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Earlier quoted context omitted.
So? Monero also makes it trivial to create a fake paper trail for the origins of your money.
When you will receive the bank wire from the exchange you need to provide to IRS the source of income. What will you say to them?
You pay taxes on stolen gains. The IRS is explicitly forbidden from reporting the gains themselves.
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You’re being ridiculous. Nobody is going to look at you twice for selling 1000x$5000 cryptocurrency trading courses a year, or even double that. I’ve dealt with AML/KYC for cryptocurrency businesses with much higher volumes, nobody ever asked for anything crazy. Just basic accounting, website urls, linkedin profiles. > You live in some fantasy land if you think you can just say "oh, I just received 100 dollars worth…
>I’ve dealt with AML/KYC for cryptocurrency businesses with much higher volumes, nobody ever asked for anything crazy. Were they legit businesses or illegal? It makes a difference because there's more than just you and the KYC exchanges reporting, and it's survivor bias to assume they appear the same.
> It makes a difference because there's more than just you and the KYC exchanges reporting, and it's survivor bias to assume they appear the same.
Exchanges are usually the least of your problems, it’s the banks.
Even very high risk businesses don’t face scrutiny which isn’t easily overcome when all of your incoming payments are anonymous and untraceable. It’s really not hard to create a fake ecommerce business that would be entirely indistinguishable from a real one.
>If these cryptojackers were to mine Bitcoin or Ethereum, their transaction details would be open to the public, making it possible for law enforcement to track them down That doesn't actually matter at all. Monero is used for these purposes probably just because it's mineable only on CPU, thus viable to mine on ordinary hardware. (Bitcoin requires ASIC and Ethereum high-end GPU)
Yep. Monero is explicitly designed to remain CPU mineable, so that theoretically it remains more decentralized and mined by individuals rather than an industrial complex like bitcoin and ethereum have become. Counterintuitively, I think this also makes it more susceptible to nation state attacks, since you can easily deputize fleets of existing CPUs to 51% attack the network, whereas no nation state on the planet can…
I would bet more on cloud infrastructure providers being able to do better than nation-states in a CPU takeover of an ASIC-resistant network like Monero.
Motivations aside, it still comes down to cost though, and without any handwaving, Monero just isn't that important to take over.
Monero is not anonymous anymore as soon as you want to convert to fiat.
It's been over half a decade since that stopped mattering, for me. I've bought goods and services directly with Monero plenty of times. I've paid invoices that the merchant put in Bitcoin, while using a third party to pay in Monero, which the third party then paid in Bitcoin. Now in the 2020s I can swap Monero directly to SECRET network, a Tindermint/Cosmos blockchain where all smart contract executions are private (…
How can we detect it inside the browser ?
From docs: > Web mining is infeasible due to the large memory requirement and the lack of directed rounding support for floating point operations in both Javascript and WebAssembly.
So you can do whatever you want, but you will end with nothing.
Earlier quoted context omitted.
Yep. Monero is explicitly designed to remain CPU mineable, so that theoretically it remains more decentralized and mined by individuals rather than an industrial complex like bitcoin and ethereum have become. Counterintuitively, I think this also makes it more susceptible to nation state attacks, since you can easily deputize fleets of existing CPUs to 51% attack the network, whereas no nation state on the planet can…
> no nation state on the planet can easily get enough sha256 ASIC miners to attack bitcoin What if you set up several sock puppet mining pools, all supposedly independent and in competition with each other, and beat the existing pools on fees by enough that miners join you en masse? That would take some investment on your end as you would have to run pool infrastructure at a loss. But if you are a nation state, it's…
Earlier quoted context omitted.
It's been over half a decade since that stopped mattering, for me. I've bought goods and services directly with Monero plenty of times. I've paid invoices that the merchant put in Bitcoin, while using a third party to pay in Monero, which the third party then paid in Bitcoin. Now in the 2020s I can swap Monero directly to SECRET network, a Tindermint/Cosmos blockchain where all smart contract executions are private (…
What are advantages of doing all those steps using Monero instead Fiat? I understand that you can hide your trances but if you buy legits things, who cares?
its been 8 years now, I guess off the top of my head:
groceries, domain names, registered agent services, compute instances, graphic design, press releases
Earlier quoted context omitted.
It's been over half a decade since that stopped mattering, for me. I've bought goods and services directly with Monero plenty of times. I've paid invoices that the merchant put in Bitcoin, while using a third party to pay in Monero, which the third party then paid in Bitcoin. Now in the 2020s I can swap Monero directly to SECRET network, a Tindermint/Cosmos blockchain where all smart contract executions are private (…
What are advantages of doing all those steps using Monero instead Fiat? I understand that you can hide your trances but if you buy legits things, who cares?
> What are advantages of doing all those steps using Monero instead Fiat? I understand that you can hide your trances but if you buy legits things, who cares?
I had a balance of Monero. It was convenient. Online payments are a lot easier when you don't have to fill in a bunch of information, what "steps" were you imagining? I didn't have to go get Monero, I had already accumulated it. Just like the Miners in the article have already accumulated it, just like anybody earning for Monero by providing a service had already accumulated it.
in any case, compared to attempting to pay with fiat, a crypto payment form typically lacks:
- First Name,
- Last name,
- Company Name,
- Street Address,
- City,
- State,
- Postal Code
- [] Is Billing Address the Same or Different.
- Card Number
- Security Code
- Expiration Date
Similar to how convenient Apple Pay is this decade. Crypto users had that last decade, Monero users had that and less leaking of their finances.
Aside from the pared-down user experience, I also like that the merchant isn't storing all that personal information just to process a transaction, but thats just icing on the cake, not really a motivating factor.
Earlier quoted context omitted.
Yep. Monero is explicitly designed to remain CPU mineable, so that theoretically it remains more decentralized and mined by individuals rather than an industrial complex like bitcoin and ethereum have become. Counterintuitively, I think this also makes it more susceptible to nation state attacks, since you can easily deputize fleets of existing CPUs to 51% attack the network, whereas no nation state on the planet can…
That's based on the pretty big assumption that there's a lot of under-utilized hardware being slaved to some central government authority, which by definition it probably isn't. I would bet more on cloud infrastructure providers being able to do better than nation-states in a CPU takeover of an ASIC-resistant network like Monero. Motivations aside, it still comes down to cost though, and without any handwaving, Moner…
But also, this would a purely destructive attack. A 51% attack isn't something that would ever allow a single entity to actually take control of the network, because you either a) obliterate public confidence and crash the value of the token, making mining a pure cost and the network worthless, or b) you incentivize the honest network participants to fork the network away from your computational dominance, leaving you with a ton of wasted money and possibly a worthless fleet of miners.
Earlier quoted context omitted.
When you will receive the bank wire from the exchange you need to provide to IRS the source of income. What will you say to them?
Nothing, because of the 5th amendment. You pay taxes on stolen gains. The IRS is explicitly forbidden from reporting the gains themselves.