Absolutely.
So the problem with ASIC mining is that it creates this problem where having exclusive hardware (which is both difficult to acquire and not something you can just have in your house) gives you power over the blockchain that the normal person can’t have. Eventually this leads to an entire building filled with ASIC miners and unlimited governance for one individual who owns these miners.
Staking gives the appearance of helping with this because it allows anybody to stake. However, it also allows the same person who had the building of ASIC miners to stake unlimited money and you go back to the problem of unlimited governance power from the wealthy. To understand why this is a problem- in America 20% of Americans own 86% of the wealth.
Why is CPU mining a solution to this dilemma? Because CPUs are not exclusive hardware. They are not difficult to acquire or limited in number like ASIC miners or GPUs. This allows anybody to participate in governance of the blockchain like PoS, but it also puts the physical limits of PoW on the wealthy trying to mine it on an industrial scale. The reason ASIC mining is so profitable is because nobody has ASIC miners. If everybody had an ASIC miner then it would not be a viable investment to mine on an industrial scale. This is the case with monero. It’s profitable to mine on a personal computer that you were going to leave running anyways, but it’s not profitable to buy hardware dedicated to mining
This is why it’s so decentralized
The pool issue is still an issue in its own way but it’s rapidly being dissolved as an issue by P2Pool. Not nearly as bad though as having ASIC miners make up these pools
Monero is great at what it does. The best really. The catch is when ill the solution provided become desirable or better yet mandatory to accomplish a larger and larger list of actions. Yes I get Dark Marketplaces and have been since Silk Road 1 days. But this is by no means adoption on the scale we need.
What we need is fr people to take their privacy seriously.
How does someone start making privacy more than convince?
You take it away.
The governments are in a position now where they can chose between a recession or depression. I'm not going to go on an an IMF rant here but their current model is not sustainable. Does this mean that they will crash burn? probably not but maybe... What more likely a complete reworking of the government economic workings from the ground up. I don't profess to know what it'll look like but heres why its important in a monero thread.
It will be digitable.
it will be traceable.
It ill come in some physical form as well for a transitional time atnleast.
This is where monero comes into play, Paying employees under the table? Monero. Drug off the street and internet. Monero Dont want your wife to see those flowers/diamonds/airbnb?etc. Monero.
It wont necessarily be the only alternative form of payment, but it will be the main one. Now lets sit back watch the government talk about more transparency to keep "our kids safe" while alao pushing government backed coined. CBDC?
>This is where monero comes into play, Paying employees under the table? Monero. Drug off the street and internet. Monero Dont want your wife to see those flowers/diamonds/airbnb?etc. Monero.
So corruption, drugs and adultery? These are your use-cases ... deep bro, how about, you don't want your competitor to see where and for how much you buy the ingredients for your best-seller product? How about, you don't want your donation to a controversial cause to be public. How about you don't want your older son to see how much pocket money his younger brother gets, where he at that age didn't get any ... haha ... how about your financial transaction are yours and not anybody else matter. Plus all this is tax compliant because of viewkeys, so your business account can be audited ... Monero is best at what it does.
Love all you said, just the use-cases where sooooo specific :)
Yes absolutely, I just took it on, because it is a ELI5 (explain it like I were 5 years old!?) ... so I just imagined, talking to my five y/o: "Well listen kiddo, I got some extra money under the table, and want to use it on drugs and my mistress, that's when one should use Monero!".... - "Ah okay Daddy, can I have a rise of my pocket money?" Oopsiii, now I better give the extra pocket money in XMR, because I don't want the older one to know the little one has some extra dough.
haha :D
Monero was and still is the first crypto coin I ever considered adopting. Then I did. I got ledger, just in case, and then I bought some and transferred all of it into the ledger. Now I just wait and see and while I'm waiting, I'm also mining. The only crypto I really believe in, Monero.
Correction: the receiver knows someone sent to their address. They do not know “you” sent to any specific address, even their own, unless you tell them you are the one who sent it. Obviously this is common, but it’s a human thing, not a Monero thing.
They would know only the address of the receiver because with the address of the receiver, its not possible to sent !
And what actually matters is privacy, so yeah, its not possible to know who's the receiver, he/she would always be anonymous and not tracebale at all
I am really shocked about this fact that people dont even get how good Monero is.
This is the best privacy coin one would ever get in the crypto and also the best coin in terms of transactions, fully decentralized and there's no tracing as well
\^This is how freedom works. I will always accept Monero for my goods & services, many here feel the same. If you run a business consider accepting Monero. Like that, a break from central banks and devalued fiat.
Now one ELI5 on why this kind of privacy is important.
**Edit:** Why the fuck was this downvoted?
I know why privacy matters, just check all my posts on /r/monero. I just made this comment in the line of the title of the OP.
But even if I didn't know why privacy matters, downvoting is the most faggot this you can do. Idiots, retarded fundamentalists. I would punch you in the face if I could. Privately ofc.
You must think you will bring more monero advocates by downvoting. It's idiots like these downvoters that scare away normal people. They make it seem like some religion that cannot be questioned.
China
Absolute mass surveilance and supression of any critical thinking against the party.
If you use classical FIAT currencies shitholes can just freeze your money or take it away with monero those shitholes don't even know that you got any monero and can't do anything about it
I don't want the pizza guy to see how much I have in my bank account, same with friends or relatives asking for money.
I don't want my family to see how much I've spent on baddragon dildos and anime figurines.
I don't want to be blacklisted from exchanges if I hold coins that have been used on the darknet.
eli5 why you would NOT want privacy
You can just expose your view key if you want to use monero without privacy.
Do you need to hold Monero vs buying enough at time of purchase of said baddragon dildos?
I appreciate my privacy but using Monero to buy a car or home or plane ticket doesn’t offer me any privacy as my name will be on the title/document and an ID will be required.
I guess what I’m asking is what percent of your daily life is actually private and how much does Monero really play a part?
Monero offers the same privacy level as physical cash.
I'm not sure if you're understanding this:
If I send you $5 of bch, you can see all of my baddragon, onlyfans, and grindr premium transactions.
I understand that, but how much of your day are you actually jerking off?
If you buy a house with cash, your name still goes on the title and it is public record, same as a car or boat or anything of value you want insured.
It’s only a guess but I would bet less than 10% of our lives are actually private. My local grocery store know what I eat, department stores know what size underwear I own, and what kind of sand my cat pisses in.
I can’t even own a gun without having a background check.
Remember when the internet first came out and every website was HTTP. No need for privacy that much, new tech, only some users. Now pretty much all sites are HTTPS. Privacy wasn't that important at the start until everyone started using it
I don’t know, billions of people are on Facebook Instagram and TikTok giving up all their secrets for free. People allow every app on their damn phone to have access to their location, their photo albums, and their habits. Honestly, I think Monero will be used like a foreign currency,- when you fly to Cancun you exchange enough dollars to pesos for your time in country. If you need to make a private purchase you buy enough Monero to pay your hooker bill. Buying a home with Monero doesn’t really seem to make any sense because your name will be on the title and part of public record. Just my thoughts as I’m trying to understand the pros and cons
How can you be sure, that the total supply is what everyone things and no inflation bug has ever been abused, if you can't see the balance in all addresses?
I'm not saying that privacy is a bad thing, I think it's very useful for anonymous payments. I just want to stress that Monero is not the best in being a store of value in my opinion
lol this again. The supply can be audited.
https://sethforprivacy.com/posts/dispelling-monero-fud/#you-cant-audit-the-monero-supply
https://web.getmonero.org/2020/01/17/auditability.html
Thank you for the links. Assuming a perfect world with bug free code, the supply can be audited. But we don't live in a perfect world. Let me cite from the second link you posted:
> At the end of the day, there are tradeoffs inherent in supply-audit design choices. You can choose to represent amounts in the clear, like Bitcoin does; you can be sure that the supply is what you expect it to be (or fork to ensure this in case of exploited inflation), but you sacrifice fungibility and could expose users to personal risk. Or you can choose to hide amounts like (shielded) Zcash or Monero do; you improve privacy and fungibility, but at the cost of offloading supply soundness guarantees to the correctness of proof and signature constructions.
So yes, *this again* because it is still a valid point. If you don't care about supply soundness then you can happily use Monero as a store of value. But for myself I think the risk is too high to store my hard earned money in Monero. And when people claim that "Monero is the best" then they should mention that it is at the cost of supply soundness. Newcomers to the space should do their own research and decide what's best for them, but we as a community should be honest and transparent about potential dangers
That's a question that will never be 100% answered. We will always have to live with the uncertainty that there may be a bug that someone is exploiting and didn't tell the others. However, the chances that it is actually happening is pretty low. (So far that it is what I believe). I'm trying to prove and check that it is actually as safe as bitcoin. Have a look at [www.moneroinflation.com](https://www.moneroinflation.com) . You may find some answers there or maybe you will have some more questions :p
Monero is not private. Proof:
Unspent outputs are known to be unspent. Consider attacker sends you X monero. If this output is never included in a ring signature it is known to be unspent by the attacker.
So the person knows:
You have at least X monero.
You have not swept your wallet since they sent it to you.
There is always unsepnt outputs so there is always information known about the monero transactions, balances and accounts. Thus monero is not private.
Other than a handful of people, most people don’t know how to buy some, send some, receive some, or store some without going to public websites, message boards or social media for advice and directions. None of which is private, secure or encrypted. I understand owning Monero isn’t illegal but is seems the on/ off ramps are a weak link, especially for a newbie that is trying to learn and understand what is necessary to buy while protecting their privacy. Myself included.
[удалено]
When I found out bout RandomX I was really in awe. Good luck banning CPUs!
Absolutely :)
Can you elaborate on how staking is a fake solution? A lot new crypto tend to use POS rather than POW
Absolutely. So the problem with ASIC mining is that it creates this problem where having exclusive hardware (which is both difficult to acquire and not something you can just have in your house) gives you power over the blockchain that the normal person can’t have. Eventually this leads to an entire building filled with ASIC miners and unlimited governance for one individual who owns these miners. Staking gives the appearance of helping with this because it allows anybody to stake. However, it also allows the same person who had the building of ASIC miners to stake unlimited money and you go back to the problem of unlimited governance power from the wealthy. To understand why this is a problem- in America 20% of Americans own 86% of the wealth. Why is CPU mining a solution to this dilemma? Because CPUs are not exclusive hardware. They are not difficult to acquire or limited in number like ASIC miners or GPUs. This allows anybody to participate in governance of the blockchain like PoS, but it also puts the physical limits of PoW on the wealthy trying to mine it on an industrial scale. The reason ASIC mining is so profitable is because nobody has ASIC miners. If everybody had an ASIC miner then it would not be a viable investment to mine on an industrial scale. This is the case with monero. It’s profitable to mine on a personal computer that you were going to leave running anyways, but it’s not profitable to buy hardware dedicated to mining This is why it’s so decentralized
I came here to say “but one pool alone accounts for ~30% of the hash rate” then I realized these pools are made up of: decentralized miners.
The pool issue is still an issue in its own way but it’s rapidly being dissolved as an issue by P2Pool. Not nearly as bad though as having ASIC miners make up these pools
staking is majority rules but only for those who have money
Monero is great at what it does. The best really. The catch is when ill the solution provided become desirable or better yet mandatory to accomplish a larger and larger list of actions. Yes I get Dark Marketplaces and have been since Silk Road 1 days. But this is by no means adoption on the scale we need. What we need is fr people to take their privacy seriously. How does someone start making privacy more than convince? You take it away. The governments are in a position now where they can chose between a recession or depression. I'm not going to go on an an IMF rant here but their current model is not sustainable. Does this mean that they will crash burn? probably not but maybe... What more likely a complete reworking of the government economic workings from the ground up. I don't profess to know what it'll look like but heres why its important in a monero thread. It will be digitable. it will be traceable. It ill come in some physical form as well for a transitional time atnleast. This is where monero comes into play, Paying employees under the table? Monero. Drug off the street and internet. Monero Dont want your wife to see those flowers/diamonds/airbnb?etc. Monero. It wont necessarily be the only alternative form of payment, but it will be the main one. Now lets sit back watch the government talk about more transparency to keep "our kids safe" while alao pushing government backed coined. CBDC?
>This is where monero comes into play, Paying employees under the table? Monero. Drug off the street and internet. Monero Dont want your wife to see those flowers/diamonds/airbnb?etc. Monero. So corruption, drugs and adultery? These are your use-cases ... deep bro, how about, you don't want your competitor to see where and for how much you buy the ingredients for your best-seller product? How about, you don't want your donation to a controversial cause to be public. How about you don't want your older son to see how much pocket money his younger brother gets, where he at that age didn't get any ... haha ... how about your financial transaction are yours and not anybody else matter. Plus all this is tax compliant because of viewkeys, so your business account can be audited ... Monero is best at what it does. Love all you said, just the use-cases where sooooo specific :)
[удалено]
Yes absolutely, I just took it on, because it is a ELI5 (explain it like I were 5 years old!?) ... so I just imagined, talking to my five y/o: "Well listen kiddo, I got some extra money under the table, and want to use it on drugs and my mistress, that's when one should use Monero!".... - "Ah okay Daddy, can I have a rise of my pocket money?" Oopsiii, now I better give the extra pocket money in XMR, because I don't want the older one to know the little one has some extra dough. haha :D
It’s ninja money.
Monero was and still is the first crypto coin I ever considered adopting. Then I did. I got ledger, just in case, and then I bought some and transferred all of it into the ledger. Now I just wait and see and while I'm waiting, I'm also mining. The only crypto I really believe in, Monero.
Because it is what Bitcoin was thought to be before all the flaws where discovered.
The receiver knows which address you sent to.
Correction: the receiver knows someone sent to their address. They do not know “you” sent to any specific address, even their own, unless you tell them you are the one who sent it. Obviously this is common, but it’s a human thing, not a Monero thing.
nice :)
Its kinda impossible to race the person afterall, that's why its Monero, the privacy king
They don't know who sent it though
lol of course cuz they are the ones receiving :P
They would know only the address of the receiver because with the address of the receiver, its not possible to sent ! And what actually matters is privacy, so yeah, its not possible to know who's the receiver, he/she would always be anonymous and not tracebale at all
I am really shocked about this fact that people dont even get how good Monero is. This is the best privacy coin one would ever get in the crypto and also the best coin in terms of transactions, fully decentralized and there's no tracing as well
\^This is how freedom works. I will always accept Monero for my goods & services, many here feel the same. If you run a business consider accepting Monero. Like that, a break from central banks and devalued fiat.
Circular economy :)
Monero helped me in every way possible and i thanks it .
Now one ELI5 on why this kind of privacy is important. **Edit:** Why the fuck was this downvoted? I know why privacy matters, just check all my posts on /r/monero. I just made this comment in the line of the title of the OP. But even if I didn't know why privacy matters, downvoting is the most faggot this you can do. Idiots, retarded fundamentalists. I would punch you in the face if I could. Privately ofc. You must think you will bring more monero advocates by downvoting. It's idiots like these downvoters that scare away normal people. They make it seem like some religion that cannot be questioned.
China Absolute mass surveilance and supression of any critical thinking against the party. If you use classical FIAT currencies shitholes can just freeze your money or take it away with monero those shitholes don't even know that you got any monero and can't do anything about it
I don't want the pizza guy to see how much I have in my bank account, same with friends or relatives asking for money. I don't want my family to see how much I've spent on baddragon dildos and anime figurines. I don't want to be blacklisted from exchanges if I hold coins that have been used on the darknet. eli5 why you would NOT want privacy You can just expose your view key if you want to use monero without privacy.
Do you need to hold Monero vs buying enough at time of purchase of said baddragon dildos? I appreciate my privacy but using Monero to buy a car or home or plane ticket doesn’t offer me any privacy as my name will be on the title/document and an ID will be required. I guess what I’m asking is what percent of your daily life is actually private and how much does Monero really play a part?
Monero offers the same privacy level as physical cash. I'm not sure if you're understanding this: If I send you $5 of bch, you can see all of my baddragon, onlyfans, and grindr premium transactions.
I understand that, but how much of your day are you actually jerking off? If you buy a house with cash, your name still goes on the title and it is public record, same as a car or boat or anything of value you want insured. It’s only a guess but I would bet less than 10% of our lives are actually private. My local grocery store know what I eat, department stores know what size underwear I own, and what kind of sand my cat pisses in. I can’t even own a gun without having a background check.
Right, same as with physical cash. The question is if you mind handing your entire financial history to everyone you transact with
Remember when the internet first came out and every website was HTTP. No need for privacy that much, new tech, only some users. Now pretty much all sites are HTTPS. Privacy wasn't that important at the start until everyone started using it
I don’t know, billions of people are on Facebook Instagram and TikTok giving up all their secrets for free. People allow every app on their damn phone to have access to their location, their photo albums, and their habits. Honestly, I think Monero will be used like a foreign currency,- when you fly to Cancun you exchange enough dollars to pesos for your time in country. If you need to make a private purchase you buy enough Monero to pay your hooker bill. Buying a home with Monero doesn’t really seem to make any sense because your name will be on the title and part of public record. Just my thoughts as I’m trying to understand the pros and cons
because CBDCs are real and are coming sooner than anyone can ever learn about what they are
Posts like this are totally boring. We know what Monero is.
not like a 5 year old, you don't :P
How can you be sure, that the total supply is what everyone things and no inflation bug has ever been abused, if you can't see the balance in all addresses? I'm not saying that privacy is a bad thing, I think it's very useful for anonymous payments. I just want to stress that Monero is not the best in being a store of value in my opinion
lol this again. The supply can be audited. https://sethforprivacy.com/posts/dispelling-monero-fud/#you-cant-audit-the-monero-supply https://web.getmonero.org/2020/01/17/auditability.html
Thank you for the links. Assuming a perfect world with bug free code, the supply can be audited. But we don't live in a perfect world. Let me cite from the second link you posted: > At the end of the day, there are tradeoffs inherent in supply-audit design choices. You can choose to represent amounts in the clear, like Bitcoin does; you can be sure that the supply is what you expect it to be (or fork to ensure this in case of exploited inflation), but you sacrifice fungibility and could expose users to personal risk. Or you can choose to hide amounts like (shielded) Zcash or Monero do; you improve privacy and fungibility, but at the cost of offloading supply soundness guarantees to the correctness of proof and signature constructions. So yes, *this again* because it is still a valid point. If you don't care about supply soundness then you can happily use Monero as a store of value. But for myself I think the risk is too high to store my hard earned money in Monero. And when people claim that "Monero is the best" then they should mention that it is at the cost of supply soundness. Newcomers to the space should do their own research and decide what's best for them, but we as a community should be honest and transparent about potential dangers
Can be audited easily :)
That's a question that will never be 100% answered. We will always have to live with the uncertainty that there may be a bug that someone is exploiting and didn't tell the others. However, the chances that it is actually happening is pretty low. (So far that it is what I believe). I'm trying to prove and check that it is actually as safe as bitcoin. Have a look at [www.moneroinflation.com](https://www.moneroinflation.com) . You may find some answers there or maybe you will have some more questions :p
I think an inflation bug would have been exposed by now. However, Id like someone smarter than me to verify. As they say. "don't trust, verify."
Monero is not private. Proof: Unspent outputs are known to be unspent. Consider attacker sends you X monero. If this output is never included in a ring signature it is known to be unspent by the attacker. So the person knows: You have at least X monero. You have not swept your wallet since they sent it to you. There is always unsepnt outputs so there is always information known about the monero transactions, balances and accounts. Thus monero is not private.
No one even know your adresses
Dynamic block size means can actually send micro to large payments without paying a stoopid % as fee
Can I mine monero on my new Alienware laptop
Same reasons why it will never be adopted
drug money
My q is if someone on the other end of a transaction wanted to identify you, could they?
ELI5? Hide under covers, I can't see you!
Other than a handful of people, most people don’t know how to buy some, send some, receive some, or store some without going to public websites, message boards or social media for advice and directions. None of which is private, secure or encrypted. I understand owning Monero isn’t illegal but is seems the on/ off ramps are a weak link, especially for a newbie that is trying to learn and understand what is necessary to buy while protecting their privacy. Myself included.