Monero Hard Fork

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On march 14 there will be a hard fork of Monero (XMR) called MoneroV or XMV. MoneroV offers you 10 XMV for each Monero that you own. This has caused the prices for Monero to increase to more than 360 USD.

Monero is best known for being a private coin where you can do fully untraceable transactions.

As any hard fork, the team behind MoneroV have identifed issues in the original coin that they are trying to fix.

For MoneroV these are:

  • Monero have an infinite supply of coins where MoneroV will have a finite supply that is capped at 256 Million
  • Monero is not scalable enough

None of the larger exchanges are supporting the fork of Monero and especially the way that you can claim MoneroV / XMV is causing concerns. You need to provide you Monero private key to the MoneroV wallet which is currently closed source.

If MoneroV is not legit, they could steal your Monero and even if they are legit it will give MoneroV access to view all your private Monero transactions and see parts of the otherwise private and untraceable blockchain that Monero uses.

The classic Monero have many supporters and the controversies surrounding MoneroV have caused a lot of debate on the internet. It even became so bad that MoneroV had to close their subreddit on Reddit.

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