According to the latest rumor, some Asian darknet overlords are responsible.
They have billions in non-fungible digital money, and they are moving it into Monero because the Alphabet boys came down on them.
Haowang Guarantee was larger than the Silk Road, larger than Hydra, just the “largest illicit online marketplace to have ever operated”, with $27 Billion of transactions since launching in 2021.
$300M USD’s worth of BTC was reportedly recently social engineered and stolen from an elderly person and successfully laundered using XMR which caused the initial 50% increase in price.
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Epic trolling, I hadn’t heard about that.
The hackers that dare troll the alphabet boys are either opsec noobs or god-tier.
But most of the god-tier opsec hackers know that the game is about not pissing off the alphabet boys too much, otherwise they will invest more and more in catching you, and you just need to slip once…
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That’s possible. I happened to see these weird/questionable theories elsewhere, not really convincing:
“There are also rumors that major exchanges are thinking about relisting XMR, which, when combined with Monero’s lower liquidity and more concentrated holdings, can lead to major price movements”
“Researchers say part of that growth is due to a shift in the U.S. regulatory tone. The FIT21 crypto bill is picking up steam, and the SEC is taking a step back from labeling privacy coins as securities. This seems to be helping the market out a bit. It looks like the easing of pressure has led to more money flowing back into assets like Monero”
“There is also a lot of excitement about Monero’s upcoming FCMP++ upgrade, which is expected later this year.”
https://u.today/xmr-explodes-past-350-is-monero-finally-back
“Perhaps ironically, the surge is being fueled by this regulatory purge.”
[This may be right.]
“Monero’s rise is reactive rather than entirely organic. Fearing censorship, there is a rush toward decentralization.”
https://u.today/monero-xmr-surges-with-3900-volume-skyrocketing
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LLM bullshit as the reason for these weird theories, that actually makes a lot of sense.
Poor journalists, they are going extinct while our brains are fed clickbait LLM diarrhea.
Ah, AI-generated “cheap” text. That’d explain a lot!
In addition to what you’ve pointed out (which perhaps many Monero users agree with) such as the paper Monero issue, I’d say that fundamentally CEXes have this conflict of interest: they’re supposed to help investors or whatever, help them become rich (as if that’s the point). But reality is, often customers’ losses are their profits - that’s their (casino-like) business. In short, they essentially want you to lose your money. And in the first place, this investment aspect is not even the point of cryptocurrencies.
EU bans in 2027? - that’s old news. Already in 2022: there were anonymous accounts ban in Lithuania for example (and the remarks by US Deputy Secretary of the Treasury about “unhosted wallets” too). Basically central entities have always wanted to regulate things centrally, but that’s not how cryptos are supposed to work. I think XMR is one of the only few coins, still having this fundamental (admittedly, a bit idealistic) philosophy. Either way XMR is only a few “true” cryptos, actually being used (as opposed to just being traded as investment aka gambling). Because of that, some people, including myself, may tend to feel that Monero is essentially valuable and that the recent price movements are something that could have always happened (though, this unconscious assumption could be misleading too). So maybe… even though what’s happening now might have been triggered by some criminals, that may have been just catalysts; the cause of these price actions may be intrinsic - because Monero is valuable, it’s being valued. Perhpas a bit too optimistic view, but perhaps not entirely untrue either?
Cryptographically it’d be absurd to share your sec key with CEX (“hosted” wallet). Like 30-year-old PGP/GPG key-escrow debates yet again; or worse, not even escrow, CEX users don’t even have their keys. Which feels so absurd. I’ve never once used CEXes, except I tried no-KYC web swaps a few times (but they too are CEXes, having the same fundamental problems). Obviously pure P2P DEX solutions feel much better and safer, where Alice and Bob are mathematically / trustlessly safe as in atomic swaps or via multisigs. DEXes (e.g. Bisq, Haveno) may be for-profict business too (no free lunch), but that’s beside the point. Nevertheless, it’s important to realize that everything, including “no-KYC” or “DEX” solutions, may become “sneaky” if not scammy.
Privacy coins are never getting back on the good side of regulators, never.
That theory is indeed very dubious.
Yeah, most probably. It’s crazy, though: they’re now saying that: privacy-by-default = bad, no-privacy = good. That’s the EU for you?
The EU has gone crazy. They are impotent, and less and less relevant on the world stage.
Nevertheless they just want to centralize everything and control everything. I would for sure start looking for a plan B if I were there.
I think they will be the first to have both digital ID and CBDC. Combine that with limited cash tolerance and they can start sanctioning their own citizens for wrongthink and herding them back in line.
I think they will be the first to have both digital ID and CBDC.
Or possibly Israel will be? Or China. Paying/Having cash may become illegal eventually.
The USA is stopping all regulators
Wdym? They can’t stop other countries from banning it
… maybe
- Large miners connect entire warehouses full of computers to the Monero network.
- The new Tari token also uses the Monero network for its consensus mechanism and increases the popularity of Monero. Even among long-established graphics card miners.
- The price increase boosts profitability and so more workers come to mine.
- The popularity of privacy increases as there is more and more surveillance, control and censorship by states. Privacy is also being talked about and worked towards in communities of other large networks, e.g. ADA and BCH.
- There is less Monero than there is Bitcoin and scarcity is popular due to the widespread HODL mentality.
- As the price rises, the ranking in many lists rises, which in turn attracts the attention of investors.
- Large sums are routed through Monero as it guarantees uncensorability due to its privacy. This was also the case recently with Bitcoin worth 330 million US dollars.
- Many online markets now only offer Monero, as it is untraceable and thus offers security for buyers and sellers.
The popularity of privacy increases as there is more and more surveillance, control and censorship by states. Privacy is also being talked about and worked towards in communities of other large networks, e.g. ADA and BCH.
Interestingly, even Zcash (a less used privacy coin) is like +60%/mo (whereas +70%/mo for Monero) against USD. A coincidence? Or a general trend?
The pump does coincide with the launch of Tari.
That’s an interesting coincidence.