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Why Monero

benkaiser.dev

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Re: Why Monero

#291

Post by akimball »

quantumBerry wrote: post #208
csh0 wrote: post #187

Earlier quoted context omitted.

The same qualities that make a stock or asset desirable (appreciation) make for a bad currency. The expectation of wild appreciation discourages transaction and encourages hoarding. This is one of the the reasons why (low) target inflation rates exist. The (slight) devaluation of the currency encourages consumption or investment with the currency and discourages mattress stuffing. You wouldn't buy goods with stocks.

Monero has infinite (but low rate) tail emission, meaning the unlike bitcoin the supply approaches infinity. Unless the basket of goods Monero can purchase also goes to infinity, Monero at some point will have inflation.

The potential (not actual) Monero supply will surpass the Bitcoin supply in 2044. Lost keys may exceed emission, which would imply deflation of actual supply.

Re: Why Monero

#292

Post by akimball »

galangalalgol wrote: post #34
henriquez wrote: post #10

Earlier quoted context omitted.

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.

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.

GPU and CPU miners are roughly equal in mining utility on the Monero chain. FPGAs and ASICS are disadvantaged by the memory bandwidth requirements of the RandomX algorithm

Re: Why Monero

#293

Post by akimball »

notanzaiiswear wrote: post #280
bb88 wrote: post #246

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.

How will you find and maintain experts who are convinced of the greatness of some investments, but refuse to invest, because they want to remain impartial? I think your demands are unrealistic. Also, you could just as well consider it a positive signal (putting money where their mouth is). I guess even better would be posting a proof of ownership. Not sure if that would be possible with Monero, but it would be possib…

Posting the view key for the wallet would prove ownership (and transaction history). This is how Monero allows audit ability and subpoena compliance without risking the security of funds.

Re: Why Monero

#294

Post by lottin »

tifik wrote: post #278
lottin wrote: post #236

Earlier quoted context omitted.

All income that you receive from or is routed through an institution will be handled in the same way. This likely includes interest, dividends and capital gains as well. Then there's VAT which is also collected by businesses on behalf of the government.

Exactly. Crypto largely removes the need for institutions, and with anonymous wallets it would be very difficult to link a specific person to one. Edit: I am again talking about capital gains. Yes, the money has to come from somewhere, but you can break the traceability easily by using non-kyc means of getting crypto. E.g. bitcoin ATMs.

A bitcoin ATM is an interface with an institution that is selling/dispensing dollars, so you're still dealing with an institution.

Re: Why Monero

#295

Post by benkaiser »

bb88 wrote: post #246

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.

0.5XMR if you're interested, worth about $125 USD

Re: Why Monero

#296

Post by akimball »

scoofy wrote: post #153
enriquec wrote: post #125

Earlier quoted context omitted.

how much damage is and has been done through the traditional institutions/methods/tracking/privacy-invasion you are advocating in totalitarian regimes today and throughout history?

Historical institutions are totalitarian monarchies. The modern democratic institutions are the exception, not the rule. I'm not saying Monero shouldn't exist, I'm saying those of us in a free society should want it to be illegal in our free society. Again, it's legality in an unfree society is essentially irrelevant to it's practicality.

Making privacy illegal insures totalitarianism

Re: Why Monero

#297

Post by galangalalgol »

akimball wrote: post #292
galangalalgol wrote: post #34

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.

GPU and CPU miners are roughly equal in mining utility on the Monero chain. FPGAs and ASICS are disadvantaged by the memory bandwidth requirements of the RandomX algorithm

Since posting I poked around on Reddit and it seems many are mining other currencies to trade for monero (cross-mining?), and that mining monero directly may already be close to break even on electrical costs.

Re: Why Monero

#298

Post by nobrains »

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…

>> Bitcoin is totally useless as a currency because it’s slow, has high transaction fees...

No longer true for slow and high transaction fees, after the lightning network. With the lightning network, it is FAST and much LESS transaction fees.

Oh, and the lightning network is no longer a pipe-dream. It is here and actively in use. If you sincerely want to try it, try using the Breez wallet https://breez.technology/

Re: Why Monero

#299

Post by akimball »

R0b0t1 wrote: post #171
minsc__and__boo wrote: post #113

Earlier quoted context omitted.

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.

The IRS has paid out millions of dollars in a failed effort to deanonymize Monero transactions without a lawful subpeona. Thus, a lawful subpeona is still required in order to unseal Monero transactions in the US, I.e., to compel the production of a view-only cryptographic key.

Re: Why Monero

#300

Post by sumedh »

bb88 wrote: post #262
stavros wrote: post #6

Earlier quoted context omitted.

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…

> I think the logical conclusion if you take the opposite stance is that you're against anonymity and/or privacy, though. People are all for anonymity until law enforcement can no longer catch criminals. There's a balance there your statement is lacking. It's kinda like saying if you support anonymity, you must be clearly pro-crime, which I don't think you are. E.g. Banking regulations don't allow banks to publish de…

> But KYC allows banks to report questionable activity to FINCEN

Isnt that just for the little guy because there are always stories in the news that banks help cartels move money.

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