×

314
315

ANALYSISKnowYourCrypto #31 - Monero (XMR)OC (self.CryptoCurrency)

submitted by madpanda94Banned

If you are interested to the previous posts of this series, check it out here:

What is it?

Monero is a cryptocurrency created in 2014 and released in April of that same year. Its main strength is precisely concerning privacy. Then it also has characteristics common to other virtual currencies, such as Bitcoin. Monero is in fact decentralized and scalable. This means that its value can increase or decrease in scale according to the need and availability of the currency itself. The name derives from Esperanto and in that language it means "coin". Monero is also particular because it has a different system from the other virtual currencies derived from Bitcoins and is based on a protocol that is in fact called CryptoNote. The system in question is based on different algorithms and it is no coincidence that it was also praised by one of the developers of Bitcoin Core, an authority in the field of virtual currencies such as Wladimir J. Van der Laan.

How does it work?

Monero uses, like other virtual currencies, a blockchain system for its transactions, but not very transparent as it is for the sisters of this virtual currency. The measures adopted for the privacy of those who use Monero are: Ring signature, Stealth address and RingCT (Ring Confidential Transaction):

  • Monero Ring Signature: The first of these three measures, Ring Signature, serves to hide where the money from a transaction made with Monero comes from. In fact, every single transaction carried out with Monero is inserted into a group of similar transactions: Monero enters the key of your account together with the public keys of other accounts present in the blockchain (using a triangular distribution method). In this way, an outside observer will never be able to understand which of the keys of this group corresponds to the key of your account (from where the transaction takes place). In short, it is not possible to trace the source of a transaction.
  • Stealth Address: The second measure taken by Monero serves to guarantee the privacy of those who will receive the money from the transaction. Each time a transaction occurs, the "sender" of the transaction must create an address (randomly) for the "receiver", which is valid for one use only. In practice, for each transaction that is carried out, a different address is generated (by Monero) for the recipient of the transaction. In this way, only the sender and the receiver are able to know where a transaction went “to end”. In fact, in no way is it possible to find a connection between this address created for the receiver and the real address of the receiver. By doing so, the recipient's privacy is always protected.
  • RingCT (Ring Confidential Transaction): The third measure taken by Monero is the RingCT, which serves to hide the amount exchanged in individual transactions. This is precisely one of the latest measures implemented by Monero to protect the privacy of its users. When a transaction with Monero is made, the sender must enter his entire wallet as an input. As the output of the transaction, however, the sender must enter two information: The first output that the sender must enter is the amount of Monero that he really wants to send to the recipient The second output that the sender must enter is the remaining amount of their wallet, which will be sent "back" to their wallet in the form of change The transaction is verified with a simple calculation, that is: the two outputs that must equal the input entered are added. In this way it is proven by the system that no new Monero were created during the transactions. Also, the amounts entered for these transactions are never shown.

Where to store it?

The best hot wallets for XMR are MyMonero, MoneroGUI, and CakeWallet and Atomic Wallet. If you want more security, a cold storage like Ledger or Trezor is the right choice.

Pros&Cons

*DISCLAIMER* These lists are subjective, it depends from person to person

Pros

  1. One of the most private cryptocurrencies
  2. Great devs team
  3. Monero can be profitably mined using CPU’s as well as GPUs
  4. Probably the most decentralized systems

Cons

  1. Centralization of miners on Monero
  2. Monero has quickly found a place as the currency of choice on Dark Web sites
top 200 commentsshow all 213
sorted by:
best
topnewcontroversialoldq&a

[–]AutoModerator[M] [score hidden] stickied comment (0 children)

  • Monero Pros & Cons - Participate in the r/CC Cointest to potentially win moons. Prize allocations: 1st - 300, 2nd - 150, 3rd - 75.

  • Sort comments as controversial first by clicking here. Doesn't work on mobile.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

[–]mekdigitalBronze 52 points53 points  (4 children)

I would add “unbelievably low fees” in list of pros

[–]100problemssPlatinum | QC: CC 505 0 points1 point  (0 children)

Agreed

[–]voidhasherSilver | QC: XMR 42 56 points57 points  (15 children)

Pro's I'm missing: VERY cheap transfers, like cents (dollar cents, not monero cents) and ASIC resistance.

Edit: forgot to mention, BTC was the darknet market currency in the beginning, and see where it led to. I wouldn't see that as a con personally.

[–]Aegontarg07hello world 16 points17 points  (7 children)

Militant ASIC resistance is what I love more about Monero

[–]Majek1990Gold | QC: CC 18 | Technology 15 2 points3 points  (3 children)

Why is that? Because everyone can mine via gpu?

[–]voidhasherSilver | QC: XMR 42 9 points10 points  (1 child)

Because every time an ASIC was developed, monero devs would change the algorithm a bit so those miners would be worthless in a very short time, hence not worth the investment.

[–]pebxPrivacy advocate 4 points5 points  (0 children)

This is not entirely true. Monero used to implement the CryptoNight PoW algorithm which was believed to be ASIC-resistant/hard until Bitmain developed one and used to mint Monero without releasing it to the public. However, when hashrate spiked beyond any organic reasoning, Monero devs started to investigate for anomalies and discovered a very unnatural nonce distribution kicking in with the hashrate spike. Quickly consensus was found to slightly change the algorithm in a way to brick all existing ASICs which has been introduced shortly after that. Bitmain in the meantime tried to sell their used ASICs which would be bricked after the network upgrade and it was clear, they hidden-mined for several months with those ASICs. Few months after the new algorithm kicked in, again some strange pattern appeared and hashrate spiked a lot and another hotfix for Cryptonote has been released. However, in the meantime research on a completely new PoW algo began to create a really ASIC-resistant one and making a modern CPU literally the perfect ASIC. Based on the hash of the latest block a (seemingly) random program code is generated, which is the algorithm for the next block. The first attempt of this randomisation was createt on Cryptonight as "Cryptonight-R" which has been replaced by final, built completely from scratch RandomX before even being exploited by ASICs.

RandomX has been introduced in 2019 and since not been changed and no known ASICs are out. If there would, they'd probably be similar to modern CPUs so R&D wouldn't pay out. Due to it's randomly generated code it's also a good algorithm for benchmarking CPUs, since you cannot really optimise those just for benchmarking purposes.

[–]DIBE25Why have pseudonymity when you can have anonymity 6 points7 points  (0 children)

only CPU mining is even remote to being profitable

moneroocean pays in monero but mines other coins

[–]Letitride37Platinum | QC: CC 410 0 points1 point  (2 children)

Eli5?

[–]Aegontarg07hello world 4 points5 points  (1 child)

Monero’s mining algorithm is changed regularly to eliminate ASICs from the network. It is designed to be mined on CPUs to maintain the decentralization aspect of the network strictly. Otherwise, the network will be controlled by very few actors who could afford ASICS and skew the network.

[–]swinny89Platinum | QC: XMR 51, BCH 17, CC 20 | r/Linux 42 2 points3 points  (0 children)

The mining algorithm no longer changes, since they implemented RandomX.

[–]Fungible_ecash_XMRSwiss bank in ur pocket 4 points5 points  (3 children)

Less than a cent **

[–]-TrustyDwarf-2K / 2K 🐢 3 points4 points  (2 children)

Less than a half cent.

[–]r3310 1 point2 points  (1 child)

Less than third of a cent

[–]-TrustyDwarf-2K / 2K 🐢 1 point2 points  (0 children)

hmm I'll fold.. my last transaction cost 0.00001241 XMR, which is about 0.0034 USD.

[–]HyperIndianPlatinum | QC: CC 271, BTC 17 | CRO 6 | r/WSB 45 0 points1 point  (1 child)

Serious question - How are they able to transact with such low fees?

[–]RedOneMonster 0 points1 point  (0 children)

Transacting is less than half a dollar cent

[–]peeinmyblackeyesSilver | QC: ADA 15, CC 19 15 points16 points  (1 child)

Cons

  1. Centralization of miners on Monero

https://github.com/SChernykh/p2pool

While still early days, P2Pool has just launched and, IMO, is the future of decentralized PoW mining.

[–]ScoobaMonsta2K / 2K 🐢 0 points1 point  (0 children)

Agreed!

[–]TheRealBabyJezusPermabanned 14 points15 points  (1 child)

XMR the crypto preferred by sailors

[–]justjoshin78 5 points6 points  (0 children)

underrated comment

[–]rafakata140 / 2K 🦀 11 points12 points  (0 children)

Trezor does not officially support loading XMR, only installing the GUI client.

https://trezor.io/coins/

I would also say the second con is a pro, as it testifies for its privacy. You might also want to add the IRS bounty.

[–]fhikooPlatinum | QC: CC 200 | BANANO 12 65 points66 points  (11 children)

Op forgot to mention the mysterious boating accident that every monero holder gets into

[–]isaksvorten0 / 6K 🦠 8 points9 points  (0 children)

That is usually more about what the holder has been using it for. (Must be for buying boats)

[–]ProcastinateIsLife1K / 11K 🐢 5 points6 points  (0 children)

Ahh the ol boating accident

[–]HighTurning3K / 14K 🐢 4 points5 points  (0 children)

Shh that's part of the privacy, first rule of the Monero club.

[–]vexii 1 point2 points  (2 children)

no joke i lost my private keys in the start of september while on a boating trip with work. Apple might say the iphone can do 30 min at 5m depth. but don't trust them!

[–]sami_hilTin | SHIB 15 | PersonalFinance 11 1 point2 points  (1 child)

hard drive shouldnt be damaged. you should still have access to it. May be worth the price if youve got a decent amount on there.

[–]vexii 1 point2 points  (0 children)

getting the flash memory of a phone and recovering the data combined with no insurance, i think i just call it quits. where only around a new iphone 13 pro anyway. but it's kind of funny to have made the meme reality :D (did suck not having any camera for the rest of the trip)

[–]Rexon225 1 point2 points  (0 children)

The only reason I don't hodl any monero is because I'm afraid of boating accidents.

[–]Old-Independence7275Platinum | QC: CC 87 -1 points0 points  (0 children)

[–]active_ate 0 points1 point  (0 children)

Can't wait for my accident!

[–]CanadianCryptoGuyGentleman and a Scholar 0 points1 point  (0 children)

The more crowded it gets at the marina, the more they run into each other.

[–]ViridianZealhere for the tech 11 points12 points  (5 children)

Con n2 is actually a pro?

[–]Additional-Pack-46169K / 5K 🦭 43 points44 points  (11 children)

Is the crypto I actually use the most.

[–]sepppppBronze | QC: CC 23 | Investing 77 14 points15 points  (0 children)

"We had two bags of grass, seventy-five pellets of mescaline, five sheets of high powered blotter acid, a salt shaker half full of cocaine, and a whole galaxy of multi-colored uppers, downers, screamers, laughers... and also a quart of tequila, a quart of rum, a case of Budweiser, a pint of raw ether and two dozen amyls. Not that we needed all that for the trip, but once you get locked into a serious drug collection, the tendency is to push it as far as you can."

[–]MoodSoggyPlatinum | QC: CC 1120 23 points24 points  (4 children)

Monero is everything Satoshi wanted BTC to be:)...that said - I am amazed that it's not more "popular". It's still somewhere in shadows, but it looks like it's actually used for transactions:).

[–]Additional-Pack-46169K / 5K 🦭 4 points5 points  (1 child)

Transactions 😏

[–]justjoshin78 5 points6 points  (1 child)

Governments around the world have banned it off every major exchange. The only thing holding it back is it is more difficult to get. Haveno and localmonero have a fair way to go before they reach the ease of use of the major exchanges.

The fact that they are scared of it is the reason I see it succeeding. Untraceable internet money.

[–]MoodSoggyPlatinum | QC: CC 1120 4 points5 points  (0 children)

I do agree. Monero was created as anonymous payment system, whcih is why I am surprised its not as popular as other coins (or better said, not pumping that much...but maybe its because ppl are actually using it and not just holding)

[–]Pretend_Plantain_946Bronze | 4 months old 5 points6 points  (1 child)

Fees are so low. Don't like how it locks up your funds though if not in different UXTOs. Txns can be a little slow.

[–]DIBE25Why have pseudonymity when you can have anonymity 1 point2 points  (0 children)

transactions are locked for a few minutes but are otherwise instant and also my average is below 0.005$

[–]HighTurning3K / 14K 🐢 1 point2 points  (0 children)

Glad to see that you buy your pills the right way :)

[–]A_SimpleThought0 / 2K 🦠 30 points31 points  (23 children)

Monero, the quietly perfect coin.

[–]LWKD0 / 16K 🦠 11 points12 points  (0 children)

And one of the OG

[–]jirkakoGold | QC: XMR 34, CC 61 8 points9 points  (0 children)

The centralization of mining pools is being fixed by p2pool. It is as decentralized as solo mining can be and it has all the advantages of pools.

[–]rohitsanyalPlatinum | QC: CC 1796 21 points22 points  (5 children)

It's a great privacy coin. Sadly most bag holders suffer boating accidents quite frequently.

[–][deleted] 3 points4 points  (3 children)

Sadly most bag holders suffer boating accidents quite frequently.

Why would they need to suffer boating accidents if it's private? Asking for a friend.

[–]DIBE25Why have pseudonymity when you can have anonymity 3 points4 points  (2 children)

unless you buy it from localmonero with cash you're going to have to explain those XYZ$ of monero you bought

[–][deleted] 1 point2 points  (1 child)

how about ATMs?

[–]DIBE25Why have pseudonymity when you can have anonymity 6 points7 points  (0 children)

if they don't ask for kyc and don't have any CCTV or cameras then go for it I'd say

with gloves and a mask because you can never be sure

[–]mamalalatata13K / 13K 🐬 0 points1 point  (0 children)

It's uncanny

[–][deleted] 10 points11 points  (31 children)

Nice private coin but how does one get into Monero privately?

[–]anajoy666Sailing to the Moon 13 points14 points  (7 children)

localmonero, kraken, kucoin, atomic swaps from Bitcoin to Monero or just search for “no kyc monero” online or on /r/Monero.

[–][deleted] 2 points3 points  (6 children)

Thanks for the tip. But I guess in all of those options I'd leave an electronic trail right? Because I'd have to pay with a cc or bank transfer

[–]anajoy666Sailing to the Moon 4 points5 points  (2 children)

For localmonero you can use cash.

There are over 1k monero ATMs around the world, some don’t require KYC. I don’t know if you consider that a trail.

[–][deleted] 1 point2 points  (1 child)

I guess a no-KYC ATM is pretty much trail-less

[–]will85319sghostpro degen 0 points1 point  (0 children)

Non exist in the US

[–]pebxPrivacy advocate 0 points1 point  (2 children)

At CEX you surely leave a trace that you bought Monero, however it has plausible deniability built in, since you can simply loose your keys. Unlike Bitcoin, noone will ever know if those coins have been moved since.

[–][deleted] 0 points1 point  (1 child)

you can simply loose your keys

Does this work though?

[–]pebxPrivacy advocate 0 points1 point  (0 children)

Why not? Innocent until proven guilty…

[–]SeveredBanana75 / 76 🦐 2 points3 points  (0 children)

You can use cakewallet to swap btc for xmr

[–]madpanda94Banned[S] 2 points3 points  (20 children)

Using Tor instead of Google or other famous browsers is surely a good way

[–][deleted] 4 points5 points  (19 children)

Right but where does the fiat come from? How do you 'enter' the Monero blockchain? If you do it from a KYC exchange you're screwed (also, not many trade monero), if you buy using cc you also leave a trail.

[–]Ok_Analysis_13045 / 3K 🦠 7 points8 points  (14 children)

Buy btc or ltc and send to cake wallet and do a no-KYC exchange within the wallet.

Or send crypto to Kucoin and do a no-KYC exchange to Monero. Once you get your Monero, send it to a Monero wallet address. Then from that wallet send it to different address and then even kucoin has no idea where that Monero went- only you do.

[–][deleted] 0 points1 point  (13 children)

That's actually not a bad idea, if only I could get BTC or LTC into Cakewallet/Kucoin without using one of my existing wallets which have all interacted with KYC exchanges...

[–]Fungible_ecash_XMRSwiss bank in ur pocket 7 points8 points  (3 children)

It would not matter. As soon as it’s converted to xmr it is private. Even if ur global public enemy number one, all they can ever link to is the account on which u converted the btc to xmr. They will not be able to trace it beyond this.

[–][deleted] 0 points1 point  (2 children)

Yeah but they will know how much I converted into XMR.

[–]Fungible_ecash_XMRSwiss bank in ur pocket 2 points3 points  (1 child)

And for ur use case does it really matter? Buy it for cash then. Or buy btc for cash and convert it

[–][deleted] 0 points1 point  (0 children)

Yeah I guess that's the best option really

[–]-TrustyDwarf-2K / 2K 🐢 3 points4 points  (8 children)

Just wondering, why are you afraid of buying Monero? Is it illegal for you? I buy Monero using fiat straight at Kraken all the time. It's like withdrawing cash from my bank... no problem there.

[–][deleted] 3 points4 points  (7 children)

It's not illegal, I just find it kind of funny/scary how difficult it is to stay anonymous even with cryptocurrencies nowadays.

[–]-TrustyDwarf-2K / 2K 🐢 2 points3 points  (6 children)

Withdrawing cash from an ATM has the same level of anonymity as buying Monero for fiat at an exchange. All they can tell is that you took some cash/Monero home, not what you did with it.

[–][deleted] 2 points3 points  (5 children)

It's a decent analogy but which of the two situations is more likely to raise red flags?

[–]-TrustyDwarf-2K / 2K 🐢 0 points1 point  (4 children)

Cash. It's definitely used more often to launder money. Check the Panama papers. Bitcoin and similar not mentioned a single time.

[–]madpanda94Banned[S] 0 points1 point  (0 children)

You could use DeFi exchanges to acquires some XMR, and then download a wallet completely privately. If you want EXTREME security consider using Linux and not Win or Mac

[–]madpanda94Banned[S] 0 points1 point  (0 children)

Btw I am not very familiar to these things, so you should take everything I say with a grain of salt

[–]jirkakoGold | QC: XMR 34, CC 61 0 points1 point  (0 children)

Well you're screwed in a way that the exchange knows you bought some XMR. After you withdraw it's impossible to figure out what you spent it on.

[–]justjoshin78 0 points1 point  (0 children)

Also Haveno. A Monero fork of Bisq (which is a peer to peer exchange for BTC).

[–][deleted] 15 points16 points  (1 child)

[–]MoodSoggyPlatinum | QC: CC 1120 2 points3 points  (0 children)

:D...the best TA I've seen so far:D

[–]Kilv3r 2 points3 points  (1 child)

I need to get in and buy some. But you know… I am waiting for a dip.

[–]yersinia_p3st1sPlatinum | QC: XTZ 96, XMR 74, CC 63 | MiningSubs 12 3 points4 points  (0 children)

That's what a lot of people said about bitcoin, now it's at 40-50K and their dip has been left in the dust.

Just get in and DCA

[–]Fungible_ecash_XMRSwiss bank in ur pocket 2 points3 points  (0 children)

The second “con” is no con. How the hell do you think Bitcoin came to prominence? 0-20k was retail, and the black market. Mainly black market.

[–]GeneralissimoFranco 2 points3 points  (0 children)

Monero cannot be profitably mined on GPUs.

[–]mathmonkey22228Platinum | QC: XMR 24, DOGE 16, CC 433 1 point2 points  (0 children)

TL;DR: Monero is the crypto most likely to disappear in mysterious boating accidents

[–]YeeHawJonathanBronze 1 point2 points  (0 children)

Bullish on PRIVACY

[–]Insignia001Platinum | QC: CC 35 3 points4 points  (0 children)

​

[–]SHSaad 2 points3 points  (1 child)

Great work... Keep it up

[–]madpanda94Banned[S] 1 point2 points  (0 children)

Thanks a lot! I surely will :D

[–]DurvagPlatinum | QC: CC 1244 0 points1 point  (4 children)

I only know about boating accident.

[–]az_millymallyPlatinum | QC: CC 46 8 points9 points  (1 child)

Only 5 comments in and 2 are already a shitty overdone joke about a boating accident. Classic.

[–]chatcastTin 1 point2 points  (0 children)

"How else will people know that I use XMR for tax evasion?"

  • Boat accident victim #10254

Seriously, the joke is annoying.

[–]LWKD0 / 16K 🦠 1 point2 points  (0 children)

Plane crash here.

[–]nadzhad11 0 points1 point  (0 children)

You really invaded its privacy to provide all of this

[–]dhorkPlatinum|QC:CC492,BCH65,LedgerWal.32|ADA12|Politics537 0 points1 point  (0 children)

I would buy some, but I'm afraid that it would be so untraceable that I would lose track of it.

[–]Crypto-Cajun0 / 1K 🦠 -1 points0 points  (0 children)

Instead of reading OP's XRP breakdown, read the top comment of that thread, it's far more accurate.

https://www.reddit.com/r/CryptoCurrency/comments/pj77yd/comment/hbuvsqk/?utm\_source=share&utm\_medium=web2x&context=3

[–]nelusbelus60 / 3K 🦐 -1 points0 points  (1 child)

N3 is bs, a lot of countries have too high power bills for it. Gpu mining is way better

[–]Optimal_Store -4 points-3 points  (1 child)

I’d buy Monero if I wasn’t already so diversified lol

[–]Fungible_ecash_XMRSwiss bank in ur pocket 5 points6 points  (0 children)

If you’re “diversified” and not holding Monero then you are certainly not diversified. Monero is the only valid privacy solution. So you are counting out privacy from ur portfolio. In 2021? Bro it’s becoming, and will be, a very big issue, globally.

It’s freedom vs bootlicking. XMR is essential. It’s imperative to hold it. It is the only fungible cryptocurrency.

[–]asilenth0 / 0 🦠 -2 points-1 points  (0 children)

Been seeing a lot of Monero shilling lately. I just don't see it, people do not really care about privacy.

[–]production-valuesBronze | GMEJungle 27 | GME subs 56 -5 points-4 points  (4 children)

ok but why is it so slow?

[–]jirkakoGold | QC: XMR 34, CC 61 2 points3 points  (3 children)

Is it though? The block time is only 2 minutes but you can see the transactions almost instantly if you do 0-conf.

[–]production-valuesBronze | GMEJungle 27 | GME subs 56 1 point2 points  (1 child)

hmm maybe Kraken is just waiting for too many confirmations? IME it takes half hour on average.

[–]jirkakoGold | QC: XMR 34, CC 61 1 point2 points  (0 children)

Withdrawals from Kraken were pretty quick ime. I can't say how fast it is for deposits.

[–]kraken-valKraken Customer Support 1 point2 points  (0 children)

Hi u/jirkako 👋🏻,

Val from Kraken here. I hope you don't mind me jumping in 🤓

For Monero, we require 15 confirmations, which should take around 30 minutes.

You deposit should have been registered with us already, if executed correctly. 🕜

​

Let me know if there are any questions,

Val 🐙

[–][deleted] -4 points-3 points  (21 children)

Probably the most decentralized systems

Says who? Didn't you use this for Nano also?

As a con, where's unlimited supply?

[–]Some-ThoughtsGold | QC: XMR 77 | SatoshiStreetBets 16 | MiningSubs 58 4 points5 points  (20 children)

Very controversial con. Not really existent IMO. Look at the emission curve. There is a minimal mining reward at the end to keep mining alive but it is in fact still a deflationary currency because the loss through lost private keys will be much higher than the emission of new coins.

[–]IntrepidCapital60 / 0 🦠 -5 points-4 points  (0 children)

no thanks, no time for fake privacy coins.

[–]redx1105 0 points1 point  (3 children)

Sucks that Gemini doesn’t support it.

[–]Ok_Analysis_13045 / 3K 🦠 4 points5 points  (1 child)

They don't support because the twins apparently have heavy Zcash bags and don't want the competition. So basically it's a conflict of interest.

Even though any "competition" has been over for a long time now.

[–]SoySauceOnWhiteRice189 / 186 🦀 0 points1 point  (0 children)

Thank you for doing these

[–]Sweaty_Wizard 0 points1 point  (0 children)

We never talk about monero

[–]MissGeminiToYouTin 0 points1 point  (1 child)

Thanks for the info.
I've been interested in XMR for a few months now but I'm not sure where/how to aquire it (in the US).

[–]justjoshin78 1 point2 points  (0 children)

localmonero, haveno

[–][deleted] 0 points1 point  (0 children)

Oh this is a great thread. Thanks

[–]siddharta01 / 1K 🦠 0 points1 point  (0 children)

Great post, also check out Monero Means Money. A conference style documentary.

[–]MarcioCavalcanti 0 points1 point  (0 children)

If you want 100% privacy in transfers and wallet, there is nothing better than monero (XMR)

[–]dantsdants296 / 296 🦞 0 points1 point  (0 children)

finally !

[–]TeamCro880 / 50 🦠 0 points1 point  (0 children)

Holo?

[–]circleuranusPlatinum | QC: ETH 82, CC 69 | ADA 10 | Politics 199 0 points1 point  (0 children)

https://www.youtube.com/watch?v=7hx4gdlfamo

[–]Letitride37Platinum | QC: CC 410 0 points1 point  (0 children)

KuCoin has it’s issues (copying my clipboard?) but at least I can buy some monero there.

[–]TimeTwinTin 0 points1 point  (0 children)

Keep it up, good content!

[–]Kenny608ukTin 0 points1 point  (0 children)

This was actually a really interesting read, I’d heard about Monero but never actually got around to reading up on it.

[–]New_Regular_3942 0 points1 point  (0 children)

I thought we cant talk about XMR

[–]head77 0 points1 point  (0 children)

One of the most interesting. Thanks.

[–]kirtash930 / 148K 🦠 0 points1 point  (0 children)

I really love your posts! Keep it doing it. I would say that it also have low fees.

[–]ScoobaMonsta2K / 2K 🐢 0 points1 point  (0 children)

Why No mention of the fungibility aspect of Monero? Fungibility is essential to good hard money!

[–]xmronadaily0 / 0 🦠 0 points1 point  (0 children)

: Monero has quickly found a place as the currency of choice on Dark Web sites

This is how BTC started. And it's that type of initial adoption that made it what it is today. Don't think this is a con, actually.

People at that time thought BTC was fungible, digital cash, they thought they were getting XMR qualities when using BTC, nowadays everyone knows better, hence why XMR is the sole currency of darkweb marketplaces, it is actually a reliable e-cash, A doesn't know B, and B doesn't know A. It is fungible, it is private, it is decentralized. It is the future.

[–][deleted]  (1 child)

[removed]

    [–]AutoModerator[M] 0 points1 point  (0 children)

    Your comment was removed because it contains a link to Telegram or Discord. Please adjust your post and resubmit

    I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

    [–][deleted]  (1 child)

    [removed]

      [–]AutoModerator[M] 0 points1 point  (0 children)

      Your comment was removed because it contains a link to Telegram or Discord. Please adjust your post and resubmit

      I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

      [–]Alex_KudrTin 0 points1 point  (0 children)

      Great piece of knowledge you shared.keep posting .It's help many people.

      [–]RedOneMonster 0 points1 point  (0 children)

      Any refrence to con point #1 ?

      Heres a counter for #1 If you claim these % are centralized, then you also must claim that Ethereum is centralizied.

      Whats the argument for con point #2 ?

      Use related to illicit activities only proves how fungible xmr truly is. Illicit activity won't dissapear just because you take a medium of trade away. Also could make an arugment for safer situations for buyers/sellers, instead some dark alleyways with bunch of strangers stabbing each other to death.

      [–]Pma2kdotaPlatinum | QC: CC 516 0 points1 point  (0 children)

      how is monerogui a hot wallet? im running a node, isn't that supposed to make me more secure?

      [–]pebxPrivacy advocate 0 points1 point  (0 children)

      I upvoted you, however have to make some things clear...

      Centralization of miners on Monero

      Monero mining is most probably the best decentralised PoW coin out there, since anyone can join with conventional hardware laying around. There are millions of people with access to "free" electricity, either at university or work who run a miner in the background, without having to invest a pretty high amount of money to participate like in GPU-dominated or even ASIC-dominated PoW algorithms. Sure, there also are botnets mining, but they also are natural competitors so there is no centralisation here.

      The only thing one might criticise here is pool centralisation and the two biggest ones currently have more than 50% of hashrate combined. However, this also has been addressed lately with the release of p2pool which already has roughly 3% of hashrate and is completely decentralised but enables individual payouts even lower than 0.0004 XMR, here is a recent coinbase transaction of a p2pool minted block: https://xmrchain.net/tx/5649f99e3bf9f7e369ff62863577fd1cfa8c47ef1a3663fb8170a2cd833963f1

      Monero has quickly found a place as the currency of choice on Dark Web sites

      Well, wasn't Silk Road the first real application of Bitcoin? People who have their lives at stake will always be first to implement techniques which most effectively protect them, also a reason why drug dealers on the streets didn't move to credit cards, but might also adopt Monero, who knows? The darknets also used encrypted communication with PGP or OTR before it became kind of mainstrem when even WhatsApp implemented encryption. So I don't see this as a con, it's more of an approval in my opinion.

      [–]Super_Saiyan_CarlSilver | QC: CC 73, XMR 70 | NANO 34 | Politics 13 0 points1 point  (0 children)

      Monero gang rise up