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revuoxmr
Revuo Monero Issue 223: December 26, 2024 - January 12, 2025.
revuo-xmr.com/weekly/issue-223
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fmlatghor
BlueyHealer: came across that and I am trying to understand how it works
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fmlatghor
wondering if I should go with a crypto ATM instead... depends on what measures they have
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BlueyHealer
At least the ATMs we have here have full KYC. Heard it is the case in some other places too.
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Jush
what bridge is this chat using for IRC <--> Discord
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Cindy
probably hv-bridge
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Jush
github link?
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m-relay
<ofrnxmr:xmr.mx> Not hv-bridge iirc
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BlueyHealer
It does say "hv-bridge" for me on IRC.
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ofrnxmr
Where
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ofrnxmr
(i'm probably wrong anyway lol)
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BlueyHealer
The user that sent the messages from Discord. Also there is such a user in the user list.
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hv-bridge
<wearethelifersyetagain> meow.
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ofrnxmr
I read irc<>matrix. I forgot that this room is (thought was) bridged to discord
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nioc
Since pigeons did maintenance on matrix a few days ago matrix image links no longer work on irc
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fmlatghor
In terms of privacy, does this make sense? USD -> LTC (Coinbase) -> XMR (CakeWallet) -> XMR (cli wallet) -> receiver
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fmlatghor
Buying LTC on coinbase, then sending that to cakewallet to swap, then sending that to my monero cli wallet, then sending that to the receiver
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fmlatghor
is there any added benefit in privacy doing the second to last step? Sending from the cli wallet instead of cakewallet? Like is there traceability if the transaction were to occur with the swapped funds on cake?
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pigeons
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pigeons
Maybe we need to disable this authentication or maybe there is a setting that will apply to bridged rooms or maybe somehow to configure the bridge integration
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nioc
pigeons: thx
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m-relay
<ofrnxmr:xmr.mx> nioc, ppl used matrix to host content
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pigeons
I think we will just disable this authentication requirement for remote media to allow users across bridges to access links, I'll talk it over witha few people and anyone with feedback let me know.
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pigeons
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pigeons
or people could use a pastebin or imagehost I guess
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BlueyHealer
On IRC, people already do that.
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pigeons
yeah makes sense
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m-relay
<tony-avtradingpro:matrix.org> I told you the market would fall
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m-relay
<umask777:decred.org> all large cap gains since the election have been wiped out, small caps well below pre-election levels
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Cindy
if you're into monero because of line up, you should just stop lol
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m-relay
<umask777:decred.org> i was speaking of the stock market
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Cindy
ah
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m-relay
<umask777:decred.org> LA fires might just crash the insurance industry
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m-relay
<umask777:decred.org> tradfi realizing the don's tariffs are serious and going to cause chaos
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nioc
This is not the channel for price talk
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nioc
Maybe link it to the need for monero :D
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Cindy
i don't want monero to appease to the speculators, being disconnected to its point as a currency, and end up crashing and burn (like ethereum)
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BlueyHealer
I just want the price to stay roughly where it is...
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BlueyHealer
So that people would be more comfortable using it as a currency...
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Cindy
yes
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Cindy
a more expensive monero will actually have a negative effect, since people will be hoarding it for the sake of value
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m-relay
<endor00:matrix.org> [Citation needed]
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Cindy
and negatively affect its reputation
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m-relay
<endor00:matrix.org> The real goal is day to day usage
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Cindy
yes
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m-relay
<endor00:matrix.org> If the money flows, it becomes more stable
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m-relay
<endor00:matrix.org> If it doesn't, then any gambler with a hole in their pocket can make the price spike up and down
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Cindy
the fees in ethereum and bitcoin has made it unattractive as its use as a currency
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Cindy
due to network congestion and static block sizes
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Cindy
when i tried out ETH, i had to pay over $60 in fees for one transaction alone
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Cindy
and this caused a feedback loop
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Cindy
because since i could barely afford the fees, i had to hold the currency
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Cindy
and then it becomes more "unstable" at that point
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nioc
the market cap is currently too small to be a currency except for a small part of the overall market
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nioc
chicken and egg issue
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nioc
@bbl
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Cindy
maybe monero has a chance to avoid the same issues that plague ethereum and bitcoin
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Cindy
like dynamic block sizes
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BlueyHealer
$60? WTF, why would anyone use that??
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Cindy
i tried it out for a bit, out of curiosity
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Cindy
but the fees were a big turn off
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Cindy
sometimes it cost LITERAL HUNDREDS of dollars
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Cindy
for one transaction
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BlueyHealer
I wonder how Monero scales, and whether the fees would get higher with higher adoption... From what I understand, the dynamic block size itself is for short activity spikes.
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as2333
The more monero is adopted the higher the price would go. Wanting price to remain 'stable' makes no economic sense.
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BlueyHealer
$60 is more than any of my Monero transactions I ever made!
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as2333
not to mention, 'stable' in dollar terms means it's going down like the dollar
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BlueyHealer
as2333, maybe. But I just don't want it to be a rollercoaster with extreme airtime. In both direction.
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Cindy
bitcoin was 10x worse
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Cindy
without L2 hacks
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as2333
it's not a matter of what one wants - it's a matter of supply and demand
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Cindy
it was unusable
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m-relay
<endor00:matrix.org> Monero's dynamic blocksize also deals with long-term usage trends
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BlueyHealer
as2333, how can there be a demand for fees thos high??
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BlueyHealer
By the way, what highest fees did you get with BTC?
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Cindy
BlueyHealer: the only demand you'd get is from people wanting to "HODL" it
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BlueyHealer
I see Bitcoin accepted in quite a bit more places than Monero.
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m-relay
<syntheticbird:monero.social> useful places*
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BlueyHealer
Which is sad because I don't want to interact with higher fees.
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Cindy
also i used bitcoin in around 2017
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Cindy
back when 1 BTC = $300 or something
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Cindy
fees weren't that high, but they were kinda high
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Cindy
now it's hundreds or thousands of dollars
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Cindy
the highest i've seen
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BlueyHealer
And fees?
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Cindy
i'm talking about the fees lol
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m-relay
<syntheticbird:monero.social> the most i've paid is 5$ and its too much
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Cindy
not the price
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Cindy
people have to do transactions over a 3rd party layer (which has its own problems)
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Cindy
to avoid the extremely high fees nowadays
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Cindy
if your currency depends on a L2 (which applies to ETH and BTC), then it needs to be redesigned tbh
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Cindy
like hard fork and start over
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as2333
BlueyHealer demand for monero, not for fees/
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as2333
fees.
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Cindy
in a poorly-designed currency, demand increases fees
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Cindy
up to an unaffordable amount
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as2333
and yes as usage goes up, fees will go up
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as2333
basic economics - nothing is free
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as2333
so the more monero is used the higher the price and fees will go
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BlueyHealer
$5 is my average Monero transaction lol
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Cindy
as2333: IIRC XMR's dynamic fee algorithm depends on usage, the more usage there are, the less fees there are
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Cindy
or at least as i can understand
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Cindy
but it doesn't correlate with price, only usage.
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Cindy
if monero was bought a lot, but rarely used, fees would be expensive
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Cindy
bought/sold*
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as2333
"the more usage there are, the less fees there are"
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as2333
that is absurd
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Cindy
i found it on monero's (somewhat dated) blogpost on fees
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Cindy
"Basically the inverse of the percentage increase of the median block size (against a base of the minimum block size) translates to the percentage reduction in fees. "
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as2333
by the way average fee in bitcoin right now is 1 sat/byte so that's $0.30 for a standard transaction
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m-relay
<atomfried:matrix.org> Yeah because nobody is using it as actual p2p cash