Re:Ask HN: Why are privacy coins like Monero not seeing wide...
by selectodude on Tuesday July 26, 2022 @12:49PM
(#32240728)
I admit that this is speculation because I don't have the free time or desire to do some sort of deep dive, but the NFT market absolutely reeks of money laundering. Point being - why bother going through all that effort to actually mine stuff when you can just buy and sell NFTs a few times to clean money.
Re:Ask HN: Why are privacy coins like Monero not seeing wide...
by maerF0x0 on Tuesday July 26, 2022 @02:42PM
(#32242186)
> through all that effort to actually mine stuff when you can just buy and sell NFTs
Because buy and sell NFTs leaves a ledger trail that can lead you to your cash onramp being illegitimate money.
Whereas minted money is legitimate by default (and has no ledger history).
I suppose the IRS could ask "where'd the money to buy 1000 GPUs come from" though? IDK, I'm not smart enough to be a criminal :lol:
It seems pretty benign to buy a whole bunch of CPU/GPUs on the used market and then have them mine you cryptocurrencies (not just monero, but notably monero is CPU favorable). This might be a massive onramp for fiat to cryptocurrencies.
A quick google talks a lot about tumblers and other buy/sell strategies, but I'm curious about mining.
I would hate to be the lackey who suggested it to their boss last fall only for them to see their laundered money fall > 50% though.