Binance delists Monero.
Huge price impact. XMR down 30%
Delisting
Price
Huge price impact. XMR down 30%
Binance Withdrawal
Withdrawal supported till May 20th
Swap Sites
Some swap sites temporarily can’t do XMR, such as ExCh
Nodes
Some nodes are having issues connecting.
The Point:
If ever there was a time to test your faith, this is it. Stay strong. Stay calm. Stay rational.
Fraud allegations
There were many allegations of Binance not even having the XMR they claimed to. Some speculate that the reason for the delisting was because NOT because the government doesn’t like cryptocurrency, but because the US government now looking at their books would detect Binance’s fractional reserve XMR fraud. However, these are just allegations and estimates from the Monero community based off rough liquidity measurements WITHOUT hard evidence. But if this is hypothetically true, then Binance’s delisting of XMR will actually help the price long-term since it isn’t being suppressed by fraudulent supply.
Long term
Premise:
Given that privacy is a fundamental human need, XMR will always have value.
Silk Road
Flash back to Bitcoin when Silk Road shut down. Would you have sold then?
Atomic
The teams doing atomic swaps have made good progress. Re-read our previous post on Twisting Monero’s flaws. We said then “Monero has the most vibrant peer-to-peer markets. If Monero is banned, recent technology developments with two-way atomic swaps will allow it to continue globally regardless. The Particl team has developed bi-directional atomic swaps, Elizabeth Binks has developed ETH-XMR atomic swaps, and DarkFi has a unique and completely private method as well.”
Step Back
As you get anxious watching the numbers drop, you might be tempted to make a quick decision. According to Psychology Today,
“When we are anxious, we naturally seek comfort and control over the situation. Some social psychologists believe that the state of our feelings provides a useful source of information for making decisions.” [link]
Key Point:
But ironically the reason you bought XMR to begin with is because the government made you nervous. The very anxiety you experience today, is the cure XMR seeks to provide, with uncertainty over a politically and economically unstable situation. The threat of a CBDC. The unstable budget that can only be repaired through printing of money. The loss of human rights and privacy violations. The anxiety you experience today of wanting to get out at any price, will be what the US dollar holders will feel in the future. USD is the real shitcoin.
It’s Monero’s stable and resilient code that can give you comfort in a world of dramatic emotion. Today we experience the effects of regulators turning their cross-hairs on the tools of freedom. But do you believe they will stop here? Do you believe this is their last bad act?
Remember that Monero has value in the face of true tyranny. So if you believe we’re going in that direction, this might be the greatest buy the dip of all time
If you really want to learn and take your privacy to the next level, subscribe to our new content via: Session, Nostr, Bastyon, RSS, Ethereum Push
Related Posts
Monero Spike: Why?
What is behind the rapid rise?
[SP]
Dec 5, 2024
Tips to Avoid Getting Flagged with P2P Monero
Legally avoid problems with your financial institutions
[SP]
Oct 13, 2024
Bitcoin's transparency hurts its use
When you spend Bitcoin, it creates tiny capital gains
[anon-bobo]
Oct 12, 2024
Make money off the Telegram founder being jailed?
Bastyon is the Russian Nostr, and it's rising in popularity. Even if just 1 or 2% of Telegram's userbase moves over to posting on Bastyon, the coin would have to dramatically increase
[SP]
Aug 27, 2024