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The original was posted on /r/monero by /u/jamesishere on 2024-02-07 06:03:32.

Some thoughts about today -

Coins have utility, and coins have order books.

Coins have investors, both long term and speculators.

Utility exists no matter the price. If a coin is useful to someone separate from speculative value, they have to buy to gain the utility. Monero has utility far greater than most other coins. I would argue in 2024 that stablecoins have the most global utility, followed by BTC as a store of value, then ETH as the best-of-breed smart contract coin, and then XMR. No other coin has greater utility than XMR.

Deep order books accomplish a few things. They enable OTC desks to more efficiently handle large buy and sell orders. They enable spot traders to enter and exit efficiently. But for utility users, there is no need for a deep order book.

I have a strongly held opinion that XMR will never be outlawed in the USA because of prior legal decisions regarding open source code, and further enhanced by the careful verbiage used in the Tornado Cash case to separate the authors of open source code from the operators of businesses (this is how Github was able to unblock access to the TC repositories for academic purposes). I do believe regulated financial entities will be outright (or strongly discouraged) from engaging with XMR. Therefore XMR will be a de facto peer-to-peer asset, not illegal (at least in the largest market on earth - the USA), but viewed with intense suspicion.

What you are left with is yet another experiment in the brief but volatile history of crypto. You have a top 50 cryptocurrency by market cap with top 5 utility, but essentially totally delisted from exchanges (yes, Kraken, but let's assume they delist too for the purpose of this essay). I would argue the following:

The more utility XMR has, the faster its price will increase.

Without deep order books on huge CEXs, and with the financial institution greyness, speculators and trading firms will avoid XMR. This is very different from every other major coin. This means the biggest driver of value will be utility, which XMR excels at!

I love XMR for ideological reasons. My intense focus, fascination, and promotion of it in my crypto peer circles is because it is the best privacy financial technology that exists.

All things being equal, I was not rooting for XMR to be delisted from all major exchanges. I can't say with a straight face that "This is good for Monero!" like a bitcoin maxi does regardless of the news. The price movement today is proof that it hurt. However I think the extreme utility of Monero as a privacy enhancing technology cannot be understated, and the fact of these delistings is proof that the technology works as intended. I have bullish sentiment despite the price movements today.