Monero (XMR) thread

Mr Gee

Robin
I quit trading crypto a few months back now, it was driving me insane despite all the gains. Crypto trading to me is like serving Mammon, with all the pride, greed and sloth involved. It does not take a genius to trade crypto, something is not quite right about it to me.
I kept some Monero on a private wallet. It is doing rather well as expected being a prime privacy coin that is well designed, and some governments banning selling Monero and other privacy coins at exchanges made it the more appealing to me to hold for the future.

Edit: Hopefully be able to use Monero for private donations to organisations fighting the globalist take over, bypassing exchanges acting as merchants. I will have to investigate how this is evolving.
 
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Stadtaffe

Woodpecker
Orthodox
Gold Member
I recently joined the club :) This is the first new crypto I have bought in two or three years. Have never, well not yet, converted crypto back into Fiat and this time bought the XMR with some of my BTC. Have used crypto for things though which accept it.

Did it at https://changehero.io/ not sure if that is the best place to do it but for the moment I just did a very small amount just as a test and for the sake of getting everything installed and working.. Can report that the amount that they charged to do this conversion was just under 8% of the bitcoin amount. Does anyone know if that is a good or a bad rate as these things go? The nice thing was that there was no need to sign up for an account.

Can also report that the bitcoin 'electrum' wallet also charged 6% to send the bitcoin so you could say that 14% of it all disappeared in the transaction. Not sure how the bitcoin charging fee works but suspect it might be more a flat rate than a percentage. Anyway, wanted to ask the forum about these things before doing it again and getting a larger amount of Monero.

Chose the CLI Monero wallet which runs in the Linux terminal. So far so good, but initially had some trouble realising it needs to connect to a node. That brought back nightmares of chewing up hard disk space and internet bandwidth syncing the bitcoin blockchain, so initially tried to connect the wallet to a remote node. Then read too many cautionary things saying not to do that, it deanonymises your transaction, and so I thought if I was going to do it, than rather do it properly..

So another command line utility was run, monerod, the monero daemon. It took almost two days to sync the blockchain! I used --data-dir and plugged in an external hard drive so as not to pollute and mess up my system.

So if your wallet was a centimetre thick with cash, it would be a bit inconvenient to stuff in your pocket, as would a kilo of coins. Carrying around an extra drive in case you need to move Monero feels a bit the same. It detracts from Monero's practicality that it should need a node herding space and bandwidth but everything comes at a price.. At some point may research pruning it a bit and do that.

Anyway, will be interested to hear any tips and then get some more of it before I forget about it for a long time, unless I need to use some of it.

If you look at this chart, it's actually not such a bad time to be moving BTC into XMR. Suppose the motivation is as discussed in the other thread, that there is an intensifying witch hunt for conservative thinkers and sometimes one needs to donate or buy something and also as an investment, since bitcoin clearly has a weakness and the day might come when people get spooked by big brother watching bitcoin too much and come across en masse.
 
Can also report that the bitcoin 'electrum' wallet also charged 6% to send the bitcoin so you could say that 14% of it all disappeared in the transaction. Not sure how the bitcoin charging fee works but suspect it might be more a flat rate than a percentage. Anyway, wanted to ask the forum about these things before doing it again and getting a larger amount of Monero.
I was charged between a 4-8% transaction fee today using cake wallet for btc to xmr (uses changenow.io i believe). Well I was quoted ~3% fee but then somehow 4-8% came out in the process...

About a month ago I was quoted about 30% transaction fee for the same transaction in cake wallet. The fee structure is not very clear to me and appears to change frequently for what I'm using.
 

Stadtaffe

Woodpecker
Orthodox
Gold Member
I was charged between a 4-8% transaction fee today using cake wallet for btc to xmr (uses changenow.io i believe). Well I was quoted ~3% fee but then somehow 4-8% came out in the process...

About a month ago I was quoted about 30% transaction fee for the same transaction in cake wallet. The fee structure is not very clear to me and appears to change frequently for what I'm using.
This will have to be an iterative process it seems. So as mentioned there were 2 fees - one for doing the change, one for it departing the bitcoin wallet. There is a slider in the bitcoin wallet where you can adjust that fee. I thought it might have been like tipping a waiter or taxi driver but apparently it affects how fast the required confirmations happen. So next time I will turn it down to minimum and see how slow it goes. Problem with that is I'd be too nervous to switch the computer off till it completed as it would probably kill the transaction.

Then the conversion fee. Maybe there are less anonymous converters with better rates - that would be my guess. We are doing the equivalent of going up to some guy down an alleyway next to a train station.. 3% or 4% total would be better than 14% (for both components)
 

eradicator

Peacock
Gold Member
My one question about monero:

for all of my investments (stocks, funds, crypto) I name an heir in case I die unexpectedly.
If you pass and don’t leave your passwords in an envelope in your desk or a will that contains your passwords to your monero wallet, what happens to your monero?
 

bucky

Ostrich
Nothing really. It still sits on the blockchain ledger forever until someone uses the private key to transfer any coins out of the addresses.
I don't know about XMR, but I've read that some huge amount of BTC like 20% is essentially lost forever due to lost keys like this, basically the digital equivalent of gold coins tossed into the open ocean. I imagine it's the same for a fair amount of every crypto that's been around for a while.
 

Blade Runner

Ostrich
Orthodox
I don't know about XMR, but I've read that some huge amount of BTC like 20% is essentially lost forever due to lost keys like this, basically the digital equivalent of gold coins tossed into the open ocean. I imagine it's the same for a fair amount of every crypto that's been around for a while.
From what I've read over the years, it's around 2 million coins, yes, probably between 10-20%.
 

Handsome Creepy Eel

Owl
Gold Member
Nothing really. It still sits on the blockchain ledger forever until someone uses the private key to transfer any coins out of the addresses.
I don't understand. Who is this someone? How do they obtain the private key to your coins?

And if they can do this, why don't they do it while you're still alive?
 

username

Ostrich
Gold Member
Someone is who ever has access to the private key. Right now if I generate a new wallet on a system not connected online then I'm the one that holds the private key. If I did it on a computer that has a virus or spyware then myself and someone else could has access to the private key via spying on my system. If quantum computing becomes possible to generate every key then the person that has that quantum computer is someone that now also has access to the private key.
 
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