Riccardo Spagni, the lead maintainer of Monero [XMR], recently spoke about one of the most controversial centralized cryptocurrencies making a debut in the cryptocurrency market. In a conversation with Shannon Grinnell on Speaking of Crypto Podcast, Spagni remarked that the steps taken by JPMorgan and Facebook to launch their own digital coin were “really interesting”.
Spagni went on to explain that this step was interesting because it would reach millions, and probably even billions of people, particularly because of Facebook being one of the most popular social media platforms in the world. He added that these centralized entities would have to launch their own coins [JPM Coin and GlobalCoin] in a “highly regulated fashion.” Spagni also stated that through Facebook, people would eventually find their way to Bitcoin. He added,“[…] what I’m hoping will happen is people will be exposed to cryptocurrencies through something like Facebook and then they will become interested in it and will want something that’s a little bit more, something that gives them more control and more freedom, and then they will start like Bitcoin.”
This was followed by Spagni speaking about the mass adoption of Bitcoin and other cryptocurrencies. Fluffypony stated that he had two perspectives on the subject; mass adoption was “definitely” within grasp, considering all the main factors contributing to the adoption of crypto. Bitcoin could go on to become a “reserve currency,” instead of achieving mass adoption, he added.“I don’t know if I’m convinced that we will achieve mass adoption and instead we will achive something like Bitcoin being the global reserve currency, which is not the same thing as mass adoption.”
He further explained,“Reserve currencies are super useful and become like the underlying currency for like most of the cross border economic transaction in the planet, but it’s not the same thing as being used by a bunch of human beings to buy coffee and pay for their cab fare.”
Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins
Monero [XMR], on Oct 14, fell to a 6-month low at $52.85 continuing with a downtrend which began almost a month ago. This downtrend, initiated by the news of XMR’s delisting from major crypto exchanges after the Financial Action Task Force (FATF) announced the “travel rule” for crypto exchanges, has resulted in a 35% dip in XMR’s price in less than a month.
XMR Hits $82.85 to Record a 6-Month Low on Oct 14
The news of the implementation of FATF’s travel rule seems to have hit XMR rather gravely as OKEx announced its plan of delisting XMR on September 10. XMR, which was at nearly $76 plunged and closed at $72.23. However, buying resumed the next day and XMR jumped back to $74.41 after hitting a low of $70.16. It continued to climb up the charts till Sept 19, hitting $81.76. However, it could not sustain above the $80 mark for long and came crashing down to $72.92 on September 20. The downtrend which began on Sept 20 has pushed XMR price to the present $50 zone.
FATF’s “Travel Rule” – Killer of Privacy Coins?
The FATF is an intergovernmental organization, comprising of 39 member countries, whose aim is to develop policies to combat money laundering. The FATF’s travel rule dictates cryptocurrency exchanges, some digital wallet providers and other firms to share customer data such as names and account numbers with institutions involved in receiving fund transfers. In other words, the rule demands virtual currency companies to behave like banks that share customer information with each other for wire transfers.
OKEx was among the first major exchanges which announced that that it will delist privacy coins – Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) from its platform. The design of these privacy coins makes it impossible for OKEx to verify the identities of the senders and receivers, resulting in non-compliance with FATF’s travel rule. OKEx was supposed to withdraw transaction support for these coins on the 10th of October, and stop withdrawal services on the 10th of December 2020. At the moment, all the coins except for SBTC are available on OKEx for spot trading.Advertisement
South Korean exchange Upbit is another exchange that announced its plans of delisting privacy coins including Monero (XMR), Dash (DASH), Zcash (ZEC), Haven (XHV), Bittube (TUBE), and PIVX (PIVX).
In August, Coinbase also revealed that it is dropping support for Zcash.
ZEC and DASH – Price Update
ZEC has also been on a downtrend since the end of June. On 30th June, ZEC stood at $114. It began Q2 2019 by plunging to $96.69. The downtrend has continued and ZEC is now trading at $37, reducing to almost a third of its value at the beginning of Q2.
DASH had witnessed similar price movement. From peaking at $187.54 on June 26, it began Q2 on a bearish note at $156.42. In the time between the beginning of Q3 2019 and Q2 2019, it plunged further, losing over 50% of value to trade around the $70 mark. The coin is presently trading around at $71 at the time of writing this article.
Monero Records a 1.5X Growth Since the Start of the Year; Exhibits Its Efficiency
- Monero gets thumbs up on its advanced security features
- Monero is expected to cross newer price marks if the current market trend is improved.
In the last 30-days, the highest recorded value of XMR was $82, and if the trend gets better the coin is expected to cross this value soon again. However, this is possible if XMR escalates to move past $70 in the next few days and rise to $75 before the month ends. The coin has been one of the most talked-about for its security features, and this gives it an edge against many current top players in the crypto market.
XMR Price Analysis:
As on October 4, 2019, at 09:08:36 UTC, the price of XMR token is noted to be $55.27, and it has recorded a dip of over 25% in the last 30 days. The coin moved from $73.85 to $81.28 in the first few days but then started dipping and fell up to $55 gradually. The lowest recorded value of Monero in the last 30-days was $53.91. It has recovered from that but may take some time to move past $70 again.
XMR started the year trading at $46, and it is currently moving almost 1.5X above this value. The coin’s highest recorded value in the last 90-days was $107, and it can be expected from XMR to cross $100 again before the year-end.
This is an excellent time to start investing in the XMR token, as the coin may yield good benefits in the long run.
Monero’s RandomX will be a ‘more aggressive change’ than CryptoNight, claims Justin Ehrenhofer
Recently, Monero concluded testing RandomX on a private testnet. The coin is in the news again after Monero Community’s Workgroup organizer, Justin Ehrenhofer, said that RandomX, the new Proof of Work [PoW] algorithm, is not meant to be “ASIC-proof.” Ehrenhofer’s remark followed him talking about the Monero 0.15 software update in an interview.
The aforementioned update is a scheduled update for Monero that is conducted twice every year. The current upgrade contains privacy and security features, refined code and an improved GUI user experience, informed Ehrenhofer. These updates in turn, provide users with a more decentralized network and an effective anonymizing network [I2P]. The organizer added that the most significant change with this update will be RandomX, an upgrade which will prevent ASICs from dominating the Monero network.
This Proof-of-Work [PoW] algorithm has been around for over a year and depends upon random code execution, difficult to manipulate by specialized hardware. Ehrenhofer added,
“RandomX isn’t meant to be “ASIC-proof,” but it hopes to close the efficiency gap so significantly that other financial factors discourage significant network control. ASIC manufacturers’ small efficiency gains must be compared to the lost financial option to sell used generic hardware, for instance. In a volatile market, the flexibility of CPUs in particular shine.”
Calling it a “significantly more aggressive change” than CryptoNight, Ehrenhofer hopes it will retain Monero’s longstanding principles, especially since the regulatory landscape is uncertain. However, Monero has support from various US-regulated exchanges and foreign crypto-exchanges. Monero is set to see another major protocol change with ring signature upgrades. Ehrenhofer added,
“As far as major protocol changes are concerned, keep an eye on ring signature upgrades. Omniring, Lelantus, and RingCT 3.0 offer alternative ways to improve Monero’s privacy and efficiency, though these still need further evaluation before being used in production. “