Posts: 316 +154
TY,A state banning something doesn't make it worthless, it makes it illegal. There's an important distinction. For instance, if you hypothetically had some marijuana in your pocket and crossed state borders into a place where marijuana is illegal, does the value of the marijuana in your pocket immediately drop to zero? Obviously not, otherwise there would never be an instance of someone trying to sell marijuana away from the eyes of the law. Did alcohol become worthless during Prohibition? Governments aren't great at learning from history but even they will think twice about revisiting this old classic.
Given the large opposition to that proposed IRS bill, it's not certain if it will actually pass, but even if it did, the proposal only involves banks reporting the aggregate total annual amount going both in and out of an account, not each and every individual transaction. Their stated reasoning for this is to identify suspicious accounts that for example report $10,000 income but $3,000,000 of spending. It's obvious government overreach but they're not dumb enough to go full Orwell right out the gate. It's their intention to remove freedoms inch by inch, like slowly raising the water temp so the frog doesn't realize it's being boiled.
That aside, one does not need to use their bank account to buy Monero, in fact most people who buy Monero specifically avoid leaving behind an obvious paper trail. For example there are local exchanges (like LocalMonero) which function like Craigslist where one can meet up and buy Monero with cash. Prepaid cards are another popular option for buying crypto anonymously. Not that all this is super critical because once you actually have the Monero, what you do with it is completely unknowable by design.
A few misunderstandings here. Quantum computing isn't a "superior" form of computing but a different approach to solving very specific problems not feasible to attempt with classical computing. Techspot has a great introduction to quantum computers:
In short, quantum computers can't give you higher FPS in games, but it may finally enable us to factor prime numbers really quickly.Quantum computers are beginning to emerge in many industry and research labs. But what are qubits? And are the challenges ahead to control the quantum properties of...www.techspot.com
Similarly, quantum cryptography is not necessarily better than current cryptography. Certain aspects of quantum entanglement makes it easier to spot when a transmission is intercepted or tampered with during transit but as for securing data at rest, quantum encryption will not necessarily outperform current encryption standards in all metrics.
In regards to cryptocurrencies, the actual "crypto" part occurs during mining and verification of blocks. The blockchain itself is only a ledger, a record of all previous blocks and transactions. A quantum computer can't undo a blockchain because it can't rewrite causality. Every entry on the blockchain is hashed based on the entry before it, which means if any entry is altered, all entries before it must also be altered, and not just on one machine but on 51% of all machines which carry a copy of the blockchain. The near impossibility of this event occurring is where the faith in the integrity of bitcoin comes from. It is the people's money, not the Fed's.
Also while crypto currencies are marked as being finite is it not the opposite potentially an infinite new crypto currencies with new ones popping up every day. With the ability to exchange them the probability of it fighting inflation goes down because there is an infinite crypto coins potentially unlike previous metals that are actually finite.