4 ms·

The more I read news about crypto the more I believe they delivered none of the promises (high transaction fees, slow, burning a lot of resources for nearly not

The more I read news about crypto the more I believe they delivered none of the promises (high transaction fees, slow, burning a lot of resources for nearly nothing) and bringing more problems

matheusmoreira 4y ago
Monero is the closest to the original cryptocurrency dream. Enforced privacy, low transaction fees, fast transactions, mining viable on commodity hardware. I've gotten paid via XMR, it works great. Too bad nobody seems to care much about it because the numbers don't go up.
- criddell 4y ago
  Does it beat Visa on transaction speed and fees?
  - charcircuit 4y ago
    Visa can take a few days to settle where with Monero you will typically want to wait for 10 confirmations which takes 20 minutes. Visa's fees are 1.4%-2.5% for the merchant where Monero's median fee over the last 100 transactions was $0.002.
    - thawaya3113 4y ago
      How much does it cost to convert that to US dollars? And what is the half life value before that money ends up disappearing because of a hack, wallet mismanagement, or a straight up scam, or ending up being seized by the FBI? Considering the ridiculously large percentage of Bitcoin that belongs either to the FBI or Mt Gox scammers, and the massive number of other scams in crypto, I bet once you adjust for those factors the value will be minuscule.
      - capableweb 4y ago
        > How much does it cost to convert that to US dollars? Not sure how that's comparable to Visa, Visa doesn't handle conversations at all between different types of currencies (you can't convert USD to BTC with Visa for example). It all happens via 3rd parties, just like with cryptocurrencies, so it depends on the 3rd party more than anything else. > And what is the half life value before that money ends up disappearing because of a hack, wallet mismanagement, or a straight up scam, or ending up being seized by the FBI? Neither of those things have happened to Monero, and since the project is relatively old (for the cryptocurrency space at least), it seems safe to say that they generally know what they are doing, or we'd seen more hacks. I think the original claim still seems right. Monero both settles faster and has lower fees (depending on the amount for the Visa transaction obviously, as it's percentage based, while Monero as a "flat fee" [based on network activity]).
- djbusby 4y ago
  I've used XLM for some payments before. Fast, cheap to send. Sitting below $1 USD maybe keeps it out of the hype zone.
bombingwinger 4y ago
Well they got big money to buy in. Sure Ethereum-based DeFi projects are scams, but the so-called blue chip currencies will probably stick around. Ultimately, the traceability of crypto is its unique selling proposition.

The more I read news about crypto the more I believe they delivered none of the promises (high transaction fees, slow, burning a lot of resources for nearly nothing) and bringing more problems

matheusmoreira 4y ago

Monero is the closest to the original cryptocurrency dream. Enforced privacy, low transaction fees, fast transactions, mining viable on commodity hardware. I've gotten paid via XMR, it works great. Too bad nobody seems to care much about it because the numbers don't go up.

criddell 4y ago
Does it beat Visa on transaction speed and fees?
- charcircuit 4y ago
  Visa can take a few days to settle where with Monero you will typically want to wait for 10 confirmations which takes 20 minutes. Visa's fees are 1.4%-2.5% for the merchant where Monero's median fee over the last 100 transactions was $0.002.
  - thawaya3113 4y ago
    How much does it cost to convert that to US dollars? And what is the half life value before that money ends up disappearing because of a hack, wallet mismanagement, or a straight up scam, or ending up being seized by the FBI? Considering the ridiculously large percentage of Bitcoin that belongs either to the FBI or Mt Gox scammers, and the massive number of other scams in crypto, I bet once you adjust for those factors the value will be minuscule.
    - capableweb 4y ago
      > How much does it cost to convert that to US dollars? Not sure how that's comparable to Visa, Visa doesn't handle conversations at all between different types of currencies (you can't convert USD to BTC with Visa for example). It all happens via 3rd parties, just like with cryptocurrencies, so it depends on the 3rd party more than anything else. > And what is the half life value before that money ends up disappearing because of a hack, wallet mismanagement, or a straight up scam, or ending up being seized by the FBI? Neither of those things have happened to Monero, and since the project is relatively old (for the cryptocurrency space at least), it seems safe to say that they generally know what they are doing, or we'd seen more hacks. I think the original claim still seems right. Monero both settles faster and has lower fees (depending on the amount for the Visa transaction obviously, as it's percentage based, while Monero as a "flat fee" [based on network activity]).
djbusby 4y ago
I've used XLM for some payments before. Fast, cheap to send. Sitting below $1 USD maybe keeps it out of the hype zone.

bombingwinger 4y ago

Well they got big money to buy in. Sure Ethereum-based DeFi projects are scams, but the so-called blue chip currencies will probably stick around. Ultimately, the traceability of crypto is its unique selling proposition.