Should Have Used Monero

The acronym SHUM seems to have first appeared in a Reddit post made by u/dnale0r about how the U.S. government was able to track and arrest a dark net user via his Bitcoin transactions. It quickly became a meme as a response to not only the privacy failings of Bitcoin, but rather any failing of both crypto and legacy fiat systems.

You guys probably know the abbreviation “SFYL” (Sorry For Your Loss). I propose a new one: “SHUM” (Should Have Used Monero) ;) – u/dnale0r (27 Sep 2017)

Why Monero? Doesn’t Bitcoin Fix Fiat?

Existing financial systems are frequently restrictive: bank accounts are shutdown, users are banned from platforms like PayPal or GoFundMe, and transactions are blocked by payment networks like Visa or Mastercard. People often use Bitcoin as a solution without realizing it’s somewhat of a surveillance network due to its completely transparent ledger. Bad actors can easily scrutinize financial activities of Bitcoin users which allows for things like compliant mining and tainted coins. Therefore, it is not a viable solution.

29 events  //  See all 32 tags

CoinJoin  (9) Banned  (6) Flagged  (6) Funds Frozen  (6) Wasabi  (5) Zcash  (4) Chainalysis  (3) Compliant Mining  (3) Darknet  (3) GoFundMe  (3) PayPal  (3)
3 Jun 2021
PayPal Flags Transaction With the Word "Persian" In The Description
2 Jun 2021
PayPal Bans Tor Supporter Larry Brandt
17 May 2021
CipherTrace Links 72,000 Iranian IP Addresses to Over 4.5 Million Bitcoin Addresses
6 May 2021
Marathon Mining Pool Mines Its First Compliant Block
24 Apr 2021
CBI Allows Iranian Financial Institutions to Use Bitcoin Mined Within Iran
15 Apr 2021
LocalBitcoins Bans Xanthusqueegly for Sending Funds Directly to a Darknet Market
15 Apr 2021
U.S. Government Sanctions 28 Crypto Addresses by Executive Order
30 Mar 2021
Marathon Announces Plans for an OFAC-Compliant Mining Pool
28 Mar 2021
Capitol Protestors Blocked From Crowdfunding Legal Defense Fees
26 Mar 2021
Bitwala Freezes @RiccardoMasutti's Account Due to Six-Month-Old CoinJoin Deposit
23 Mar 2021
BitMEX Flags @kristapsk's Account for CoinJoin Deposit Over 6 Months Old
15 Mar 2021
Kevin O'Leary on Why Institutions Will Pay Premium for Bitcoin Mined a Certain Way
2 Mar 2021
Bottlepay Returns @Marty_P_B's CoinJoin Deposit
12 Jan 2021 — 15 Jan 2021
Financial Crackdowns After U.S. Capitol Riot
29 Oct 2020
Blockseer Launches Compliant Bitcoin Mining Pool
13 Aug 2020
BitVavo Bans u/Bujuu for CoinJoin Withdrawal(s)
19 Jul 2020
Zcash Shill Loses Zcash Privacy Bet
30 Jun 2020
Elliptic Adds "Blockchain Monitoring" Support for Zcash & Horizen
8 Jun 2020
Chainalysis Adds "Investigation and Compliance" Support for Dash & Zcash
18 May 2020
Carnegie Mellon Study on XMR vs ZEC Shows That Optional Privacy Is a Fundamental Flaw
2 Mar 2020
BlockFi CEO Confirms Flagging CoinJoin Deposits
28 Jan 2020
Paxos Flags @McHodled's Account After CoinJoin Withdrawal
10 Jan 2020
GoFundMe Suspends Two Ukranian Plane Crash Fundraisers (Reinstated)
19 Dec 2019
Binance Freezes @bittlecat's Account & Requires KYC Data for Attempted CoinJoin Withdrawal
1 Oct 2019
Chainalysis Able to Analyze Darknet Fentanyl Dealer's Bitcoin Transactions
3 Sep 2019
Paxful Freezes & Then Bans u/Dtitanowner's Account for CoinJoin Deposit
3 Jun 2019
Bisq User u/Izzytdi's Exchange Accounts Frozen Due to Tainted Bitcoin
18 Apr 2019
Bitfinex Freezes & Bans GhostPi1's Account for Months-Old CoinJoin Deposit
31 Aug 2017
U.S. Government Tracks & Arrests Dark Net User "OxyMonster"