GM Readers!📪 It's BitDegree Insider, and here we go again.
⭐️Today's selection:
- 🤔Strange Monero & Interpol connection
- ⚖️Ripple vs The SEC
- 🟢Wednesday's Bubbles
- 👌Selected Meme of The Day
- 📰Bite-Sized News
MONERO MYSTERY
Today we're about to take a look at Monero (XMR). The situation over there is kinda... puzzling.
If you're not familiar, Monero is a cryptocurrency that has built their popularity for its commitment to privacy and security.
Monero was launched in 2014, as a fork of the cryptocurrency Bytecoin, by a group of developers including Riccardo Spagni.
Their goal was to improve upon the privacy and security features of Bytecoin, which they felt were lacking.
Monero uses advanced cryptographic techniques to make transactions nearly impossible to trace back to their origin. This makes it a popular choice for those who prioritize anonymity in their financial transactions.
But here's where things get really complicated. Monero's privacy features have made it a popular choice for illicit activities, including money laundering and drug trafficking.
That's exactly why many exchanges prohibit the usage of Monero.
Monero's privacy features have made it a popular choice for online marketplaces, including the infamous AlphaBay.
In 2017, AlphaBay was shut down by authorities, leading to the seizure of over 250,000 Bitcoin and other cryptocurrencies. But once again, Monero was notably absent from the list.
P.S. AlphaBay was an online darknet marketplace.
But hey. There's something NEW and crazy about Monero.
On Monday, 20 March, it was reported online that Monero founder Riccardo Spagni had been arrested in South Africa.
At the same time there were rumors that he was allegedly an Interpol informant. Spagni himself denies this, as well as the fact of his arrest.
The news about the arrest of Monero's founder was posted by Twitter user James Edwards.
In the post he attached screenshots of the news item and alleged arrest warrant for Spagni aka "Fluffypony".
Now, according to Edwards, the Monero founder is in custody awaiting extradition to the US.
Edwards cites extracts from emails and documentation to prove that Spagni was an Interpol informant.
According to him, Spagni was monitoring the platform's activities and "leaking" internal data to Interpol.
Here's what the Monero founder had to say about stuff like this:
'"Let me clarify the situation. I have never cooperated or even been in contact with the authorities, a government agency, company or anyone else to spy on Monero," Spagny said on his Twitter page.'
As for the arrest, Fluffyponny also denied this information. According to him, there is no question of arrest, let alone extradition.
Spagny even "retweeted" the official response of the South African police, in which they stated that they had never detained the founder of Monero.
Interestingly, writer Nassim Nicholas Taleb, the author of "The Black Swan", commented on the situation:
"The best way to intimidate your enemies is to assure them that you work for Interpol."
Spagni reacted to this publication with the double-edged note:
"Now you get it. How to take this and how the situation will turn out for the Monero community remains to be seen."
Well... It looks like Monero is not only super secret about where the money goes, but also about what is going on in reality as well.
We shall see.
TL;DR: Monero founder was, allegedly, arrested. He denies that. He's also been named as a secret informant for the Interpol. He denies that as well. The whole situation is very confusing.
OPTIMISM AROUND XRP
So, XRP, the native token of Ripple, the payment protocol, has shown attitude. The coin saw its value increase by 20% in just 24 hours. What's up with that?
Obviously, something happened that got the XRP crowd feeling bullish.
And what else could that possibly be, if not an update from the ongoing legal battle between Ripple and the Securities Exchange Commission (SEC).
It looks like this case is heading towards a verdict, after all. If Ripple comes out victorious - it will create a precedent for the entire industry.
Reminder: The SEC vs Ripple case revolves around the fact whether Ripple was selling unregistered securities, or not. In other words - whether XRP could be regarded as a security or not. It began in 2020, and has been dragging on till this very day.
If Ripple loses the case, this means bad news for nearly every cryptocurrency, since this would eventually lead to a security-level treatment of most cryptocurrencies.
This would mean more regulation, and less decentralization - the very thing that began the crypto fever.
Well, so why is the XRP community so optimistic?
Both sides (Ripple and the SEC) have now submitted their final round of briefs. Everything now is in the judge's hands. Everyone expects a verdict really soon, it could even take less than a week.
There have been many signs that the SEC is not guaranteed to win this battle. Which continued bolstering the community's hopes.
The ongoing support rally behind XRP only shows that the crypto-people expect a win here.
We shall see it super soon.
TL;DR: Verdict in the case of Ripple vs The SEC is about to be announced soon. The XRP crowd feels optimistic, as they expect to win the case. This sentiment was reflected in the fact that XRP saw its value increase by 20% in 24 hours.
WEDNESDAY'S BUBBLES
SELECTED MEME OF THE DAY
BITE-SIZED NEWS
- US Senator Ted Cruz Introduces a New Bill Prohibiting the Launch of CBDC. He added that the United States' digital currency policy must ensure the dollar retains dominance.
- Texas Lawmaker Cody Harris Proposes Crypto-Friendly Bill Protecting Miners. It would recognize miners and protect them from the interference of any Texan law.
- Coinbase Expands its Presence in Brazil with New Payment Network Integration. This network has 140 million users.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.