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Monero [XMR]: A lot of regulators have a need for something like Monero, say Riccardo Spagni

Priya

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Monero [XMR]: A lot of regulators have a need for something like Monero, say Riccardo Spagni
Source: Unsplash

Riccardo Spagni, the lead developer of Monero and Co-founder of Tari, spoke about whether Monero was digital cash or not, during an interview with Monero Talk.

Spagni stated that the concept of digital cash was “interesting” as it was the “ideal” that everyone was striving towards and added that Monero was already a “pretty good” digital cash. He further stated that for anything to be classified as digital cash, it had to be sufficiently secure, fungible and decentralized. He said that Monero met all these terms “fairly”. He stated,

“[…] So, Monero, I think to a large degree already is digital cash. I’m interested to see how that plays out because now we’ve got regulators starting to take an interest in Monero and they have been for a while. And regulators are interesting because a lot of people view them as the boogie man […] and I don’t view them that way […]”

FluffyPony also stated that a lot of regulators have a “need for something like Monero,” as they are deeply concerned about privacy in their own lives. This was followed by Spagni stating that governments have started to realize that “privacy is important” for running the government, along with other things. He said,



“[…] and that’s not to say that I don’t equate privacy with a lack of transparency. A government can still be transparent but […] they can choose what can be transparent about [or] they can be forced to be transparent about certain things through certain bodies.”

Spagni went on to state that this did not mean that everything handled by the government would be exposed on a traceable ledger, adding that it was a “pipe dream that’s never gonna happen”. He said,

“[…] there’s no government in the world that’s gonna say, ‘well, we’ve decided to operate in this completely traceable way and put all of our transactions on Bitcoin; so that everyone can see what we’re doing all the time’. It’s just not going to happen and even if it did happen someone would figure out a way to cheat the system […]”

The lead developer added that he was “very interested” in knowing how governments and regulatory bodies perceive privacy technology, considering that it already exists. He opined,

“[…] how these regulators, over time, and governments […] look at it and go like, ‘privacy can be abused, but its got a net benefit, its got a net positive and we need privacy in our lives as regulators, as governments’ and so cool maybe there’s you know ways of using this technology in a non-harmful way.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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