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

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virtualbriefcase@lemm.ee ⁨1⁩ ⁨year⁩ 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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