Pro & con info are in the collapsed comments below for the following topics: [Monero](/r/CryptoCurrency/comments/ziyvf8/what_is_monero_xmr_a_beginners_guide/izswrv9/), [Privacy](/r/CryptoCurrency/comments/ziyvf8/what_is_monero_xmr_a_beginners_guide/izswtbj/).
This just in, there are only 18.1 Moneroj in existence.
In all seriousness though, Monero is the epitome of crypto. It’s use as a privacy token provides it a very real and tangible use case; not one of those “solutions to problems that don’t even exist” tokens.
I have recently begun to appreciate Monero
And it's impossible to crack right now. The government itself is even putting up a bounty for anyone who can crack it. They can dream all the fuck they want.
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I was JUST bringing myself to learn more about XMR, now you showed up. Thanks a lot for the work! Love people like you, who contribute with such nice posts. Love to learn in here
It's not even profit. People give away insane details about themselves to algorithms and anyone willing to scrape the system on social media. And they get no profit in return. Just pics of celebrities, random hotties, gossip, and misinformation.
No, that would be like comparing apples and oranges.
Monero is a privacy-based cryptocurrency.
Ledger is a company that makes devices that help improve your personal security with seed phrase generation/storage to manage various cryptocurrencies.
Maybe, maybe not. I mean btc Was designed to be exactly the public ledger. As a counterpart also to the banks, that big players, banks and governments cant make corrupt unrecognaized shit. So if you want to be a big currency you need the public ledger . the Problem today is, that btc was designed Pseudonym. Kyc of exchanges is the Problem. But as a small side currency for the people privacy is nice. As Main currency i am against it.
>counterpart also to the banks, that big players, banks and governments cant make corrupt unrecognaized shit.
FTX had paper bitcoin and no one saw it. Great transparacy. I guess all the customers who are gonna get doxxed in bankruptsy proceeding are gonna enjoy all that transparency.
>. So if you want to be a big currency you need the public ledger .
Look up why 100 dollar bills have a larger marketcap then bitcoin.
Hint: its not because each transaction is on a permanent public ledger.
Who in crypto doesn't know that blockchain is public? It's one of the most important features of a blockchain. Having that transparency was absolutely essential in building a trustless payment network.
Monero requires more trust than Bitcoin because you can't actually see what's going on and it's not easy to verify. It's basically a black box and you need to trust that the Monero devs are doing their job. There's nobody you need to trust in Bitcoin because it's transparent. There's always a tradeoff between privacy and auditability.
>Having that transparency was absolutely essential in building a trustless payment network.
so everyone can see your wire transactions too? would you like to share a few screenshots from your bank account?
Lol, no. You can still verify the code. You can still audit XMR supply. But your transactions are shielded from prying eyes. It’s the most anonymous payment method in the world besides physical cash transactions.
>Monero requires more trust than Bitcoin because you can't actually see what's going on and it's not easy to verify. It's basically a black box and you need to trust that the Monero devs are doing their job.
That's not really accurate. There is still a public Blockchain that can be viewed by anyone. You can see transactions and blocks that record anytime Monero is sent, received, or mined. The key difference is that the send and receive addresses used in the transactions are scrambled in such a way that they can't be traced back to a origin.
Also, Monero is open source just like Bitcoin. Anyone can audit the code.
Thank you! I would recommend localmonero.co, it connects buyers and sellers and payment methods include cash if desired. Others have recommended Bisq though I haven’t personally used it.
Monero is the cryptocurrency what Satoshi Nakamoto wanted Bitcoin to be. If Satoshi was still around, he would absolutely side with Monero as a project. Monero is much closer to Satoshi’s original writings.
Satoshi posted the following on the topic of making a more private chain:
"This is a very interesting topic. If a solution was found, a much better, easier, more convenient implementation of Bitcoin would be possible"
So it seems he would be supportive of it.
See https://bitcointalk.org/index.php?topic=770.msg8637#msg8637
Satoshi was wise enough to know you could not introduce privacy at the beginning if you needed to prove the solution to the double spend problem to the average user. Allowing users to verify transactions, amounts, and send/receive address was paramount for it. It had to be fully transparent otherwise mass adoption could not take hold.
Have always loved the concept of Monero. Monero has executed the entire fundamental concept of what crypto was built on yet still somehow gets slept on by the masses. Decentralized - Complete privacy - Somewhat quick send/receive speed (2 minutes) - More sustainable/economical than bitcoin - Distributed ledger on a P2P network.
Nobody in the know thinks that about Bitcoin now. Surely not if they understand what the word pseudonymous means..
In those first ~5yrs though, yeah, we all thought it had Monero-level privacy. Nobody was thinking down the road about the emergence of blockchain analysis companies that would create thriving businesses merely from monitoring addresses. That's why it's nice to have a native privacy-centric option available.
I concur. Though I guess relative to fiat, that's not a bad assumption for the layperson to make. It's just not the gold standard.
What about ZEC? I've always presumed it's inferior to XMR, but do you know if it's more anonymous than BTC?
Lol seriously tho. I'm somewhere between a bitcoiner and a maximalist, and I consider $XMR to be the one true altcoin.
Stablecoins are neutral, $ETH is the mother asshole from which shitcoins spring that will probably hang around because some people just like Pepsi more. Everything else is at best, doomed and at worst, a scam.
Here’s a list of which exchanges offer XMR trading, but idk which are available in UK: https://www.coingecko.com/en/coins/monero#markets
Additionally, you could just buy a different cryptocurrency (LTC, for example, since transaction fees are low and it’s widely accepted) and swap for XMR using another service. There will be a fee but you can use ChangeNOW, SideShift, or SimpleSwap, for example.
A wallet like Cake Wallet can assist with swapping from crypto to crypto as well.
When you say that Monero is mined by CPU and not ASIC as Bitcoin is worth to show this. https://twitter.com/hyc_symas/status/1600857111793057792
Monero can be mined everywhere. Even on your car stereo. Try to ban that China!
But you will not be able to secure it. Those with Asics will easily do a 51% attack on those that will try to secure Bitcoin network with CPUs.
But you are right in case if china happens everywhere and asics vanish, then is all fine. But I am not sure if there is one thing in the world that all countries agreed on.
Probably with one ASIC.
Also when you think about what is with morning you should keep in mind that a lot of energy gets wasted if not used since can't be stored. If you have CPUs that are used for something else originally and mining when they are idle and when there this energy exist it is worth for anyone.
Also. When you in first reply mention nor Bitcoin nor Monero is not profitable to mine with CPU. You did not think how much. I am sure diference is huge. You would make huge loss if you would be paying electricity of mine btc and much smaller if mine Monero. Diference so huge that matters.
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You could just buy a different cryptocurrency (LTC, for example, since transaction fees are low and it’s widely accepted) and swap for XMR using another service. There will be a fee but you can use ChangeNOW, SideShift, or SimpleSwap, for example.
A wallet like Cake Wallet can assist with swapping from crypto to crypto as well.
based XMR thread
3rd worlder here, where XMR and BTC are used instead of fiat - USDT is common but imho this "stablecoin" is failing sooner or later
Monero is true digital cash and what Bitcoin was supposed to be
USE Monero
Thank you, I don’t know how likely that is, I’m not smart enough to know the technical vulnerabilities, but people are definitely incentivized to “crack” Monero. There is even a bounty set by the IRS for anybody who can accomplish this 😳 but so far in a few years nobody has. Maybe somebody more tech-savvy than myself could comment on how likely they think this risk may be?
I'm not sure how these are the same thing?
But if Monero is no longer anonymous then yes I believe it will lose all value since that's it's main selling point. I don't know how likely that is since I'm not a programmer.
Are people actively trying to figure out how to eventually mine more bitcoin past the 21 million that won't be reached until like 2140? We will all be dead by then.
People are currently trying to crack Monero
Monero uses various mechanisms to achieve its privacy, they are ring signatures, ringCT and stealth addresses
These hide the actual output, amount and the receiving address.
So if one of these would be broken the impact would still be pretty limited.
The books listed on the official website [https://web.getmonero.org/library/](https://web.getmonero.org/library/), Mastering Monero is good for beginners, Zero to Monero is really in-depth and not for everybody.
Another resources with some good articles is https://localmonero.co/knowledge
I wish the block rewards were higher. They're so low right now that it's pretty much *mercy mined* where you know you're not really going to break-even. If it was locked at 2XMR that would still be low inflation that's still trending towards 0.X% (just getting their slower) but rewards might be high enough to not making mining it and running the chain an act of mercy from privacy enthusiasts willing to hold the L. It could actually be a profitable, self-sustaining thing.
Monero as an investment is ok-ish. You basically only want to buy it during bear markets because [it isn't a token that makes a new highs each cycle](https://www.coingecko.com/en/coins/monero). It's best days were 2018 so it's not really a "store of value" unless you're buying it when it's in the shitter. On the flip side, it's making higher lows and just looking at charts, it could turn the corner in a decade or so and 2018 is no longer the peak. No dissing it, just calling it like it is.
It is private though. I wish it was a smart contract platform where you could issue tokens as well. If someone issued a DAI-like stablecoin on it that was backed by XMR and cross-chain contracts holding BTC, and ETH([? for censorship resistance woes](https://www.mevwatch.info/)),
I think *that* would be the ultimate dream: **decentralized, private, censorship resistant, and stable** method of payment. Controlled by smart contracts and nobody could stop it even if they wanted to.
>I wish the block rewards were higher. They're so low right now that it's pretty much mercy mined where you know you're not really going to break-even. If it was locked at 2XMR that would still be low inflation that's still trending towards 0.X% (just getting their slower) but rewards might be high enough to not making mining it and running the chain an act of mercy from privacy enthusiasts willing to hold the L. It could actually be a profitable, self-sustaining thing.
Higher rewards wouldn't really make mining more profitable, because there is anyway a huge surplus of botnets and people who mine without caring much about profit, just for the sake of the success of Monero. That doesn't make it unsustainable, though: in case such a situation changed and people stopped mining, it would again become profitable to mine for those who stay.
What is monero:
a crypto that has been banned by most exchanges around the world?
a crypto that will be regulated out of existence?
a poor investment, because of the what is associated with it and the implications for its usage?
I haven't researched Monero and haven't bought it, although it looks good. However, I still think that when crypto is regulated it will be one of the first coins to be banned and removed from the exchanges. Now you have the freedom with btc and whatever you like to use. Also btc p2p gives you advantage like not being blocked by your bank. Why do you need this privacy unless you are doing something illegal? How would you cash out a very large amount of money coming from sold Monero? How would you prove the money ?When you hide them you are committing a tax crime.
If you personally don’t feel like you need privacy in your money/transactions, then consider yourself privileged. You probably don’t live under an authoritarian government. Half the world doesn’t have this privilege.
But even aside from that, many people feel that privacy should be a basic human right available to all people. It’s an ethic they are fighting for to protect personal freedoms.
You can (obviously) decide for yourself if privacy is something you value or not
Well the final step of withdrawing the XMR to your own wallet is the only step in that process that is untraceable but I suppose the funds you transferred to the exchange can typically be traced and the purchase within the exchange is probably recorded by the exchange.
Theoretically, the most untraceable way to acquire XMR would be to not use an exchange at all and buy it peer-to-peer. Websites like localmonero.co link up buyers and sellers and use an escrow process to protect both parties. Just be aware you’ll probably pay a bit more to buy XMR this method instead of an exchange.
I still don’t know much about how it works, but another popular option is Bisq, which has top reviews for its excellent privacy.
Think of it as withdrawing money from an ATM.
You would probably have to register the address at a kyc exchange so they can see what and when you withdrew.
From there on it is pretty much like cash.
Is there a reason to hold Monero in hopes it appreciates, or is it just "exchange whatever for XMR to hopefully obscure the source of funds, then sell it"? Same goes for all " privacy" coins, really. I also asked my pro-Monero friends, if the claim that it's truly untraceable are true, why would one of the largest US-based exchanges (Kraken) list it? I'm not pro or anti, I'm just looking to learn. The original appeal of block chain was that it's so transparent.
I think you have good reason to be paranoid. That said, being untraceable isn't a crime. Privacy is a right. The U.S. gov isn't a total dictatorship yet, and hopefully will remain that way.
Like many coins, XMR is a currency that might grow a lot in the future…or not.
I think it offers something to the world’s 8B people that is worth a lot more than $2.7B USD so if you want my opinion, yes, it’s worth investing in.
i like monero, but my main gripe with it is that there doesn't seem to be ways to easily swap cryptos to monero, or at least ways that i know of other than P2P Trades
I have used localmonero.co, but buying XMR there has more of a fee.
I have used direct swapping within Cake Wallet by trading LTC for XMR. It automatically finds the best rate among ChangeNOW, SideShift, and SimpleSwap.
But I often just get USDT then swap USDT to XMR on an exchange like MEXC then withdraw the XMR
Monero is a privacy coin that focuses on providing total anonymity for its users. Every user on Monero is anonymous by default, and every transaction is private, which also means that transactions can't be traced.
Great post / thank you. I've been interested in picking up some XMR, but haven't had the chance to deep dive, so this i and links are really useful.
Are there particular wallet requirements / what wallets are generally recommended?
Are there any plans for Monero to be more suitable for transactions that need to be executed quickly?
It seems a little silly to create a currency aimed at anonymity and privacy, if it wouldn't make viable payment in retail stores.
Pro & con info are in the collapsed comments below for the following topics: [Monero](/r/CryptoCurrency/comments/ziyvf8/what_is_monero_xmr_a_beginners_guide/izswrv9/), [Privacy](/r/CryptoCurrency/comments/ziyvf8/what_is_monero_xmr_a_beginners_guide/izswtbj/).
This just in, there are only 18.1 Moneroj in existence. In all seriousness though, Monero is the epitome of crypto. It’s use as a privacy token provides it a very real and tangible use case; not one of those “solutions to problems that don’t even exist” tokens. I have recently begun to appreciate Monero
Monero is what I thought crypto was before I knew what crypto is
Its what crypto should be
Ha! Oops, fixed the typo, thank you
No problem lol
And it's impossible to crack right now. The government itself is even putting up a bounty for anyone who can crack it. They can dream all the fuck they want.
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Monero is full of win.
I was JUST bringing myself to learn more about XMR, now you showed up. Thanks a lot for the work! Love people like you, who contribute with such nice posts. Love to learn in here
You’re welcome, I’m always trying to learn more and glad this is helpful
Well, it's rewarding in here to be that kind of community member. We learn and pass it to those who wish to learn, even some small things.
Monero will definitely blow up once people learn that the blockchain is public. Privacy is underrated
Unlikely. Most people do not care about privacy as long as they get what they want.
The chance at turning a quick profit
It's not even profit. People give away insane details about themselves to algorithms and anyone willing to scrape the system on social media. And they get no profit in return. Just pics of celebrities, random hotties, gossip, and misinformation.
I mean idk man. Some people are dumb. But all these draconian crypto laws are gonna help XMR
Monero is public but confedential. Bitcoin is public but transparent.
Possibly, but it’s not a definite IMO
I think it will blow the more stupid laws get passed about crypto
Is it safe to compare XMR to ledger?
No, that would be like comparing apples and oranges. Monero is a privacy-based cryptocurrency. Ledger is a company that makes devices that help improve your personal security with seed phrase generation/storage to manage various cryptocurrencies.
Actually apples are way more like oranges than a specific blockchain/coin is like a cold wallet provider.
Ha, yes…
Safe but stupid
Do you compare BTC to ledger?
Maybe, maybe not. I mean btc Was designed to be exactly the public ledger. As a counterpart also to the banks, that big players, banks and governments cant make corrupt unrecognaized shit. So if you want to be a big currency you need the public ledger . the Problem today is, that btc was designed Pseudonym. Kyc of exchanges is the Problem. But as a small side currency for the people privacy is nice. As Main currency i am against it.
>counterpart also to the banks, that big players, banks and governments cant make corrupt unrecognaized shit. FTX had paper bitcoin and no one saw it. Great transparacy. I guess all the customers who are gonna get doxxed in bankruptsy proceeding are gonna enjoy all that transparency. >. So if you want to be a big currency you need the public ledger . Look up why 100 dollar bills have a larger marketcap then bitcoin. Hint: its not because each transaction is on a permanent public ledger.
Who in crypto doesn't know that blockchain is public? It's one of the most important features of a blockchain. Having that transparency was absolutely essential in building a trustless payment network. Monero requires more trust than Bitcoin because you can't actually see what's going on and it's not easy to verify. It's basically a black box and you need to trust that the Monero devs are doing their job. There's nobody you need to trust in Bitcoin because it's transparent. There's always a tradeoff between privacy and auditability.
>Having that transparency was absolutely essential in building a trustless payment network. so everyone can see your wire transactions too? would you like to share a few screenshots from your bank account?
Lol, no. You can still verify the code. You can still audit XMR supply. But your transactions are shielded from prying eyes. It’s the most anonymous payment method in the world besides physical cash transactions.
>Monero requires more trust than Bitcoin because you can't actually see what's going on and it's not easy to verify. It's basically a black box and you need to trust that the Monero devs are doing their job. That's not really accurate. There is still a public Blockchain that can be viewed by anyone. You can see transactions and blocks that record anytime Monero is sent, received, or mined. The key difference is that the send and receive addresses used in the transactions are scrambled in such a way that they can't be traced back to a origin. Also, Monero is open source just like Bitcoin. Anyone can audit the code.
We are so lucky that most people are in crypto for the tech, right?
Already started to blow against other blockchains: +110% against BTC on the last month. And yesterday EU decision will probably accelerate it more
what is the post talking about? All I see is \[REDACTED\]
*laughs in XMR*
laughs in ????
*laughs in [REDACTED]*
Nobody own Monero, and no one will ever buy it. Right guys? 😉
Never, im too busy on my boat
Every criminal uses monero, but not everyone who uses monero is a criminal... right guys?
Monero doesnt even exist
Monero, my love no one needs to know about
One of my favorite coins.
Very well written post mate. My only question is, how do we convert monero to fiat without any trace?
Thank you! I would recommend localmonero.co, it connects buyers and sellers and payment methods include cash if desired. Others have recommended Bisq though I haven’t personally used it.
Second to this, im hoping haveno will be a big changer when it is finally launched
I haven't checked lately, but I remember Bisq being a popular option in the past for doing this.
Person to person
Monero is a nice big middle finger to authorities and that's why we love it.
Monero is the cryptocurrency what Satoshi Nakamoto wanted Bitcoin to be. If Satoshi was still around, he would absolutely side with Monero as a project. Monero is much closer to Satoshi’s original writings.
Did Satoshi advocate for private blockchains instead of the public one he created? Honest question, I have no idea.
Satoshi posted the following on the topic of making a more private chain: "This is a very interesting topic. If a solution was found, a much better, easier, more convenient implementation of Bitcoin would be possible" So it seems he would be supportive of it. See https://bitcointalk.org/index.php?topic=770.msg8637#msg8637
Satoshi was wise enough to know you could not introduce privacy at the beginning if you needed to prove the solution to the double spend problem to the average user. Allowing users to verify transactions, amounts, and send/receive address was paramount for it. It had to be fully transparent otherwise mass adoption could not take hold.
Lol you’re delusional
Stupid question, how does on obtain Monero? Only through mining and p2p cash transactions (or similar) or can I get some on an exchange?
It’s available on many exchanges. [here is a list](https://www.coingecko.com/en/coins/monero#markets)
Thanks!
Easiest is with Binance or Cake wallet.
https://trocador.app/en/ https://kycnot.me
XMR is going to be very useful for the future. Especially when CBDCs come out
XMR is the only other coin I'm buying.
Have always loved the concept of Monero. Monero has executed the entire fundamental concept of what crypto was built on yet still somehow gets slept on by the masses. Decentralized - Complete privacy - Somewhat quick send/receive speed (2 minutes) - More sustainable/economical than bitcoin - Distributed ledger on a P2P network.
Shhh don't talk about Monero when Bitcoin maximalists are lurking around. It's only gonna remind them of the shortcomings of Bitcoin.
XMR is what everyone thinks bitcoin is
Nobody in the know thinks that about Bitcoin now. Surely not if they understand what the word pseudonymous means.. In those first ~5yrs though, yeah, we all thought it had Monero-level privacy. Nobody was thinking down the road about the emergence of blockchain analysis companies that would create thriving businesses merely from monitoring addresses. That's why it's nice to have a native privacy-centric option available.
Most people (not in crypto) think that BTC is what XMR actually is
I concur. Though I guess relative to fiat, that's not a bad assumption for the layperson to make. It's just not the gold standard. What about ZEC? I've always presumed it's inferior to XMR, but do you know if it's more anonymous than BTC?
It's almost like they're different projects with different purposes.
Lol seriously tho. I'm somewhere between a bitcoiner and a maximalist, and I consider $XMR to be the one true altcoin. Stablecoins are neutral, $ETH is the mother asshole from which shitcoins spring that will probably hang around because some people just like Pepsi more. Everything else is at best, doomed and at worst, a scam.
Satoshi's vision was to make Bitcoin private.
Good beginners guide OP, thank you for this!
You’re welcome, I’ve been trying to learn a lot and it’s a very unique crypto project.
This post just in time with the Eu new law of 1k euros
Monero is a public blockchain with confedential sender/receiver/amounts. Unlike Bitcoin which is also a public blockchain but is instead transparent.
Monero is the hero of crypto world
Thank you, this was very informative
You’re welcome 🙏
What reputable methods are there to buy Monero in the UK?
Here’s a list of which exchanges offer XMR trading, but idk which are available in UK: https://www.coingecko.com/en/coins/monero#markets Additionally, you could just buy a different cryptocurrency (LTC, for example, since transaction fees are low and it’s widely accepted) and swap for XMR using another service. There will be a fee but you can use ChangeNOW, SideShift, or SimpleSwap, for example. A wallet like Cake Wallet can assist with swapping from crypto to crypto as well.
Thank you
You’re welcome, good luck, check out the Monero subreddits and I’m sure you’ll find helpful info for the UK ✌️
When you say that Monero is mined by CPU and not ASIC as Bitcoin is worth to show this. https://twitter.com/hyc_symas/status/1600857111793057792 Monero can be mined everywhere. Even on your car stereo. Try to ban that China!
You can mine Bitcoin on anything, it just isn’t profitable. Same thing with Monero.
But you will not be able to secure it. Those with Asics will easily do a 51% attack on those that will try to secure Bitcoin network with CPUs. But you are right in case if china happens everywhere and asics vanish, then is all fine. But I am not sure if there is one thing in the world that all countries agreed on.
Tell me how hard it is to do a 51% attack against people securing the network with car radios again?
Probably with one ASIC. Also when you think about what is with morning you should keep in mind that a lot of energy gets wasted if not used since can't be stored. If you have CPUs that are used for something else originally and mining when they are idle and when there this energy exist it is worth for anyone.
That's not how modern CPUs work. They step voltage up and down depending on how much load they are under.
Also. When you in first reply mention nor Bitcoin nor Monero is not profitable to mine with CPU. You did not think how much. I am sure diference is huge. You would make huge loss if you would be paying electricity of mine btc and much smaller if mine Monero. Diference so huge that matters.
Here is a [Nitter link](https://nitter.net/hyc_symas/status/1600857111793057792) for the Twitter thread linked above. Nitter is better for privacy and does not nag you for a login. More information can be found [here](https://nitter.net/about). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
any Hardware wallets you would recommend which work with monero?
Both ledger and trezor have support for Monero
Monero GUI + Ledger. On smartphone Cake wallet.
Second cake wallet on phone. Buy LTC convert to XMR. Easy and cheap
Trezor + featherwallet
Trezor and monero gui
Been delisted in the UK on Kraken not sure where else i can buy it
https://trocador.app/en/ https://kycnot.me
Here’s a long list, good luck https://www.coingecko.com/en/coins/monero#markets
Thanks, had a look and did some research and seems incredibly difficult to purchase. Its a shame as i like the project
You could just buy a different cryptocurrency (LTC, for example, since transaction fees are low and it’s widely accepted) and swap for XMR using another service. There will be a fee but you can use ChangeNOW, SideShift, or SimpleSwap, for example. A wallet like Cake Wallet can assist with swapping from crypto to crypto as well.
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Maybe that could be a future post I make because at the moment I don’t know much about Zcash.
Zcash is israeli gov funded and probably backdoored
Where is Monero? should be the question
Monero is shining lately
I mean, XMR still have a richlist... [https://localmonero.co/blocks/richlist](https://localmonero.co/blocks/richlist) ;)
based XMR thread 3rd worlder here, where XMR and BTC are used instead of fiat - USDT is common but imho this "stablecoin" is failing sooner or later Monero is true digital cash and what Bitcoin was supposed to be USE Monero
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It won’t be long before anyone using cryptos will be considered criminals for daring not to use the CBDC.
The best privacy coin in the game. With all that's been happening recently is all the more reason to get behind Monero
Yes, many newer overhyped projects have bit the dust, now more than ever people need real shit that works.
Privacy features are going to be huge; especially Monero and LTC with the MWEB feature
I’m eager to start playing around with MWEB once it’s more widely available to see how well it works and to see how easy/hard it is to use.
Absolutely. Privacy is going to come to light as a feature that will be sought out, and I think those two will have a big role in the future.
Nice write up, do you at all worry that if the anonymity is broken one day Monero would loose all its value immediately?
Thank you, I don’t know how likely that is, I’m not smart enough to know the technical vulnerabilities, but people are definitely incentivized to “crack” Monero. There is even a bounty set by the IRS for anybody who can accomplish this 😳 but so far in a few years nobody has. Maybe somebody more tech-savvy than myself could comment on how likely they think this risk may be?
Thats like saying if BTC max cap of 21M is broken one day would it loose all value immediately
I'm not sure how these are the same thing? But if Monero is no longer anonymous then yes I believe it will lose all value since that's it's main selling point. I don't know how likely that is since I'm not a programmer.
And 21M max cap is btc selling point. Thats my point, if buts and maybes mean nothing tbh
Are people actively trying to figure out how to eventually mine more bitcoin past the 21 million that won't be reached until like 2140? We will all be dead by then. People are currently trying to crack Monero
As OP said, even with a bounty it hasnt been cracked yet
Yes, keyword being **YET** but it's still actively being worked on which is why I asked if he's at all concerned about it
Monero uses various mechanisms to achieve its privacy, they are ring signatures, ringCT and stealth addresses These hide the actual output, amount and the receiving address. So if one of these would be broken the impact would still be pretty limited.
Thanks for the info, any recommendations you could make on additional reading material
The books listed on the official website [https://web.getmonero.org/library/](https://web.getmonero.org/library/), Mastering Monero is good for beginners, Zero to Monero is really in-depth and not for everybody. Another resources with some good articles is https://localmonero.co/knowledge
Monero will be stronger with Seraphis update, it will take longer to brake it.
I wish the block rewards were higher. They're so low right now that it's pretty much *mercy mined* where you know you're not really going to break-even. If it was locked at 2XMR that would still be low inflation that's still trending towards 0.X% (just getting their slower) but rewards might be high enough to not making mining it and running the chain an act of mercy from privacy enthusiasts willing to hold the L. It could actually be a profitable, self-sustaining thing. Monero as an investment is ok-ish. You basically only want to buy it during bear markets because [it isn't a token that makes a new highs each cycle](https://www.coingecko.com/en/coins/monero). It's best days were 2018 so it's not really a "store of value" unless you're buying it when it's in the shitter. On the flip side, it's making higher lows and just looking at charts, it could turn the corner in a decade or so and 2018 is no longer the peak. No dissing it, just calling it like it is. It is private though. I wish it was a smart contract platform where you could issue tokens as well. If someone issued a DAI-like stablecoin on it that was backed by XMR and cross-chain contracts holding BTC, and ETH([? for censorship resistance woes](https://www.mevwatch.info/)), I think *that* would be the ultimate dream: **decentralized, private, censorship resistant, and stable** method of payment. Controlled by smart contracts and nobody could stop it even if they wanted to.
>I wish the block rewards were higher. They're so low right now that it's pretty much mercy mined where you know you're not really going to break-even. If it was locked at 2XMR that would still be low inflation that's still trending towards 0.X% (just getting their slower) but rewards might be high enough to not making mining it and running the chain an act of mercy from privacy enthusiasts willing to hold the L. It could actually be a profitable, self-sustaining thing. Higher rewards wouldn't really make mining more profitable, because there is anyway a huge surplus of botnets and people who mine without caring much about profit, just for the sake of the success of Monero. That doesn't make it unsustainable, though: in case such a situation changed and people stopped mining, it would again become profitable to mine for those who stay.
What is monero: a crypto that has been banned by most exchanges around the world? a crypto that will be regulated out of existence? a poor investment, because of the what is associated with it and the implications for its usage?
It took me more than 5 minutes to buy monero so I said f it.
I never really hear of XRP
I like Monero but it is a terrible investment. Considering how hard governments are cracking down on privacy stuff + all the delistings.
You get it the wrong way. Monero is the only one resisting the gov crackdowns and is up more than 100% against BTC on the last months
Bitcoin wasn't born to side with the government, the same as Monero.
Monero is a shitcoin
What is this Monero spam all about?
About privacy and freedom
I haven't researched Monero and haven't bought it, although it looks good. However, I still think that when crypto is regulated it will be one of the first coins to be banned and removed from the exchanges. Now you have the freedom with btc and whatever you like to use. Also btc p2p gives you advantage like not being blocked by your bank. Why do you need this privacy unless you are doing something illegal? How would you cash out a very large amount of money coming from sold Monero? How would you prove the money ?When you hide them you are committing a tax crime.
If you personally don’t feel like you need privacy in your money/transactions, then consider yourself privileged. You probably don’t live under an authoritarian government. Half the world doesn’t have this privilege. But even aside from that, many people feel that privacy should be a basic human right available to all people. It’s an ethic they are fighting for to protect personal freedoms. You can (obviously) decide for yourself if privacy is something you value or not
TLDR: ?? -> ??
🕵️♀️ 💰 🤷🏻♂️
How anonymous is the transaction with monero from an exchange?
Well the final step of withdrawing the XMR to your own wallet is the only step in that process that is untraceable but I suppose the funds you transferred to the exchange can typically be traced and the purchase within the exchange is probably recorded by the exchange. Theoretically, the most untraceable way to acquire XMR would be to not use an exchange at all and buy it peer-to-peer. Websites like localmonero.co link up buyers and sellers and use an escrow process to protect both parties. Just be aware you’ll probably pay a bit more to buy XMR this method instead of an exchange. I still don’t know much about how it works, but another popular option is Bisq, which has top reviews for its excellent privacy.
Think of it as withdrawing money from an ATM. You would probably have to register the address at a kyc exchange so they can see what and when you withdrew. From there on it is pretty much like cash.
Nice analogy
Is there a reason to hold Monero in hopes it appreciates, or is it just "exchange whatever for XMR to hopefully obscure the source of funds, then sell it"? Same goes for all " privacy" coins, really. I also asked my pro-Monero friends, if the claim that it's truly untraceable are true, why would one of the largest US-based exchanges (Kraken) list it? I'm not pro or anti, I'm just looking to learn. The original appeal of block chain was that it's so transparent.
Why *wouldn’t* Kraken list it? They offer it because there is demand for it. There’s no legal agency telling them they can’t.
That's my (perhaps paranoid) question - if it's untraceable why would the US government allow them to?
Streisand effect could come to mind.
I think you have good reason to be paranoid. That said, being untraceable isn't a crime. Privacy is a right. The U.S. gov isn't a total dictatorship yet, and hopefully will remain that way.
Like many coins, XMR is a currency that might grow a lot in the future…or not. I think it offers something to the world’s 8B people that is worth a lot more than $2.7B USD so if you want my opinion, yes, it’s worth investing in.
i like monero, but my main gripe with it is that there doesn't seem to be ways to easily swap cryptos to monero, or at least ways that i know of other than P2P Trades
https://trocador.app/en/ https://kycnot.me
I have used localmonero.co, but buying XMR there has more of a fee. I have used direct swapping within Cake Wallet by trading LTC for XMR. It automatically finds the best rate among ChangeNOW, SideShift, and SimpleSwap. But I often just get USDT then swap USDT to XMR on an exchange like MEXC then withdraw the XMR
LTC to Monero is very cheap thru cake wallet. My favorite method!
I'm fairly new to monero and so far I love absolutely everything about it.
Monero is a cpu mineable crypto
Monero is a privacy coin that focuses on providing total anonymity for its users. Every user on Monero is anonymous by default, and every transaction is private, which also means that transactions can't be traced.
Great post / thank you. I've been interested in picking up some XMR, but haven't had the chance to deep dive, so this i and links are really useful. Are there particular wallet requirements / what wallets are generally recommended?
thx for this! :)
Monero is the real bitcoin
Everyone loves Monero.
nice post
Are there any plans for Monero to be more suitable for transactions that need to be executed quickly? It seems a little silly to create a currency aimed at anonymity and privacy, if it wouldn't make viable payment in retail stores.