The Monero community plans a bank run test on the exchanges to see if their crypto actually is there and not fake Moneros are used for trading. I am not sure this would work in practice, (although nice try) but will be interesting to see. https://www.monero.observer/the-monerun-scheduled-april-18-2022-monero-8th-birthday/ "Monero is a privacycoin that attempts to address some of the privacy issues with more popular currencies (like Bitcoin or Ethereum)—namely, that anyone can see that wallet A sent a transaction of X amount to wallet B. However, privacy cuts both ways, and this feature also means that, without cooperation from the exchanges, the Monero community can't verify that exchanges actually hold the amounts of Monero they're allowing their users to buy. Some in the community have become increasingly suspicious that exchanges are selling "paper Monero": fake Monero that's not actually backed by reserves. To try to test this theory, Monero users have scheduled what is basically a bank run: they are encouraging all users to try to move their Monero out of exchanges on April 18. Some have claimed that exchanges including Binance and Huobi have frozen withdrawals of Monero in anticipation of the mass-withdrawal, in an effort to prevent their lack of reserves from being discovered. Indeed, Huobi suspended XMR deposits and withdrawals 10 days ago and has yet to restore the functionality, which they say is due to a wallet upgrade. Binance also shows "withdrawal suspended" on its status page as of April 14." From Web3IsGoingGreat Twitter account,
Isn't this is a great answer to all your other arguments about why so much energy is wasted on BTC and why we don't just come up with a new crypto that tackles so many problems from what you call old technology? I think this is extremely positive and am happy to see your post about this so I can follow it. This is also exactly why the phrase "not your keys, not your coins" exists. This idea of brute force testing is no different than people wanting to count the gold at Fort Knox, since some speculate that there isn't much there. But lets also not forget that governments can easily block anyone's access to their own bank accounts, which we witnessed in Canada recently, and Russia also blocked withdrawals of Rubles as well. If anything, BTC in cold storage is about the only form of wealth that cannot be blocked by any government or private entity. Think about it, your yacht can be seized, your real estate can be seized, your accounts can be frozen, but your BTC cannot be taken away and you cannot be prevented from spending it if you know your private keys.
I agree that the games are endless for some cryptos, and also pretty much for all fiat. And lets not forget real estate scams as well. The price of real estate if you ask me is driven by the government's power to manipulate interest rates and the laundering of money into said real estate which artificially pushes prices up. So everything you say about what Tether did you cryptos can also be said about has been done to real estate. The scams really are endless. But in the end, when the price of BTC finds some stability, it will be the most pure form of money since there will be no way to scam it. The ledger will prove without a doubt who has what, and who can spend what. And as long as you have it outside of an exchange, nobody will be able to take it away from you. We are all just fighting for the same thing I think.
definitely, once fake stable coins are removed and crypto crushes would be the best time to go seriously in. Patience is a virtue.
So we can both at least agree that its good to go all in!! I went in quite heavy (but I'm poor, so its not much money... LOL) at not the best time since I really thought BTC was gonna hit 100K by the end of the year. But alas, it dropped instead. So I'm a little pissed because I could have accumulated at these lower prices. The weekly chart still looks bullish, its just one big range, but of course if it breaks 29k, that would totally suck. The thing though is that it might not. If someone is waiting to allocate the bulk of what they want at prices between 29k all the way down to 20k lets say, what if it never gets there and instead breaks 50k and then 60k etc. Now you're left paying considerably more for something you really wanted to buy. This is how I see it right now. The larger blue channel is of course what we want to see break to the upside, and that red support line around 29k is what we don't want to see break. What trading has taught me is to always buy the lows. Buying the middle around 52k is less good, and buying the top of a range around 68k is the worst. But given the political and monetary climate, maybe once its breaks out the top, it might never look back. Look at that 20k level from 2017 that was never tested after it broke. I guess this is why lots of people are calling for it to drop to 20k, but what if it never does and you don't have any? Then it breaks 68k and you don't have any either, and then what if it never tests the 68k level again just like it never tested 20k? Then you will have none in an environment where cash is turning to trash. Of course there is a chance it can all come crashing down, no doubt about that. But looking at it from a strict trading perspective, we have to evaluate all scenarios, and buying now is risky if it goes down to 20k, but not buying any at all is just as risky if you wait and don't get any.
We definitely agree on going full in, I am just waiting for a crash. I once read a story about Technical Trader telling some big kahuna in softs that some line is major support and extremely unlikely it will be broken. Big kahuna picks up a phone and tell his broker to sell 1000 contracts, the line got broken immediately of course. I have no idea why so many people underestimate the fall out from fake stable coins, it will happen one day. This is when I will go all in. If it does not materialize, since anything is possible, I am quite Ok to stay on side lines. Our algos trade all day long making us money, so wealth is being built in other way.
????? I don't see the connection between the 2 things. One is an obsolete and very hard to change/improve crypto, the other is the possibility of fractional reserve banking by crypto exchanges. I guess the Monero community is strong and united, but the test idea could have come up with other cryptos too, I don't think technically it is limited to Monero. I welcome the idea, but I have doubts that it would work. If an exchange did loan out Moneros, they just buy it back using other deposits before the test, the test goes well, then the exchange loans out again the Moneros coming back from the now happy costumers. But for the whole test there needs to be communication, willingness and participation by the users/owners of the coins. We shall see how it goes...
Monero is garbage. “Untraceable” yeah sure. They can’t even get their coins off the exchange. What a joke