Wednesday, March 9, 2022

Worse case scenarios for Monero (XMR) 😱

There were recent concerns on Execute order on Digital Assets cleared by President Biden.

As per u/jarofchili post:In Section 7C it states and I'm quoting verbatim "The action plan shall address the role of law enforcement and measures to increase financial services providers’ compliance with AML/CFT obligations related to digital asset activities."

Makes me wonder, what is the worse that could potentially happen with Monero (XMR)?

  1. All KYC exchanges asked to de-list Monero
  2. All non-KYC exchanges fined heavily for listing Monero
  3. Peer2Peer & non-custodial exchanges like LocalMonero and CakeWallet delisted from Android/iOS and legally penalized for dealing with Monero, per jurisdiction
  4. Github (Microsoft, US) given ultimatum to remove Monero project & removes it
  5. Any atomic swap providers (domains) will keep popping up, and be brought down on government seizures
  6. More Darknet market seizures and clever government bots running Tor exit nodes
  7. All western/Asian/Chinese/Russian countries get together to place an outright ban on privacy coin activity
  8. Anyone found to deal with Monero, or any source of money trailed out from Monero (e.g. Monero -> Bitcoin) will be tracked. When such Bitcoin enters a KYC exchange to be cashed out - will be frozen without reasons.
  9. Any post promoting Monero on social media; their (twitter) accounts banned - or provided up to 3 warnings, before their account is taken down.
  10. The only cash on-ramp would be via CBDCs. And direct purchase of Monero would be tracked and blocked - as much as possible. All different countries' CBDCs will be interoperable via cross-blockchain to better collaborate/track-n-trace citizen activities.

# More extreme possibilities:

  1. Government starts mining Monero on large scale, to provide a 90% attack (iso. 51%) to double spend
  2. Government buys tons of Monero while shorting Monero on exchanges, on a large scale. The Monero accumulated would be sent to 0x0000 NULL address & be burnt forever, reducing circulating supply.
  3. Monero developers tracked/traced/be bribed to somehow introduce vulnerabilities in software releases.
  4. Monero domain attacked, vulnerabilities introduced in software downloads (by replacing binaries/executable with a custom version, only verifiable by checking it has a different checksum than intended).
  5. Outlandish media lashout that Monero is used for illegal activities, CP, guns, drugs, and concoct such examples that would make look Monero in a bad light.

These are the possible worse case scenario that I could see happening. Therefore, it would be in the best interest of Monero community to together innovate on a Plan-B direction to bypass the above and be a few steps ahead of such events so that no-one can do no shit to Monero!


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