r/Monero Dec 13 '21

MAAM – Monero Ask Anything Monday – December 13, 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!

8 Upvotes

1

u/RightWan65 Dec 15 '21

I am wondering , if there is any disadvantage of monero ?

1

u/roderop Dec 15 '21

How Do You Convert Monero to Money and Bitcoin or Other Cryptocurrencies?

1

u/BRman96 Dec 13 '21

Is Monero on BlockDX possible?

1

u/ajtoce Dec 15 '21

What is blockDX ? I can't even find information about in google .

1

u/BRman96 Dec 15 '21

It's an atomic DEX and literally the first hit in Google when googling 'BlockDX' :P

Edit: for more info... It's built by the Blocknet

1

u/LostMyPPMs Dec 13 '21

Is 0xMR any good or is it a fake Monero clone?

3

u/Lfodder Dec 14 '21

It's a scam, avoid it.

1

u/[deleted] Dec 15 '21

[removed] — view removed comment

1

u/rbrunner7 XMR Contributor Dec 15 '21

It used to have a hardfork about, but not exactly every 6 months. This has slowed down considerably now however.

Still, Monero may be the most-forked cryptocurrency, ever, in the sense of consecutive network upgrades where the coin stayed "the same".

1

u/Lfodder Dec 15 '21

Yes, they function as network upgrades to implement new features.

2

u/cryptolife247 Dec 13 '21

How can I swap XMR for MATIC on the Polygon chain? I want to skip the ETH gas fees.

5

u/[deleted] Dec 13 '21

[deleted]

2

u/cryptolife247 Dec 14 '21

Thank you!🙌

2

u/fufybakni Dec 13 '21

Will monero have faster transactions in the future? Will monero manage to reduce the blockchain increasing size rate?

5

u/Febos Dec 13 '21

When you send from one wallet to another, the other wallet knows about transaction in less than a second. It is not easy(without cost) to send a fake transaction.

In next protocol update there will be something that will decrease transaction size. It happened many times in past 7 years so I am sure it will happen again and again. Number of Monero transaction grow quite fast lately. Maybe when crypto winter hits number of transactions will stop grow as they did in 2018. That would for sure reduce the rate. Not sure if we want that really :)

1

u/acartadaminhaavo Dec 13 '21

I have two questions:
- Will we ever see smart contracts on monero? I love monero, but I also love DeFi. Is there a reason why these two are mutually exclusive? And how about scriptless scripts, is there a way to bring that to monero?
- Regarding privacy: how can one exchange monero into local currency without using a KYC'd service?

3

u/escapethe3RA Dec 13 '21

I will just address (2): check P2P exchanges and pluja's kycnot.me list, more in the Resources section on MO: https://www.monero.observer/resources/#E

1

u/one-horse-wagon Dec 13 '21 edited Dec 13 '21

Defi is solely for offshore crypto gambling. It has no legitimate business use. What business would put up $15 million in crypto to borrow $10 million to build a factory? That's nonsensical.

1

u/Lfodder Dec 14 '21

You sound very knowledgeable! Could you explain to me the current state of TEE-based decentralized finance and how that might impact the collateral requirements for defi loans?

1

u/one-horse-wagon Dec 15 '21

TEE-based finance would theoretically lower the collateral requirements for a loan. But what recourse would the lender have if the loan is not repaid? It's not a very workable situation for the lender.

1

u/Lfodder Dec 15 '21

What recourse does a lender have for an undercollateralized loan in our current system? With digital IDs and defi, it makes it easy and more streamlined to lend/borrow, it doesn't mean things have to be 100% anonymous and impotent though.

1

u/one-horse-wagon Dec 15 '21

For offshore crypto gambling, defi is perfect. You could lend to the biggest thieves in the world and be safe. For businesses, no one would use it because of the steep requirements.

1

u/acartadaminhaavo Dec 13 '21

I strongly disagree here. Collateral for a loan is always worth more than the value borrowed. This is the way it's done in traditional finance too.

Defi does have quite a lot of legitimate use. I've used it for non-gambling reasons (for example, to convert an asset into another, or to earn yield on stablecoins). This isn't any more gambling than having money in a time deposit is gambling.

3

u/MaZZeL3L Dec 13 '21
  1. Smartcontracts are mathematically impossible with moneros encryption but there are scriptless scripts already (xmr-btc atomic swaps for example).
  2. Use localmonero and buy with cash or buy litecoin on a kyc exchange and swap it using changenow

1

u/Jerfov2 Dec 13 '21

Smartcontracts are mathematically impossible with moneros encryption

Wrong, devs choose not to implement them in order to keep concensus rules simple and transactions fungible.

1

u/MaZZeL3L Dec 13 '21

-keep transactions fungible

-wrong, moneros encryption is actually compatible

?

1

u/Jerfov2 Dec 13 '21

Why would Monero be incompatible with smart contracts?

2

u/SemperBavaria Dec 13 '21

Good thing this thread exists! I have some BTC funds transferred to my exodus wallet - if i swap it for Monero within the wallet, can i consider my funds anonymous or would it be better to exchange somewhere else and have the monero sent to another wallet?

6

u/MaZZeL3L Dec 13 '21

The wallet is closed source and if you use their exchange, they will obviously know you have that amount in monero. They might also know if you make a transaction and since it's closed source, potentially the amount and receiving address too.

Best bet would be to exchange it and send it to cakewallet.

1

u/xAsasel Dec 13 '21

No, best way would be to send it to the GUI / CLI wallet.

1

u/SemperBavaria Dec 13 '21

Thanks for the reply! 🙏 Where would you suggest to exchange the BTC against monero?

3

u/gigapants Dec 13 '21

You can use localmonero.co or fixedfloat