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Please teach me how to use monero

What would you like to know?

ofrnxmr[m] I want to know how to use it

I've heard monero is slow, is it true?

No. Around 2 seconds to send a transaction, similar time to show up with the receiver

20mins to unlock new received money or change. << this is the only "slow" part. Cannot spend until unlocked.

20mins is only = 2 btc confirmations, so I dont see 20mins as slow. More as "inconvenient"

It's pretty fast at sending transactions

Is there any other privacy-respecting cryptocurrency like Monero?

<tel> "I've heard monero is slow, is it..." <- download a wallet and use it yourself

r4v3r23[m] ok but which wallet? Cli wallet doesn't work in termux android

tel: monerujo is easy to use on android

check feather wallet for desktop

r4v3r23[m] what's your primary wallet?

tel: CLI wallet does work on termux

I sent you the download link last time getmonero.org/downloads

only the version from the termux package manager seems broken, but that one isn't maintained by us

none. i just larp here

As of today Monero is better store of value than Bitcoin: 12 months holding, Bitcoin is down 32% vs Monero down 10%

Ethereum dropped by 18% in a year span, but it's a premined clusterfuck going PoS so who cares.

zoom out

it also had much more stable price over the year

selsta: Can you provide script to install?

Is there any other privacy-respecting cryptocurrency like Monero?

wget downloads.getmonero.org/cli/androidarm8

extract

plenty but they are all scams

Monero isn't scam?

nope.

Monero is likely the most (arguably the only) honest cryptocurrency project

they could as well redirect /r/cryptocurrency to /r/monero :D

lot of people get burned by this sub, getting into scam projects and leaving them with bad opinion about cryptocurrencies in general for the rest of their lifes

part of them know they are investing in scams but think they will win with the casino

Difference between Monero_com and Cake apk? github.com/cake-tech/cake_wallet/releases

monero.com is only a monero wallet

cake wallet is a multicoin wallet

otherwise no difference as far as i know

Shruum is very bad because it needs orbot

Monerujo needs orbot for tor... but doesnt even work

Both using orbot is 100% unnecessary and I plan to remove orbot from both

(Monerujo does not need orbot for clearnet connections. Works perfectly fine for those)

Monerujo also doesnt support ssl though..

Orbot is not 100% secure

Tor in termux is 100% secure

How to run my node in monerujo?

Where to buy monero?

Buy monero cask? Or trade for crypto?

Cash - localmonero, kraken

Swap - majesticbank, changenow.io, fixedfloat

Exchange - tradeogre, kucoin

<tel> "How to run my node in monerujo?" <- Monerujo doesnt run a node.

You can run a node in termux and connect to it from moneujo

You can run this node on the same device, but preferrably you run it on a dedicated that will be plugged in for most/all day.

Everything you need for android node is here

Can I run node in heroku? 512mb ram

Storage is about 400gb

Dont quote me, I dont know anything about heroku

But id say not enough ram.. but... you try it and let us know

tel: it's a little bit difficult because Heroku does not like anything Monero-based (thanks to the people that tried to mine on those machines)

Five bucks says Cake is gonna give the Monero.com domain to the project because nobody uses that app and everybody just sticks with Cakewallet. Good thing too since it's better than GetMonero.org

I say no way at least not in the next 12 months

They just launched that

garth: I will give 5 bucks for that

Yes but eventually

Obvs not soon

Hello, I'm joining because I'm interested in exploring the potential for a Monero-native stablecoin. I have a lot of experience working with Fei Protocol, a stablecoin on ETH L1. Stablecoins are my area of expertise (:

tldr: stablecoins require a trusted middleman, which is kind of a nono around here

As for algorithmic stablecoins: lmao

As for stablecoins in general. Lol.

Nothing stable about the usd

You know what would be fun? A stablecoin pegged to gold and other precious commodities

Not saying it's a good idea, but it would definitely be fun to see

Fishy: Describe how stablecoins are your area of expertise. The economics of them? The programming of them? etc.

<merope> "You know what would be fun? A..." <- You have it already pax gold

<merope> "As for algorithmic stablecoins..." <- There are plenty of successful algostables, LUSD and RAI being examples of the most decentralized ones

<Rucknium[m]> "Fishy: Describe how stablecoins..." <- Mainly stablecoin design and economics of stablecoins

I think eventually stablecoins will have to monitor both interest rates and quantity rates in the way that RAI does, but with more fine tuning to ensure a tighter peg

Hey what do yall think of a coin which has an emission schedule dependent on both time *and* mining difficulty

?

That way, emission goes up as more miners join the network. It prevents crazy lopsided supply distributions, but still rewards the early miners

<merope> "You know what would be fun? A..." <- not a fungible coin but commodities can be accessed on-chain via Kwenta's synthetic assets

It would smooth out supply inelasticity, and act as a "quasi" stablecoin

Because as adoption and purchasing increases, the issuance increases with it. So it helps to avoid the crazy parabolas of crypto. It would be CPU mined (merge mined with XMR), so everyone in the world could get their hands on some

Fishy: Do you have papers available to read?

Rucknium[m]: The only ultra-detailed media I've created on stablecoins is a diagram for a stablecoin AMM (automated market maker), I can however explain the mechanism design behind most stablecoins

It is formal mechanism design? In other words, proven to produce a certain game theory equilibrium?

And then follow-up question: What notion of equilibrium do you use?

And are multiple equilibria possible?

<Rucknium[m]> "It is formal mechanism design?..." <- I've not engaged with any formal mechanism design material

<Rucknium[m]> "And then follow-up question..." <- I'm unsure of the exact meaning of this question, for example like LUSD is priced at $1.03 right now because LUSD holders are charging a fee via market mechanisms rather than changing the protocol (the protocol is immutable)

This is some form of equilibrium right now, however if some large ETH holder decided they wanted a bunch of leverage and borrowed and sold LUSD it could go to $1 again

The game theory equilibrium. I've only read one stablecoin white paper with my economist eyeglasses on, but I was not impressed with the one that I did read. To be frank, there are a lot of people playing with economic forces that they do not understand in the cryptosphere.

Rucknium[m]: probably so, I'm not a formally trained economist or academic

but I'm just interested in proposing ideas and seeing if others can poke holes in them

Maybe some context that I googled: fei.money twitter.com/FishFishDeFi medium.com/volt-protocol/treasury-and-risk-management-d5792754a4df

rbrunner: in the context of Volt Protocol I did not ever agree that the VOLT stablecoin had a strong chance of maintaining peg with the design it launched with, there were additional mechanisms being created (a form of lending insurance essentially) to try to keep the stablecoin at peg

just disclosing that so I don't take heat over that article haha

> <@rbrunner:libera.chat> Maybe some context that I googled: fei.money twitter.com/FishFishDeFi medium.com/volt-protocol/treasury-and-risk-management-d5792754a4df

* in the context of Volt Protocol I did not ever agree that the VOLT stablecoin had a strong chance of maintaining peg with the design it launched with, there were additional mechanisms in the works (a form of lending insurance essentially) to try to keep the stablecoin at peg that had better chances

Well, only reading over that article, without even going much into details, gave me a first impression about what monumental amounts of complexity we are likely talking here

We here have all hands full with basically a single task: Make a single good cryptocurrency, period.

If I see how the DeFi people juggle with coins, DAOs, chains, contracts, yada, yada I get downright dizzy

And a constant nagging feeling like "They can't be serious, or can they?"

rbrunner: most of DeFi is pretty useless compared to TradFi I'll agree

But something like a decentralized stablecoin is necessary for mass adoption of private electronic currency

Well, the Swiss National Bank also tried their luck with a "stablecoin", they tried to hold CHF at EUR 1.20, and they threw tens of billions of EUR at the problem

and failed spectacularly.

I guess we can do better :)

Oh, the other way round of course, the EUR at CHF 1.20

My initial guess is "we" cannot :P

I guess the SNB did not use the right game theory then :)

Honest question: why does the IRC server of a privacy focused crypto currency require light KYC to use it?

Or the algorithm had a bug somewhere

Often the correct application of game theory is to realize that achieving a certain goal is impossible.

How does irc require kyc?

aremor: Er ... because it's not "our" server?

Maybe Libera has restriction how you can or cannot register

You can connect to libera using Tor right?

rbrunner: But it was chosen to be used though

jwinterm[m]: Validated email

I've heard oftc is a bit more Tor friendly

You don't have to register though do you?

Aren't some channels for some times only for registered users?

jwinterm[m]: To be honest I think that’s the one I’m thinking of. You have to validate your info on there

After spam attacks and such

The most effective stablecoins use collateral and debt (seizing the collateral when collateral value gets too close to debt value)

Doesn't sound like the SNB was doing such a thing, seemed like they were moreso participating in open market operations to try to peg their currency to one they didn't have control of. Quite literally LUNA-tier

And you have control over everything? Well, I guess one cloud castle is controlling the other one :)

What the SNB was trying to do was ignorant of supply and demand. Like 1 CHF has different demand than 1.2 EUR (for example if EU states demand higher taxes EUR grows in value). 1$ of ETH and 1$ of USD have the same demand because ETH is priced in USD (what gives ETH its $ value is its demand)

As I see it, the whole affair simply got too expensive. The SNB on one side, pretty alone, and monumental market forces on the other side. The markets won.

<rbrunner> "And you have control over..." <- Sure, I don't have control over USD or ETH price, but letting people borrow a synthetic dollar with ETH collateral does not require either of those things, simply that someone is willing to hold the synthetic dollar and lend to the borrower.

"someone is willing". Yeah, right, that's the key. If nobody is willing, all comes crashing down, one way or another.

Remember, nobody deemed it possible in the slighest that Bear Stearns would collapse, and AIG nearly so.

Simply wrong algorithm, eh? :)

rbrunner: If they are not willing to hold the stablecoin the system can safely unwind as borrowers repay their debts and withdraw their ETH.

rbrunner: Not even the wrong algo, the wrong goal

I'm simply interested in knowing the specific reason LUSD you believe LUSD will blow up, other than a "X financial institution with different characteristics blew up" fallacy

s/LUSD//

With the Bear Stearns comparison maybe its possible that the LTV (loan-to-value) ratios on synthetic stablecoins are too high, but that doesn't invalidate the entire mechanism of collateralized debt stables. (It just means they have certain failure modes)

For example, I'd be comfortable holding a stablecoin with a 20% LTV backed by XMR collateral, as I don't think XMR will drop more than 50% in one block

s/%/%+/

Kinda stinks haven used XUSD and they're kinda scam cause XUSD is pretty good ticker

I heard a rumor that stablecoins are a government psyop to bring Jimmy Hoffa back from the dead and have him testify that the moon landing was totally legit

"X financial institution with different characteristics blew up" fallacy. Why fallacy?

So far seems to me we more or less talk past each other

I talk about people, you talk about algorithms, technical things, constructs

I am convinced that there is nothing on Earth that can *force* people to continue to believe in something, or in all cases offer a graceful exit if they stop to believe

You think I operate with fallacies. I think your arguments are a good example of hubris.

All history of commerce and credit and currencies and so on, 5000 years or so, does not matter: We know better now.

No, sorry, we don't.

We don't even know yet whether bog-standard cryptocurrencies like BTC and XMR will really work over time.

Maybe we will just fade into the background of history again with all our "coins" in 10 years or so because we fail to solve big enough problems, or something better comes along.

But, well, of course I am only a single member of a big community, don't take me too serious :) A really solid proposal of yours may well rise interest.

After all "Can we have an XMR based stablecoin" is something like an FAQ on the Monero subreddit.

Algo stable coins never work out, i wouldn't touch it

Ah, you don't know yet, you can become "liquidity provider", you will 5% XMR each month on your "liquidity". Deal?

*you will earn

Damn have my private keys

I can't say for sure that there is not and never can be an algorithmic peg that works. I am suspicious of big Blackrock borrow of BTC much of which was used in large UST buy and then dump of all. By analysis of those that buy this scenario Blackrock made about $1 billion and this started the free fall of UST peg in a big way. Which in turn took out some major places people were staking their crypto for long term income. And

it is certainly likely Blackrock does what the US and international government community wants to keep its high seat.

One lesson is keep custody of your crypto!

Revuo Monero. Issue 130: July 21 - 28, 2022. revuo-xmr.com/issue-130.html

<rbrunner> "I am convinced that there is..." <- Sure, I agree. I'm just operating on the assumption people value assets the way they do today (no black swan events). Obviously no system can survive every scenario, and if it seemed like I was saying that sorry.

ok meeting in 42h44m

no ifs ands or buts

ok boss

🫡

if it wasn't for checking Revuo i would not have noticed that SolOpt merge request

spirobel: dont miss out this time

I will be away

oh 42h44m

I was all ready for 44 min

lol

jwinterm ready to throw down with a moments notice, i like that

🫡

I am sitting at bar next to only weird people working on python code for accounting

so ready to throw down on anything almost