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As a huge fan of monero, I see several reasons the general public may not want to adopt it: 1. To securely use monero you need to at the very least locally dow
by opportune 4y ago
As a huge fan of monero, I see several reasons the general public may not want to adopt it:
1. To securely use monero you need to at the very least locally download the blockchain. The secure way of doing this takes fucking forever. You don’t need to do this, but monero’s current users are very security conscious and most tooling/the ecosystem assumes you did this.
2. Most consumers may passively want privacy but they want it to be completely frictionless. Monero has a learning curve, slight difficulty exchanging for fiat, etc. - not frictionless.
3. Monero has whales but it’s not new, so it doesn’t have a big team of centralized devs/investors trying to pump it up. As a result it doesn’t have a lot of marketing or mindshare among people who are less technical.
4. Tail emission is a perfectly valid way to incentivize POW over long time periods, but it scares off moonboys and speculators at the very least (because you’re not purchasing a piece of a fixed size pie).
5. Even if most consumers passively want privacy, in practice it’s not important enough to go out of your way for it. How many technically-able people still transact in cash in developed countries? Yes, I know you Mr HN contrarian might, but I’m talking about the general public.
6. The least important factor is that Monero does have technical drawbacks and limitations. It’s not super important but it may be a reason privacy-conscious people don’t promote it as the end-all-be-all solution to private transactions. Some examples: auditing supply, de-anonymizing correlated transactions, POW, how the blockchain could scale with more transactions, quantum-safety.
- charadeyouare 4y agoAre you serious? I'm starting to wonder if this whole "Ask HN" was posted to dissuade people from buying crypto. 1. False. There are mobile wallets that download only part of the blockchain. 2. This applies to all crypto, not only Monero. 3. True! 4. The number of coins added by the tail emission is too small to affect the size of the pie. The inflation rate from tail emission is asymptotically zero. 5. Privacy or no privacy, it's still crypto, which protects your fiat from inflation. 6. Monero can scale on the lightning network to millions of transactions per second. The more technical reasons, like auditing supply and POW aren't big enough problems for consumers to worry about.