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I think the fiat on/off ramps are a large problem for Monero, I say this as someone who is a huge proponent of Monero and would like to see adoption rise. It i

I think the fiat on/off ramps are a large problem for Monero, I say this as someone who is a huge proponent of Monero and would like to see adoption rise. It is only offered on one exchange (Kraken) which inherently limits availability, there are certain vendors who do accept Monero such as Mullvad, and a popular wallet for iOS (CakeWallet) will soon allow you to redeem Giftcards for Monero. Right now, if I gave my friend 1 XMR, what could he do with it?

maerF0x0 4y ago
I have always wondered how much money laundering is in mining. It seems pretty benign to buy a whole bunch of CPU/GPUs on the used market and then have them mine you cryptocurrencies (not just monero, but notably monero is CPU favorable). This might be a massive onramp for fiat to cryptocurrencies. A quick google talks a lot about tumblers and other buy/sell strategies, but I'm curious about mining. I would hate to be the lackey who suggested it to their boss last fall only for them to see their laundered money fall > 50% though.
- selectodude 4y ago
  I admit that this is speculation because I don't have the free time or desire to do some sort of deep dive, but the NFT market absolutely reeks of money laundering. Point being - why bother going through all that effort to actually mine stuff when you can just buy and sell NFTs a few times to clean money.
  - soco 4y ago
    But can you actually clean real money with NFTs? I assume no bank will accept your answer "I just exchanged my stock of coins"...
  - maerF0x0 4y ago
    > through all that effort to actually mine stuff when you can just buy and sell NFTs Because buy and sell NFTs leaves a ledger trail that can lead you to your cash onramp being illegitimate money. Whereas minted money is legitimate by default (and has no ledger history). I suppose the IRS could ask "where'd the money to buy 1000 GPUs come from" though? IDK, I'm not smart enough to be a criminal :lol:

maerF0x0 4y ago

I have always wondered how much money laundering is in mining. It seems pretty benign to buy a whole bunch of CPU/GPUs on the used market and then have them mine you cryptocurrencies (not just monero, but notably monero is CPU favorable). This might be a massive onramp for fiat to cryptocurrencies. A quick google talks a lot about tumblers and other buy/sell strategies, but I'm curious about mining. I would hate to be the lackey who suggested it to their boss last fall only for them to see their laundered money fall > 50% though.

selectodude 4y ago
I admit that this is speculation because I don't have the free time or desire to do some sort of deep dive, but the NFT market absolutely reeks of money laundering. Point being - why bother going through all that effort to actually mine stuff when you can just buy and sell NFTs a few times to clean money.
- soco 4y ago
  But can you actually clean real money with NFTs? I assume no bank will accept your answer "I just exchanged my stock of coins"...
- maerF0x0 4y ago
  > through all that effort to actually mine stuff when you can just buy and sell NFTs Because buy and sell NFTs leaves a ledger trail that can lead you to your cash onramp being illegitimate money. Whereas minted money is legitimate by default (and has no ledger history). I suppose the IRS could ask "where'd the money to buy 1000 GPUs come from" though? IDK, I'm not smart enough to be a criminal :lol: