Hi all,
Tommy from AllArk here.
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Enough Karma to post on major crypto subs
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Ability to push out promo threads
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Hope you have a great day!
Tommy from AllArk
I am not joking nor am I talkiny about custodial wallets. Rather, my wallet was non custodial (rainbow wallet). My funds were on polygon, in a pool on quickswap. Suddenly the pool was closed and all USDT on polygon was gone. This happened a few months ago and I doubt I will ever see my money again. A stablecoin custodian froze the funds… all USDT on polygon, and lots more on other networks. Again… my wallet was non custodian but the wallet that held all funds for USDT on polygon (not my wallet obviously) was frozen.
"Hmm, I have a non custodial wallet, you see, but my crypto was not on it, and I lost my crypto.
This means non custodial wallets don’t work as they can’t secure coins that aren’t on it! Bad wallets bad crypto!"
Jokes aside, how can you compare another coin with Monero and say they are the same shit? There’s no lightning network or pool or any shit I don’t know that holds your coin with Monero, you either have it and fully own it on your non custodial wallet, or you don’t.
So you’re telling me you only exchange XMR on the monero blockchain and don’t move it to other networks to invest? Excuse my lack of knowledge in L2, L3 networks but it seems to me that if you are just keeping your funds on the monero blockchain then you’re not using your funds, you’re just holding. If you’re just moving from fiat to xmr on monero, what good are your funds?
Now if you move some of your XMR to ethereum or polygon or any off-chain network, you can use your funds but your funds are as secure as any other ERC20 token, they don’t get some magical protection because they are XMR. If they are off chain, then there is a smart contract representing your funds off-chain and those funds can be frozen.
wow, such noob
Yeah I am an idiot.
Well, here is your problem. Don’t move your coins off chain.
You see, people here use Monero as a currency and not mainly for exchanging and betting on what the price will be.
Coins are for hodling. Currency is for using.
Do any places accept monero on the monero chain? I have yet to see any. Can you do anything besides exchange for fiat (which is actual currency)? So far I am seeing that as a “no” which makes XMR about as beneficial as a savings accout, but with more volatility.
Mullvad is a great exemple, there is also njal.la hosting, and there was a website with all sites that accepted Monero that was around.
Or, you know, all the hidden and dark net markets use BTC and XMR
Occasional payment between individuals, or payment through websites that have crypto payment processors. I bought something on instant gaming with LTC for example.
Ok so let’s recap here…
XMR is a currency with its own blockchain, like BTC, polygon, ETH, Cosmos, BNB, etc.
“XMR is superior to BTC and ETH” because as best I can tell it has its own blockchain, like BTC and ETH.
“XMR is better than BTC and ETH” because you can use monero on a handful of places and use BTC and ETH in many more places.
Yeah… I must be an idiot here because I am still not understanding. XMR looks like BTC, just a lot less popular and worth less money.
So… why would anyone want to be paid directly in XMR? This is the question that started my comments and I don’t see a good answer.
What i see is that if you like XMR, get XMR. If you like BTC get BTC. If you want to avoid getting any crypto stolen, keep your funds in your wallet and don’t move them to another network. Very cool. Good talk.
I never said that XMR was superior, it’s down to personal preference, and imo they can’t be compared as they have different use cases.
Privacy, anonymity and fungibility. One can easily trace which wallet currently holds a coin for BTC and ETH, and in case of governments or police forces, they can get the identity of a person behind a wallet if they used a CEX at least once.
This is not the case with XMR: each time a transfer/transaction is made, you multiply by 16 the number of possible routes it could have went. A single payment is enough to obfuscate the route (and certitudes); doing more (ex: sending to yourself ‘churning’) will multiply this number by 16 again, again, again…
16, 256, 4096, 65536, 1048576
By doing 5 transactions, you’ve set the number of possibilities to over a million. Congrats, your coin is now untracable.
Please note that churning is controversial among the Monero community as it increases the blockchain’s size and people claim it could hurt your privacy, even though it clearly can’t if you’re churning your own single coin, you can only increase possibilities. At the end of the day, churning isn’t for everyone, but it can be useful when you want to hide the origin of the coin or mask where it went. I churn once in a while.
BTC is known to have been a source of trouble when the coin you can get in swaps or exchanges can have a background of being stolen, in which case exchanges can freeze your account, ask you questions and annoy you, even though you weren’t linked to the actual problem.
That’s L1 networks for you.
Security through obsfucation is not security. You’re describing a situation where an app (one that either hasn’t been written yet or is written but you don’t know about yet) can reverse the transactions you’ve done. Sure, it’s not as simple as going on etherscan and looking at a wallet, I guess… but that’s not nearly the same.
Blockchain is a ledger. A ledger is a record of transactions. In order for the network to work, that ledger has to be verified. If the network can verify who has what in what wallet and where the money went, so can a purpose-built application or script.
I’m going to guess that’s because it probably isn’t security and comes at the cost of greatly increasing the size of the ledger, all so a script has to take a few more CPU cycles to get the information.
Security through obsfucation isn’t security but it does make you feel more secure because it’s harder for you to understand. When’s the last time you calculated a crypto transaction by hand? There’s a reason we let computers do this work.
Which network…? Because it sounds like you’re just describing L2/L3 networks in general. That was kind of my whole point with this… Once you go to L2/L3, it doesn’t really matter if you have BTC or XMR or ETH, because as you put it yourself “the coin you can get in swpaps or exchanges can have a background of being stolen”. I don’t know if that’s what happened in my case, I just know one day I woke up and all USDT (a fairly well known coin) on Polygon was gone. My point is, that could’ve been XMR and it would have likely happened the same way.
My larger point is… what good is money if you aren’t going to use it? Is it the L1 XMR network which earns you money or the DeFi options on L2/L3? If you’re just looking to HODL, then pick a coin on any L1 network, and don’t leave that network, and then I guess convert back to fiat some day or find a niche retailer. Otherwise when you go to L2 / L3 or do any of the “dAPPs” your precious XMR may be taken.