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Joined 2 months ago
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Cake day: July 6th, 2024

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  • protecting Ukraine

    So, turning Ukraine into a mass prison that people are desperatly trying to escape, where people are kidnapped on the streets and sent to die on the frontlines? Can they somehow opt-out of this protection? Yeah, didn’t think so, obviously you know what’s better for other people.

    No rational person could think he intends to do anything but hand over Ukraine to Russia.

    Obviously it wouldn’t happen, just the current front lines would become the new borders.

    But even your bogeyman “hand over Ukraine to Russia” is still orders of magnitudes better for Ukrainians than the current situation.











  • Monero only serves as an illegal tool to facilitate crime online

    Well, that’s provably false :) I pay for hosting and domain of my instance with Monero, quite sure this is legal. You can prove yourself wrong by paying for something legal with Monero, if you want.

    until it will be regulated by our governments (hopefully this happens soon).

    They already try to do that, don’t they? I wish them to have as much success as they had (and have) with banning drugs. They can’t really stop Monero (unless they force people into whitelisted internet, or find a critical bug in the software).

    Monero fails to be a medium of exchange that is widely accepted, except for crime and extremely niche cases that will eventually be regulated to oblivion.

    This is not a valid argument… There’s no “medium of exchange” that is accepted everywhere (even US dollar). Zimbabwean dollar is also not widely accepted, yet I suspect you would call it a currency. You can argue (and you would be correct) that it is not widely accepted, but you can’t say that it’s not a currency because of that.

    Neither is Monero a store of value. As proved by past price history, its extreme volatility and reliance on the price movements of BTC/fraudulent cryptocurrencies means that when they eventually fall, Monero will follow. No one on this planet would save or transact in a currency with extreme volatility that could mean losing half the fiat value of your money over night.

    This is an even more invalid argument… How many fiat currencies have failed, how many had hyper-inflation? And yet again I suspect you would call them currencies. And people transacted and saved in them.

    Monero has a tainted reputation

    I guess in some sense it’s true. But that’s part of a bigger problem. People need to understand that just because some government labels person a criminal, does not mean that they have actually done anything bad or are a bad person. My country considers me, and many more people like me, criminals - because we don’t want to go to a war and die for a Nazi regime… They freeze our bank accounts for that as well (and yes, Monero fixes that). I’m sure you consider me a bad person for that and would rather see me dead or at least my money confiscated, but oh well - I don’t.

    It uses old blockchain architecture that only allows one block every 2 minutes with limited transactions that can barely handle the transaction throughput of Visa or Paypal.

    This is being worked on, right now stress test is conducted on stagenet and results are being used to improve scalability :)
    There’s always an option to introduce L2s, if they will ever be needed, etc. It’s just not a priority right now because in the current state the network can handle order(s) of magnitude more transactions than it has now.

    You have to sync the blockchain worth hundreds of gigabytes, which is continuing to grow infinitely, to run your own node. In the future, normal people won’t even be able to run any node as the size of the Monero blockchain grows extremely large. It will rely on data centers and centralized entities like Bitcoin making the network vulnerable to attacks.

    You can sync a pruned node, which take around 70GBs now, that’s less than some modern games. If that ever becomes a problem, a pruned node can sync an even smaller percentage of total blockchain to make it viable for more people to self-host.

    Also, unlike Bitcoin or other transparent blockchains, you have to scan the entire history of Monero that can take hours if you have unluckily stored your money in it long ago. Imagine waiting hours at the cashier register waiting for the blockchain to sync so it can register that $5 of Monero that you stored years ago!

    With FCMPs we will have a new type of private key, that you can share with a remote node to scan the blockchain for your transactions, without a significant loss of privacy :)

    Monero is centralized

    Well, I guess this argument is valid (just as much as it is valid with other cryptocurrencies). But you can always fork. People didn’t like where BTC was going, BCH was forked. If people won’t like where XMR is going, XCH (or whatever) can be forked :)

    I will provide FOUR irrefutable arguments against Monero below.

    Dunno, seems quite refutable to me 🤷


  • If I have a node, can I use block explorers to check my transactions anonymously?

    If you have a node - you can just use RPC to get all the info you need (or self-host a blockhain explorer connected to your own node if calling RPC manually is too complicated), no need to use public block explorers.

    BTW, how would this work? Doesn’t XMR automatically obfuscate this?

    Imagine you have received an output (a transfer) from a CEX. Immediately (well, after 10 blocks) other people start using your output as a decoy in their transactions. After some time, you actually use this output in a transaction. From what the CEX knows (we assume they are bad guys who try to spy on you) there are hundreds (or more) of transactions where you potentially could have spent your XMR, they don’t know which one is the real spend though. Now you go and use the transaction hash to see its status on a blockchain explorer that is hosted by CEX. Assuming they can correlate your identity (e.g. by IP/cookies/fingerprint/etc.), they now know that you specifically checked a transaction that possibly spends the output they sent you. They cannot prove that you spent it, but it would be a reasonable assumption (why else would you check that specific transaction?). Now, on it’s own it doesn’t give them much info (although your privacy already has been partially compromised), as the destination address is hidden as well as the amount. But if the receiving side of your transaction also cooperates with your CEX, and they tell CEX that the amount they received is the same (minus fees) as you withdrawn from the CEX (or even worse, they somehow also correlated this transaction with your identity) they now can be even more sure that it is your transaction (even though they still can’t prove it).

    So, Monero is doing its best to protect you, and you still have plausible deniability, but in those very specific circumstances bad actors can be reasonably sure where your money went.

    FCMPs will fix that :)