5 ms·

Monero – a cryptocurrency that focuses on privacy, decentralization, scalability

64 points by spaceboy 10y ago

saycheese 10y ago
What advantages does Monero offer that are not provided by other cryptocurrencies? http://monero.stackexchange.com/questions/2254/what-advantages-does-monero-offer-that-are-not-provided-by-other-cryptocurrencie http://monero.stackexchange.com/questions/2254/what-advantag... _______________ Wikipedia provides a better over view of the project: https://en.wikipedia.org/wiki/Monero_(cryptocurrency) https://en.wikipedia.org/wiki/Monero_(cryptocurrency) Current market cap is here: http://coinmarketcap.com/currencies/monero/#charts http://coinmarketcap.com/currencies/monero/#charts ____________ Past HN mentions: https://hn.algolia.com/?query=Monero&sort=byDate&prefix&page=0&dateRange=all&type=story https://hn.algolia.com/?query=Monero&sort=byDate&prefix&page... Reddit: https://www.reddit.com/r/Monero/ https://www.reddit.com/r/Monero/ Stack Exchange: http://monero.stackexchange.com/questions http://monero.stackexchange.com/questions
albertTJames 10y ago
As a merchant would it be possible to accept normal credit cards and have the money converted to monero?
- patio11 10y ago
  That likely isn't ever going to be possible as a single atomic transaction. After you're paid actual money you can do many things with actual money, including sending it to a counterparty who might give you cryptocurrency, but it is unlikely a credit card processor will provide you with cryptocurrency directly. One reason, among many: while many people who accept money on the Internet consider chargebacks a drawback, credit card companies see them as a core value proposition. "You, the customer, will never get screwed if you use your PlastiCard!" The way that credit card processors (n.b. not usually the same entity as PlastiCard!) are able to make this work is by having agreements with all their merchants which allow them to recoup costs in the event of a chargeback. If your cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process... this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases. (Disclaimer: personal opinion.)
  - rhaps0dy 10y ago
    > this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases That could be offset with higher processing fees. Or with delayed sending of the cryptocurrency.
  - narrowrail 10y ago
    >cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process In a well-established B2B relationship, where payment terms are already established (i.e. net-60, 5%-net-20), I think these crypto-currencies make more sense. These long-term business relationships drive the majority of GDP, and they normally use EFTs or even paper checks (both of which are pretty cheap, but not free). In a cross-border deal especially, I think Bitcoin (the only seemingly viable choice at this point) makes a lot of sense. One-off transactions have more risks and are less stable AFAICT.
    - JamesBarney 10y ago
      Why do you think it make more sense? It seems to me when a business switches to cryptocurrency they pay more and risk more but don't much back.
deleted 10y ago
[deleted]
Freak_NL 10y ago
One thing that always strikes me as unethical with cryptocurrencies is how whoever comes up with a cryptocoin seems to allocate themselves a very generous percentage of the currency mined before going public. Bitcoin's founder apparently did this (I think it was by mining the easier blocks first), and unless I simply don't fully grasp how any of this works, they would end up being the richest person on Earth by virtue of holding the most Bitcoin if Bitcoin became as popular as the Dollar, Euro, Pound, Yen, or Yuan. Is Monero any different?
- seibelj 10y ago
  What is the reward for putting in the effort to create a crypto currency? Is it only ethical to make a cryptocurrency if you don't earn a penny in compensation? If it's OK to make some profit, what is the limit? $100k? $10mil?
nik736 10y ago
Logo seems familiar, Wowza?
omaranto 10y ago
I wonder how they chose the name. "Monero" means cartoonist in Spanish.
- npongratz 10y ago
  I guess it was influenced by Esperanto: http://monero.stackexchange.com/a/252 http://monero.stackexchange.com/a/252 "monero = mono (money) + ero (bit) = coin (esperanto language)"

64 points by spaceboy 10y ago

What advantages does Monero offer that are not provided by other cryptocurrencies? http://monero.stackexchange.com/questions/2254/what-advantages-does-monero-offer-that-are-not-provided-by-other-cryptocurrencie http://monero.stackexchange.com/questions/2254/what-advantag... _______________ Wikipedia provides a better over view of the project: https://en.wikipedia.org/wiki/Monero_(cryptocurrency) https://en.wikipedia.org/wiki/Monero_(cryptocurrency) Current market cap is here: http://coinmarketcap.com/currencies/monero/#charts http://coinmarketcap.com/currencies/monero/#charts ____________ Past HN mentions: https://hn.algolia.com/?query=Monero&sort=byDate&prefix&page=0&dateRange=all&type=story https://hn.algolia.com/?query=Monero&sort=byDate&prefix&page... Reddit: https://www.reddit.com/r/Monero/ https://www.reddit.com/r/Monero/ Stack Exchange: http://monero.stackexchange.com/questions http://monero.stackexchange.com/questions

albertTJames 10y ago

As a merchant would it be possible to accept normal credit cards and have the money converted to monero?

patio11 10y ago
That likely isn't ever going to be possible as a single atomic transaction. After you're paid actual money you can do many things with actual money, including sending it to a counterparty who might give you cryptocurrency, but it is unlikely a credit card processor will provide you with cryptocurrency directly. One reason, among many: while many people who accept money on the Internet consider chargebacks a drawback, credit card companies see them as a core value proposition. "You, the customer, will never get screwed if you use your PlastiCard!" The way that credit card processors (n.b. not usually the same entity as PlastiCard!) are able to make this work is by having agreements with all their merchants which allow them to recoup costs in the event of a chargeback. If your cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process... this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases. (Disclaimer: personal opinion.)
- rhaps0dy 10y ago
  > this does not signal wonderful things to a credit card processor about your likelihood of actually paying what you owe them in the event your customers charge back purchases That could be offset with higher processing fees. Or with delayed sending of the cryptocurrency.
- narrowrail 10y ago
  >cryptocurrency is designed to be private, non-reversible, and outside the reach of the legal process In a well-established B2B relationship, where payment terms are already established (i.e. net-60, 5%-net-20), I think these crypto-currencies make more sense. These long-term business relationships drive the majority of GDP, and they normally use EFTs or even paper checks (both of which are pretty cheap, but not free). In a cross-border deal especially, I think Bitcoin (the only seemingly viable choice at this point) makes a lot of sense. One-off transactions have more risks and are less stable AFAICT.
  - JamesBarney 10y ago
    Why do you think it make more sense? It seems to me when a business switches to cryptocurrency they pay more and risk more but don't much back.

deleted 10y ago

[deleted]

Freak_NL 10y ago

One thing that always strikes me as unethical with cryptocurrencies is how whoever comes up with a cryptocoin seems to allocate themselves a very generous percentage of the currency mined before going public. Bitcoin's founder apparently did this (I think it was by mining the easier blocks first), and unless I simply don't fully grasp how any of this works, they would end up being the richest person on Earth by virtue of holding the most Bitcoin if Bitcoin became as popular as the Dollar, Euro, Pound, Yen, or Yuan. Is Monero any different?

seibelj 10y ago
What is the reward for putting in the effort to create a crypto currency? Is it only ethical to make a cryptocurrency if you don't earn a penny in compensation? If it's OK to make some profit, what is the limit? $100k? $10mil?

nik736 10y ago

Logo seems familiar, Wowza?

omaranto 10y ago

I wonder how they chose the name. "Monero" means cartoonist in Spanish.

npongratz 10y ago
I guess it was influenced by Esperanto: http://monero.stackexchange.com/a/252 http://monero.stackexchange.com/a/252 "monero = mono (money) + ero (bit) = coin (esperanto language)"