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Monero Outreach responds to Reuters report; claims report ‘over emphasized the criminal use of Monero’

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Recently, Reuters published a report on Monero [XMR], a leading fungible coin. The news organization stated that this was part of its series that “examines the features and characteristics of some of the alternatives to Bitcoin that have grabbed the attention of developers, investors and regulators,” with Monero being the first altcoin.

However, the community did not seem to be very pleased with the content presented in the article, with Monero Outreach, a work group of the decentralized Monero community, responding with another blog post.

About Monero, Reuters stated that the cryptocurrency enabled users to “conceal” almost all the details of a transaction. It further distinguished the coin from Bitcoin, stating that Monero’s transactions obscures the from and to addresses, as well as the amount involved in the transaction.

On the reason why the cryptocurrency was gaining attention, the Reuters report highlighted the Norwegian kidnapping case, where the fungible coin was demanded in ransom. The report went on to state,“The unusual request underlined a growing trend for criminals to seek alternatives to bitcoin, which through its first decade has become the cryptocurrency of choice for illicit activities from buying contraband to laundering money, cybersecurity experts and law enforcement agencies say.”

Further, it pointed out the use of the cryptocurrency in the darknet marketplace, stating that three out of the five biggest marketplaces accepted the fungible coin as a mode of payment. Nevertheless, the report did mention that Bitcoin continued to be a “widely used” digital asset for darknet payments. Following this, the report also highlighted the coin’s involvement in crypto jacking, remarking that 4 percent out of the total 17 million coins in circulation were mined using malware.

On who uses the cryptocurrency for a legitimate purpose, the article said,“Data on who uses Monero and why is scarce. That’s a challenge for understanding the usage of any cryptocurrency, even more so for one designed to obscure its tracks”

This report was soon met with a response from one of the teams dedicated towards the development of the Monero ecosystem, Monero Outreach. A blog post titled ‘A Response to Reuters’ that was published on 20th May, stated,

“[…] the story that ‘examines the features and characteristics of some of the alternatives to bitcoin […]’ it arguably over emphasized the criminal use of Monero and under presented the features and characteristics that make Monero great and popular.”
Features and characteristics that make Monero great and popular | Source: Monero Outreach

Features and characteristics that make Monero great and popular | Source: Monero Outreach

Further, the blog post listed down the reasons why the coin had gained attention. This included the underlying code improvements that made it “more efficient, faster, and more user friendly,” the coin gaining the position of a leader among fungible coins, and its contributions to academic research. The team further stated,“Lastly, the article mentions ‘cryptojacking’, while neglecting to discuss the issue of botnets in general and how they are a problem with computer operating systems. Monero cannot control the security of operating systems, which would be primarily responsible for eliminating botnets.”

Source: Monero Outreach

Source: Monero Outreach

This was followed by the Monero team emphasizing that the leading cryptocurrency was a “fungible coin,” and not a “privacy coin.” It also pointed out the “view keys” feature of Monero, where the key “is associated with an address” that enables users holding it the “ability to audit the address without being able to spend the funds.”

Source/ambcrypto

Monero

Monero Optimistic Prediction: XMR Is Expected To Cross $100 In The Next Two Weeks

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At the moment of writing this article, Monero (XMR) is trading in the green on CMC and the privacy-oriented coin is priced above $86.

Optimistic XMR price predictions ahead

The coin has shown more stable trends during the past few months, but the coin is seen to head towards an upward surge, and it may cross $100.

CryptoNewsZ writes that “The current price statistics of the coin also indicate bullish trends, and it may cross $90 by the end of today. The next week can be all about crossing $95 and then $97 to head towards bigger goals.”

The online publication’s prediction is pretty optimistic.

They say that XMR is moving very slowly as the coin was not able to cross the $97 target during the past few days.

They also note that all of this is a part of a strategic preparation to make it big.

This may happen soon as the coin passes the $100 target. The online publication concludes: “It is the best time to plan long term investments in the XMR token for higher benefits.”

Best time to buy XMR

More crypto experts have been saying that now it may be the best time to buy Monero.

Another important online publication, Smaretreum wrote not too long ago that “Analysts and traders in the crypto market usually see these periods of little activities as the best time to accumulate before the next big move takes place.”

More experts noted that long-term investors should consider buying the dip now because the Monero uptrend remains strong.

More than that, it’s also extremely important to mention the fact that the Monero development team managed to make huge privacy enhancements over the years and they will continue to do so.

The crypto market has been very volatile lately, but fortunately, today, the most important crypto assets are trading in the green.

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Monero Price Analysis: XMR May Cross $100 in the Next Two Weeks

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  • XMR may come out of the loop to trade above $100 soon
  • XMR may close the day trading above $90

Monero may have shown some stable trends in the last few months, but the coin is seen to head towards upward surge and may cross $100 value soon. The current price statistics of the coin also indicate bullish trends, and it may cross $90 by the end of today. The next week can be all about crossing $95 and then $97 to head towards bigger goals.

XMR to USD Price Statistics:

As on August 18, 2019, at 08:30:36 UTC, the price of XMR token is noted to be $81.92 and the coin has recorded an uptrend of over 4% in the last one month rising from $78.08 to its current value. XMR moved between $78 and $87 for a larger part of the past days but picked up some pace at the beginning of August to surge as high as $97.72. It has slumped since then and also hit $74.42 in between but is seen to gaining some pace again.

Monero price chart August 18
  • The price of XMR token is now $81.92 and 0.00806682 BTC
  • The market cap of the coin is now $1,405,400,628
  • The 24 h volume has reached $68,183,214
  • The ROI of the coin stands at 3,208.59%
  • The circulating supply is now 17,160,689 XMR

Yesterday the lowest recorded value of XMR token was $81.04 and the highest was $83.70. The highest recorded value of the coin in the last 7-days was $92.34 and it may start to trade above it in the next few weeks.

Monero Price Prediction:

Monero may seem to move very slowly as the coin has not been able to cross $97 target in the last few days, but it is all part of a strategic prep up to make it big. This may happen very soon when the coin moves past $100 target and starts trading above it in the next few weeks or by early next month.

Conclusion:

It is the best time to plan long term investments in the XMR token for higher benefits.

Source.cryptonewsz.

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Monero

Monero Price Analysis: XMR May Cross $100 in the Next Two Weeks

Published

on

  • XMR may come out of the loop to trade above $100 soon
  • XMR may close the day trading above $90

Monero may have shown some stable trends in the last few months, but the coin is seen to head towards upward surge and may cross $100 value soon. The current price statistics of the coin also indicate bullish trends, and it may cross $90 by the end of today. The next week can be all about crossing $95 and then $97 to head towards bigger goals.

XMR to USD Price Statistics:

As on August 18, 2019, at 08:30:36 UTC, the price of XMR token is noted to be $81.92 and the coin has recorded an uptrend of over 4% in the last one month rising from $78.08 to its current value. XMR moved between $78 and $87 for a larger part of the past days but picked up some pace at the beginning of August to surge as high as $97.72. It has slumped since then and also hit $74.42 in between but is seen to gaining some pace again.

Monero price chart August 18
Monero Price Chart by Trading View
  • The price of XMR token is now $81.92 and 0.00806682 BTC
  • The market cap of the coin is now $1,405,400,628
  • The 24 h volume has reached $68,183,214
  • The ROI of the coin stands at 3,208.59%
  • The circulating supply is now 17,160,689 XMR

Yesterday the lowest recorded value of XMR token was $81.04 and the highest was $83.70. The highest recorded value of the coin in the last 7-days was $92.34 and it may start to trade above it in the next few weeks.

Monero Price Prediction:

Monero may seem to move very slowly as the coin has not been able to cross $97 target in the last few days, but it is all part of a strategic prep up to make it big. This may happen very soon when the coin moves past $100 target and starts trading above it in the next few weeks or by early next month.

Source:ourbitcoinnews

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