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Monero was worth roughly $2.20 not all that long ago, and now it is worth less than $.70.
Those who invested $2000 in your project here in the past few months now only have about $600 in investment value.
While I agree with people saying it isn't the devs job necessarily to maintain the price of a currency, I can't say these
facts should just be ignored.
Why is the price falling so much though? Mining reward is too high? I thought I read somewhere about mining botnets making up a large portion of the net hash rate of Monero, and the operators dump the Monero for BTC causing huge sell pressure. For whatever reason its falling, isn't the price fall a serious problem? At this rate Monero will literally be worthless soon wouldn't it? In the beginning there was not a lot of monero and demand was super high. New exciting technology that actually has merit is not something you see every day in the pump n dump altcoin space. Naturally it became very sought after by You see, the emission is very high, and it makes it difficult for monero to rally high and stay there. There is simply too much pressure at this time. The only way to change that is to increase adoption or make current holders invest more. Another solution that has been suggested for voting is changing emission to make the coins spread out over a longer period of time. That will put less pressure on the price in regards to mined coins, however there are other issues with doing so which must be contemplated. Well if emission is very high as you say, then why haven't we lowered it? What issues could possibly arise? Surly the problems that arise would be smaller than the big problem of the ever decreasing price. As smooth pointed out, the price only will decrease until the emission can be absorbed. The lower the price, the less money is required to absorb it. It's that, or more adoption. Changing emission is problematic. Can you imagine bitcoin changing block rewards to 1 BTC today? It would upset a lot of people. I see your point, but is emission really a problem with Bitcoin? because apparently it is for Monero. If the reduction of emission of Monero isn't happening because the community won't be happy, then why don't we ask them if they actually will be happy or not? I mean, Monero is still in its infancy so it can't be too bad. I'm sure most would agree that the selling pressure of Monero has been quite overwhelming. I think most people will want a higher and more stable price too. |
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Monero was worth roughly $2.20 not all that long ago, and now it is worth less than $.70.
Those who invested $2000 in your project here in the past few months now only have about $600 in investment value.
While I agree with people saying it isn't the devs job necessarily to maintain the price of a currency, I can't say these
facts should just be ignored.
Why is the price falling so much though? Mining reward is too high? I thought I read somewhere about mining botnets making up a large portion of the net hash rate of Monero, and the operators dump the Monero for BTC causing huge sell pressure. For whatever reason its falling, isn't the price fall a serious problem? At this rate Monero will literally be worthless soon wouldn't it? In the beginning there was not a lot of monero and demand was super high. New exciting technology that actually has merit is not something you see every day in the pump n dump altcoin space. Naturally it became very sought after by You see, the emission is very high, and it makes it difficult for monero to rally high and stay there. There is simply too much pressure at this time. The only way to change that is to increase adoption or make current holders invest more. Another solution that has been suggested for voting is changing emission to make the coins spread out over a longer period of time. That will put less pressure on the price in regards to mined coins, however there are other issues with doing so which must be contemplated. Well if emission is very high as you say, then why haven't we lowered it? What issues could possibly arise? Surly the problems that arise would be smaller than the big problem of the ever decreasing price. You see, the emission is very high, and it makes it difficult for monero to rally high and stay there. There is simply too much pressure at this time. The only way to change that is to increase adoption or make current holders invest more. Another solution that has been suggested for voting is changing emission to make the coins spread out over a longer period of time. That will put less pressure on the price in regards to mined coins, however there are other issues with doing so which must be contemplated.
To go high and stay high something needs to change. But to stop the pressure all that is needed is for the price to drop. Then less demand is needed to absorb the 20k coins. Also, with the fast emission the decline in emission is also fast. So another solution is to simply wait for the 20k to decline. At the start it was 25k. This is something to consider with respect to the suggestion to reduce it -- slower emission means slower decline in emission. And what exactly is wrong with a slower decline in emission? Wouldn't that mean a more stable price, which is what I'd expect you'd want for a non pump and dump coin. I really do think that reducing emission would be a good idea at this point. |
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Monero was worth roughly $2.20 not all that long ago, and now it is worth less than $.70.
Those who invested $2000 in your project here in the past few months now only have about $600 in investment value.
While I agree with people saying it isn't the devs job necessarily to maintain the price of a currency, I can't say these
facts should just be ignored.
Why is the price falling so much though? Mining reward is too high? I thought I read somewhere about mining botnets making up a large portion of the net hash rate of Monero, and the operators dump the Monero for BTC causing huge sell pressure. For whatever reason its falling, isn't the price fall a serious problem? At this rate Monero will literally be worthless soon wouldn't it? Take a look around. We're #12 on coinmarketcap which is right were we've been for months (in the #10-15 range). Does that mean that all cryptocurrencies are falling in value? Why isn't Monero ahead of Darkcoin? |
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Monero was worth roughly $2.20 not all that long ago, and now it is worth less than $.70.
Those who invested $2000 in your project here in the past few months now only have about $600 in investment value.
While I agree with people saying it isn't the devs job necessarily to maintain the price of a currency, I can't say these
facts should just be ignored.
Why is the price falling so much though? Mining reward is too high? I thought I read somewhere about mining botnets making up a large portion of the net hash rate of Monero, and the operators dump the Monero for BTC causing huge sell pressure. For whatever reason its falling, isn't the price fall a serious problem? At this rate Monero will literally be worthless soon wouldn't it? |
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Does this really set Monero apart from other anon cryptocurrencies though? Both Monero and other anon cryptocurrencies ultimately do the same thing, transfer value anonymously, unless I'm mistaken. Also, Monero wasn't the first to do this so it doesn't get the advantage of being first like Bitcoin does.
What other coins offer anonymous transactions outside of cryptonotes? All I see are promises to implement something in the future, except for anoncoin, and their implementation seems to getting some pointed critiques. You're correct that Monero wasn't the first, Bytecoin was the first, but they had an effective 80%+ premine, making bitmonero/monero the first fairly launched and de facto first anonymous cryptocurrency, unless I'm mistaken. What about Darkcoin and Stealthcoin? Those are just two off the top of my head but I thought they had managed to achieve anonymity? I do agree that people are concerned to an extent, but I think the large majority of people would be content with the psuedo anonymity of Bitcoin. Especially when using Bitcoin is just easier. Monero does really lack ease of use and there is quite a steep learning curve.
The large majority of people are happy with fiat at the moment, which is easier than any crypto. That didn't stop BTC gaining value, and I believe there is plenty of money interested in genuine anonymity. Finally, Monero is only six months old. Look again in another 6 months.  I don't think fiat money is always easier than crypto. For me, I find online transactions with Bitcoin FAR more easy (cheaper and faster also). But yeah, I suppose you're right in that the easiness isn't the most important factor. But I still believe convenience and easiness is important. I really do wonder what Monero will be like in another 6 months. Are there any plans for the future of Monero? |
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@BanditryAndLoot Good answers, thank you! Other cryptocurrencies boast anonymity too, what sets Monero apart from the crowd exactly? Brand new code base, using different cryptography implementations than the Satoshi client or any of its derivatives. Does this really set Monero apart from other anon cryptocurrencies though? Both Monero and other anon cryptocurrencies ultimately do the same thing, transfer value anonymously, unless I'm mistaken. Also, Monero wasn't the first to do this so it doesn't get the advantage of being first like Bitcoin does. Seeing as how your main belief you held in buying into this was to only attain profit I think most people do this. Other than the DSH/XMR etc markets on Poloniex, there isn't much else reason to buy Monero. Just because you believe in Monero you don't have to buy it. How concerned are people about privacy and anonymity? Very concerned. For example, I'm wearing clothes right this very second. You also are not aware of my name. I'm sure the same will go for the majority of people you will ever interact with over the internet. I do agree that people are concerned to an extent, but I think the large majority of people would be content with the psuedo anonymity that Bitcoin provides. Especially when using Bitcoin is just easier. Monero does really lack ease of use and there is quite a steep learning curve. I never hear people talk about how easy to use Monero is. |
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What services would benefit from anonymous transactions?
Practically speaking, how useful is Monero exactly? There are hardly any services that accept Monero, making it basically worthless as a currency. what's the point of a currency if you can't buy anything with it?
How concerned are people about privacy and anonymity? Just because we are supposed to be concerned, doesn't mean we will/are concerned.
Other cryptocurrencies boast anonymity too, what sets Monero apart from the crowd exactly?
Does Monero have a future? Or will it soon die like most cryptocurrencies?
How much value does Monero really have?
I bought into this coin because so many people have convinced themselves and me that this is the next best thing, and I wanted to profit from it. The lowering price is obviously not profitable to me, and now I'm starting to have doubts about this coin.
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