Monero Price Analysis — On March 12, Spring 2018
As my research into the Crypto world continues, I am amazed again and again by the amount of people willing to pay for anonymity. The world is naturally anonymous, and we as people go to great lengths to interrupt that natural anonymity and categorize people. The real reason I think these coins are fun, but ultimately not an investment per say, is because the reason we create exchanges is to keep records.
I want to make a few points about Monero, anonymity and money, and I think a philosophical view can help direct expectations of performance at the very least, and, Monero does anonymity in a way that transcends our current culture.
Monero ($XMR) Coin Price Forecast for Spring 2018
But first, the technical stuff. After Fridays price action, Monero seems to be reversing. More often than not, long candlesticks such as the March 3 bear candlestick are followed by pullbacks and even reversals as we are seeing.
Even if Monero prices continue to appreciate today, prices reflect the trend and there is a strong push to close above $350.
Today though, it would be perfect if there is a follow through of yesterday’s bullish pressure as they angle for higher prices. It is for this reason that Monero traders can look for buying opportunities with stops below $350 or March 9 lows. This stability bodes well, and creates interest from investors but I think everyone is looking for a stable cryptocurrency with real world applications. That brings us to my research on this coin, and anonymity and privacy, which is really the reason for Monero’s existence.
I understand the need for anonymity on the internet, I feel the huge need to protect my privacy against prying corporations, and to protect myself as a citizen from a corrupt government. I am a real free market kind of guy. So how does Monero help me maintain privacy and control while allowing me to actually send money to the person I want to?
The entire idea behind a ledger is to keep track, and to have a record that can serve as proof of payment in the case of a dispute. If the book is just random numbers that don’t provide any real information about who owns what, than they might as well not own anything.
Monero’s transactions cannot be followed through the blockchain in a way that reveals who sent or received coins. The approximate amount of a transaction can be known, but the origin, destination, or actual amount cannot be learned. The only information available is that the actual amount was lower than the displayed amount. The only people with access to the whole set of data about a transaction are the sender or receiver of the transaction and the person who possesses one or both secret keys. Monero also uses Ring signatures to hide sender information, RingCT to hide amount and stealth addresses to hide the receiver.
I am very optimistic about cryptocurrencies and cryptography in general as a way to protect an individual's rights against corporations and governments, especially those like Facebook that glean your information and attempt to control your behaviour, trust me. If Monero can provide control for people, than they have built value, and that is what the world needs right now.
Safe trading clan!