Welcome to XMR General, dedicated to the discussion of the world's leading privacy-coin! Because Monero is secure, low-fee, and borderless, people can easily send money despite corrupt and broken governments or banks. This provides economic empowerment of individuals in oppressive countries or depressed economies. Private financial history protects consumers and companies from price manipulation, supply chain exploitation, economic discrimination, or the like. Monero is the only cryptocurrency that has the features to serve as completely fungible, decentralized, electronic cash. If you're new, feel free to ask any questions you like and a Monero Chad will be with you shortly.
Benefits of using something used only by scammers : 0
Jacob Foster
Love XMR.. serious question though.
Homeland security are working with Cipher Trace, a company that says they can trace Monero now.
Is this legit?
And I noticed there was an attempted Sybil attack a few weeks ago.. was this connected to Cipher Trace at all?
Samuel Gonzalez
We currently don't know who was behind the attempted Sybil attack, but we do know that it failed miserably and we are very happy that it has demonstrated the resiliency of our network.
As for CipherTrace, the CEO tweeted 3 days ago that "no one can trace Monero deterministically yet" and the IRS refused to give them a contract to trace Monero. It is presumed that they are building a tool which gives probabilities of transactions originating from certain addresses, which has been a known technique for years. It's also been known that it is not feasible to trace transactions for more than a few hops this way before your "most likely candidate" has a likelihood of 0.0001% of being the originator of the transaction.
If you are interested in learning about all the known attack vectors on Monero, check out the series "Breaking Monero" (link at the end of the post.)
Lucky for us, and spoiler alert, none of the known attacks would actually break Monero. Some attacks described in this series are complex, but others are simple things like "if you share the same withdrawal address across exchanges, then they can infer that you are the same person if the exchanges share data with each other." Best use of XMR entails generating a new subaddress for each transaction, something you probably know if you love XMR.
what if the guberment decides that they confiscate your money once your converted into fiat? what if guberment says its illegal for businesses to offer payment with xmr?
21 Can't wait to pick up some cheap moneroj Where we're going we don't need fiat, what if the government says you can only spend your FedCoin balance at their approved Amazon™ retailer? But on a more serious note your concerns are irrelevant because that would never happen, people used to say the same sort of thing about btc back in the early days when it was ~2b market cap. You are basically getting a second opportunity to buy bitcoin in 2013 and you're spending your time fudding it instead of doing your own research that would put your concerns to rest.
