I just read that Coinbase is declining transactions from Tor users. This isn't surprising, and just another example of the steady and relentless capture of the Bitcoin space by governments and regulators. It is pretty obvious to me that Monero (and other privacy enhancing coins) will become illegal in most places, and governments will try to prevent the transfer of funds between Monero and the legal economy. I guess it will be pretty easy for them to block fiat transfer, either in exchanges or in something like localmonero. It also seems plausible that pure crypro exchanges will be regulated, and prevent trade in privacy coins.
I'm not writing this as FUD or pointless rant, I'm a developer and have some free time, and would really like to hear any ideas on how can we mitigate this probable future..
I'm not writing this as FUD or pointless rant, I'm a developer and have some free time, and would really like to hear any ideas on how can we mitigate this probable future..
Everyone will just use bitcoin with massive mixing when they buy monero. Worse case scinario is that we have to use darknet exchanges or exchanges that are censorship resistant by virtue of being sufficiently decentralized. It could push exchanges in general in a very positive direction. Remember when they government makes something illegal they dont get rid of it, they just raise the price. Sure they can spend huge amounts of money to locate the take down darknet exchange servers and operators, but just like the silkroad 2.0 another one will just spring up. And so long as there is demand this will continue to happen. If they do it enough times than it will cause the price of trading to rise. But thats really the best they will ever be able to do.
TLDR: if you are worried about monero going away because the government made it illegal, see how *insert illicit substance of choice here* went away when they made that illegal.
If governments outlaw Monero and other anons forcing them to go underground that would affect the user base drastically. If Monero's aiming for mass-adoption it would have to cut a deal with the regulators sooner or later.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered...I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson
Monero (portrayed by extra-terrestrial friend) vs Regulation
https://www.youtube.com/watch?v=6atSU2iUrdI
If this is too much i'll delete at someones request
