Would you allow your credit card statements to be published on the internet ? Monero steadily climbs as shorts double down
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Previous Posts 4/6, $264, 0.00448 BTC : "Someone is spending tens of millions of dollars to suppress Monero ",
4/8, $272, 0.0046 BTC : "After building up to 170% short ratio, Monero shorts are getting liquidated in bitfinex ",
https://www.reddit.com/r/CryptoCurrency/comments/mltrfn/after_building_up_to_170_short_ratio_monero/ NOW, 4/12, $327, 0.00543 BTC Binance, Huobi and FTX shorts liquidation 1 MM USD of shorts was liquidated just in the last 24 hours across 3 exchanges, if we multiply it by their total volume share, of around 6%, then about 16 MM USD of XMR shorts could had been liquidated across all exchanges yesterday. Facing this reality, instead of covering, shorts have doubled down. One of the primary tenets of cryptocurrencies is decentralization, but since decentralization comes with considerable costs, ask yourself what purpose does decentralization serve ? It is so that absolutely no one nor no power can take your wealth away from you. However we now know with advances in Chain Analysis software, all transparent blockchain have a weakness, your crypto wallet balance and entire history of transactions are broadcasted for the world to see. It's like having your credit card statements published to the internet forever. Add that with a little bit of metadata linking, people can easily pin your crypto transactions to your identity. Advances in ASICs caused BTC mining pool to be consolidated into a few large mines, meaning all those tens of thousands of nodes mining BTC are actually located in a few select locations. These factors allow financial institutions and governments to block and deny specific blockchain transactions from blacklisted addresses. This is already happening with exchanges refusing deposit from blacklisted addresses and mining pools excluding non compliant transactions. We don't condone the actions of the people involved in the capitol incident but here's a report that managed to identify almost every single actor and their money flow from BTC transactions. https://blog.chainalysis.com/reports/capitol-riot-bitcoin-donation-alt-right-domestic-extremism Whatever BTC balance they have left, it's practically worth zero now due to blacklisting. Alternatively, if you just want to create and execute smart contracts, BSC explosive growth showed you don't really need decentralization for that, a semi centralized processor with no KYC will do the job more efficiently. Monero's best in class built in privacy and mining algorithm, RandomX, with its guiding principle of 1 CPU = 1 Vote, ensures Monero's nodes are the most physically distributed blockchain so far. With those properties, XMR has become essential for certain markets, which absolutely cannot function without it. (you know what I'm talking about). Even discounting mainstream adoption, usage from this niche market alone would propel XMR value to 10x of it's current market cap. This slow grind up is what organic growth, absent any artificial pumps, coin burns and yield farming looks like. It's one of the few coins where real value transfer transactions in the blockchain are growing Average Daily blockchain transactions volume 2021 YTD
ETH & BNB transactions are also up
but as you see most of it are smart contract execution on dexes and yield farms instead of value transfer. Even for ETH flagship stable coin, USDT, transfers have actually DECREASED -30% YTD. People collectively realize it's cheaper and easier to just transfer value via paypal or transferwise. You may wonder what would happen if a well funded company copied Monero's source code, improve it with better tech then launch the coin with a PR blitz like what happened with ETH/BSC ? This would have negligible effect on Monero because the people using it to transact would never go for a centralized solution that could compromise privacy and immutability. Case in point, how many in the "niche market" are using competing privacy coins like ZEC, FIRE and DASH ? ZERO. TL;DR: The only coin with increasing use for basic value transfer is Monero, and the steady price increase shows it submitted by /u/indonesian_activist |
