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this post was submitted on 09 Nov 2023
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Monero
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4 users here now
This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency
founded 1 year ago
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“You have to be quite stupid to support crypto in 2023”
They ain't wrong. Usage of crypto has very much stagnated or declined last few years, and it's now just an Internet phenomenon drifting towards oblivion. Like gopher protocol or web rings.
Lucky ones made some life changing money. The rest have only managed to trap their capital into a dwindling returns game.
Their conclusion might be true in a way, but their “6-point proof” is uninformed if they’re criticizing Monero.
- “All stablecoins are not stable” ← irrelevant to xmr
- “Every non-stable coin is just a bigger fool scam, since there is no use case for crypto” ← what?!
- “Crypto destroys customer protections” ← “no middle men” is what we’re intentionally trying to achieve, at the cost of obvious risk
- “All consensus mechanisms are geared to allow the wealthy to control the crypto economy” ← That’s exactly what Monero is trying to avoid
- “Crypto gives great privacy protections to anonymous criminals and scammers and destroys privacy for anyone using the system as a honest user.” ← the first half is a valid criticism but the whole sentence doesn’t make sense
- “Crypto aims to prevent man-in-the-middle attacks” ← that’s not the main goal of xmr
Either way, Monero is not about making money, if that’s your point of view. Many of us are Monero users, not investors. Correct me if I’m wrong!
Totally wrong. Crypto is only growing and will replace 90% of the current financial system in 10 years. Idiots that jump into obvious scams (ponzi money laundering operations acting as exchanges, dog coins, monkey pics) will lose everything, as they have always done.
Once you properly use real crypto, like Monero, you realize how terrible the legacy financial system is and you want to avoid using it whenever possible.
It took Internet and social media 10 years to fully proliferate, and crypto is already 14 years old. Perhaps its zenith had already passed, and people getting to it now are laggards. If I'm being overly optimistic, then maybe 50 years to replace current financial system could be a viable goal.
I've used crypto for purchases of various things, and it definitely is much better than current fiat system and the banks. However, adoption is still in infancy, while at the same time regulation ban hammer is coming down hard, cutting down anyone who dares to accept crypto as payment in the "above ground" world, where 90% of the economy happens.
If you can't use crypto in your day to day life, then crypto is just speculation. Big change isn't coming from us, we are few and our voices are unheard. Change is coming when some celebrity or famous person shows the world how easy it is to use Monero in their day to day life, and how beneficial it would be to the civilization. Sadly all of those "heavy hitters" are rich, and they won't risk their billions of net worth held in old money system. 'Monero' is the one single word that no one above $100M net worth is supposed to mention in public.
One more thing: about losing everything. I've bought XMR back in early 2018, and my average buy-in price is $250, or 0.025 BTC. I've already lost at least half of my initial fiat investment, so Monero has been an abysmal performer, not even inflation hedge. That's not how money works. Had I kept my money in co-opted and crippled BTC, I'd be able to get 4x as much XMR as I have now.
Sounds like someone is bitter because they made the wrong bet. I knew crypto was not an "investment" from the start when I was CPU mining BTC.
Got into Monero around $30-$50 when I realized BTC is not money, but only converted some existing BTC into XMR. It was pretty obvious the financial mafia would not allow XMR to pump in their marets.
As for fiat buys you should not be buying unless everyone thinks crypto is collapsing. That is the time to scoop up some more.
You may be right about your projections, Monero will likely take over 90% of black market in 10 years and it will take about 50 years to take 90% of everything else. One thing is for sure, crypto in one form or another will dominate the world we will just need 1 or 2 generation cycles.
@rattie_ok @Saki The goal is a "Peer-to-peer electronic cash system". If and to the degree that such is realized, this goal has society-changing ramifications. It is money that plays by Internet consensus rules, not by coercive governmental ones.
Realizing this goal requires many design choices.
When faced with its (rather obvious) scaling problem, BTC chose not to change its design but rather to rebrand as "store of value" instead of "electronic cash".
That was the death of honest crypto.
I don’t think BTC is all bad, nor XMR is all good, but I think you have a beautiful dream.
Someone once said something like: “A dream without a plan is just a dream.” Then I was like, “A dream with a plan is just a business plan. If you think your dream may well come true, your dream is not big enough.”
Well said. Now, how to make crypto honest again? The masses already know about crypto as a get rich quick scheme, and would not dare touch it. Especially since regulations are closing down fiat ramps.
There's a better probability of goldbacks or silver coins becoming a new currency than Monero. Crypto's reputation is just that bad.
@rattie_ok All we can do is keep Monero honest. It is the only crypto actually being used as currency
Crypto’s reputation is just that bad.
That’s what I was vaguely assuming too. So those rather favorable (pro-privacy) vibes there were unexpected.
There're way more people there so you can expect a more active discussion.
You’re right. I’m new to social media in general, and was misunderstanding that Monero.town is where Monro-related discussions take place on Lemmy. A better interpretation seems to be: Monero.town is for Monero users, while !Technology@lemmy.world is where people talk about (computer) technology in general.
One is for Monero users, so it’s relatively small, quiet and cozy. The other is about technology, including but not limited to cryptocurrencies, so it’s large and busy. Since Monro is a technology, they may talk about it too. Makes sense.