacy versus how much regulators clamp down.

For those who need true privacy, Monero still essential.