OC by @Charger8232@lemmy.ml

I know there are plenty of software missing from here. This is just a fun infographic I made, no need to take it seriously :)

  • sugar_in_your_tea@sh.itjust.works
    3·
    3 days ago

    Here’s a laundry list, since you didn’t specify which concerns you have:

    • unprofitable to mine in farms, so fewer environmental issues
    • creates a ton of fake transactions to screw with the public ledger to protect your privacy
    • variable sized blocks, which keeps fees low and reduces transaction time
    • pretty stable, so pump isn’t really a thing
    • not as popular as bitcoin or Ethereum, so traditional scams to steal your coins aren’t as successful (also attracts more sophisticated users)
    • less of a target for speculation, so the currency is reasonably stable

    There are some downsides of course:

    • due to privacy features, it’s attractive to criminals, so many countries block direct transactions with fiat (need to trade some other crypto for it)
    • to maximize privacy, it’s strongly recommended to use your own node (boy required though), which can raise the barrier to entry
    • it’s even harder to find vendors that accept it vs other cryptocurrencies

    Monero does seem to be the best cash replacement though, since it preserves most of the privacy-relevant features of cash.

    • Remy Rose@piefed.socialEnglish
      2·
      3 days ago

      This is actually really helpful, thanks!!

      My general impression for a while has been that there is a genuine need for what crypto claims (but fails) to do. It sounds like Monero is, while very imperfect, sort of like the closest thing we have?

      I keep seeing a lot of orgs support it that I would’ve expected better from, on the crypto front, so I guess this explains why.

      • Remy Rose@piefed.socialEnglish
        1·
        1 hour ago

        Ok, so searching for reliable info on this is (predictably) difficult because you get 80 pages of crypto shill websites. But i found this old article and the critique it lays out seems kinda damning.

        That said, it doesn’t mention in the critique whether they propose any other alternative. And we do seem to need one, right? Some of the stuff that people buy with whatever bullshitcoin on the darkweb, is actually very necessary and/or policed for bad reasons. Like meds unobtainable in the garbage U.S. medical system.

        It seems to me like every other day, we’re hearing that the major payment processors are banning some platform, or forcing some other platform to stop allowing adult content, etc etc. So ultimately I’m coming down on the side of “Monero is just more scammy nonsense”, but it also kinda seems like the only option I’m aware of…

      • sugar_in_your_tea@sh.itjust.works
        1·
        2 days ago

        crypto claims

        Well, that depends on what claims you’re interested in.

        Monero solves the problem of replacing cash while preserving all of the anonymity of cash. Transactions are reasonably fast, fees are low, etc.

        Bitcoin is a terrible currency IMO, and isn’t much better as a store of value because:

        • transaction fees are high - due to finite block size and frequency
        • it’s a huge target for speculation as the largest cryptocurrency
        • transactions are slow (see first bullet point)

        The problem Bitcoin is trying to solve is transparency of transactions, putting huge emphasis on the public ledger. That’s always going to be at odds with a currency, where most people don’t want their transactions tracked.