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Actual__Wizard t1_iy60k7o wrote

Reply to comment by SubstanceAltered in Duo indicted in $575 million crypto scam by Doctor_YOOOU

Isn't Monero the criminal's cryptocurrency of choice? I mean how does that help?

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darth_aardvark t1_iy64gsd wrote

Ironically, it's one of the few cryptocurrencies that has an actual use and is used exactly as it was meant to be: for people to pay each other anonymously and securely.

It just turns out that the only people who actually want to pay each other anonymously with no recourse for reversal are criminals.

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SubstanceAltered t1_iy64cuh wrote

It's a shame that's the common idea linked to it. Equally as it can help a criminal exchange money it can help citizens of oppressive regimes exchange money. Simply the fact that its the only crypto thats fungible is enough to crown it as the only real cryptocurrency.

A quick real world example (regardless of your stance on the subject) Canadian trucker protesters received Bitcoin donations. Canadian government didn't like the protest/purpose, tracked Bitcoin transactions, and coerced the exchanges to freeze assets. Also, all transparent Blockchains show a history of the coins and some coins could be linked to bad things/criminal enterprises/hackings/thefts/etc in the past. Said coin is tainted and less valuable than a freshly mined coin. XMR avoids both of these issues because of it's anonymity and fungibility.

Plus... Cash is the king of the criminal world and the government can print infinite amounts. How does that help?

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BrckaLo t1_iy65hwg wrote

Cash is legal tender and criminal use is a small percentage of overall use. Cash is cumbersome and only really useful in small transactions. This is why the US doesn't really mint anything bigger than $100. Don't whatabout, the comparison is bad.

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SubstanceAltered t1_iy664gg wrote

Thanks for highlighting why cash is a bad form of currency compared to Monero. You don't need to carry around suitcases of cash or trust a bank to hold your wealth for you.

Criminal use is a small percentage of overall Monero use.

How many dollars did the government print out of thin air in the last couple years?

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BrckaLo t1_iy68z97 wrote

I'm not sure I understand. Are we talking about cash or currency? In the US, the treasury department only prints cash to replace worn out notes. The federal reserve manages currency through reserve requirements and the discount window. I am not current on my fiat currency notes so you might verify. The fed targets a 3% inflation (maybe 2%, don't remember) to encourage spending. No one serious wants a currency that is also a long term store of value (think gold).

The only reason someone would use crypto as tender for anything outside of the developed world is to attempt to avoid taxes or buy something illegal. Any other use is a waste of everyone's time and only an attempt to be hip. No serious business would price an item in crypto without indexing to a government backed currency for exchange.... Cause you know, business related taxes gotta be in legal tender.

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