Sean on Nostr: I watched the explainer video and FAQs in that link and it says the nominal inflation ...
I watched the explainer video and FAQs in that link and it says the nominal inflation will stay at 0.3 xmr per minute. Isn't that stealing? And do I have to trust the devs not to change it?
Also, "Monero hides information to protect user privacy in all transactions." sounds like they're protecting themselves (founders/shareholders) rather than the monero network. How on earth would I know what changes are being made? Bitcoins transparency isn't a bug - it's a feature.
"Monero does not have a hard block size limit. Instead, the block size can increase or decrease over time based on demand." The blocksize wars are a great timestamp to realise why having a blocksize limit is detriment to the security of a network. Running a node gets expensive with bigger blocks - eventually centralising the security of the network.
Moneros main 'feature' is scaling where Bitcoin can't, although I just read up on Ring Signatures, those that are used to create anonymous transactions.. and if the size of a ring signature grows as the network grows - scaling becomes difficult because of how large the anonymity sets are.
While ring signatures provide anonymity, adversaries can sometimes reduce the anonymity set by analyzing patterns or external metadata. If multiple members of a ring collude, they may reduce the effectiveness of anonymity by narrowing down the actual signer’s identity. Bitcoins main feature is stopping the double spend problem - it's not a bug.
"Monero has value because people are willing to buy it. If no one is willing to buy Monero, then it will not have any value. Monero’s price increases if demand exceeds supply, and it decreases if supply exceeds demand." This is wild - the question was "How does Monero have value?" No mention of the privacy or scalability it apparently offers.
It says that Monero currently has a 1% inflation rate, then goes on to say that this will go down to 0% in the future. Abit further down it says "Why does Monero not have a maximum supply?" Then answers by explaining the XMR block reward. I'm not convinced this helps anyone.. why have incorporate inflation in the first place? It's theft.
"I can't see my funds. Did I just lose all my Monero?" answer.. " You probably didn't. It's very hard to simply 'lose' your coins, since they are technically nowhere" [...] " if you don't see your funds, it's probably because of a technical issue." 💀
"Can I manually import the blockchain?" answer.. "Yes, you can, but you probably shouldn't. Importing an external blockchain is very resource intensive and forces you to trust the entity providing you with the blockchain." .. THIS IS A PRIVACY BREACH. If monero won't provide you with proof of transactions then who can?
"Why does the blockchain need so much space?" answer " The transactions and the related data are heavy" Is this because of the unlimited blocksize?
Overall, I think Monero being private is more to do with its marketing campaign and not necessarily proven to be the case with the software it offers. It's private for the creator's, I'd go as far as that. After doing minimal research on Ring Signatures, I've found it's not really scalable either. I will do some more digging, but so far I'm not convinced at all.
Also, "Monero hides information to protect user privacy in all transactions." sounds like they're protecting themselves (founders/shareholders) rather than the monero network. How on earth would I know what changes are being made? Bitcoins transparency isn't a bug - it's a feature.
"Monero does not have a hard block size limit. Instead, the block size can increase or decrease over time based on demand." The blocksize wars are a great timestamp to realise why having a blocksize limit is detriment to the security of a network. Running a node gets expensive with bigger blocks - eventually centralising the security of the network.
Moneros main 'feature' is scaling where Bitcoin can't, although I just read up on Ring Signatures, those that are used to create anonymous transactions.. and if the size of a ring signature grows as the network grows - scaling becomes difficult because of how large the anonymity sets are.
While ring signatures provide anonymity, adversaries can sometimes reduce the anonymity set by analyzing patterns or external metadata. If multiple members of a ring collude, they may reduce the effectiveness of anonymity by narrowing down the actual signer’s identity. Bitcoins main feature is stopping the double spend problem - it's not a bug.
"Monero has value because people are willing to buy it. If no one is willing to buy Monero, then it will not have any value. Monero’s price increases if demand exceeds supply, and it decreases if supply exceeds demand." This is wild - the question was "How does Monero have value?" No mention of the privacy or scalability it apparently offers.
It says that Monero currently has a 1% inflation rate, then goes on to say that this will go down to 0% in the future. Abit further down it says "Why does Monero not have a maximum supply?" Then answers by explaining the XMR block reward. I'm not convinced this helps anyone.. why have incorporate inflation in the first place? It's theft.
"I can't see my funds. Did I just lose all my Monero?" answer.. " You probably didn't. It's very hard to simply 'lose' your coins, since they are technically nowhere" [...] " if you don't see your funds, it's probably because of a technical issue." 💀
"Can I manually import the blockchain?" answer.. "Yes, you can, but you probably shouldn't. Importing an external blockchain is very resource intensive and forces you to trust the entity providing you with the blockchain." .. THIS IS A PRIVACY BREACH. If monero won't provide you with proof of transactions then who can?
"Why does the blockchain need so much space?" answer " The transactions and the related data are heavy" Is this because of the unlimited blocksize?
Overall, I think Monero being private is more to do with its marketing campaign and not necessarily proven to be the case with the software it offers. It's private for the creator's, I'd go as far as that. After doing minimal research on Ring Signatures, I've found it's not really scalable either. I will do some more digging, but so far I'm not convinced at all.