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Monero Project admits thieves stole 6-figure sum from a wallet in mystery breach
(www.theregister.com)
this post was submitted on 09 Nov 2023
262 points (96.5% liked)
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If you're going to use Luna, FTX, and NFTs as arguments about something like Monero, and I don't want this to sound to mean (hard to convey tone through text), but you probably don't really understand any of them.
I have been both a long time supporter of crypto and the ideas behind it, and I was quick to make fun of the NFTs and have always warned against both keeping large sums money in exchanges and warning against trusting stable coins. I certainly can't garuntee crypto's future, but your argument sounds a lot like somebody saying "a trading card site and two unlicensed online banks went broke so you're stupid for buying Cisco stock" right after the dot com crash.
I reccomend looking into it just a bit more. Even if it's just to be a better anti-crypto advocate.
Ah yes, Monero, from the WannaCry incident, the premier currency for criminals. Also I've made a detailed list of points and most of them (except 1, which is about stablecoins and 5, which only half-applies) apply to Monero. It's still proof of work, so it wastes energy, it still destroys consumer protections, is perfect for scams and makes it even harder for authorities to pursue criminals. And it is still a bigger fool scam, despite being useful for criminals.
Ftx was one of the largest exchanges for the whole of the crypto market. This is like Goldman Sachs, Wells Fargo and Deutsche Bank all going bankrupt and their execs sentenced to prison at the same time.
(There are no major licensed crypto banks btw)
Addendum: Cisco is a company that offers products and services. Crypto is used by criminals and speculators.
You don't have to repeat hundred times Monero is used by criminals, and many of us glad for Monero used by criminals.
Before explaining to me "why criminals are bad!!!!": Criminality ≠ morality
Ideally you would want laws to reflect morality. If drugs became legal, monero would no longer be useful for buying them, if that's what you're talking about.
I don't see reason to publicly make financial transactions. So no, if possible i would like to spend Monero for my grocery shopping.