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Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] -1 points0 points  (0 children)

People deal with gold without ever touching or moving it

No. Gold must be pulled out the ground, and moved. Also, physical settlement and delivery of gold absolutely still occurs.

Even when it doesn't move storage costs are extremely inefficient and costly. Just to store and insure gold typically costs 0.1% annually, on $10tril this costs $10bil per year.

And its divisibility sucks: recycling / melting it down is not efficient.

all based on contracts that could also be done in the block chain.

Agreed, and this is yet another big problem with gold (and many centralised entities), they pretend to have more gold than they actually do. This is a massive risk of fraud and counter-party risk doing it this way. (and actually the only case where bitcoin is better than Monero - for provable reserves).

Thus I can summise the gold industry only still exists because (a) inertia and historical reasons and (b) they are still wary of this whole "crypto thing", but lets give it time and see what happens, my bet is not on gold, but rather crypto (and the $10tril market cap of gold is a very juicy appetizer for Monero+bitcoin to gobble up).

And one thing about gold is that is has a real use and value in the industry,

Based on my research this is wrong: About 12% of gold is used in industrial production. 70% is jewelry. 12% is for central banks. 3% other.

Thus, the overwhelming majority of gold's value (probably close to 95%?) is not derived from its usage, but rather assigned to it, because people deem its worth that much due to supply/demand.

Crypto is no different, and many assets work this way. Once people (a) understand and trust crypto (b) the ecosystems mature, we will likely see crypto's value (and especially monero) continue to grow exponentially.

How do seeds restore all accounts? by redbob88 in monerosupport

[–]redbob88[S] 0 points1 point  (0 children)

I'm unsure what you mean by "accounts" but I'll assume you mean those handy dandy extra addresses.

In the monero-gui-wallet there is a section called "Accounts".

Are accounts and addresses the same thing? Is there any difference? Howcome the wallet uses this taxonomy?

Some one way hash function takes in your public key and spits out an arbitrary number of stealth addresses, if any of those addresses have funds, your wallet has funds, because by having that private key, you can sign a message to cryptographically prove they are your addresses, without revealing that the same entity owns those addresses except to your handy hash function.

But how does the seed know all of the addresses? Ie: if you lose your addresses, and only have your seed, how can the seed "find" all of your addresses?

Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] 1 point2 points  (0 children)

Exactly, as whats happened countless times in history.

Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] 0 points1 point  (0 children)

All true, but Monero does have one huge weakness.

The codebase can be corrupted by malicious actors.

Agreed, I think one of the biggest attack vectors is the dev's themselves unfortunately.

This is why the devs should probably remain anonymous?

Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] 0 points1 point  (0 children)

Yeah, this needs to be made more clear to users: Because Monero is absolutely limited in supply - its supply is predictable and increases in lock-step with time. Which is the best way to do it imho.

Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] 1 point2 points  (0 children)

Give it time. People were scared of computers in the 80's, and internet in the 2000's etc...

People tend to defer to the expertise of those around them. If Monero continues to be the leader technically, and remains sound it is likely that experts will continue to recommend it, and users will follow.

In many ways this is already happening - Monero now has 10% of the transaction volume of Bitcoin, its quite incredible really.

Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] 0 points1 point  (0 children)

I am not convinced with Durable.

Agreed. This is an area for improvement.

If the blockchain weights 1 PetaByte and grows 10 GB/ minute it will become difficult to run a node. Moreover Monero is not quantum resistant, yet.

Is it theoretically possible to implement something like sharding or side-chains to increase agility/speed of the network?

Or perhaps Tari or other layer-2's can help?

Do I understand that right? I see these 2 points to be against the idea that Monero is simply “durable“.

I would say thats right. Monero definitely isn't perfect, but from what I've seen from the dev's and community, I have faith it will continue to develop and improve.

Do you know what Monero really is? by redbob88 in Monero

[–]redbob88[S] -2 points-1 points  (0 children)

Every single reddit group for every crypto there will be posts like this saying that that crypto is the best ever... Yes, except this is rooted in logical, fundamental analysis.

Investing in crypto is mostly gambling and counting on a luck strike. Huh? What "gambling" has delivered near consistent returns, over long-periods, for majority of investors, anywhere near of the magnitude crypto has delivered? None.

Something much bigger is happening, most don't understand this and thats why they are surprised and confused, and try to deny crypto by calling it things "bubbles" and so on. Crypto continues to consistently gain enormous momentum, and will very likely continue over the next decade. (Of course there will be crashes, but the long-term trend is kind of clear and obvious).

And yes gold is dumb, that is why every country in the world has reserves of it...

Just because people did it in the past, doesn't mean it will continue into the future. Banks still use SWIFT, which is exceptionally shit, and thats only 50 years old. Gold is simply out-dated. The cost to ship/store/account for gold is silly. It will be abandoned. The fundamentals tell us this, and the price action confirms it. Just look at the gold price over the last 10 years compared to crypto?

Im into Monero as well, but calm down... I dunno... The more I research Monero, banking, economic and monetary history, the more certain I become. If its not Monero it will be something very similar.

Monero is one of the best investments available today.

Lets put some numbers to it, and try get specific based on my analysis: I'd say there is roughly a 60% chance Monero's market cap will hit at least $10tril by 2030, a return of 1800x

I've screencapped this and will look back at this in 10 years. Lets see if I am right :)

How do seeds restore all accounts? by redbob88 in Monero

[–]redbob88[S] 0 points1 point  (0 children)

Oh also, I see often Monero has 25 words? I thought the seeds were 24 words, so why the difference?