[XMR] Monero Speculation

[OrangeP]

I thought monero in spite of low btc volume with this highish price was good news. Enlighten me if I'm wrong

Next news will be RingCT/GUI Wallet.
But that's not really news either.

Just wait until someone with a lot of money decides to go in.

[TrueCryptonaire]

I thought monero in spite of low btc volume with this highish price was good news. Enlighten me if I'm wrong

Next news will be RingCT/GUI Wallet.
But that's not really news either.

Just wait until someone with a lot of money decides to go in.

The big money needs OTC to enter because it is literally pain in the ass to withdraw any bigger amounts of Moneros from Poloniex. With unconfirmed accounts you can withdraw only 2000 usd worth of coins in 24 hrs which is merely less than 200 XMR/day.
Sure you can use bittrex and other exchanges but then you need to pay to arbitrage traders their cut so OTC will be the best way to go for any bigger amounts of money.

[N-rG]

Whats the problem to register for more? When you dont use it for criminal activities i see no problem.

I just send a copy of my ID and asked the support. In less than 24 hours they limited me to 250.000$ without any further demands.

Very professional and fast these guys i cannot complain.

[MoneroMooo]

Whats the problem to register for more? When you dont use it for criminal activities i see no problem.

Privacy.

[TrueCryptonaire]

Whats the problem to register for more? When you dont use it for criminal activities i see no problem.

Privacy.

+ you never know what might happen to your confidental info. I am sure Polo is doing their best to store them well well but you never know still.

[TrueCryptonaire]

Whats the problem to register for more? When you dont use it for criminal activities i see no problem.

I just send a copy of my ID and asked the support. In less than 24 hours they limited me to 250.000$ without any further demands.

Very professional and fast these guys i cannot complain.

I thought the highest daily limit is 25 000 usd, not 250 000 usd. If it is 250 000 usd/day there indeed is no problem for withdrawing larger amounts but if it is 25 000 usd it is problematic. I am sure the best local bitcoin traders are handling more dollar values so there should definetely be a gateway to larger transactions (don't worry, it will spill over also on Polo since the OTC seller might want to refill some coins he sold to new born whale).

[owlcatz]

from the support page:

Level 3 Verification
Daily withdrawal limit $25,000 USD equivalent

You may request a higher limit by contacting support.

Enhanced Verification
Individual or Corporate Accounts requiring limits >$25,000 USD equivalent

[aminorex]

Are any of you guys worried that governments might try and succeed to do something to monero or even bitcoin that can hurt their value?

Bitcoin is much easier to control.  And make no mistake, "regulators" do not want to regulate; they want control.  CN or US can establish BTC control if they choose, but I doubt that any other nation can establish control - although RU or IL or a few others could destroy it if they were motivated to do so. So far, they have not overtly asserted control. I don't know of a reason to expect that to change soon.

Monero is small enough yet to be easy to destroy for most developed nations, but also too small to bother.  By the time it is a target, it will be much more difficult to destroy because of the fullnode jurisdictional diversity, and Kovri tech.  More difficult to destroy than bitcoin, but effectively impossible to control, unless the core team is co-opted - in which case, the community will fork it.

[explorer]

There is optional publicity which enables also "honest" trading (trading that has been taxed). Monero is very much like cash - cash can be anonymous if it is not tracked but it can be public if it is tracked. So far governements have not forbidden using cash... I see the future of Monero very similar and I hope Monero is not too much associated with criminal activities because that is the very thing which might cause some misunderstandings among the regulators and thus they might want to ban Monero with no sufficient information.

Do you want to engage the shrinking fascist economy, or the growing one (black/dark markets)?  People need to get their brainwashed heads out of their **** and realize that 'illegal' and 'criminal' has no bearing on anything good or bad, merely that some folks with guns don't like it because they don't get a cut or it undermines their politics.  PC and law abiding is, in general, an indication of a complete lack of the ability to think.  Of course, one must play along to a sufficient degree in order to avoid being singled out.  Still, it makes me a little sick to see people toe the line so readily.  Social media is a breeder of sheep.
/tangent

[smoothie]

There is optional publicity which enables also "honest" trading (trading that has been taxed). Monero is very much like cash - cash can be anonymous if it is not tracked but it can be public if it is tracked. So far governements have not forbidden using cash... I see the future of Monero very similar and I hope Monero is not too much associated with criminal activities because that is the very thing which might cause some misunderstandings among the regulators and thus they might want to ban Monero with no sufficient information.

Do you want to engage the shrinking fascist economy, or the growing one (black/dark markets)?  People need to get their brainwashed heads out of their **** and realize that 'illegal' and 'criminal' has no bearing on anything good or bad, merely that some folks with guns don't like it because they don't get a cut or it undermines their politics.  PC and law abiding is, in general, an indication of a complete lack of the ability to think.  Of course, one must play along to a sufficient degree in order to avoid being singled out.  Still, it makes me a little sick to see people toe the line so readily.  Social media is a breeder of sheep.
/tangent

I saw a show where a guy was let off of attempted murder charges because he showed up to his supposed target and chickened out at the last minute. They made a bargain to get him to share information in exchange for immunity.

So no jail time, yet people who possess Marijuana get jail time.

Ridiculous.

"Unlawful" does not mean "just".

The system is rigged and so are the large markets outside of crypto.

[tifozi]

Are any of you guys worried that governments might try and succeed to do something to monero or even bitcoin that can hurt their value?

Bitcoin is much easier to control.  And make no mistake, "regulators" do not want to regulate; they want control.  CN or US can establish BTC control if they choose, but I doubt that any other nation can establish control - although RU or IL or a few others could destroy it if they were motivated to do so. So far, they have not overtly asserted control. I don't know of a reason to expect that to change soon.

Monero is small enough yet to be easy to destroy for most developed nations, but also too small to bother.  By the time it is a target, it will be much more difficult to destroy because of the fullnode jurisdictional diversity, and Kovri tech.  More difficult to destroy than bitcoin, but effectively impossible to control, unless the core team is co-opted - in which case, the community will fork it.

Great post, I agree.

[ArticMine]

Are any of you guys worried that governments might try and succeed to do something to monero or even bitcoin that can hurt their value?

Bitcoin is much easier to control.  And make no mistake, "regulators" do not want to regulate; they want control.  CN or US can establish BTC control if they choose, but I doubt that any other nation can establish control - although RU or IL or a few others could destroy it if they were motivated to do so. So far, they have not overtly asserted control. I don't know of a reason to expect that to change soon.

Monero is small enough yet to be easy to destroy for most developed nations, but also too small to bother.  By the time it is a target, it will be much more difficult to destroy because of the fullnode jurisdictional diversity, and Kovri tech.  More difficult to destroy than bitcoin, but effectively impossible to control, unless the core team is co-opted - in which case, the community will fork it.

The community has already forked Monero once away from thankful_for_today in 2014, so there is no reason why it could not happen again. The core team serves "at the pleasure of the community" nothing more.  

[vokain]

Are any of you guys worried that governments might try and succeed to do something to monero or even bitcoin that can hurt their value?

Bitcoin is much easier to control.  And make no mistake, "regulators" do not want to regulate; they want control.  CN or US can establish BTC control if they choose, but I doubt that any other nation can establish control - although RU or IL or a few others could destroy it if they were motivated to do so. So far, they have not overtly asserted control. I don't know of a reason to expect that to change soon.

Monero is small enough yet to be easy to destroy for most developed nations, but also too small to bother.  By the time it is a target, it will be much more difficult to destroy because of the fullnode jurisdictional diversity, and Kovri tech.  More difficult to destroy than bitcoin, but effectively impossible to control, unless the core team is co-opted - in which case, the community will fork it.

Great post, I agree.

Bitcoin, Satoshi's Trojan Horse

[N-rG]

.............

.........
/tangent

+1

[Johnny Mnemonic]

Are any of you guys worried that governments might try and succeed to do something to monero or even bitcoin that can hurt their value?

Bitcoin is much easier to control.  And make no mistake, "regulators" do not want to regulate; they want control.  CN or US can establish BTC control if they choose, but I doubt that any other nation can establish control - although RU or IL or a few others could destroy it if they were motivated to do so. So far, they have not overtly asserted control. I don't know of a reason to expect that to change soon.

Monero is small enough yet to be easy to destroy for most developed nations, but also too small to bother.  By the time it is a target, it will be much more difficult to destroy because of the fullnode jurisdictional diversity, and Kovri tech.  More difficult to destroy than bitcoin, but effectively impossible to control, unless the core team is co-opted - in which case, the community will fork it.

The community has already forked Monero once away from thankful_for_today in 2014, so there is no reason why it could not happen again. The core team serves "at the pleasure of the community" nothing more.  

Forking from thankful_for_today was rather painless because so few people were involved in the project at the time. If the core team were to be compromised in the future, we could be looking at a situation on par with the BTC/Blockstream drama.

[PantminerS7]

"Unlawful" does not mean "just".

"What we do is legal, therefore it is not unethical; if it were unethical, it would be illegal."

Right, guys? RIGHT?

[aminorex]

If the core team were to be compromised in the future, we could be looking at a situation on par with the BTC/Blockstream drama.

Fortunately the risks are presently low, but given increasing value on the chain and enough time, the $5 wrench attack ( if all else fails ) becomes inevitable.  This is a purely speculative potential risk we're talking about, but one which bears constant attention.  Secret canaries, exchanged amongst the core on a p2p basis would defend against many cases, but be annoying to maintain ( e.g. dead man canaries ).

[Anon136]

Secret canaries, exchanged amongst the core on a p2p basis would defend against many cases.

I learn so much from your posts.

[TrueCryptonaire]

There is optional publicity which enables also "honest" trading (trading that has been taxed). Monero is very much like cash - cash can be anonymous if it is not tracked but it can be public if it is tracked. So far governements have not forbidden using cash... I see the future of Monero very similar and I hope Monero is not too much associated with criminal activities because that is the very thing which might cause some misunderstandings among the regulators and thus they might want to ban Monero with no sufficient information.

Do you want to engage the shrinking fascist economy, or the growing one (black/dark markets)?  People need to get their brainwashed heads out of their **** and realize that 'illegal' and 'criminal' has no bearing on anything good or bad, merely that some folks with guns don't like it because they don't get a cut or it undermines their politics.  PC and law abiding is, in general, an indication of a complete lack of the ability to think.  Of course, one must play along to a sufficient degree in order to avoid being singled out.  Still, it makes me a little sick to see people toe the line so readily.  Social media is a breeder of sheep.
/tangent

I think there should be some regulations, and I agree the majority of countries are regulating too much.
Dark markets in general are fine for me but the criminal activity attach to it is something I am not personally willing to associate.

You are wrong in your statement that illegal stuff has nothing good or nor bad. I do not know what do you perceive as good/bad but personally

I consider it bad that there are illegal guns for sale (I might get killed by a gun or someone close to me might get killed).

I consider it bad that there are some people who are drug addicts and once they got sick from their addiction I am the one who pays their medical treatment costs in form of higher taxes (if they are responsible of themselves, I do not so much care how badly some people want to destroy their lives).

I consider it bad that there is market for stolen goods because I am one of they payer of those costs in form of higher insurance costs.

As long as we have a government/system that takes care of issues (not anarchy) there are tons of bad things in dark markets. If the entire system is different and everybody is responsible of themselves, then I am willing to give up from my view of dark markets but as long as I am responsible with my money some other's criminal activities I consider it bad, just like parasites.
But anarchy probably will not work either because it will not be just to people who are disabled/somehow in a weaker position (physically/financially).
Some kind of middle way is to lower the barrier to act (less taxes, less bureaucracy etc).

[PantminerS7]

You are wrong in your statement that illegal stuff has nothing good or nor bad. I do not know what do you perceive as good/bad but personally

I consider it bad that there are illegal guns for sale (I might get killed by a gun or someone close to me might get killed).

I consider it bad that there are some people who are drug addicts and once they got sick from their addiction I am the one who pays their medical treatment costs in form of higher taxes (if they are responsible of themselves, I do not so much care how badly some people want to destroy their lives).

None of these things are inherently good or bad, though.

The gun is only bad if you shoot people with it, the drugs are only bad if... uh.. you have to pay for potential damages.

I think that was what explorer meant; That an act is illegal does not make it good or bad, it only makes it illegal.