Brief reminder on cryptocurrencies.
When trying to understand any form of cryptocurrency, understanding valuation relative to something similar is useful:
1 crypto coin == 3 Dutch 1637 tulips == 1/2 unicorn horn == 0.1 the Carnwennan dagger == 1 vial with 5 mermaid tears == 1/3 scroll of invisibility to dragons
Those are approximate as the value of each frequently changes from 0 to multiples of the square root of -1. For the most up-to-date values, check with the clerks at Gringotts.
@spaf or lile any other #Currency their "#value" is solely based upon convertability.
That's why 5.000 KPW won't buy you a Cheeseburger in the USA, but 5.000 U$D a car and 5.000 XMR :monero: a house or at least an tiny.single-room condo...
All currencies are beased upon acceptance and convertability, and that's why #Bitcoin :bitcoin: and everything else but #Monero are #Shitcoins that prey on people horny for money and greedy af.
@md@petrillic@dcroyle@spaf Given how toxic the materials that go into modern chips are, that falls pretty squarely into Pratchett's: "all fungi are edible, some are not edible more than once".
@spaf Monero's value proposition isn't imaginary. In these times of ubiquitous surveillance and rent-seeking middlemen, digital peer to peer cash that can't be intercepted or traced by 3rd parties is immensely valuable.
But yes, you're absolutely right about all of the rest.
@hyc "Immensely valuable" is relative. If you are seeking untraceable ransomware payments, money laundering for transnational crime, supporting terrorists, or channeling funds to despotic regimes, then yes, "immensely valuable" has been suitably demonstrated....but isn't for everyone.
@mhkohne@spaf normal human error cost people to lose their lives when automobiles were introduced. There's always a learning curve with new technologies, that goes without saying.
@hyc That article doesn't say how he was caught, but it's perfectly possible to accidentally leak your identity when using any crypto coin including Monero. For example, by openly bragging on social media that you did it. All the security features in the world won't protect you against willing leaks.
@spaf it's pretty clear that society is moving toward digital money replacing physical cash. Do you really believe it's OK to use money that allows everyone in the world to know your bank balance any time you spend it? Is it OK to have all of "your" money held in unelected institutions that can hold/freeze your individual txns or entire accounts for arbitrary reasons?
@spaf you referenced a few criminal activities, but they are still by far a tiny percentage of the volume of crypto transactions. But the fact that people on the darkweb trust Monero only underscores that it works as advertised.
@hyc@spaf
Do you have any sources? I'm not familiar with chainalysis.
I'm familiar with crypto coins., I used to mine Monero when it was called Darkcoin. Used to buy BTC in large amounts and resell in smaller amounts making $ on the price difference.
Many buyers were online gamblers. Definitely some money laundering. The res were most like getting coins to but drugs on darknet markets (which I also have experience in).
@hyc No it isn't, it actively destroys value. Criminals don't create value, they extract it from the economy and give nothing in return. This is why we make some things in finance illegal, but these coins have no way to distinguish those by design.
On top of that, Monero is a blatant rent-seeking ponzi scam just like all the rest, that relies on fake trading activity and greedy miners to give it security against 51% attacks.
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