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Bandcamp... What now?
(lemmy.world)
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this post was submitted on 30 Oct 2023
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So, let's look over the first of your favourite funny money Ponzi schemes: Monero.
Is this the Monero that people are increasingly certain is doing the digital equivalent of printing currency? (C.f. "Monerun" for details.) The Monero that has a single mining pool that's within striking distance of pulling off a 50%+1 attack? That Monero? 'Cause that "privacy" you tout for it works both ways. Yes, user details are private … but so are the operator's details so there's no way of knowing what's really going on under the covers. Like, I don't know, say, "paper Monero"…
Doesn't even sound slightly scammy. Not in the slightest. I know I'd trust them with monetary matters!
@ttmrichter @iopq seems I remember them as well as a 'money exchange' never used them but the name rings a bell from a few years ago then I may be wrong?
I honestly lose track of the everchanging landcape of crypto grifters these days. There's so many of them and the recent meltdown all across the crypto sphere has made them desperately come out of the woodwork trying to get ANYBODY to buy their shit before they're left holding … sorry, hodling … the bag.
Monero is the one that is a private ledger, though, which means not only can't other people see your transactions, you can't see the transactions of the people running it to see if they're scamming or not. They're less transparent than a commercial bank and that takes a lot of effort!
I predict within a year Monero will rugpull and disappear into the digital æther. The whole crypto sphere is in a tailspin and the people at the head of the various pyramids are going to be leaving soon, leaving only the suckers behind.
RemindMe@programming.dev 1 year
I just looked up Monerun
Monero is not doing "printing currency". Some exchanges that promise to pay you monero may not hold it. That's the same what your bank does. The bank seldom has enough dollar bills to pay all of its depositors money.
But again, this is between an exchange and its customers. You can gasp use another exchange and withdraw your money immediately after using it
And you know this because...?
Right. You don't. Because Monero is obstinately opaque in its operations. You're taking it on faith (or, rather, you're trying to make sure you're not the bottom of the pyramid when everything goes to Hell).
That's not how that works, you prove your claim that monero has coins created in excess of what the protocol allowed. You can't just make shit up and expect me to debunk it
The system is set up so it cannot be proved until it's too late. Like a hi-tech Madoff scheme. It has zero transparency. None.
In the absence of transparency, the only safe and sane assumption is "a scam is in operation".
This is actually not true, because if you received a transaction that is "printed" money due to some bug, it would be provable. This has not happened
Nostr is thataway, Sparky. Go talk to your cryptobros.