Monero (XMR) fears regulation but keeps pace with stellar development results


The bear market was quite brutal in all currencies, including Monero. We saw it reach the highs of July BTC around 4 th when a Monero coin went to 0.02180130 BTC. Its highs in USD arrived after July 18 when the currency was valued at 146.61 USD. Since then, it has been a gradual bleeding for the price of Monero that reached the BTC monthly lows of 0.01577590 BTC on the 31 st (USD lows arrived much earlier when the price broke under USD 120 on 12 [of). The fall continued in August and it is currently possible to buy an XMR for $ 88.10 USD (5.66% increase in the last 24 hours) / 0.01300434 BTC (0.66% increase in the last 24 hours) .

Monero maintains a daily trading volume of 4,395 BTC. With a market capitalization of 1,431,957,361 USD, the currency is currently 10 th most valuable cryptocurrency on the market.

We turned to green_brow for the current Monero TA:

"Monero about to touch long-term support, expect to rebound around 0.013 BTC The bullish divergence on CSR and the increase in volume agree with this forecast.The price target is the blue resistance line outlined, corresponding to the third line of fans.If you interrupt this line, the next target is the upper red resistance line.If it is rejected on the blue line, wait for the next attempt to move to the upper red line.These movements should also nicely match Kovri's updates, hoping to encourage some price action. "[19659006] The biggest announcement about Monero was a recent update from the Monerujo app. This open source mobile app that allows users to create and manage XMR wallets has seen version 1.6.3 of its protocol released only a couple of days ago. In this new update, the Monerujo team has introduced several important changes compared to the previous version:

  • Nano S support of Ledger on OTG
  • NFC support for receiving and sending (as QR Code)
  • minor bug fixes [19659008] New translations: Greek, Hungarian, Romanian, Russian, Swedish
  • Select the language of the app
  • Restoreheight can now be inserted during restore as YYYYMMDD since not all numeric keys allow dashes

Thanks to this update, users can now create a Monero portfolio on a GUI 0.12.3 desktop using a Ledger Nano S and can then use the Monerujo app (with the help of a USB-OTG or micro- to-micro / micro-to-USB-c) to connect and manage such portfolios via telephone. Now users can basically have the security of a hardware portfolio and the usability of a telephone wallet at the same time. The integration was initially released with the 1.6.1 version of Monerujo, but the version required the corrections implemented in 1.6.3. Of course, the team that develops this app admits that it is not yet a complete product (as in reality in crypto) and promises new updates in the future.

🏆What does HODL mean ?

Monero has one of the most active communities in crypto, with active presence on Reddit and Bitcointalk. The biggest point of contention in the community was an article published in Bloomberg, in which Lilita Infante of the US Enforcement Administration had some comments on who exactly uses cryptocurrency on the day of today. There has been a "flip", a reversal that has seen the percentage of people using blockchain technology for criminal activities be reduced from 90% to about 10%.

"The volume has grown tremendously, the amount of transactions and the value of the dollar has grown enormously over the years in criminal activities, but the ratio has declined.Most of the transactions are used for price speculation. "

But what most interested the Monero community were his claims that the agency has a way of tracing even the privacy-focused currencies like Monero or Zcash.

"The blockchain actually gives us a lot of tools to be able to identify people, I really want them to continue to use them" Mrs. Infante proudly concluded her interview. The immediated community has rejected its claims, with Reddit traumas summarizing well the thoughts of everyone:

"There is a good chance that I have never heard of Zcash or Monero and presumes to track down blockchain. "

Apparently the last nail to the coffin of his statements was published a couple of days after his interview and he perfectly illustrated the inability of the government to keep track of Monero transactions and payments.

And while most of them were delighted with this screenshot, fireice_uk was not completely impressed with what he saw:

"Unknown quantity! = Untraceable." These are completely different things … Add some metadata and a ring signature falls to pieces before your eyes. "

The scenario here, of course, is that the seller of the product that received Monero has been compromised (arrested or confiscated his private keys). In this case, an in-depth analysis of metadata could potentially lead to the buyer's identity.

🏆 Read our direct comparison of cryptographic exchanges: Binance or Kucoin – which is the best?

Obviously, this situation requires that one or both parties included are criminals. It is no secret that privacy currencies attract these people, as their characteristics are simply too good to be transmitted when they conduct illegal business. It is arguable that criminals worry more about the internet becoming more private than the general public. Currently the crime issue on Monero blockchain is very popular in the community: a user named Vespco started this discussion a couple of days ago, in which he posed an interesting question:

"I think we should gather in a potentially sacrificial r / DarkNetMonero subreddit where they talk about using Monero for illegal purposes, this does not enhance the main R / Monero from being switched off, nor does it make it associated, but it discusses the real uses that will guide adoption: obscure transactions for drugs , copyright / counterfeiting material, money laundering, etc. "

Some people were critical of his idea, choosing to remain legal with the slowest adoption rather than turning to the criminals for help. After all, blockchain technology was invented to escape the criminals who support and populate the global financial ecosystem, so it would not make much sense to abandon the basic principles for short-term gains (in what is widely recognized as a long term play). Others believe that currently only illegal businesses are interested in cryptocurrency and can be turned into effective adoption weapons. This is partly not true as companies around the world have shown their willingness to explore and adopt blockchain solutions. The fact that criminals can contribute to a more widespread adoption is correct, except one wonders how this look will appeal to the general public who should be the main user of the technology. You can check the complete discussion on this topic here.

Monero remains one of the strongest private currencies on the market, if not the strongest. With strong development and adequate community support, the future looks bright.

The writers and authors of CapitanAltcoin may or may not have a particular interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice nor a substitute for advice from a certified financial planner.

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