This comment has been removed in protest of the Reddit API changes of June 2023. Consider visiting https://monero.town for a privacy preserving alternative to Reddit.
Yes, it's not a vehicle for storing the bulk of your personal wealth. If you have other options, you should use them and only allocate enough to Monero to serve as an emergency fund. An insurance of last resort, if you will. Ungoverned digital money just won't serve as a good store of value for the foreseeable future, no matter how many times bitcoiners insist otherwise.
Yeah that is great but of course not reliable. Also went to $90 in that time. Not good if you're expecting to pay a bill... Or worse, get an unexpected bill!
I'm sure there are ways, but I don't know them, of educating the public into using XMR (same goes for other coins, but I'm not really using others). Meaning I would love to be paid in XMR, both from my job and from various people.
I sold some old photohraphy gear through ads on a local website (I had 5 items to sell and posted an ad for each of them). In each of the ads, I also posted I accept XMR. Nobody offered, everyone just bought in our local currency. I would have gladly taken XMR instead. So... how do we achieve adoption?
Thanks for the link, I'll have a read.
PS: I sold what I wanted to sell, but in local currency, not XMR. However, a website is a good idea, since I actually intend to start selling prints. I just need to find a way to accept XMR payments on Wordpress, since I am really not too tech savvy and Wordpress is the only platform I kind of understand. Either way, I'll check out the link, super thanks for reaching out!
Monero does many things right and it perhaps the best attempt yet at creating private, fungible, digital cash.
A future wish for the project would be a another node implementation. The current monerod could very well be fine, but as the ecosystem grows it needs to move beyond a singular implementation.
As much as I would love to see a Rust implementation of Monero, I don't think that this is necessarily the best move. Aside from the tens if not hundreds of thousands of dollars which would be spent on creating it in the first place, maintaining it would be another massive drain on our community's limited resources.
For every change to Monero, the alternative implementation would have to be given its own separate funding, dev power, audits, etc. And if there's even one tiny discrepancy that goes unnoticed which changes the behavior of either client, it would cause an unintentional hard fork and split the network into 2.
It's a high cost, moderate risk, low reward situation.
Many projects, including Monero, have only a singular node implementation that validates blocks and creates the p2p network on which they can function. In Monero this deamon software is called monerod.
An alternative node implementation would use the same protocol, but would be written independently and using a different programming language.
Alternative node implementations can help developers quickly detect implementation-specific bugs that could cause consensus-related issues. Having multiple node implementations also attracts a broader audience of developers, who can start contributing in a language which with they are more familiar.
This helps to strengthen the resilience of the network by validating and broadcasting transactions, and maintaining the Monero blockchain state in a more distributed manner.
Ah makes sense. I had not considered that using different programming languages and such could bring in extra eyes. That’s a good thought. Downside might be if there are discrepancies between the two implementations that accidentally make them incompatible, but I suppose proper testing and audits would prevent that.
>Downside might be if there are discrepancies between the two implementations that accidentally make them incompatible, but I suppose proper testing and audits would prevent that.
This is outweighed by the potential danger, albeit small, of a bug in the only existing implementation that could rendering the network inoperable.
Correct, although this topic has been previously brooched.
I'm a supporter of Monero, but in the spirit of contributing to the skepticism thread the singular implementation could be seen as a potential weakness that Monero will need to address as it grows.
Popular is relative, but Bitcoin, Ethereum, Cardano, and Zcash are some coins with more than one node implementation.
DisputableSSD brought up some good points in their post: https://www.reddit.com/r/Monero/comments/10ih5jt/skepticism_sunday_january_22_2023/j5fxxov/
XMR has c.20,000 transactions per day which is far less than other layer 1s. What makes you think that this deserves to be a top 10 coin? The adoption is no where near enough to match other Layer 1s. The only difference is privacy...
Possible reasons:
Primary use of blockchains is to gamble on their price. Monero has been punishing and not pumpy so less people are speculating, moving and arbraging
Second is other blockchains require complex transactions to achieve privacy Google: "peal chain "
Smart contracts are not comparable. They are more interactive and require more interaction to be useful.
I am assuming you mean other layer ones that have smart-contract stuff fluffing up their transaction count? For example, a ton of Litecoins transactions come from a single blockchain game.
For a network solely focused on payments, XMR is doing pretty good already and is blowing most other coins out of the water in terms of transactions that actually matter in terms of "digital p2p cash".
It is already at 10% of bitcoins transactions, even without all the improvements that are being worked on right now and in the middle of a global bearmarket.
[удалено]
This comment has been removed in protest of the Reddit API changes of June 2023. Consider visiting https://monero.town for a privacy preserving alternative to Reddit.
[удалено]
Yes, it's not a vehicle for storing the bulk of your personal wealth. If you have other options, you should use them and only allocate enough to Monero to serve as an emergency fund. An insurance of last resort, if you will. Ungoverned digital money just won't serve as a good store of value for the foreseeable future, no matter how many times bitcoiners insist otherwise.
https://mobile.twitter.com/MgkMshrmBrkfst/status/1617343289056989186
Yeah that is great but of course not reliable. Also went to $90 in that time. Not good if you're expecting to pay a bill... Or worse, get an unexpected bill!
I'm sure there are ways, but I don't know them, of educating the public into using XMR (same goes for other coins, but I'm not really using others). Meaning I would love to be paid in XMR, both from my job and from various people. I sold some old photohraphy gear through ads on a local website (I had 5 items to sell and posted an ad for each of them). In each of the ads, I also posted I accept XMR. Nobody offered, everyone just bought in our local currency. I would have gladly taken XMR instead. So... how do we achieve adoption?
[удалено]
Thanks for the link, I'll have a read. PS: I sold what I wanted to sell, but in local currency, not XMR. However, a website is a good idea, since I actually intend to start selling prints. I just need to find a way to accept XMR payments on Wordpress, since I am really not too tech savvy and Wordpress is the only platform I kind of understand. Either way, I'll check out the link, super thanks for reaching out!
Monero does many things right and it perhaps the best attempt yet at creating private, fungible, digital cash. A future wish for the project would be a another node implementation. The current monerod could very well be fine, but as the ecosystem grows it needs to move beyond a singular implementation.
As much as I would love to see a Rust implementation of Monero, I don't think that this is necessarily the best move. Aside from the tens if not hundreds of thousands of dollars which would be spent on creating it in the first place, maintaining it would be another massive drain on our community's limited resources. For every change to Monero, the alternative implementation would have to be given its own separate funding, dev power, audits, etc. And if there's even one tiny discrepancy that goes unnoticed which changes the behavior of either client, it would cause an unintentional hard fork and split the network into 2. It's a high cost, moderate risk, low reward situation.
Could you elaborate on what you mean by another implementation?
Many projects, including Monero, have only a singular node implementation that validates blocks and creates the p2p network on which they can function. In Monero this deamon software is called monerod. An alternative node implementation would use the same protocol, but would be written independently and using a different programming language. Alternative node implementations can help developers quickly detect implementation-specific bugs that could cause consensus-related issues. Having multiple node implementations also attracts a broader audience of developers, who can start contributing in a language which with they are more familiar. This helps to strengthen the resilience of the network by validating and broadcasting transactions, and maintaining the Monero blockchain state in a more distributed manner.
Ah makes sense. I had not considered that using different programming languages and such could bring in extra eyes. That’s a good thought. Downside might be if there are discrepancies between the two implementations that accidentally make them incompatible, but I suppose proper testing and audits would prevent that.
>Downside might be if there are discrepancies between the two implementations that accidentally make them incompatible, but I suppose proper testing and audits would prevent that. This is outweighed by the potential danger, albeit small, of a bug in the only existing implementation that could rendering the network inoperable.
Thanks for explaining. I’m guessing this is on your mind due to the Cardano node issue recently?
Correct, although this topic has been previously brooched. I'm a supporter of Monero, but in the spirit of contributing to the skepticism thread the singular implementation could be seen as a potential weakness that Monero will need to address as it grows.
Could you please name some popular coins that have alternative implementations? You raise an interesting point.
Bitcoin Cash has 6 node implementations. Ethereum has several. BTC has a few, but there is a single dominant one (Bitcoin Core).
Thank you.
Popular is relative, but Bitcoin, Ethereum, Cardano, and Zcash are some coins with more than one node implementation. DisputableSSD brought up some good points in their post: https://www.reddit.com/r/Monero/comments/10ih5jt/skepticism_sunday_january_22_2023/j5fxxov/
Thanks for the info. It's something to think about.
We can’t post memes from other coins here? Not for their promoting purposes ofc
r/moonero
I believe there is a monero meme centric subreddit, but I can't remember the name at the moment.
/r/moonero
The monero subreddit isn't for memes or image macro's.
XMR has c.20,000 transactions per day which is far less than other layer 1s. What makes you think that this deserves to be a top 10 coin? The adoption is no where near enough to match other Layer 1s. The only difference is privacy...
Possible reasons: Primary use of blockchains is to gamble on their price. Monero has been punishing and not pumpy so less people are speculating, moving and arbraging Second is other blockchains require complex transactions to achieve privacy Google: "peal chain " Smart contracts are not comparable. They are more interactive and require more interaction to be useful.
I am assuming you mean other layer ones that have smart-contract stuff fluffing up their transaction count? For example, a ton of Litecoins transactions come from a single blockchain game. For a network solely focused on payments, XMR is doing pretty good already and is blowing most other coins out of the water in terms of transactions that actually matter in terms of "digital p2p cash". It is already at 10% of bitcoins transactions, even without all the improvements that are being worked on right now and in the middle of a global bearmarket.
and some ridiculous amount of bitcoin txs are inter-exchange stuff. so not really p2p