Cosine, the founder of SlowMist, took over his social media platform and expressed his disagreements with a Forbes article that classified Monero (XMR) as a “zombie coin.” Back in March 2024, Forbes published an article that highlighted “zombie coins.”
Zombie tokens refer to cryptocurrencies that have substantial valuation but limited utility beyond speculative trading. These coins are considered “undead” because they continue to trade despite offering little to no real-world benefits. Monero (XMR) was one of these 20 zombie coins.
According to Cosine, Forbes must have misunderstood the fact that XMR is a privacy-focused cryptocurrency that allows for anonymous and secure transactions. It’s well-known for its strong features, making it a popular choice for those seeking confidentiality.
Monero: King of the Dark Web
As per the Binance Square report, Cosine also emphasized XMR as the “king of the dark web” and a “black hard currency.” These terms indicate XMR’s reputation for providing unmatched privacy and anonymity in the digital transaction sector, making it a preferred choice in privacy-centric circles.
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The cybersecurity expert argued that Forbes seems to be unaware of XMR’s strong privacy features and its critical role in decentralized finance, particularly in an environment where financial privacy is an utmost necessity. He also pointed out the fact that Monero uses cryptographic structures to ensure that the transaction details which include the sender, receiver, and amounts, addresses and details remain confidential.
At press time the price of the XMR token stands at $170.52 with a surge of 2.6% in the last 24 hours.
Broader Debate on Privacy Coins
The commentary sparked discussions about how mainstream media portrays privacy coins. Supporters argue that cryptocurrencies like Monero are essential for protecting individual financial freedoms, especially during an era where surveillance is increasing day by day. Critics on the other hand often associate privacy coins with illegal activities due to their anonymity features.
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