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The original was posted on /r/monero by /u/gr8ful4 on 2024-03-25 16:51:50.
If this is an attack (I believe so). Because Monero is currently heavy under attacks from all sides.
The flooding has three potential attack vectors (next to the well known regulatory attacks, price suppression, and defaming in mainstream media)
- Targeting usability of Monero
- Targeting ring signatures
- Targeting community
We know that usability is a problem, because the algo needs time to adapt to the flood. However I haven't seen extensive research on it. Which bothers me. I only see strong opinions. So my advice is to wait for /u/rucknium paper and hopefully others who take the time to look into the actual data sets.
If chainananlysis companies are targeting the rings we should come up with some community recommendations. E.g. if every community member would send at least one or two tx per day (or churn) we would probably counter act all the negative effects, while we can think of a ring upgrade earlier than Seraphis or FMSP.
What is probably the worst attack is social engineers trying to look for cracks in the community to exploit now or further down the road. Be wary of highly opinionated newcomers. Be opinionated yourself but lay down your thought process and argumentation and even better provide reliable data. And be open to other opinions. Take them in. Think before you react.
Maybe nothing has to be done at all. "Obvious" quick fixes have often unintended down sides that might haunt us later.
Monero is heavily sold short by certain players/attackers. The attackers rely on Monero being niche. When Monero hits mainstream awareness it will be much harder to manipulate. If they can fund expensive price suppression they won't bother paying x10 or x100 for a transaction. The digital cash narrative is important. What fees are acceptable for Moneor to be seen as digital cash. (I'd argue not more than around $10 ct). Monero's price is currently an extreme outlier. It "should be" around 5 to 10k if it were not for attacks. And then fees would make more sense as the algo prices fees in XMR and not USD.
So if you want to fight for something. Fight against price suppression. It's the one thing that we all can agree upon, and it has a hge impact on fees, hash rate, public perception (adoption both as private store of wealth and digital cash).
Make CEX like Poloniex, HTX, KuCoin, Gate delist XMR.
Make people aware to not use CEX.
Help people (friends and family) onboard to DEX and P2P markets.
Spend time in other communities on reddit and elsewhere.
This is the real fight. They only can manipulate prices when they have access to CEX.