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Why Monero

benkaiser.dev

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Re: Why Monero

#241

Post by New_California »

habosa wrote: post #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 b…

You are correct on the Bitcoin-is-easy-to-trace point but transactions in the Bitcoin Lightning Network are instant and very cheap.

Bitcoin is the only cryptocurrency with guaranteed-not-to-change monetary policy and supply cap. That's because Bitcoin as a whole is uniquely hard to change.

Monero is great but easy to change and so not a reliable store of value.

Bitcoin and Monero need each other badly.

Re: Why Monero

#242

Post by tromp »

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…

It's hard to have a light Monero client, because it has to have some data indexed about all past transactions, whereas a Bitcoin client only needs to maintain the MUCH smaller UTXO set, i.e. the unspent transaction outputs. This is one of the ways in which Monero scales poorly.

Another problem is that Monero's PoW is expensive to verify where a good PoW should be instantly verifiable. In fact, it's considered so expensive that by default, the Monero client uses a checkpoint block without verifying all the PoW that led to the block.

Re: Why Monero

#243

Post by johanneskanybal »

user-the-name wrote: post #235
delaaxe wrote: post #229

Earlier quoted context omitted.

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

This really, really did not happen.

Not taking a side just a flashback how far away 1995 is: https://www.youtube.com/watch?v=95-yZ-31j9A&ab_channel=TODAY

Re: Why Monero

#244

Post by arcticbull »

quantumBerry wrote: post #193
arcticbull wrote: post #137

Earlier quoted context omitted.

This is a common trope, but incorrect. Cash is really hard to do crime with. You can't actually get any meaningful quantity of it without having a SAR or CTR filed on you (or the person obtaining it). It's big and bulky, it's uniquely numbered and traceable. You can't deposit any meaningful quantity without having a SAR or CTR filed. Converting it back into something digital, anonymously/untraceably requires launderi…

>You can't actually get any meaningful quantity of it without having a SAR or CTR filed on you (or the person obtaining it). It's big and bulky, it's uniquely numbered and traceable. You can't deposit any meaningful quantity without having a SAR or CTR filed. I could pressure wash houses for $200 a house everyday and get 100k in less than 2 years. Or bartend, work as a waitress for a few years, whatever. There's plen…

> What is the court that signs an order, based on probable cause of a crime, for each cash transaction over 10,000?

It's really not interesting re-hashing how the judicial system works.

Re: Why Monero

#245

Post by [deleted] »

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…

[deleted]

Re: Why Monero

#246

Post by bb88 »

Waaaay down at the bottom you see something like this:

> Personal Speculation

> Disclosure: I own a small amount of Monero, Bitcoin and Nano.

How small? $1M might be small to a billionaire. To others $50k is a large amount.

Otherwise it seems like yet another blog post shilling crypto.

Re: Why Monero

#247

Post by stavros »

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 the price thing an advantage, personally.

Re: Why Monero

#248

Post by dna_polymerase »

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'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes

I can't agree with that sentiment at all. Sure, there a those schemes, but most of the time they are easy to spot. If you have a look at the top 50 coins on CMC [0], you will find mostly solid projects that have large ecosystems with much brainpower locked in.

[0]: https://coinmarketcap.com/

Re: Why Monero

#249

Post by stavros »

dna_polymerase wrote: post #248
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'm not really happy promoting a cryptocurrency these days, given that most of them are get-rich-quick schemes I can't agree with that sentiment at all. Sure, there a those schemes, but most of the time they are easy to spot. If you have a look at the top 50 coins on CMC [0], you will find mostly solid projects that have large ecosystems with much brainpower locked in. [0]: https://coinmarketcap.com/

Eh, I don't know of a single one where its fans aren't focused on the price. It's a shame.

Re: Why Monero

#250

Post by sealaska »

user-the-name wrote: post #204
sealaska wrote: post #103

Earlier quoted context omitted.

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…

Paper money is much, much more difficult to use for crime than cryptocurrencies.

It depends on the kind of crime. Some crime is easier with cash.

For example, many professional bartenders commit tax fraud every day by not reporting cash tips. This is directly facilitated by paper currencies.

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