[XMR] Monero Speculation

[elrippo]

In case you didn't notice: bitfinex hacked.

Well, who cares 

[americanpegasus]

In case you didn't notice: bitfinex hacked.

Whoa.  In case you didn't notice, there is a new Speculation - Altcoin board and we just got moved to it.

[jehst]

It seems we have all of the early bitcoin shenanigans with not nearly as much of the upside. Beginning to feel very pessimistic.

[Johnny Mnemonic]

In case you didn't notice: bitfinex hacked.

Whoa.  In case you didn't notice, there is a new Speculation - Altcoin board and we just got moved to it.

I noticed. What's the point, considering the vast majority of threads in the alt section are related to speculation?

Smells like censorship.

[DaveyJones]

Atleast Spoetnik can live in peace now 

[aminorex]

Wow, sure glad I moved 90% of my then BTC balance off of Bitfinex last Friday.  Another Mt.Gox situation would have made me a sad camper indeed.  Friends don't let friends use exchanges as wallets.

[nanobrain]

Friends don't let friends use exchanges as wallets.

Sage advice.

[Hueristic]

Equilibrium.

[mmortal03]

Relevant comment from the ANN thread:

Talking about commits, this one caught my eye: https://github.com/monero-project/bitmonero/commit/ebf97d76f0020eb027175818ebbdafd6d578aa77

wallet: new {ex,im}port_key_images commands and RPC calls

They are used to export a signed set of key images from a wallet
with a private spend key, so an auditor with the matching view key
may see which of those are spent, and which are not.

finally the view-key functionally is optimal.

Excellent. I could've sworn that they said it wasn't possible. Nothing wrong with promising less and accomplishing more, though.

[bitowl]

so does the btc hacker now move into xmr?

[birr]

so does the btc hacker now move into xmr?

Meaning poloniex?

[smoothie]

Wow, sure glad I moved 90% of my then BTC balance off of Bitfinex last Friday.  Another Mt.Gox situation would have made me a sad camper indeed.  Friends don't let friends use exchanges as wallets.

Good thing you are your own friend 

[luigi1111]

Relevant comment from the ANN thread:

Talking about commits, this one caught my eye: https://github.com/monero-project/bitmonero/commit/ebf97d76f0020eb027175818ebbdafd6d578aa77

wallet: new {ex,im}port_key_images commands and RPC calls

They are used to export a signed set of key images from a wallet
with a private spend key, so an auditor with the matching view key
may see which of those are spent, and which are not.

finally the view-key functionally is optimal.

Excellent. I could've sworn that they said it wasn't possible. Nothing wrong with promising less and accomplishing more, though.

This new functionality is in line with what was previously stated on the subject. Nice that it's functional now!

[Hueristic]

a long time ago BTC going down meant sadness, now its just more XMR  

Good bump from yesterday.

https://moneropric.es/

I considered reacquiring but I still think my floor prediction is still correct. Tough being right all the time and not having the ability to capitalize.

[bitowl]

so does the btc hacker now move into xmr?

Meaning poloniex?

No, meaning the hacker now goes btc -> monero -> btc to launder his coins. This could affect xmr's price.

[aminorex]

Goofy to sell XMR here, IMO.

BTC should turn down again in about an hour.  The drops are far from over.

[Hueristic]

Goofy to sell XMR here, IMO.

BTC should turn down again in about an hour.  The drops are far from over.

damn sKippy!

[smoothie]

so does the btc hacker now move into xmr?

Meaning poloniex?

No, meaning the hacker now goes btc -> monero -> btc to launder his coins. This could affect xmr's price.

This will have future implications of existing exchanges should this happen.

I can see Govt's getting involved to "regulate" say Poloniex to try to stop this from happening.

Problem is that there are other services that exist to facilitate this method of washing coins, and if those ever got shut down there would be some other avenue to do so.

It's a matter of time before the usage of monero in that manner is taken advantage of.

Right now monero is not really on the radar, at least not yet.


Edit: If polo or an exchange tracking the hacked coins decided to block those coins from being deposited and converted to say XMR, those implications would be interesting to see unfold. I would expect a hacker to deposit in different places utilizing shapeshift.io and xmr.to.

I reckon that it would be difficult to block all avenues to "wash" coins from a hack in this manner. But then again it is something to watch for in the future given the technology that XMR has let out of the genie bottle.

but this all remains to be seen.

[explorer]

so does the btc hacker now move into xmr?

Meaning poloniex?

No, meaning the hacker now goes btc -> monero -> btc to launder his coins. This could affect xmr's price.

This will have future implications of existing exchanges should this happen.

I can see Govt's getting involved to "regulate" say Poloniex to try to stop this from happening.

Problem is that there are other services that exist to facilitate this method of washing coins, and if those ever got shut down there would be some other avenue to do so.

It's a matter of time before the usage of monero in that manner is taken advantage of.

Right now monero is not really on the radar, at least not yet.


Edit: If polo or an exchange tracking the hacked coins decided to block those coins from being deposited and converted to say XMR, those implications would be interesting to see unfold. I would expect a hacker to deposit in different places utilizing shapeshift.io and xmr.to.

I reckon that it would be difficult to block all avenues to "wash" coins from a hack in this manner. But then again it is something to watch for in the future given the technology that XMR has let out of the genie bottle.

but this all remains to be seen.

Don't Shapeshift and XMR.TO have smallish transaction limits?  It would be impractical to get 100K BTC through those channels, I would think.

[ArticMine]

...

This will have future implications of existing exchanges should this happen.

I can see Govt's getting involved to "regulate" say Poloniex to try to stop this from happening.

Problem is that there are other services that exist to facilitate this method of washing coins, and if those ever got shut down there would be some other avenue to do so.

It's a matter of time before the usage of monero in that manner is taken advantage of.

Right now monero is not really on the radar, at least not yet.


Edit: If polo or an exchange tracking the hacked coins decided to block those coins from being deposited and converted to say XMR, those implications would be interesting to see unfold. I would expect a hacker to deposit in different places utilizing shapeshift.io and xmr.to.

I reckon that it would be difficult to block all avenues to "wash" coins from a hack in this manner. But then again it is something to watch for in the future given the technology that XMR has let out of the genie bottle.

but this all remains to be seen.

The already do. The issue with money laundering on such a large scale is not whether the governments can prevent it, they can. It is can they effectively punish a bank that engages in money laundering without destabilizing the whole debt based fiat banking system?

The US government decided not to pursue criminal charges against HSBC for allowing terrorists and drug dealers to launder millions of dollars after George Osborne and the UK banking regulator intervened to warn that prosecuting Britain’s biggest bank could lead to a “global financial disaster”.

https://www.theguardian.com/business/2016/jul/11/hsbc-us-money-laundering-george-osborne-report With crypto currency such a Monero this could work since punishing a rouge player would not destabilize the rest of the financial system since it would not be debt based.

Edit: MTGox did not kill Bitcoin neither will BitFinex.