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Why Monero

benkaiser.dev

221–230 of 394 posts

Re: Why Monero

#221

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?

There’s no reason that intermediaries couldn’t be used. But it wouldn’t be part of the actual core tech. There should be multiple options for such things as well. All competing for better service.

Re: Why Monero

#222
post #199
post #192

Earlier 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…

Saddam Hussein who controlled his own currency (and even had his face on it) wanted US Dollars. The wanting of US Dollars (and laundering them) isn't limited to those who live in a western country.

Re: Why Monero

#223
Bitcoin is totally useless as a currency because it’s slow, has high transaction fees, and easy to trace. So it’s bad for both regular consumers and criminals alike.

Monero 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

#224

Earlier 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.

How are mining oligopolies better than staking oligopolies?

Re: Why Monero

#225
Monero people may not like it but Particl v3 may be released next week or the week after. It's a privacy coin like monero but comes with a decentralised, anonymous marketplace like ebay. V3 will be the first production-ready, mainstream release ready for primetime. It seems to me one of the most undervalued crypto projects with an actual useful product.

https://particl.io

Re: Why Monero

#226

Earlier 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…

Cash doesn't burn a bunch of electricity on a PoW scheme.

Re: Why Monero

#227
post #202

Earlier 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.

Not at all an edge case, but there's no point discussing this. If you think you can avoid all other forms of taxation, I say go ahead and try it!

Re: Why Monero

#228

Earlier 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…

Just because the government knows about my bank account doesn't mean my wife/neighbor/rando does. No one is talking about radically public bank accounts; the surveillance is only for the government.

Re: Why Monero

#229
post #22

Earlier 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.

Yes plenty of people thought that, well into 2000-2005. Maybe you hang out too much in tech circles?

Re: Why Monero

#230
post #8

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

The block time is 2 minutes. You can choose to wait for 0 blocks or 100. The longer you wait the better the security of your transaction, because there's more PoW behind it. All crypto work like this. You also get more security behind your tx by waiting in a PoS system.

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.

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