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What did you do with the XMR?
by schnebbau 5y ago
What did you do with the XMR?
- matheusmoreira 5y agoI deposited most of it in a binance savings account. Left some in my mobile wallet. Unfortunately I had to cash it out in order to spend it. Wish I didn't have to but nothing else accepted it. These things will not ever be real if we don't start using them as currencies. I came this close to proposing Monero transactions to a business partner after some banking problems but the market isn't looking good right now, too volatile.
- darkwater 5y agoYour "unfortunately" part is the whole point of what GGP was saying.
- matheusmoreira 5y agoIt's not useless though. It works just fine as a currency. It's just that nobody is using it. Like how Signal is more trustworthy than WhatsApp but nobody I know uses it so it doesn't matter.
- darkwater 5y agoSadly currencies rely on network effects even more than instant messengers to be really useful. The fact that most people look at cryptocurrencies just like they were stocks and comparing against a buying/selling price in USD should be pretty clear. I know that people also invest in currencies and gain money on exchange fluctuations but it's more a "side effect" than the main purpose. With cryptocurrencies is the other way round instead.
- matheusmoreira 5y agoWhich is why I decided to accept XMR. I thought maybe that'd start something. The system is literally right there just waiting for us to use it. I also remember seeing at least one artist accepting XMR for cryptocurrency-related art. Plenty of people were spending XMR on that person.
- immibis 5y agoAll kinds of things rely on network effects, yet they managed to get started anyway. Reliance on network effects is not a reason to instantly dismiss something. Or else there would be no Hacker News.