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Comment on Monero Project admits thieves stole 6-figure sum from a wallet in mystery breach

kartonrealista@lemmy.world ⁨7⁩ ⁨months⁩ ago

My point is there isn’t any other usage to it. People won’t use Monero for buying their groceries or online shopping, but its nature lends itself to being used to commit crimes. Cash at the very least has serial numbers - you could possibly track that.

The reasons why it isn’t suitable to be used as a currency are exactly what I listed, and you failed to interrogate: volatility, lack of consumer protections, anonymity for wrongdoers, extremely high transaction fees and energy usage, consensus protocols favoring big money and the inability to perform even a basic rollback without splitting the entire economy of your chain in twain. It is especially unsuitable for e-commerce, since you could just have someone send you someMy point is there isn’t any other usage to it. People won’t use Monero for buying their groceries or online shopping, but its nature lends itself to being used to commit crimes.

With e-commerce, you could have someone send you some coins and then not deliver the product. What are they gonna do, get a non-existent chargeback?

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shortwavesurfer@monero.town ⁨7⁩ ⁨months⁩ ago
As a person who has been buying my groceries with Monero for almost a year, I must dispute that. Is Monero less stable than the US dollar, sure. However, compared to a lot of crypto Monero is quite stable because it has real world use and extremely low transaction fees. monero is also quite stable when compared to (admittidly bad) fiat currencies such as the argentenian peso.

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- 520@kbin.social ⁨7⁩ ⁨months⁩ ago
  Where are you buying your groceries in Monero? If it's available where I am, I'd like to get in on that.
  
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  - shortwavesurfer@monero.town ⁨7⁩ ⁨months⁩ ago
    For now Instacart via Coinsbee
    
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virtualbriefcase@lemm.ee ⁨7⁩ ⁨months⁩ ago

The reasons why it isn’t suitable to be used as a currency are exactly what I listed, and you failed to interrogate …

My original point I meant to make was just that your first argument, XMR = bad because NFTs/FTX/Luna was either that you didn’t understand the differences of them, or that you did and were presenting a disingenuous argument.

The other points are more of a come to your own conclusions type of deal. But, if we’re on the topic:

Volatility? I’d point out that, yes, it’s volital like every other thing that’s new. It’ll figure out a stable price (what price that’ll be, or if it’ll be 0, I can’t say). New tech and volital speculative markets and all that, churning out crap and jems alike.

Anonymity, consumer protections, & no transaction reverses? Again, cash, see what my take on it is above. + If tracking serial numbers stopped crime they’d be doing that already.

Energy useage? Yup, there’s a lot, and that’s a good criticism. But as these things grow there’s work towards more efficient models. Also, it’s not like everything else (from mining gold to making a PlayStation) uses energy in an often inefficient way.

No use as a currency? There’s already a growing amount of using it as a currency. A lot of people are talking about the “Monero circular economy” with the idea being a community both earning and spending Monero amongst themselves. There’s also a surprisingly large amount of merchants accepting Monero compared to a few years ago, and a large number of crypto services (including Monero) that offer a middleman type service to allow you to spend XMR and have a business get fiat.

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- kartonrealista@lemmy.world ⁨7⁩ ⁨months⁩ ago
  
  umber of crypto services (including Monero) that offer a middleman type service to allow you to spend XMR and have a business get fiat.
  
  So you buy Monero with fiat, just to convert that Monero to fiat again, so the vendor can receive fiat? What for?
  
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  - virtualbriefcase@lemm.ee ⁨7⁩ ⁨months⁩ ago
    Political statement? Ease of use? Social experiment? Ideological preference? Spending crypto you were paid in? A stand in until more merchants accept Monero directly? For no reason, but it’s not hurting anybody and it’s not illegal so why not?
    
    Pick any of the above.
    
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