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You're welcome. It is supposed to be provocative as this particular route isn't used nearly enough, you can read indictments and see that. There is a little b
by gammateam 8y ago
You're welcome.
It is supposed to be provocative as this particular route isn't used nearly enough, you can read indictments and see that.
There is a little bit of a shift, in one indictment the government was able to seize wallets and they were able to retrieve the addresses and amounts of Bitcoin, Zcash, but they could only make a footnote that they had a Monero wallet and didn't know the amounts or the addresses or senders of the recipients involved.
Monero is a public but opaque blockchain, and should be the default holdings for people, with occasional interaction with the rest of the crypto economy for conversion. It should always be a buffer between your national currency accounts and your crypto economy accounts.
It raises the bar for government investigations back to the level required to get information about your bank accounts.
With banks, the government needs subpoenas and warrants for multiple financial institutions to learn about what an investigated customer is doing.
With transparent blockchains, the government does not need a subpoena or warrant to analyze transactions and draw conclusions. They can just scan it like any other participant can.
With Monero, the government would need subpoenas and warrants for multiple exchanges to learn about what an investigated customer is doing. And if the customer follows best practices, there are limitations on the information that the exchanges would have, because one hop into the Monero network and the funds are not traceable. It is then easy for the customer to hop onto another blockchain. European Commission has proposed banning the RingCT technology used here, but that is a knee-jerk reaction as they have just gotten used to the transparency that non-opaque blockchains like Bitcoin offer for investigators.
General benign Monero use would be indiscriminate from money laundering, protecting everyone from financial sanctions and requiring law enforcement to do real investigations into whatever action they are actually trying to prevent, since they can no longer lazily leverage financial intermediaries.