One of the biggest signs that crypto is maturing is its reaction to negative news. In 2018, the slightest bad news would trigger a massive price collapse. However, things are changing. Sometime back, it emerged that the owner of a major Canadian exchange had died and millions of dollars of worth of crypto lost. Interestingly, this did not affect the market. A similar scenario is now playing out with Monero (XMR). It is emerging that there is a malicious Monero fork called Monero rings. Here are the details of it, as per an update on Reddit by Guarda, a leading non-custodial wallet.
“The website of this alleged Monero fork – https://monero-rings.org/
In case it has been already suspended, the name of the supposed fork is Monero Rings – this Monero fork Github has a cloned repository (taken from the official Monero Github) with minimally changed README.md (the project’s description), the whitepaper of the project contains nonsensical information but, more importantly, the website form sends the user’s mnemonic phrase to their own server.
Here is how it is done:
After the user puts in the mnemonic phrase and gets the focus off the field, a SendAForm() function appears and sends the data from the said input into the project’s very own server in a form of an AJAX request.”
In essence, it is a centralized scam that is cleverly passed off as a privacy coin. Interestingly, this revelation has not hurt the price of Monero (XMR). It is still trading within the $49 -$50 range, a price level at which, it was trading even before this information came to the fore. Rather than panic sell, the community is taking active measures to expose the scam and make sure it doesn’t harm Monero (XMR) and the crypto community in general. For instance, it has been blacklisted on metamask and EtherAddressLookup. These are active community measures that will ensure that such scams, which are harmful to crypto growth don’t see the light of day.
This is a good signal that crypto space is now mature. People no longer just panic sell at the slightest bad news. They either ignore or actively take part in corrective measures. The implications of this growing stability are many. For starters, it will play a huge role in drawing in institutional money into crypto. That’s because, institutional money values stability, and that has been lacking in crypto space for long. Now that it is growing, more institutional players will start coming in. Already pension funds are taking an interest in crypto, and these are not the kind of institutions that put money into random ventures. They value stability over everything else.
The result of this growing stability is that crypto could be up for unprecedented growth. The probability of Bitcoin (BTC) hitting $100k or more is very high. In such a scenario, high utility coins like Monero (XMR) will see massive gains in the long-run. The future looks good for Monero (XMR) and crypto in general. In a bull market, Monero (XMR) could easily rise to over $1000.