How to resist the coming prohibition of our cryptos?
Dear fellow Uptrenndians,
As many of us already know, the Monero cryptocurrency (XMR) is THE reference when it comes to a crypto that showcases the same privacy features as… cash. It’s awful to have to acknowledge that, nevertheless it’s a fact: more than 10 years after Bitcoin was launched, 99% of cryptocurrencies are of a much less flexible and streamlined use than the good old banknotes or metal coins…
When we give a 5 dollars banknote to our local grocery shop, or buy cash a $1000 computer, we exert a fundamental right, the one to perform monetary transactions without NOBODY requiring our identity, the origin of our money, or the reason why we buy such an item. NOBODY: nor Google, Binance, Amazon, PayPal or a Fintech start-up, nor a State run agency. Unfortunately, till now most cryptos allow all those political & economic actors to track our transactions, either because they obliged us to register in their centralized database, either because they can undertake a “chainalysis” to detect our trail directly on the different blockchains.
We all are Mon-Heroes ;-)
Monero gives us the power to shout: “I’m not a criminal, that’s why I have no personal data to deliver to nobody”. It gives us back the ease of use and the anonymity of cash, thanks to a constantly improved architecture of privacy layers:
“Monero uses three different privacy technologies: ring signatures, ring confidential transactions (ringCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively. All transactions on the network are private by mandate; there is no way to accidentally send a transparent transaction. This feature is exclusive to Monero. You do not need to trust anyone else with your privacy” [source: https://web.getmonero.org/get-started/faq/ - "How is Monero’s privacy different from other coins?"]
Uptrennd, Monero and the coronavirus
I created the Monero (XMR) Community here on Uptrennd in January 2020, to comply with Uptrennd’s strong commitment and promise about our privacy: Uptrennd, contrarily to almost any other social network platform, will never data mine our personal information nor sell it to a third party. Even more: with the work in progress towards building Uptrennd on a blockchain (or two :-) ) and the rapid evolution of technologies like cross-chain atomic swaps, we can dream of a not so far future where the whole Uptrennd ecosystem will allow the privacy features to flourish.
BUT… then came the COVID-19 pandemics and circumstances that seemed to legitimate the “society of control” discourse and practices promoted by many States and tech companies (among which Google, Zoom, Facebook, etc.) [for more insights around the “society of control” concept, see my previous article: “Adopting Uptrennd, or “how to resist the corona privacy wrecking ball” (https://www.uptrennd.com/post-detail/adopting-uptrennd-or-how-to-resist-the-corona-privacy-wrecking-ball~MjY5NDE2)].
Among those practices now being on the verge to be implemented as compulsory measures are the Central Bank Digital Currencies (in short, “CBDCs”), in particular the Digital Dollar [the Uptrenndian “Chico Crypto” has recently dedicated to that topic a series of his remarkably investigative videos, each of them being a must watch, here: “100% PROOF the Dollar Is Going DIGITAL! When? Why? How?” (https://www.uptrennd.com/post-detail/100-proof-the-dollar-is-going-digital-when-why-how~MzE1NzQ3__Chico%20Crypto )].
One step away from a global crypto ban
The Digital Dollar will have, among other many consequences, a mindblowing impact: it’ll push the legislators to ban all electronic form of money that could be seen as a competitor for the US dollar.
You bet it: all cryptos will most probably be illegalized on the American territory and some time later within the boundaries of all other States having adopted such a CBDC, like Canada or China. Let’s remember that if the leitmotiv in the cryptoverse is “diversity” (more than 4000 cryptocurrencies are coexisting today), one of the State key principles is “exclusiveness”, thus “unicity” and uniformity. A State’s official currency is the ONLY ONE that’s authorized to exist and be minted.
In that neighbouring black market for our cryptocurrencies, which cryptos will be the best prepared to lead the resistance and embody the people’s money?
The privacy rooted ones, like Monero.
A big shout out to some of the Uptrenndians who have already been publishing here about Monero and its ecosystem:
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This Community aims to educate around the principles, use cases, technicalities and challenges that the Monero project and ecosystem tackle, as one of the first, most popular & most efficient privacy oriented cryptocurrencies.