Why They Say Privacy Coins Are Evil
Al Capone doesn't need XMR. He has cash. Turning cash into crypto is a lot of work and can be expensive. Plus cash is already hard to trace.
The crooks who need privacy coins are the ones on screen at presidential debates and attending board meetings of cobalt mining companies. They want to do questionable dealings with no tax interference. They need to move large sums of electronic funds across borders and into the pockets of politicians. They need a safe home to store hundreds of thousands of embezzled disaster relief funds.
Let's look at criteria where you would go to the effort of using a privacy coins like Monero.
- The police will care and may bother to track you down
- The public could use this information to ruin your image
- The tax service will come looking
- Your spouse/accountant/business partner will notice
Life isn't a James Bond movie with briefcases handcuffed to wrists on commercial jets. The richest of the rich are not famous investors like Warren Buffett or YouTubers like PewDiePie. They are huge faceless corporations controlled by powerful people you've never heard of. They're dirty socialites like Jeffrey Epstein. There are countless politicians signing off on environmental disasters to sweep them under the rug. You've heard of the US Watergate scandal but who is talking about the cotton industry convincing the US government to criminalize their competitors? Who is going to earn the big money when El Salvador's government is overthrown in a convenient coup d'etat.
Monero has a place in world economics and a strong future because this type of corruption - the nameless, cloak and daggers, and lucrative type - is on the rise and needs an electronic means. The teenager dealing weed in the back alley has little need for privacy coins. For him cash is still king. It's advantage of complete untraceability, small form factor, and popularity makes it liquid and safe. It's the proverbial dumptruck of money that needs safe and private digital transfer.
So where are privacy coins being used today? Here are some examples:
1) Direct transfer of funds between crooks. Anyone who is invested in crypto probably has some of this hanging around, which means they can send money free from prying eyes.
2) Darkweb purchases. Useful for buying illicit items or just hard -to-find goods
3) Elaborate insurance scams: Don't even read this if you are not using a VPN
4) Supporting groups that might put you on a government watchlist.
Why They Are Wrong (It's Not All Bad)
But all of this does not mean privacy coins are bad. Great things can be used for nefarious deeds without removing their value. As John McAffee said:
Privacy is not just a luxury we can dream of; it is a necessity to personal freedom. Allowing one to determine what information they make public and what they keep private is an essential part of our autonomy or free agency. It is necessary for human dignity. Privacy is also a necessary part of control, including control over our own lives and decisions.
I believe that as decentralized currency begins to chip away at the power held by corrupt nations we will see them lash out for control. We watch already as they struggle to regulate the industry for our protection as well as their own. Their motives for removing privacy from cryptocurrency may not be pure. By advocating for decentralization we admit that they cannot be trusted with our money, but then we allow them to regulate away our private financial dealings by shutting down Monero, Dash, ZCash, and others.
I personally refuse to let go of my Monero. I believe it has value, and I support the fight for greater privacy in an online world where giant companies become the wealthiest on earth by selling our data. If your privacy has any value you will not allow privacy coins to be banned, regulated, or blocked. Everyone must decisively say that our privacy has value and it worth the costs. Big Brother will have to find a new way to control us without putting their eyes into all of our bank accounts.
So who are the real crooks using Monero and other privacy coins? They might be the ones you voted for.
As always, if you disagree I would be pleased to hear about it. Leave notes in the comments below or just come back for more verbal diarrheas.