Monero (XMR) thread

Reacting to small short term movements is pointless. A lot of it is completely random and impossible to explain.
So if one day all crypto drops 20%, and A drops 15% and B drops 20%, really who gives a F? OMG A dropped 5% less than B...

Samseau is making an educated guess that XMR will perform well based on many variables. At the end of the day he might be right, he might be wrong on something that is completely out of his control.
There is a lot of luck and randomness in life. The Patriots might not win the Superbowl but that doesn't mean they weren't the better team.

Overall, I like Monero but I do have some reservations:
1) is it not possible a better privacy coin comes out that overtakes monero in the darknet?
2) What happens if governments start making monero illegal?
 

whiteknightrises

Kingfisher
1) AFAIK, there isn't anything that it's doing poorly. Also, I think some people at Princeton University (aka fuckin prodigies) were able to crack every privacy coin except Monero

2) What happened when the government made alcohol illegal during The Prohibition?
 

RedPillUK

Pelican
It's all trading. You're buying something and hoping to sell it for a higher price later, the only difference is the length of time you are prepared to wait.

And holding something for a long time without taking profits is also a high risk/high reward strategy. You should be taking profits regularly unless you like high risk/high reward. I can understand people not wanting to pay crazy high taxes though.

Theoretically, I'm not sure day trading is a riskier strategy, turning all your money back into cash at the end of the day does protect you if something goes wrong over night. And you decide how much you're willing to lose or gain with disciplined use of stop losses and exit strategies.

I just think not many people have the mental fortitude to do it, people become overconfident, fearful, too ambitious etc etc because people aren't rational.

By the way, I agree that Monero does have a use case, which makes it more likely it will retain it's value over time.
 

Durango

Sparrow
Gold Member
Recently installed the wallet, and am very impressed. However, to those that actually will transact in Monero fairly regularly, do your homework. The fees are very high, and I just found out that a way to avoid this is to change the transaction priority from default to low. Due to Monero's decentralization, it creates growing pains but it's worth it for the ultimate privacy coin.

Also if you have windows, I suggest syncing the wallet every week or so to make sure it won't take too long to load when you want to access the wallet and send/receive funds.
 

Samseau

Owl
Gold Member
Samseau said:

I went back to this link today, and saw a new update:

Comment: I've spent a bit of time this week deep diving even harder into the capabilities of the lightning network. Don't believe the fud. My main fear was that lightning would result in centralization. I promise no matter what you hear that's not going to be the case. Decentralization is built into the protocol. Lightning generates it's own routes across the network. They aren't set up manually through centralized hubs by default. Even if centralized hubs are manually set up, those using the defaults of the protocol will take advantage of the centralized hubs that may have been set up and route around them.

The reason this interests me so much is because it creates a possibility for Bitcoin to increase it's dominance in the markets. It's yet to be seen how much privacy can be built on top of lightning and other layer 2+ protocols. If this privacy is determined sufficient, it could take away the edge that Monero currently has in the upcoming years. For now, I have around 10x more BTC than XMR. I plan to retain this ratio until more information is available on the direction that the lightning network is headed.

I'm not going to follow my own advice here but from a traders perspective I'd say XMR is near its top. It could certainly break through this top and go much higher but IMO the odds are better for it to run back down through its channel. If not shorting, watch the lower range of the long term trend for a crystal clear buying opportunity and enter heavily.

While I am not worried about the lightning network taking away the advantage Monero has over security, I do see how Monero is testing the support line it had against BTC of around .025xx BTC. It keeps dipping below this, and given how hard all Cryptos are crashing, I think in the short to medium term (1-3 months) we will see BTC regain market share relative to XMR. XMR could fall back down to .015 BTC, which would be a major buying chance.

As a result I have traded back to BTC. I made about 10% going from BTC to XMR and back to BTC. Too bad I did not sell XMR at $500! But it will be there again someday, and I plan on moving back into XMR after BTC experiences it's next leg up with the upcoming lightning upgrade.

I expect all Cryptos to get slaughtered with if the Dow keeps crashing though. In such an environment it makes no sense to measure your holdings in dollars, use BTC instead. The dollars will come back after our FED decides it needs to print a few trillion more.
 
Samseau said:
I expect all Cryptos to get slaughtered with if the Dow keeps crashing though. In such an environment it makes no sense to measure your holdings in dollars, use BTC instead. The dollars will come back after our FED decides it needs to print a few trillion more.

You got a 10% return in the greatest bull market in history, in the single greatest transfer of wealth our generation will ever see. And that's in BTC terms.
Why are you giving people trading advice, particularly advice you took from a random guy on tradingview, an idiot who can't chart and who thought the top was on the 27th?

In a massively volatile market that's trending hard bear, measure your losses in dollars and cents because you can always pull to fiat and rebuy.
 

Kona

Crow
Gold Member
Kona said:
I'm getting more monero today. Looks like we got a little dip.

If any of you are kidnapped, pm me and maybe I'll help with the ransom.

Aloha!

I still stand by this statement from 30 days ago. I'm not finding much beyond ransoms and fake watches that this stuff is easily used as money. Even the Korean hostess/strip bars won't take it. And Korea is a huge market.

But I do stand by my word, so please try to be kidnapped by budget-minded gangs of bandits.

Aloha!
 
Monero has outperformed BTC every year since 2016. The only year BTC did better was in 2015. Monero was released on 2014.
I think it will be the Amazon of Cryptos unless a better one comes out in terms of privacy and gets mass adoption on darknet.

All BTC transactions can be traced back to its origin, as everyone familiar with Monero knows that its not possible with XMR.
People cant see how much is in your wallet
People cant see how much money went out.

Unless the NSA finds some way to crack this, Monero is the best coin out there in terms of privacy.
 

Lampwick

Woodpecker
Gold Member
Study: 44% of Bitcoin transactions are for illegal activities

https://thenextweb.com/cryptocurren...coin-transactions-are-for-illegal-activities/

The odds are about one in four that the crypto fanatic in your office is involved in illegal activities. After conducting a study of historical Bitcoin transaction data an Australian research group concluded:

We find approximately one-quarter of Bitcoin users and one-half of Bitcoin transactions are associated with illegal activity. Around $72 billion of illegal activity per year involves Bitcoin, which is close to the scale of the US and European markets for illegal drugs.

And that $72 billion? Here’s a bone for you conspiracy theory types: Business Insider reports Bitcoin has lost $72 billion in value since the beginning of 2018. Coincidence? Probably.

The research was conducted by Sean Foley of the University of Sydney, Jonathan R. Karlsen of the University of Technology Sydney, and Tālis J. Putniņš of the Stockholm School of Economics in Riga.

It bears mentioning Foley and Putnins are both PhD holders, while Karlsen is a PhD candidate – these are hardcore data scientists who are experts in the fields of economics and finance.

The team used what’s called detection controlled estimation and network clustering, both forms of data analysis involving algorithms, to come up with their findings.

And what they found is enough to put the F in FUD:

While cryptocurrencies have many potential benefits including faster and more efficient settlement, regulatory concerns center around their use in illegal trade (drugs, hacks and thefts, illegal pornography, even murder-for-hire), potential to fund terrorism, launder money, and avoid capital controls.

While this all reads as sensational, the team does point out that this research does not indicate that cryptocurrency is fueling black market growth, but may simply be a different payment method for the same old crimes:

A crucial piece of this puzzle is understanding the extent to which the online illegal trade simply reflects migration of activity that would have otherwise occurred on the street, versus the alternative that by making illegal goods more accessible, convenient to buy, and less risky due to anonymity, the move online could lead to growth in the aggregate black market. Our estimates of the amount of illegal trade facilitated with Bitcoin through time contribute to understanding this issue, but further research is required to relate these estimates to trends in the offline black market.

It’s important to remember that this is by no means definitive, and while it may appear that a significant portion of cryptocurrency transactions are involved in illegal activity, previous research conflicts with (some of) these results.

Link to the study:

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID3113009_code855598.pdf?abstractid=3102645&mirid=1
 

Samseau

Owl
Gold Member
SamuelBRoberts said:
Congrats to all who held through the Monero dip!

It's recovering beautifully.

Says the guy who has been shitting on Monero since page 1 of this thread :rolleyes:

That said I wish I didn't sell my Monero, but there is no way to predict these price swings. I still expect a BTC rally before I move back to XMR.
 

Kona

Crow
Gold Member
Samseau said:
SamuelBRoberts said:
Congrats to all who held through the Monero dip!

It's recovering beautifully.

Says the guy who has been shitting on Monero since page 1 of this thread :rolleyes:

That said I wish I didn't sell my Monero, but there is no way to predict these price swings. I still expect a BTC rally before I move back to XMR.

What the hell!!!!

Samseau the monero advocate sold his monero??! I was gonna buy you something nice off the dark web. Not anymore.

Guess what, I'm still not selling.

Aloha!
 
Be careful who you take your trading advice from...

DGNyvcQR
 

Kona

Crow
Gold Member
^^^ Well we're pushing $330 and I am back to profiting.

If it hits 600 I'll drop some monero on gifts from the dark web. Maybe a fake watch or some unprocessed Bolivian coca paste. Just wait and see.

Aloha!
 
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