Monero sounds great as a starting point since it can theoretically mimic an in-person cash exchange as far as anonymity is concerned. But to encourage adoption we need to be able to do more than that. Is it possible to design a "chargeback" mechanism on top of monero? What if I want the ability to allow an intermediary to arbitrate a dispute between me and the other party?
Why Monero
221–230 of 394 posts
Re: Why Monero
#222Earlier quoted context omitted.
I think what's dangerous frankly is when crypto "experts" try to claim something is when it ain't -- in a public forum. You just can't make a claim and then say later, "But I'm not an expert."
Whatever. Go forward with your witch hunt. I personally never use crypto myself, though do some contract development on Eth-powered projects. As about money laundering your opinion is one of a person living in western country with working institutions and strong legal frameworks. Unfortunately this isn't the case in many places around the globe. There is tons of countries where everything is just a question of % you…
Re: Why Monero
#223Monero is a solid improvement because it has low fees (so far) and is very hard to trace. So it’s popular for criminals or intense privacy types. It’s still far too slow and hard to use to ever be accepted in your local grocery store. It’s also hard to buy with fiat because most exchanges are scared of it.
What’s really remarkable is how little any of this has changed since ~2016 which was two crypto boom cycles ago. Every single popular cryptocurrency still has the same massive flaws. They’re all either too traceable, too hard to use, too centralized, too slow, too expensive, or too energy intensive. Most of them are many of those things.
In 2010 I was a crypto believer. But the whole space has made so little forward progress in 10+ years. In fact there’s been a lot of backwards progress. Mostly all that’s happened is a lot of people have become obscenely rich from speculation, scams, or the intersection of those two things.
Those of us who hoped for a new way to pay for things in real life are still waiting.
Re: Why Monero
#224Earlier quoted context omitted.
Is the algorithm poorly suited to GPUs or fpgas, or are we just not to that point yet? Proof of stake seems like a good thing.
Proof of stake isn’t a good thing actually. Especially in a private cryptocurrency. Monero will remain PoW for its censorship resistance. We can’t have stake oligopolies taking control.
Re: Why Monero
#225Re: Why Monero
#226Earlier quoted context omitted.
My fear with strongly anonymous DeFi is indirectly harming the environment and supporting crime. Sadly doesn't look like Monero resolve these concerns.
Oh no, it works like cash! People will do things with money that you're uncomfortable with. If it's criminal, then laws and enforcement and investigation will have to evolve. That doesn't mean "well, I guess we have to give up privacy now. " Not your money, not your business. Privacy is important, and it's a binary proposition. It's either part of the currency or it's not. You can't have any gray area because people…
Re: Why Monero
#227Earlier quoted context omitted.
This shows how little cryptocurrency users know about how governments collect taxes. The government doesn't go around checking people's bank accounts in order to get tax information. This would be terribly inefficient. What they do instead is pass laws that require employers to disclose how much they pay their employees and to collect taxes on their behalf, before the taxpayer even receives the money. Therefore priva…
That’s an edge case for payroll taxes/income tax of employees. All other forms of taxation can be avoided by the common man.
Re: Why Monero
#228Earlier quoted context omitted.
TBH I'm against strong anonymity when it comes to money. Seems like it can amplify harm more than other areas like speech or association.
Financial anonymity is important — just because the panic of the day is “secret Nazis” doesn’t make this untrue. Consider a woman trying to escape domestic abuse, who has been financially trapped. If all transactions are untraceable, a $20 to “a grocery store” here and there can very well be her escape route. Same goes for oppressed individuals attempting to escape abusive families, neighborhoods, countries. Realisti…
Re: Why Monero
#229Earlier quoted context omitted.
That's like being worried about using the Internet in 1995 because of indirectly supporting porn. Remember, the Internet is only useful for porn and cat pictures, right?
"Remember" what? Nobody ever thought that. That is just the kind of thing bitcoiners keeps saying that has no basis in actual history.
Re: Why Monero
#230Still has 21 minute transaction time: https://www.monero.how/how-long-do-monero-transactions-take
If you're buying a coffee the vendor is likely to let you leave the shop after no confirmations (as soon as their node hears about the transaction) but if you're buying a car the same is unlikely to be true.