Privacy crypto under increasing attacks from lawmakers and regulators
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As the founder of Decentralized TV, I wanted to give you a heads up about the increasing attacks on privacy crypto.
Now privacy crypto, as you know, both my co-host Todd Pitner and myself, we love privacy crypto.
We think it's a much better form of money than Bitcoin because it has intrinsic privacy.
And just to be clear, we don't advocate privacy crypto to be used for any illegal purposes.
We don't advocate money laundering or moving around illegal proceeds or criminal activity.
We promote ethical, lawful, moral use of all forms of technology.
And at the same time, it's nobody's business what you're doing with your money.
You know, within those guidelines, it's lawful, it's moral, it's ethical.
It's your business.
It should be private.
And that's why we've had guests on talking about all kinds of different projects from Monero and Beam and Epic and Firo, just to name four privacy projects.
And we love all those projects.
We love the idea of privacy crypto.
The world governments, however, hate the idea of privacy crypto.
Obviously, they want to track everything that you're doing.
Bitcoin allows them to do that to some extent.
There are some workarounds that I'll kind of mention here.
But Bitcoin is a transparent blockchain.
The on-ramps to Bitcoin involve KYC with your identity, your name, everything, your social.
The off-ramps involve KYC. KYC means know your customer.
So those are anti-money laundering rules, AML, as it's sometimes called, put in place by governments to make sure that if anybody gets Bitcoin, they know who you are and how much you bought and also what you're doing with it, where you sent it, who you sent it to, what are your financial connections to other people with Bitcoin wallets.
And so the governments of the world, the financial establishment, has chosen Bitcoin to be their successful crypto.
They are mainstreaming Bitcoin with the ETFs and embracing new regulations in Congress and so on.
They're mainstreaming Bitcoin while they are attacking the privacy crypto projects.
And recently the DOJ arrested the two engineers who built the samurai wallet with the Whirlpool features Charge them with money laundering.
Whirlpool features allow mixing of Bitcoin transactions to try to obfuscate the initial origins.
And it was one of the ways that you could achieve privacy in Bitcoin.
And, you know, as a test, I use a mixing service as well.
You send Bitcoin into it, and then it runs a bunch of transactions mixed with other people.
Then it spits Bitcoin back out, minus a pretty hefty chunk that in some cases could be 5%, by the way.
So these Samurai Wallet guys were obviously making a lot of money.
They had billions of dollars worth of crypto that went through their wallet.
Well, the DOJ didn't like that, so they arrested them.
And other privacy projects are being shut down.
Unfortunately, the Monero project that allowed you to buy Monero with cash or other means has also announced it is shutting down.
No doubt from pressure from the federal government saying, hey, if you don't shut down, we're just going to charge you with money laundering, things like that.
At the same time, many of the exchanges such as Binance and around the world in other jurisdictions, even in the EU, for example, Are dropping privacy crypto tokens and coins.
Monero, for example, famously a few months ago was dropped by Binance.
And for a while, Monero prices plunged.
I think at that time it went from I don't know, roughly $180 to $140 or something, or $130, I forgot the exact number.
It has mostly recovered since then, but every time one of these exchanges takes one of these privacy coins off the exchange, those privacy coins take a pretty big hit in terms of their market valuation.
Now Kraken, which I consider to be the best platform for purchasing crypto, Kraken, to my knowledge, still allows you to buy Monero because they have been insistent on a pro-liberty stance for a long time.
I don't know how long that's going to last on Kraken.
I don't have any inside information of whether they're going to keep it on or take it off, but I would imagine the federal government is pressuring Kraken and all the other exchanges to drop all privacy crypto coins.
Now, interestingly, there are some other coins that have dual use.
They can have both transparent blockchains and privacy blockchains, or privacy mode, you might say.
And those include Zcash as well as FIRO, F-I-R-O, FIRO, which is one of my favorite projects because of its technology.
So FIRO has a transparency mode And I think that allows exchanges to enforce transparency mode, perhaps.
I'm not actually sure of the technical details.
But maybe they can say that on our exchanges, you can only use transparency mode.
That's one way that dual-mode crypto projects could stay alive on some of these exchanges.
But at the end of the day, bottom line, the projects that are always private Which includes Epic, for example, Monero, which is the number one privacy crypto, are no doubt going to continue to be targeted by regulators and governments around the world.
Again, because they don't want anybody to be able to spend money privately, to move money privately, to possess money privately.
This is why the governments of the world hate crypto across the board.
They have embraced Bitcoin solely because they couldn't fight it.
They couldn't stop it because Bitcoin was so decentralized.
And so what governments decided to do was to embrace it and regulate it and control it instead of trying to destroy it because they couldn't destroy it.
And they also needed another big bubble to pump up too, by the way.
You know, 20 years ago or 25 years ago, it was the dot-com bubble.
And then a few years later, it was the big real estate bubble.
Now it's the NVIDIA bubble, you know, tech bubble on Wall Street.
But they need another bubble, so a Bitcoin bubble.
Yeah.
They'll probably push it into a bubble.
I'm not saying it's not worth what it costs right now.
But I anticipate, with the governments of the world embracing it and the hedge funds and the financial giants of the world, I anticipate them pumping it up substantially beyond where it is now.
It's clear to me that Bitcoin is going to move way beyond $100,000 a coin, which is just astonishing.
That would not have been possible without governments embracing it and effectively endorsing it.
So what does this mean for you?
What's the practical upshot of all of this?
Number one, I think we can anticipate a lot of attacks and price pressure on privacy-only crypto projects such as Monero.
Does that mean you shouldn't own Monero?
Not at all.
I own Monero.
I think it's great.
It's really my favorite practical crypto project.
I also love other privacy coins, you know, like Firo and so on, but I own Monero and I own some Bitcoin as well.
And they all have different purposes.
Now for Bitcoin, what a lot of people do, and again, I just want to reiterate, I only advocate legal, ethical, moral use of this technology.
But what a lot of people do with Bitcoin in order to break the chain of the history of Bitcoin If they want to send Bitcoin to somebody, let's say, or they want to buy something with Bitcoin and they don't want the history to be obvious, then they use a swap service to swap it into something like Monero and then they'll either pay with Monero or if they have to use Bitcoin for the payment, then they'll swap it from Monero back into Bitcoin in a different wallet.
A totally different wallet that's only used for this purpose.
Even could be a throwaway wallet.
And then they'll make the payment in Bitcoin from that wallet.
And then that's it.
Then they trash that wallet.
And that costs something.
There are many different swap services out there like SimpleSwap and I don't know all the names.
There's some new atomic swap systems coming online too.
And I don't know all the names of those either, but there's a lot of swap services that are out there that will swap high liquidity coins.
And Bitcoin and Monero are very easy to swap because they're both high liquidity.
Anyway, they'll swap those coins for you for a couple of percentage points.
Prices vary, so shop around.
And then that's how you move from one coin to another, which is one way to protect your privacy.
Another way is to make sure you have one wallet that's dedicated just to KYC Bitcoin.
So all the Bitcoin that you bought through a KYC exchange effectively has your name and identity attached to it.
So send that to your own wallet, but note that that wallet is KYC, that everything you do with that wallet is totally visible, whereas you might have a second wallet where you've received Bitcoin from swap services, where you've swapped privacy coins for Bitcoin, as I mentioned earlier, and that wallet, you would indicate that that wallet is more private.
Or maybe you receive Bitcoin from somebody else by selling them something, you know, skateboard parts, or whatever you're into.
And then you would use a different wallet for that and say, this is Bitcoin received from other people.
And the reason to do that is because Bitcoin can become tainted If it can be traced back to ever being used on the dark web or for illegal activities or international money laundering or what have you, although I'm sure the CIA and all the people getting bribes in the State Department, I'm sure they all receive Bitcoin bribes.
When they all vote in Congress for $95 billion for Ukraine and Israel, yeah, they all get a thumb drive with a Bitcoin wallet on it.
You know, that's how it works.
Oh, half a million for you, million for you.
You know, depending on how high your position is in Congress or in the Senate, that's how much Bitcoin you probably get, you see.
So anyway, bottom line is they're all using Bitcoin for money laundering.
But they will block any Bitcoin transactions that they can, or I mean, they'll try to.
And there are services that the centralized exchanges subscribe to, and those services indicate which Bitcoin addresses are to be blacklisted.
Sending and receiving to or from those addresses is all blacklisted.
That can't happen with privacy crypto.
Because there are no origins of it that can be traced.
But with Bitcoin, it can happen.
And you can end up with tainted Bitcoin that you cannot use through regular exchanges.
And it becomes less valuable Bitcoin.
So not all Bitcoins are worth the same because of the existence of that phenomenon I just described.
So keep that in mind.
Keep your Bitcoin clean.
Keep it separate.
So you know where it came from, you know whether your name's attached to it or not, and that will help you determine how you can use it in the future.
I know it's a lot to keep track of, but it's very important to do this.
Also, watch my shows at decentralized.tv, where my co-host Todd Pittner and I talk about crypto projects, privacy coins, and so much more.
Thank you for listening today.
I'm Mike Adams, naturalnews.com, brighteon.com, and also check out brighteon.ai for our free downloadable AI software.
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