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Why Monero

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Re: Why Monero

#171

Post by R0b0t1 »

minsc__and__boo wrote: post #113
ahnick wrote: post #16

I'd be curious to hear from Monero fans why one might select it over Zcash? Zcash seems to have stronger security guarantees when shielded transactions are used.

ZCash is controlled by a privately-owned company in the U.S., who gave themselves founder's rewards. It's also designed in a way to allow "poison pills" - i.e. those in control can force a single transaction on a block, thus giving a vector to deanonymize someone. You may ask, "Who would do something like that?" and the answer would be the U.S. government who can compel privately owned organizations via secret court…

With monero you can analyze residuals to deanonymize people.

Re: Why Monero

#172

Post by ryan_lane »

ajkdhcb2 wrote: post #158
ryan_lane wrote: post #102

Earlier quoted context omitted.

Use a bank account, then?

Unnecessary intermediaries should be removed. Especially intermediaries with a horrendous corruption track record that coerce you to let them hold your money. Money that can be printed at will by some people in power is also quite a joke; cryptocurrency provides a new unit of account in addition to a payment system.

Those intermediaries replace your money if it's fraudulently stolen, and have protections in place from allowing your accounts to be fully drained (and have ways to let you control those protections). For the vast majority of people, banks do more good in their lives than harm.

Cryptocurrency isn't a bank. It's a virtual mattress to stuff your money into, and one that lends itself very well to torturing you until you unlock the wallet.

Re: Why Monero

#173

Post by bb88 »

SXX wrote: post #136
bb88 wrote: post #130

Earlier quoted context omitted.

> Monero supports crime as much as cash supports crime. Cash has serial numbers which means it needs to be laundered, since banks work with the FBI to trace where bills with serial numbers show up.

Money laundering just make it more expensive for criminals to get the profits. So does crypto due to ever moving exchange rates, comissions, etc. Also just want to remind you that the world doesn't end on US soil and once you moved cash to a different country this kind of tracking becomes more and more complicated.

Cash is legitimately harder to launder than some cryptocurrency. It's not about the expense, it's the infrastructure you have to build. Front companies and shell companies to move the money around. The more cash you have to launder the more of these entities you'll need.

The more paper records you generate the more likely you're going to get raided by the FBI, Scotland Yard, etc.

Re: Why Monero

#174

Post by xanaxagoras »

delaaxe wrote: post #18
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 really want to like Monero but I've had one of the worst crypto experience using the official desktop client. The app crashes randomly, hangs, and worst of all, refuses to send transactions using a hardware wallet when running as a full node. The hardware wallet is only able to sign transactions when connected to a remote node, which is much worse privacy wise. Monero needs much more developers & funding to succeed…

If you're "running as a full node" then your full node is the remote node for a hardware wallet, isn't it?. I'm confused. I've only ever used the CLI which provides separate applications for wallet and node, and I connect the CLI wallet over RPC to my local (full) node. My understanding is the GUI works the same way while only presenting the one interface to the end user. But you should have a monerod running under the hood.

Re: Why Monero

#175

Post by kongin »

anonporridge wrote: post #141
kongin wrote: post #105

Earlier quoted context omitted.

The lack of cultists is the only reason why I'm even reading these articles. Now if only they could stabilize the price so you can pay for things instead of gamble on it.

Who are 'they' who will stabilize the price?

The developers.

Re: Why Monero

#176

Post by bb88 »

SXX wrote: post #148
arcticbull wrote: post #139

Earlier quoted context omitted.

How are you going to get huge quantities of cash across borders without anyone noticing? Even the Narcos know thats a bad plan, they used binders of gift cards.

I'm not a money laundering expert, but when you already using crypto with a huge chance to lose 10-30% on exchange rate flunctations I don't believe it's that hard to come up with an idea. Let's say you'll make a fake startup funded by VCs from all around the world. There is plenty of people who will love to buy few million dollars with 30% discount. This isn't about some petty crime though, but again it's much easie…

> I'm not a money laundering expert.

Then why are you regurgitating this uninformed vomit passing as currency expertise? You clearly don't understand how money laundering works with paper cash, and you think the only thing that matters is "cost".

Re: Why Monero

#177

Post by mettamage »

Mistletoe wrote: post #163
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…

Monero is one of the truly useful coins and perversely one of the worst performing coins price-wise. There is a horrible lesson in there somewhere about hype and endless promises and markets. https://cryptorank.io/performance

I find Ripple and Stellar useful too. I'm not looking at their philosophy or ideology, but I've used both of them to transfer funds quickly. For that, I find them useful. In general, I'm in favor of cryptocurrencies that allow for quick transfers.

This is simply a user perspective. My "crypto perspective" isn't too happy about Ripple, but I can't deny that I enjoy using it for quick transfers.

Re: Why Monero

#178

Post by sdze »

GNU Taler is (for Europeans at least) the most promising system, because it is controllable (at least on the merchant side).

The users themself are anonymous, just like when using cash!

That is a good system because it enables governments to still being able to tax businesses and control illegal activities. Such system will also gain more acceptance among the common folks.

https://taler.net/en/index.html

Re: Why Monero

#179

Post by itsdsmurrell »

sealaska wrote: post #103
scoofy wrote: post #50

When you develop a value exchange that is perfectly designed for facilitating human kidnappings and subverting international sanctions, you should not be surprised when other humans decide they value institutions over this level of personal privacy. The narrative that this type of value exchange will protect people is as easily argued that it will put others at risk. We have institutions for a reason, and nobody livi…

Well, paper money is also used for crime. In fact, illegal uses of paper currency are so common, U.S. authorities commonly seize cash from civilians deemed to be carrying too much of it! In light of this - I think it's rational to remove paper currency from circulation and to move to a digital system where every transaction is tracked to a real person. This could be as simple as using existing banking structures, or…

I'm glad you added the /s for the sake of the person you're replying to.

Re: Why Monero

#180

Post by gillesjacobs »

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.

Financial privacy is a requirement for a free society.
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