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Monero[1] was created, among other reasons, to solve the privacy problem. It uses something called a ring signature[2], which is composed of a group 'decoy' pub

Monero[1] was created, among other reasons, to solve the privacy problem. It uses something called a ring signature[2], which is composed of a group 'decoy' public keys, plus yours, as part of every transaction which makes it impossible for an outsider to trace. Monero is fungible, whereas Bitcoin is not. [1]: https://getmonero.org/ https://getmonero.org/ [2]: https://getmonero.org/resources/moneropedia/ringsignatures.html https://getmonero.org/resources/moneropedia/ringsignatures.h...

X86BSD 9y ago
That is why I have embraced it. I never liked the features lacking from bitcoin. And when the anonymous coins like monero and zero coin came out even then it took me a while to research and embrace one. Monero was what I settled on. I like cash because it's untraceable. I like Monero because I can carry out transactions in private and anonymously. It's no ones business what I do with my money including governments. I have always felt that way. Time will tell wether Monero's ring signatures and other privacy features hold up. But for now that is where I park some of my assets.
0x4f3759df 9y ago
Monero and Dash are both making a play at the anonymous space, do you have an opinion about Monero vs Dash?
- brndnmtthws 9y ago
  As I understand it, Dash doesn't aim to provide privacy in the way that Monero does. The goal of the Dash project seems to be to improve the usability of cryptocurrencies. Both projects, IMO, are doing good work and have their place in the cryptocurrency space. Here's a fairly detailed StackExchange thread on it: https://monero.stackexchange.com/questions/112/how-is-monero-compared-to-dash https://monero.stackexchange.com/questions/112/how-is-monero...
- lawn 9y ago
  1. Monero's transactions are private by default. In Dash it's optional (and slower). 2. Dash is basically a coin join, working like a Bitcoin mixer. This means you can still gather some information from the mix given enough analysis. It's different compared to Monero where you cannot tell which of the possible inputs is the right one. The security is based on probability and cryptography instead of obfuscation. 3. Monero hides both the addresses of the transaction and the amount. In Dash the transaction amount is open and analysis could correlate the obfuscated sending and receiving addresses. 4. The mixing in Dash is performed by "masternodes", a subset of all nodes, and if compromised they can break the privacy. Particularly scary after the recent Bitcoin mixer shutdown. Monero contains no such third party weakness. All in all the anonymity of Dash is a joke compared to what Monero gives you.
  - elmar 9y ago
    Any idea why Monero as such low usage traction?
    - lawn 9y ago
      Mainly two reasons I think: 1. There are no mobile wallets, multisig or hardware wallets. Now all of these are in the works and hopefully ready this year. 2. Very little effort has been spent on marketing compared to other coins (for example Dash). The biggest reason is that Monero is community funded and it's not possible to use a share of the developers share of coins, as there isn't one. This is compared to the marketing in Dash which has been fueled by the instamine. Focus has instead been placed on developing the fundamentals. In fact it's a bit surprising that Monero has had the popularity it has. The official GUI was only released relatively recently and before then you were sort of forced to use the command line client.

X86BSD 9y ago

That is why I have embraced it. I never liked the features lacking from bitcoin. And when the anonymous coins like monero and zero coin came out even then it took me a while to research and embrace one. Monero was what I settled on. I like cash because it's untraceable. I like Monero because I can carry out transactions in private and anonymously. It's no ones business what I do with my money including governments. I have always felt that way. Time will tell wether Monero's ring signatures and other privacy features hold up. But for now that is where I park some of my assets.

0x4f3759df 9y ago

Monero and Dash are both making a play at the anonymous space, do you have an opinion about Monero vs Dash?

brndnmtthws 9y ago
As I understand it, Dash doesn't aim to provide privacy in the way that Monero does. The goal of the Dash project seems to be to improve the usability of cryptocurrencies. Both projects, IMO, are doing good work and have their place in the cryptocurrency space. Here's a fairly detailed StackExchange thread on it: https://monero.stackexchange.com/questions/112/how-is-monero-compared-to-dash https://monero.stackexchange.com/questions/112/how-is-monero...
lawn 9y ago
1. Monero's transactions are private by default. In Dash it's optional (and slower). 2. Dash is basically a coin join, working like a Bitcoin mixer. This means you can still gather some information from the mix given enough analysis. It's different compared to Monero where you cannot tell which of the possible inputs is the right one. The security is based on probability and cryptography instead of obfuscation. 3. Monero hides both the addresses of the transaction and the amount. In Dash the transaction amount is open and analysis could correlate the obfuscated sending and receiving addresses. 4. The mixing in Dash is performed by "masternodes", a subset of all nodes, and if compromised they can break the privacy. Particularly scary after the recent Bitcoin mixer shutdown. Monero contains no such third party weakness. All in all the anonymity of Dash is a joke compared to what Monero gives you.
- elmar 9y ago
  Any idea why Monero as such low usage traction?
  - lawn 9y ago
    Mainly two reasons I think: 1. There are no mobile wallets, multisig or hardware wallets. Now all of these are in the works and hopefully ready this year. 2. Very little effort has been spent on marketing compared to other coins (for example Dash). The biggest reason is that Monero is community funded and it's not possible to use a share of the developers share of coins, as there isn't one. This is compared to the marketing in Dash which has been fueled by the instamine. Focus has instead been placed on developing the fundamentals. In fact it's a bit surprising that Monero has had the popularity it has. The official GUI was only released relatively recently and before then you were sort of forced to use the command line client.