Kraken limiting Monero. Prelude to total delisting IMO (primal.net)
from shortwavesurfer@lemmy.zip to privacy@lemmy.ml on 14 Jul 02:08
https://lemmy.zip/post/67860329

Edit:

We can also guess they’re playing fractional reserve games with Monero.

The fact that they’re letting you deposit double what you can withdraw means they don’t have enough Monero on their books to make it up for everybody. Otherwise, the deposit and withdraw amounts would be equal.

#privacy

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nymnympseudonym@piefed.social on 14 Jul 03:05 next collapse

Haveno DEX FTW

shortwavesurfer@lemmy.zip on 14 Jul 05:06 next collapse

Hell yeah

DanceMomsSavedMe@lemmy.zip on 14 Jul 21:26 collapse

Let me guess you still gotta run random .deb files on your computer to access it? Even though Bisq was also open source and vetted and trusted?

Pass.

Excited for Serai though, if they ever actually do anything with it. Been like 7 years now.

parzival@lemmy.hkserv.space on 15 Jul 18:10 next collapse

? Just use retoswap

WhyJiffie@sh.itjust.works on 15 Jul 22:45 collapse

apparently they have a flatpak now

mindbleach@sh.itjust.works on 14 Jul 04:03 next collapse

Prelude.

shortwavesurfer@lemmy.zip on 14 Jul 05:05 collapse

Oopse, will fix

mindbleach@sh.itjust.works on 14 Jul 05:22 collapse

Oopsie.

rijom@lemmy.ml on 14 Jul 08:56 next collapse

What’s the story here? Why would they want to delist?

chicken@lemmy.dbzer0.com on 14 Jul 10:33 collapse

Monero is private by default, and lacks ways to make exceptions to that privacy for governments. They don’t like that, because they want to spy on people’s finances, and have been both banning it directly and putting pressure on exchanges to get rid of it. For instance a few years ago the US government got Binance to delist it as part of the settlement terms of a lawsuit against them. Kraken is a US company and is the only centralized cryptocurrency exchange left that both offers Monero and will let you withdraw/deposit US dollars.

The text in the email says a lot:

These limits are being introduced as part of Kraken’s ongoing efforts to maintain risk-based compliance controls while continuing to support XMR trading and transfers.

Emphasis mine, they are doing it to try to keep the government happy, government does not like financial privacy.

shortwavesurfer@lemmy.zip on 14 Jul 18:24 collapse

The user can do things transparently if they want to in Monero, but it’s not by default, obviously.

We already have public view keys.

chicken@lemmy.dbzer0.com on 14 Jul 22:10 collapse

There are view keys, but that wasn’t considered to be enough when Binance was demanding more access to fulfill their new compliance requirements and other privacy coins were making changes to give it to them.

shortwavesurfer@lemmy.zip on 15 Jul 08:14 collapse

True. The Monero community was basically like, fuck you, we aren’t changing anything. And if you don’t like it, then tough noodles.

Hirom@beehaw.org on 14 Jul 10:15 next collapse

Oh no, not the coal and gas-powered currency.

Amnesigenic@lemmy.ml on 15 Jul 17:53 collapse

As opposed to what, the dollar?

Hirom@beehaw.org on 15 Jul 20:40 collapse

Anything but PoW

nibbler@discuss.tchncs.de on 14 Jul 11:33 next collapse

The fact that they’re letting you deposit double what you can withdraw means they don’t have enough Monero on their books to make it up for everybody. Otherwise, the deposit and withdraw amounts would be equal.

That conclusion does not follow from the limits alone. Deposit and withdrawal limits are operational policies, not a statement of the exchange’s Monero reserves. They can be asymmetric for many reasons, including compliance requirements, fraud prevention, or liquidity management.

A lower withdrawal limit might justify asking questions, but it is not evidence by itself that the platform is running a fractional-reserve scheme. To establish that, you would need information about its liabilities, on-chain reserves, withdrawal delays, failed withdrawals, or other evidence of a shortfall.

whatiswrongwithyou@lemmy.ml on 14 Jul 22:03 next collapse

“Who could have ever predicted this?” We all said.

CashDragon@realbitcoin.cash on 22 Jul 05:15 collapse

Get familiar with BitcoinCash and CashFusion. It Provides pretty much as good privacy as Monero in 99% of cases and BCH is available on all exchanges.

How to anonymize Bitcoin Cash with CashFusion - bitcoiniscash.org/bitcoin-cash-privacy/