this post was submitted on 02 Jul 2024
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Monero

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This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.

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The monero community is building a lot of infrastructure to build a circular economy, and there is a lot of recent developments in that regard, such as xmrbazaar which is a sort of ebay and the sellers accepts monero. This is great. However, how can we penetrate markets outside of the monero economy? I fear that Monero still has the "dangerous hacker crypto which funds terrorism and north korea" reputation, and although while not true, could severely pause monero adoption and hurt us as a community as a whole.

We as a community value privacy, but i feel like we need to work together as a community to forge an alternative to the mainstream narrative about privacy coins. I'm thinking something revolutionarily positive, at least in the USA, such as making a charity that gives directly to homeless people, or setting up a decentralized network of people that work together to distribute life saving drugs for cheap (because drug prices are really fricking high here). Privacy coins tend to attract privacy minded people, and privacy minded people won't even touch twitter with a 10 foot pole because of all the injected ads and the tracking, and i respect that. But, one of these days we gotta do something big to break the mainstream narrative.

I personally am locked in, I have a girlfriend and two pets and a full time job, but for those that have less to lose and more time and resources to spare for the cause, i say let's fking do it. Anything, man. Let's change society with this thing.

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[–] makeasnek@lemmy.ml 2 points 4 months ago* (last edited 4 months ago) (10 children)

I agree with the thrust of what you're saying but... Monero can't sustain any circular economy of scale without a working L2. Blockspace is limited. Every transaction humanity makes shouldn't be stored on chain for perpetuity. That's silly, wasteful, and leads to centralization. An L2 solves that problem. Without an L2, as Monero's use increases, so will fees, variable block size will hold that off for a while but not forever and not without sacrificing decentralization.

Monero has no L2 and not enough dev talent or funding to make it happen in the next few years. Its protocol is different enough from Bitcoin that pre-existing solutions like lightning can't just be bolted onto it without significant development effort and privacy trade-offs. Meanwhile over on Bitcoin's side, they continue to add more functionality to their chain with a massive dev pool in terms of talent and funding. And privacy does continue to improve, lightning and ark are both pretty opaque depending on how you measure it. So if Monero wants to be a significant player on par with Bitcoin and have a circular economy, it will need to step up to the plate in a major way, and it needs to do that before Bitcoin implements privacy upgrades that place it at feature parity with Monero, which is imo only a matter of time since those folks tend to be pretty pro privacy. Yes, there's "ossification", but protocol improvements are still happening, especially outside the bounds of the main chain protocol itself (in L2, mining protocols, etc).

[–] aldalire@lemmy.dbzer0.com 3 points 4 months ago* (last edited 4 months ago) (1 children)

Hire a data hoarder to host a full node. A 16 tb hard drive will last you a couple years as a monero node if monero takes off, if not a decade, until you need to upgrade. It's not that hard to create >20, >30tb NAS, with some more room to upgrade. I have a 16tb one myself to store movie files. Nodes are run by hobbyists nowadays anyways. Disk space and bandwidth is cheap and getting cheaper. Decentralization is just another buzzword: nodes will be run by a decentralized network of very motivated, anonymous data hoarders.

[–] Koarnine@pawb.social 2 points 4 months ago

Sounds cool, did you find any standout resources in the process about running nodes, and would you be willing to share if so? I last ran local when the chain was small enough to fit under a 32gb thumb drive lol

Also if you don't mind answering I had some questions:

  • What would the costs be involved generally with hosting a full node? Is it high in bandwidth costs?
  • Would 'mining' be an option for the device running the node?
  • How much can u expect to spend on an 16tb hdd to host the node?
  • Finally, all in, how much did it cost you to set up your node?

Feel free to not answer anything/ with ambiguity for privacy

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