Why Monero

#1

Post by benkaiser » Mon, Sep 13, 2021, 10:42 PM UTC

Re: Why Monero

#2

Post by stavros » Mon, Sep 13, 2021, 11:46 PM UTC

I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes, but Monero has been solid for the past 5-6 years that I've been using it. It's completely anonymous, sends quickly, has minimal fees, and it hasn't been as full of cultists as some of the other coins I've seen.

I use it to pay for some things and it's always a pleasant experience. I recommend it. The only downside is that, due to the anonymity, the clients aren't as convenient (because the server can't know your transactions, it's hard to have "light clients").

MyMonero works really well, though: https://mymonero.com/

Re: Why Monero

#3

Post by paulryanrogers » Mon, Sep 13, 2021, 11:48 PM UTC

stavros wrote: post #2

I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes, but Monero has been solid for the past 5-6 years that I've been using it. It's completely anonymous, sends quickly, has minimal fees, and it hasn't been as full of cultists as some of the other coins I've seen. I use it to pay for some things and it's always a pleasant experience. I recommend it. The only d…

My fear with strongly anonymous DeFi is indirectly harming the environment and supporting crime. Sadly doesn't look like Monero resolve these concerns.

Re: Why Monero

#4

Post by randomhodler84 » Mon, Sep 13, 2021, 11:49 PM UTC

Monero is a quality project ignored by the masses. Zcash is also pretty cool too!

Re: Why Monero

#5

Post by randomhodler84 » Mon, Sep 13, 2021, 11:50 PM UTC

paulryanrogers wrote: post #3

stavros wrote: post #2

I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes, but Monero has been solid for the past 5-6 years that I've been using it. It's completely anonymous, sends quickly, has minimal fees, and it hasn't been as full of cultists as some of the other coins I've seen. I use it to pay for some things and it's always a pleasant experience. I recommend it. The only d…

My fear with strongly anonymous DeFi is indirectly harming the environment and supporting crime. Sadly doesn't look like Monero resolve these concerns.

Ultimately, you just have to let go. Every possible action you take in your life could be taken advantage by criminals. Do you want to let that restrict you ability to lead your life? I don’t.

Re: Why Monero

#6

Post by stavros » Mon, Sep 13, 2021, 11:50 PM UTC

paulryanrogers wrote: post #3

stavros wrote: post #2

I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes, but Monero has been solid for the past 5-6 years that I've been using it. It's completely anonymous, sends quickly, has minimal fees, and it hasn't been as full of cultists as some of the other coins I've seen. I use it to pay for some things and it's always a pleasant experience. I recommend it. The only d…

My fear with strongly anonymous DeFi is indirectly harming the environment and supporting crime. Sadly doesn't look like Monero resolve these concerns.

I don't know how it could resolve the "supporting crime" concern, really. When something is anonymous/private, it's going to be used for things you don't like. It's then all about whether you think the tradeoff is worth it.

Personally, I think it is, but I understand how others can have different viewpoints. I think the logical conclusion if you take the opposite stance is that you're against anonymity and/or privacy, though.

Re: Why Monero

#7

Post by hamburgerwah » Mon, Sep 13, 2021, 11:53 PM UTC

For those that may not be familiar, the relatively strong anonymity on Monero is via a cryptographic mechanism known as "ring signatures". Separate from cryptocurrency they are a useful cryptographic technique for many things: https://en.wikipedia.org/wiki/Ring_signature

Re: Why Monero

#8

Post by cosmotic » Mon, Sep 13, 2021, 11:53 PM UTC

Still has 21 minute transaction time: https://www.monero.how/how-long-do-monero-transactions-take

Re: Why Monero

#9

Post by benkaiser » Mon, Sep 13, 2021, 11:56 PM UTC

cosmotic wrote: post #8

Still has 21 minute transaction time: https://www.monero.how/how-long-do-monero-transactions-take

10 confirmations is a pretty high bar. Normally a single confirmation gives very high confidence in a transaction.

Re: Why Monero

#10

Post by henriquez » Mon, Sep 13, 2021, 11:58 PM UTC

stavros wrote: post #2

I'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes, but Monero has been solid for the past 5-6 years that I've been using it. It's completely anonymous, sends quickly, has minimal fees, and it hasn't been as full of cultists as some of the other coins I've seen. I use it to pay for some things and it's always a pleasant experience. I recommend it. The only d…

I've played around trading other currencies but Monero is the one I hold dear for the end times.

Plus it's fun to mine, you can do it on a CPU instead of needing a massive GPU swarm.