The monero price climbed to $ 250 after the cryptocurrency was the subject of several ads Bulls – and privacy conscious users have discovered another centrally-centered cryptocurrency anonymity was not quite as private as they had originally thought.
The Monero price climbs to $ 250
On Monday, the monero price was trading below $ 200, so the jump above $ 250 represented a 24 hour gain of about 28%. At present, the monero price is trading at a global average of $ 252, which translates into a market capitalization of $ 3.9 billion.
According to the usual Bithumb, based in South Korea, led the rally, and Korean traders valued monero at nearly $ 40 above price on the other major exchanges. At present, XMR / KRW is priced at $ 276, while the monero USD and BTC pairs are under $ 240.
Chart of the XMR Trading Volume Source: CoinMarketCap
Factors behind the Monero rally on prices
Three clear factors contribute to rising monero prices. The first is that in an episode of Real News with David Knight, pioneer cybersecurity John McAfee praised monero as an alternative to bitcoin. McAfee, who recently promised to eat his d ** k on national television if the price of bitcoin did not reach $ 1 million in 2020, predicted that if bitcoin had a serious competitor, it would not be the case. was monero.
Second, Monero announced Project Coral Reef, an online shopping initiative that will allow music fans to use monero to buy holiday gifts from over 35 renowned musical artists, including Mariah Carey, Toby Keith and Fall Out Boy at a reduced price.
Last but not least, Jeffrey Quesnelle, a researcher at the University of Michigan-Dearborn, published an article that raised questions about the privacy of Zcash's shielded addresses.
Quesnelle found that – at least the way most people currently use the shielded address function – 31.5% of transactions using zk-SNARKS cryptography could be indirectly related to their address. 39; origin.
Zooko Wilcox of Zcash and Jack Gavigan wrote a blog post about the research, pointing out that he had not discovered any security vulnerabilities. However, they concede that many users misunderstand how protected addresses should be used, which is why they inadvertently sacrifice their privacy when they use this feature.
"To protect yourself from this kind of exposure, do not think of armored addresses as something you pass on money consider them as something in money ] Storing money in an armored address and sending some of it as needed gives you a great deal of privacy.It is not enough to transfer money. money and immediately transfer this money, wrote Wilcox and Gavigan
Monero developer Riccardo Spagni sent a hint of revenge on Twitter, recalling that NSA whistleblower Edward Snowden had praised the Zcash project but called Monero "crypto amateur".
"It turns out that 31.5% of the handful of private ZCash transactions are traceable." What is this quote [Edward Snowden] yet? Oh yes – "Super project, but the problem with amateur crypto, these are mistakes that happen and have huge consequences for people like me, "writes Spagni.
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