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Monero is perhaps the only cryptocurrency that both works as advertised, and has gathered a self-sustaining userbase. No $20 transaction fees. No influencer pu
by EscapeFromNY 3y ago
Monero is perhaps the only cryptocurrency that both works as advertised, and has gathered a self-sustaining userbase.
No $20 transaction fees. No influencer pump and dumps. No VCs who need to extract value. No fork drama. No unrealistic roadmap. No charismatic leader boiling the frog with scope creep. It's not trying to be an investment. It's actually private. It's actually anonymous. This is all a lot of us ever wanted from a cryptocurrency.
- trw_phy 3y ago[flagged]
- ur-whale 3y ago> No charismatic leader boiling the frog with scope creep. LOL > It's actually private. It's actually anonymous. This is all a lot of us ever wanted from a cryptocurrency. Yes indeed. I sometimes daydream Satoshi knew about ZKP's early enough to integrate it into Bitcoin ... we would have had the perfect storm. > No $20 transaction fees. This one isn't a structural guarantee of Monero, but rather a side-effects of being a late-comer to the game. In other words, it might come to pass that tx fees get in the $20 range. EDIT: > This is all a lot of us ever wanted from a cryptocurrency. Agreed, except maybe for this: I've come to value the finite supply of Bitcoin more than it's value/usefulness as an actual currency. I initially loved the idea of cryptocurrencies as a currency that would be used in everyday life. I've changed my stance on this completely: I think that Bitcoin (or something like Monero, with indeed a neat advantage over BTC) is way more valuable as a financial instrument with is own unique characteristics and super-sharp edges than it would ever be as a currency
- tromp 3y ago> I've come to value the finite supply of Bitcoin more than it's value/usefulness as an actual currency. I think finite supply is overrated [1] ... [1] https://john-tromp.medium.com/a-case-for-using-soft-total-supply-1169a188d153 https://john-tromp.medium.com/a-case-for-using-soft-total-su...
- m348e912 3y ago>Yes indeed. I sometimes daydream Satoshi knew about ZKP's early enough to integrate it into Bitcoin ... we would have had the perfect storm. Can't read SN's mind but I don't know if transactional privacy was a priority for him when developing bitcoin. One of the downsides of Monero's anonymity was that it quickly became a target of censorship so large exchanges like coinbase don't offer it anymore. Before transaction fees increased, Bitcoin had a capability of enjoying a pretty good mixing feature that is now only practical with similar but lower fee proof of work cryptos.
- forty 3y agoI'm curious, what are people purchasing with it?
- ur-whale 3y ago[flagged]
- forty 3y agoMy car seller and my grocery store accept cash and credit card but not Monero, that's why I wondered what people do with it.
- justapassenger 3y agoAny car dealer, grocery store and pharmacy accepts fiat. Does any accept Monero?
- deleted 3y ago[deleted]
- smlavine 3y agoDon't pretend like you don't know why.
- seligerasmus 3y ago>Why would it be any different for Monero This response does not make much sense: how do you pay for cars, groceries, condoms with Monero? With fiat, you use some centralized banking instrument like cash, credit, debit, or whatever. Reconciling how that purchase experience is identical with Monero (but is somehow an anonymous, decentralized transaction) might require slightly more explanation to distinguish it from your garden variety anarchocapitalist crypto daydreaming. Or, more likely, you mean that _in theory_ you could use it to buy anything, with the small hurdle of instantly overturning all of modern commerce infrastructure and the leviathan hard currency sovereigns that deliberately engineered traceable, centralized transactions as political and cultural contagion. Just gotta overcome that, teach grandma about cold wallets and the paramount value of anonymity, and we'll be off fiat. Wake me up when Monero is broadly known for something other than the de facto payment vehicle for ransomware.
- Taek 3y agoI hate to burst the bubble but strategies to break Monero's anonymity have been known since 2019. It turns out that the general strategy of mixing a subset of outputs together is insufficient to provide robust privacy, even if the mix set is large (like in Lelantus). The only strategies that can provide strong anonymity for on-chain crypto are full anonymity set currencies like Zcash.
- beachwood23 3y agoZCash is insecure by default. It is a honeypot for people who wish to use the default privacy settings of Monero. > On June 8, 2020, Chainalysis added support for Zcash to their Chainalysis Reactor and "Know Your Transaction" (KYT) technologies.[22] This permits Chainalysis to trace and provide transaction values and at least the sender or receiver address for over 99% of Zcash activity.[22] Chainalysis explains that it is able to accomplish this since most Zcash users do not use privacy-enhancing features. - https://en.wikipedia.org/wiki/Zcash https://en.wikipedia.org/wiki/Zcash
- iJohnDoe 3y agoThere have been some claims that Chainalysis has been able to make progress in de-anonymizing Monero. It’s hard to know what’s true. We’ve certainly seen where false information is used to steer people in certain directions. E.g. “Monero isn’t anonymous, so don’t use it.” When it reality it is anonymous, which is the real reason they don’t want you to use it. Bitcoin was never anonymous. It just took an incredible amount of effort to follow the transactions, along with subpoenas to exchanges, that even the shady exchanges gave into. Chainalysis are credited with bringing down the biggest criminals that tried to hide behind Bitcoin. Who knows if they have also cracked Monero, because there was a short while where people thought Bitcoin was safe before it was known that Chainalysis was already at their door.
- kossTKR 3y agoI don't think you're bursting his bubble. The post is 100% sinister marketing especially when it's a huge lie, and has been for 4+ years.
- 3y ago
- kossTKR 3y ago[flagged]
- charlie0 3y agoAh yes, let's starts banning books related to it as well. That's always a good idea.
- kossTKR 3y agoYes stopping crypto shilling spam that that lies to users is the same as banning books, got it.
- fastball 3y agoWhere is the lie?
- kossTKR 3y agoMonero is not private. I remember reading about this in 2018. Extremely dishonest to ignore this. There's even comments here spelling it out. Besides that it's marketingspeak through and through in that post. https://news.ycombinator.com/item?id=36084467 https://news.ycombinator.com/item?id=36084467
- fastball 3y agoEveryone is ignoring it because it's not true. That user has no PoC and no formalized math. Just "trust me the anonymity isn't that good". I think this[1] is another good rebuttal to that claim. [1] https://news.ycombinator.com/item?id=36085114 https://news.ycombinator.com/item?id=36085114
- saesdev 3y agoIf anything, people have more to gain by being anti-monero than advertising for it. It's a stable asset, never goes up in price, hardly will make you a profit, so it is made for pure usage and protecting your freedoms
- pavlov 3y agoAnd Monero’s relative lack of popularity shows how limited the market is for a cryptocurrency that actually works. People don’t want private transactions. All they want is those pumps and unrealistic roadmaps and charismatic leaders and investment promises. They want to dream of massive financial success, not to pay for coffee anonymously through a clunky UI.
- cedws 3y agoIt's one of the first technologies in history that enables completely private exchanges of currency. Whether you're a cryptocurrency hater or not, that's pretty cool.
- krainboltgreene 3y ago> It's one of the first technologies in history that enables completely private exchanges of currency. Monero pre-dates dead drops?
- friend_and_foe 3y ago> one of the
- krainboltgreene 3y agoBut it's not.