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How stealth addresses work in Monero

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Re: How stealth addresses work in Monero

#41

Post by pfortuny »

nunobrito wrote: post #34
danlugo92 wrote: post #5

Monero is the only real cryptocurrency.

The root of the word "crypto" goes all the way in history as "to hide". Monero has since many years been the only option worthy of truly being called a cryptocurrency. Doesn't even make sense to use anything where anyone can see all the value in your private wallet and where you are spending them. The rest should really be designated as "virtual coins" or just call them "casino coins" because that is their use case.

They are not even coins. Coins do not get a pseudonym of their users attached for ever.

Re: How stealth addresses work in Monero

#42

Post by [deleted] »

aaomidi wrote: post #36
kasey_junk wrote: post #32

Earlier quoted context omitted.

The courts etc are there so we don’t have to create a posse and ride out to find the snake oil salesman. You _can_ have commerce without them but it’s much higher friction. So if a crypto wants me to abandon the existing systems it needs to show it creates less friction.

Crypto’s use case isn’t for the layman. It’s for countries that aren’t aligned with America to have a separate currency system. Doubly useful for bypassing sanctions.

[deleted]

Re: How stealth addresses work in Monero

#43

Post by otterley »

aaomidi wrote: post #36
kasey_junk wrote: post #32

Earlier quoted context omitted.

The courts etc are there so we don’t have to create a posse and ride out to find the snake oil salesman. You _can_ have commerce without them but it’s much higher friction. So if a crypto wants me to abandon the existing systems it needs to show it creates less friction.

Crypto’s use case isn’t for the layman. It’s for countries that aren’t aligned with America to have a separate currency system. Doubly useful for bypassing sanctions.

It's also a useful mechanism by which criminals can store their wealth so that it can't easily be seized by law enforcement.

Re: How stealth addresses work in Monero

#44

Post by otterley »

danlugo92 wrote: post #6
chistev wrote: post #3

Something I don't understand. What's the point of obfuscation if ultimately you can be caught when you try to convert it to fiat? If I have Btc and I convert it to monero to prevent tracking, how do I get it back to money in my bank account without being traceable?

Bitcoin's traceability ruins its fungibility.

Fungibility and traceability are orthogonal. Equities markets transactions are highly traceable and also highly fungible.

Bitcoin's fungibility is limited by its incredibly slow transaction speed. (This is true of all cryptocurrencies AFAIK -- even the fastest ones that are only capable of 100K TPS at best.)

Re: How stealth addresses work in Monero

#45

Post by matheusmoreira »

vintermann wrote: post #14
matheusmoreira wrote: post #10

Earlier quoted context omitted.

The idea is to not convert it into fiat. Create a parallel economy where monero is the actual currency, not some intermediary currency. Price things in monero.

Where would the trust come from? I mean the trust that people really do what they say they're going to do in the real world - like ship you the goods, do the work you paid for, don't immediately kick you out of the servers you paid to access etc. A shadow economy doesn't run itself, who's going to stick their neck out to even try to make it work?

That's a completely separate issue. It's got nothing at all to do with the currency being used. USD has exactly the same problems, as does every other currency on earth.

Society's answer to that is violence. More specifically, the threat of violence. If people don't do what's expected of them, at some point people with guns will show up and the violence will commence, and it will continue until the desired order is restored.

Stuff like laws and courts are just extra steps towards that violence. No matter the context, the threat of violence looms eternal and that's what makes people behave reasonably.

Re: How stealth addresses work in Monero

#46

Post by wkat4242 »

matheusmoreira wrote: post #10
chistev wrote: post #3

Something I don't understand. What's the point of obfuscation if ultimately you can be caught when you try to convert it to fiat? If I have Btc and I convert it to monero to prevent tracking, how do I get it back to money in my bank account without being traceable?

The idea is to not convert it into fiat. Create a parallel economy where monero is the actual currency, not some intermediary currency. Price things in monero.

Yes and some VPNs can be paid in monero

Re: How stealth addresses work in Monero

#47

Post by nunobrito »

pfortuny wrote: post #41
nunobrito wrote: post #34

Earlier quoted context omitted.

The root of the word "crypto" goes all the way in history as "to hide". Monero has since many years been the only option worthy of truly being called a cryptocurrency. Doesn't even make sense to use anything where anyone can see all the value in your private wallet and where you are spending them. The rest should really be designated as "virtual coins" or just call them "casino coins" because that is their use case.

They are not even coins. Coins do not get a pseudonym of their users attached for ever .

When you transfer monero to someone else there isn't a trace of where the money was before nor to whom it belonged.

You might be confusing monero with all the virtual "coins" out there.

Re: How stealth addresses work in Monero

#48

Post by tsimionescu »

matheusmoreira wrote: post #45
vintermann wrote: post #14

Earlier quoted context omitted.

Where would the trust come from? I mean the trust that people really do what they say they're going to do in the real world - like ship you the goods, do the work you paid for, don't immediately kick you out of the servers you paid to access etc. A shadow economy doesn't run itself, who's going to stick their neck out to even try to make it work?

That's a completely separate issue. It's got nothing at all to do with the currency being used. USD has exactly the same problems, as does every other currency on earth. Society's answer to that is violence . More specifically, the threat of violence. If people don't do what's expected of them, at some point people with guns will show up and the violence will commence, and it will continue until the desired order is…

There is no threat of violence if the trading parties maintain anonimty. And even if they don't, there is little realistic threat unless the victim can prove to authorities who the offending party was.

Re: How stealth addresses work in Monero

#49

Post by fruitworks »

vintermann wrote: post #14
matheusmoreira wrote: post #10

Earlier quoted context omitted.

The idea is to not convert it into fiat. Create a parallel economy where monero is the actual currency, not some intermediary currency. Price things in monero.

Where would the trust come from? I mean the trust that people really do what they say they're going to do in the real world - like ship you the goods, do the work you paid for, don't immediately kick you out of the servers you paid to access etc. A shadow economy doesn't run itself, who's going to stick their neck out to even try to make it work?

It's developed naturally through reputation systems, escrow, etc.

Re: How stealth addresses work in Monero

#50

Post by fruitworks »

otterley wrote: post #44
danlugo92 wrote: post #6

Earlier quoted context omitted.

Bitcoin's traceability ruins its fungibility.

Fungibility and traceability are orthogonal. Equities markets transactions are highly traceable and also highly fungible. Bitcoin's fungibility is limited by its incredibly slow transaction speed. (This is true of all cryptocurrencies AFAIK -- even the fastest ones that are only capable of 100K TPS at best.)

Equities markets don't have to deal with "tainted" transactions, because every transaction is like a government-approved deed or title transfer.

Bitcoin's transaction rate is artificially limited.

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