Why Monero

Post by R0b0t1 » Tue, Sep 14, 2021, 3:48 PM UTC

throwaway77770 wrote: post #282

R0b0t1 wrote: post #181

Earlier quoted context omitted.

The most promising? What do you mean? BTC and XMR already work and don't have the downsides of Taler. Usability could be improved for those, yes. Outside transparency is not a benefit. Most people I've talked to about crypto don't see the opacity as a detriment. They do not trust the government or tax policy. Most of these people are also generally happy to pay their taxes but can see reasons when they would want to…

> Outside transparency is not a benefit. Most people I've talked to about crypto don't see the opacity as a detriment. They do not trust the government or tax policy. I think his point is: Bitcoin explicitly takes a libertarian position to taxation by making it hard to tax. While most crypto adopters may be libertarian, the majority of people are not and so the libertarian position will deter adoption.

Post by stiltzkin » Tue, Sep 14, 2021, 4:13 PM UTC

notanzaiiswear wrote: post #283

For the dogecoin fans, there is also a similar project based on Monero called Wownero: https://wownero.org/ - that is, technology based on Monero, but more fun. Since I missed to dogecoin hype, I am now rooting for Wow.

Post by iszomer » Tue, Sep 14, 2021, 4:46 PM UTC

pskiba wrote: post #306

randomhodler84 wrote: post #52

Earlier quoted context omitted.

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.

I'm not sure I get your argument, staking takes significantly less powerful hardware so its very accessible. Staking pools also have a "saturation point" to encourage decentralization. That way not all 80 Billion dollars worth of ADA goes to one staking pool. Very hard to see how oligopolies can arise in this scenario when compared to mining operations that are unprofitable to most users (and of course bad for the en…

Post by quantumBerry » Tue, Sep 14, 2021, 5:06 PM UTC

R0b0t1 wrote: post #330

lottin wrote: 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…

For salary or wage payments, kind of. If you received your normal wages in XMR then the government would have a hard time proving anything illegal is happening, even if both your employer and you are breaking the law.

Post by minsc__and__boo » Tue, Sep 14, 2021, 5:14 PM UTC

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.