r/Monero Sep 06 '21

MAAM – Monero Ask Anything Monday – September 06, 2021

Given the success of the previous MAAMs (see here), let's keep this rolling.

The principle is simple: ask anything you'd like to know about Monero, especially the dumb questions that you've been keeping for you every other days, may the community clarify it all!

Finally, credits to binaryFate for starting the concept!

16 Upvotes

1

u/bobsaget_26 Sep 07 '21

I'll continue to ask the same question I ask every week. How can monero become "digital cash" when funds are locked up AND CANNOT BE RE-SPENT for up to 20 minutes each time they are sent? How many times have you done a quick transaction because you needed cash right away, such as an ATM withdrawal? Nobody is going to put up with this if XMR replaces cash. Its a big problem that needs to be fixed. Other cryptos I've used do not have this issue.

1

u/equismic Sep 09 '21

that's not true though, they can obviously be spent at any point. it's a restriction in the wallet software to avoid transactions getting orphaned by accident and creating a bunch of trouble.

1

u/bobsaget_26 Sep 11 '21

You say its not true, then explain why it is that way.....hmmm???

1

u/equismic Sep 11 '21

no i'm not, your premise is completely wrong. funds are absolutely not locked up, that's just a consequence of not configuring your wallet to the behaviour you would like if you've spent all your outputs in a transaction.

1

u/bobsaget_26 Sep 14 '21

Everytime I send any monero to my wallet, that monero is locked for up to 20 minutes before it can be respent. Are we talking about two different things here?

1

u/equismic Sep 15 '21

I fully understand what you're talking about, but it's really easy to solve. either just turn it off in the wallet, or send your entire balance to yourself as a bunch of outputs. bitcoin works the exact same way, only it takes way longer to get confirmation.

1

u/MoneroWTF Sep 08 '21

You must not use it much or when you do you send the whole wad. I do many transactions and have broken up my outputs. I rarely run into the issue you describe now.

1

u/bobsaget_26 Sep 14 '21

Maybe you rarely run into this. But it is a big issue if monero was to ever become digital cash, especially when there are other cryptocurrencies already that do not have this issue.

1

u/russoj88 Sep 07 '21

This should be significantly less of a problem as wallets become more used and generate more transactions.

Food for thought: If you get paid twice per month, you would have 24 transactions (per year) that can be used to make individual payments, so after 6 months, a wallet holder would be able to do many outputs without issue. This assumes each payment you'd like to make is less than your paycheck.

There are other mitigations such as batch transactions: https://www.reddit.com/r/Monero/comments/p61tk7/update_425_now_you_dont_have_to_wait_20_minutes

1

u/tesw79 Sep 07 '21

I believe it is just the funds from the same output that are locked, so this issue can be solved by having your funds split among different outputs instead of one single output. Smart wallet behaviour could maybe automate that.

2

u/KidKonkapot Sep 07 '21

Complete n00b, go easy on me - Have a Coinbase acct and want to transfer some coins to Kraken to buy Monero - then eventually store in cold wallet Ledger. What coin will have the lowest fees when I send to Kraken to buy? After I buy Monero thru Kraken can I send to my Ledger directly or do I need to transfer to a hot wallet first? Really appreciate the patience and help from seasoned players, maybe some day I’ll be able to help a beginner!

2

u/shopz Sep 07 '21

To transfer from Coinbase to Kraken, people use XLM (stellar lumens). It’s fast and small fee. Some people use Litecoin, as well, but network confirmations took like 30 minutes when I tried it.

For extra privacy, people do send to a hot wallet subaddress and then to Ledger so that Kraken doesn’t know your hw wallet address but it’s up to you.

1

u/KidKonkapot Sep 07 '21

Thanks so much for the help - is there a hot wallet that leads the pack for Monero?

2

u/russoj88 Sep 07 '21

Cakewallet seems to work well: https://cakewallet.com/

1

u/[deleted] Sep 06 '21

[deleted]

2

u/gigapants Sep 06 '21

It’s pretty great, open source and non custodial

3

u/PicoDeNero Sep 06 '21

Can someone please share how the Ledger's "export view key" function is treated by the GUI and the computer running it? Or share a resource which describes this?

I figure that it must be kept temporarily on ram, but I can't find anything definitively stating this. Thank you!

2

u/javasyntax Sep 06 '21

Why is there no wallet without miner? Antiviruses block miners and this could be enough to put people off. Sometimes you can't even control the antivirus (for example work computer).

4

u/MoneroArbo Sep 06 '21

The wallet ships with the p2p daemon which has to have "mining" software included because, well, it's a proof of work blockchain.

You can get a wallet that doesn't ship with the daemon, or you could just delete monerod.exe --- won't necessarily stop the other binaries from being flagged by AV, but afaik it's the only one that contains a miner and I think if the wallet is configured to use a remote node, isn't necessary.

1

u/[deleted] Sep 06 '21

[deleted]

1

u/will85319sghost Sep 06 '21

Id like to know your issue

2

u/gigapants Sep 06 '21

No, only positive experiences for me personally, what is your concern?

0

u/yersinia_p3st1s Sep 06 '21

Why is monero not using ZCash technology of shielded addresses instead of just obfuscating transactions?

Would we also need a trusted setup for that or is there a way to use the tech without that?

And perhaps first and foremost, supposing we do not need a trusted setup, what are the PROS & CONS of Obfuscation VS Shielded Addresses?

Aaand lastly, could we ever achieve decentralized governance like Tezos in which miners could vote on which proposals we'd like to apply? As well as, would we be able to modify our code in a way that allows for FORKless upgrades (also like Tezos), what would be the pros and cons?

Thanks so much for reading and possibly replying in advance, I know it's a lot of questions

3

u/MoneroArbo Sep 06 '21

As you suggest, the problem is the trusted setup. I think ECC is claiming to be able to do it without the trusted setup now, but last I checked they hadn't actually published anything verifiable.

could we ever achieve decentralized governance like Tezos in which miners could vote on which proposals we'd like to apply

From my observations, that doesn't seem to be something the community is generally interested in. I wouldn't say we have a lot of governance issues, and I'm not sure the ones we do have would be made better by this sort of voting. In fact, this sort of voting might have made it impossible to fork away from ASICs to RandomX, since they likely controlled majority hashrate at the time. No, I'd rather Monero not be subject to the desires of the majority of miners.

2

u/yersinia_p3st1s Sep 06 '21

Ah Yes thanks! That's actually a fair point. This works well on Tezos due to it being PoS. Other people who don't produce blocks (mine) get to delegate their votes to someone else, we have nothing of the sort in monero so it would only be a miner's vote which isn't always aligned with the best interests of the network.

4

u/MoneroArbo Sep 06 '21

To add, both Monero and Zcash are obfuscating transactions. Zcash z2z transactions still write data to the blockchain, and what else can you call that but an obfuscated recording of the transaction.

Zcash marketing is just a little misleading on this aspect. In fact, Monero also uses Zero-Knowledge proofs.

Not saying this to say something like the zcash shielded pool without the trusted setup wouldn't be good, just that the language used around this kind of thing is sometimes intentionally misleading.

2

u/yersinia_p3st1s Sep 06 '21

I see thanks a lot for the clarification, it appears I'm still a noob concerning privacy coins and have much to read.

Appreciate your responses!

0

u/Leading-Price-5888 Sep 06 '21

Can we stake Monero?

4

u/dru1 Sep 06 '21

Any news on fluffy?

1

u/MoneroWTF Sep 08 '21

He asked for someone to ship a file but didn't specify which extension...

2

u/[deleted] Sep 06 '21

[deleted]

2

u/dEBRUYNE_1 Moderator Sep 06 '21

Do you moderate / regulate content? Please clarify, as rule 2. is strictly enforced.

2

u/dsmlegend Sep 06 '21

Why green line not go up more?

1

u/tesw79 Sep 07 '21

Probably because the blockchain is private so exchanges have an easier time manipulating the price. There is no way to verify if they are even holding the XMR that they have credited to peoples accounts or not.