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Trump Bitcoin Conference fundraiser tickets top out at $844,600 for Nashville soiree (cbnumy.blogspot.com)

submitted 3 months ago by Solos@lemmy.world to c/technology@lemmy.world

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[-] qprimed@lemmy.ml 6 points 3 months ago

no knock on monero but, like every chain out there, it has ts own problems. I wish it were the perfect panacea, but right now, nothing is.

[-] shortwavesurfer@lemmy.zip -3 points 3 months ago

Fair enough, I am curious. What do you see as its problems? I may or may not be able to help.

[-] qprimed@lemmy.ml 2 points 3 months ago* (last edited 3 months ago)

hey there.

excellent algo - but not sure it properly weights botnets over CPU/GPU specialization.
heavy chain - monero utxos are some of the biggest out there and therefore probably bad for protection against node centralization (other chains are heavy, but compared to ecnomic activity, monero is lead)
lack of verifiable inflation rate - by its nature, monero make it almost impossible to do this.

those are the ones off the top of my head. would love to have any mistakes.corrected.

edit: hit send too early :-/

[-] shortwavesurfer@lemmy.zip 1 points 3 months ago* (last edited 3 months ago)

the algo is CPU weighted and botnets actually help secure the network. (Though they may be ethically wrong)
yes the chain is heavy, however, to do mixing correctly means you use more txs and end up weighing just about the same
have you counted every bitcoin tx to verify they add up or do you rely on the software to do so? I would say most people rely on the software and the Monero software can count up the Monero that exist as well. So as long as there is no inflation bug in the software, we should be fine. And there's no indication in the Monero price of such a bug.

Edit: To add to point 3, either an inflation bug has not been found, or if one has been found, the person has done a very fantastic job of going against human nature and not selling a ton of Monero that do not exist for profit.

[-] qprimed@lemmy.ml 3 points 3 months ago* (last edited 3 months ago)

algo - agree on the importance of general-ish purpose silicon to do the hashing, but CPU algos are still vunerable to massive parallel, (potentially) free, undetected hash. as much as 51% attacks seem to draw a collective "meh" from the crowds, I bothers me.
heavy chain - not sure about the final tx product being roughly as dense as a similar bitcoin tx. regardless, for the economic activity on the monero chain and, please correct me... an an increase of transaction frequency of average sized transactions would cause, at least, a linear increase in chain storage, correct? if so, I think my node centralization issue still applies.
inflation - its a real issue. the ability to audit the chain is pretty important to build trust. thats one of the reasons bitcoin has resisted private transactions, sending those to other layers. good, bad? who knows, but I get nervous around chains who's very base layer is singularly opaque to an inflation bug and many others will outright reject it. not sure how devs fix this, considering monero's (vital) core mission.

monero is a fantastic bit of dev implementation and community interaction and one of the most important chains out there, I am just suggesting that its own (unavoidable?) issues could come back and bite... hard.

edit: clarification and typo.

[-] shortwavesurfer@lemmy.zip 1 points 3 months ago

You bring up some good points that I am unable to refute because I do not have the knowledge to do so, and I might or might not be somewhat high, LOL. Please, I beg you, take your previous reply and paste it into the !monero@monero.town Community where very knowledgeable people could help answer your questions because they are very good questions and you deserve a better answer than I can give.

[-] qprimed@lemmy.ml 4 points 3 months ago

therefore I hope you do or do not have a super relaxing and restorative day.

will put something together and post. thank you for the invitation :-)

this post was submitted on 20 Jul 2024

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