D H
Nov 8 · Last update 23 days ago.

What are cypherpunks and is Monero the best crypto?

In the crypto community cypherpunks are advocates of privacy, but the community itself predates cryptocurrencies, having been established in the late eighties through the cypherpunks electronic mailing list. This movement advocates privacy through strong cryptography and the use of technology, believing a high level of social privacy could bring about positive political change. Monero is a cryptocurrency that is based on a privacy-focussed blockchain and uses ring signatures, zero-knowledge proofs, and stealth addresses to obfuscate transaction details. But in an age where financial transparency is very low and hugely controversial, does better financial privacy a force for social good? What do you think of the cypherpunk movement's philosophy? Should privacy be valued more in the world of cryptocurrencies? Are privacy-enhancing cryptocurrencies like Monero the future of cryptocurrencies?
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Privacy has negative consequences
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"Privacy is necessary for an open society in the electronic age"
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Privacy has negative consequences

Cypherpunks are an online movement that regard privacy as the most important aspect of the transition to an online world, however we now live in an era of booming inequality due to tax avoidance and people hiding money and this is due to an already highly-secretive financial industry. Privacy in money is the worst idea, and bitcoin is already private enough but also somewhat transparent, we have to be able to deal with issues such as the illicit use of money and privacy cryptocurrencies like Monero are a step in the wrong direction. Monero has had a bad year, tumbling in value in 2021, this will make it seem more risky to investors, it is also difficult to use and most exchange's have KYC, or Know Your Client, requirements that make Monero's privacy attributes useless. Ultimately societies need more transparency, more people paying taxes, and less funding of crime, why would a secretive cryptocurrency that would just enable people to hide money more easily be a good thing?

Indeed if everyone can hide money why would anyone want to pay taxes anymore, would taxes work as a voluntary system? Probably not, and its commonly held that the only utility of privacy is to mask illegal actions. Monero and other privacy focussed cryptocurrencies represent too much risk to governments and will probably ultimately just be restricted to the point uselessness, so why invest? Monero may be too much of a risk to governments and institutional investors to ever take off, anyone opposing a state could get around restrictions and sanctions with such a secretive currency, so it represents an actual threat to governments and is more likely to be cracked down on the more popular is gets. Again this represents too much of a risk to the majority of investors and will put people off more than the well known cryptocurrencies, making Monero a currency limited to cranks, criminals and cypherpunks.

fxleaders.com/news/2021/08/05/monero-xmr-trying-hard-to-push-above-the-200-daily-sma-but-without-success link.springer.com/article/10.1007/s41463-018-0038-x f4b-initiative.net/post/we-urgently-need-to-rethink-how-we-govern-finance

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D H
Nov 17
Approved
DH edited this paragraph
Indeed if everyone can hide money why would anyone want to pay taxes anymore, would taxes work as a voluntary system? Probably not, and its commonly held that the only utility of privacy is to mask illegal actions. Monero and other privacy focussed cryptocurrencies represent too much risk to governments and will probably ultimately just be restricted to the point uselessness, so why invest? Monero may be too much of a risk to governments and institutional investors to ever take off, anyone opposing a state could get around restrictions and sanctions with such a secretive currency, so it represents an actual threat to governments and is more likely to be cracked down on the more popular is gets. Again this represents too much of a risk to the majority of investors and will put people off more than the well known cryptocurrencies, making Monero a currency limited to cranks, criminals and cypherpunks.

"Privacy is necessary for an open society in the electronic age"

The story of cypherpunks and their understanding of the importance of privacy gave rise to blockchain technology and cryptocurrency, and Monero is an attempt by cypherpunks globally to ensure that the next financial paradigm shift is as safe, free, and private as possible. With blockchain auditing tools and services authorities have near complete oversight over the bitcoin network, however the Monero community remains united in building money that is private, decentralized, and that works as a store of value, therefore they have made a cryptocurrency that is truly fungible. This fungibility is what makes Monero or similar privacy centred cryptocurrencies most likely to actually be used as a viable currency in the future, Monero is now a massively undervalued cryptocurrency and offers financial privacy for all, all we have now is financial privacy for the rich…

Privacy is a human right and in an age of increasing surveillance this human right is under threat more than any time in history, and this is no different when talking about a person’s financial privacy. The cypherpunk movement, despite coming from drastically different political ideologies, ethnic backgrounds, and languages, understood that networking technology and the Internet would allow unprecedented levels of surveillance and invasion of privacy, and had the foresight to understand this could open the door to deteriorating human rights and government oppression. This kind of philosophy that is becoming and will become more widely understood and over time, as people understand that most money is already electronic and cryptocurrency is a more advanced, beneficial and decentralised version of currency. As more people realise the important of this cryptocurrency, investors are likely to progress to more privacy conscious currencies such as Monero, this is only a matter of time.

link.springer.com/article/10.1007/s10676-020-09571-x cryptokinews.com/monero-xmr fastcompany.com/40505925/highly-anonymous-cryptocurrency-monero-peeks-out-of-the-shadows newyorker.com/magazine/2018/10/22/the-prophets-of-cryptocurrency-survey-the-boom-and-bust hedgetrade.com/what-is-a-cypherpunk minedigital.exchange/knowledge-posts/history-of-cypherpunks thecurrencyanalytics.com/altcoins/monero-xmr-ensuring-crypto-is-safe-and-free-as-possible-29584.php

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Latest conversation
D H
Nov 17
Approved
DH edited this paragraph
Privacy is a human right and in an age of increasing surveillance this human right is under threat more than any time in history, and this is no different when talking about a person’s financial privacy. The cypherpunk movement, despite coming from drastically different political ideologies, ethnic backgrounds, and languages, understood that networking technology and the Internet would allow unprecedented levels of surveillance and invasion of privacy, and had the foresight to understand this could open the door to deteriorating human rights and government oppression. This kind of philosophy that is becoming and will become more widely understood and over time, as people understand that most money is already electronic and cryptocurrency is a more advanced, beneficial and decentralised version of currency. As more people realise the important of this cryptocurrency, investors are likely to progress to more privacy conscious currencies such as Monero, this is only a matter of time.
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