You don't know anything about Monero's history. Your adversarial thinking skills are lame.
State agencies/deep state have Monero on the radar since 2018, when it ranked #4
Since then they used every possible means to suppress its price while they pumped the hell out of shitcoins (unfortunately including BTC, where they identified a psychological weakness (superiority) of holders, that now believe into store of value and NGU instead of a private medium of exchange better than fiat or gold.
They fully neutralised its impact. 99% of all new speculators are now onboarded through KYC and the only thing they will ever use is BTC IOUs through a fullyvstate compliant custodian. It's a huge fail.
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What evidence do you have that state agencies have purposefully manipulated the price of monero downwards? If you don't have proof, why does that sound so familiar to what any rabid altcoin cult says about, say, XRP or BSV?
Fractional reserves were reinvented for Monero by Binance in 2019, long before people were concerned with CEX going fractional on Bitcoin.
People assumed it's impossible to go fractional on crypto. But that were early assumptions before gigantic custodians took over the market.
I am sure you'll find plenty of material if you research for "fractional reserves Monero"
