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The problem is that miners cost in USD but Monero fee is set in XMR, fixed. If fee goes down 80% but XMR/USD goes up again 5 times then the problem persists. No
by the_stc 9y ago
The problem is that miners cost in USD but Monero fee is set in XMR, fixed. If fee goes down 80% but XMR/USD goes up again 5 times then the problem persists. Not an easy thing to fix!
If Bulletproofs and the new CT format come in and the mandatory ringsize is increased to a level providing some privacy, the fees would be very worthwhile. But with ringsize 5 they are certainly excessive! We should hope they increase to at least 10. After ringsize, the difference between 1/2 and 2/2 txn continues to be an issue.
Or at a minimum a wallet update could fix some of these things issues. Better ring member selection that does not include odd ring sizes or in/out numbers.
If you are a seller and receive 2 payments from a user then you send that money to a known place (maybe exchange) you have are now near 100% traceability! This is because even with high-ring-size, the chance of both known-bad inputs happening in one tx is very low.
Currently Monero is doing a great harm to users by not having a prominent warning. Monero should adopt Tor Project attitude and tell users: Making a Monero transaction does not give you full privacy. Then link to a bit more nuanced discussion about churn and traceability. Especially for people that receive multiple payments! Monero may encourage people to rely solely on Monero (without churn) for privacy, to their downfall.
And even churn has a big disclaimer from MRL. They say in some <vague> conditions churn is statistically detectable. Maybe a big issue for dark net vendors that often receive payments then churn then send to their exchange...
Disclaimer: I am running an extrajursidictional company and dealing with payments will become a major focus as we start to pay out dividends and need to do so in an untraceable fashion. Plus...in a few months I will need to draw salary so this is very near-and-dear to my heart!
- ifdefdebug 9y agowtf is an "extrajursidictional company"? Do you mean you are running a tax evasion scheme?
- the_stc 9y agoAn extrajurisdictional company operates outside of existing jurisdictions. It might be helpful to think of us as being headquartered in space...if our opsec is correct, we might as well be! (Otherwise I'll be arrested and our contingency procedures will kick in to work with the successor.) It is not for tax evasion: we fully intend to comply with tax law everywhere we offer service, though there are some practical issues. We chose EJC vehicle due to worldwide laws on sex work and unregulated securities. For example: In the U.S. mere advertising sites run the risk of legal persecution. How much more so for a full escorting platform?
- arethuza 9y ago"extrajursidictional company" sounds like an oxymoron to me - companies are legal constructs (at least by any definition that I have heard) so having a company "outside" a legal jurisdiction would appear to be impossible?
- the_stc 9y agoCompany can refer to a group or team in addition to the legal construct. As a thought experiment if someone winked into existence in orbit around Earth and started selling data, it seems quickly understood if they were to call themselves a company.
- nu-world-odor 9y agoyou mean you're a pimp then
- deadmetheny 9y ago"Short-term relationship facilitator" is a far more marketable term, though
- Avshalom 9y agoWell if they're worried about international sex laws they're presumably more of a sex trafficker.
- the_stc 9y agoNo, we explicitly do not work with pimps or traffickers. Users must be of age, and we will do what pattern recognition we can to detect when multiple accounts are controlled by one entity. Escorts spend a huge amount of time (up to 70% or more) doing non-billable work. We aim to cut that time down significantly, while making things smoother for everyone involved.
- everdev 9y agoWhere do you live? Pretty sure that country has legal jurisdiction over you. Where is your money kept? Pretty sure that country has legal jurisdiction over your company. A smart contract / contingency procedures sound great but aren't bulletproof. When people are threatened with jail or losing everything they tend to cooperate.
- jacobush 9y agoNewspeak for illegal.
- kylek 9y agoBeen seeing this a lot lately. I can't picture anyone saying it with a straight face.
- htormey 9y agoSo what is the liability of someone in the USA investing in an "extrajursidictional company"? The parent is doing an ICO for an escort service, if I was to say do an ICO for an assassination service would the people who invested be in anyway liable? Is it legal to raise funds for an expressly illegal purpose?