OC by @[email protected]

I know there are plenty of software missing from here. This is just a fun infographic I made, no need to take it seriously :)

  • Remy Rose@piefed.socialEnglish
    10·
    1 day ago

    Somebody please tell me what’s up with Monero. I thought it was some kinda cryptocurrency? In what way does it avoid or mitigate any of the overwhelming number of problems those inherently have?

    • MangoPenguin@piefed.socialEnglish
      3·
      13 hours ago

      It’s essentially the only cryptocurrency that has privacy, so is good for paying for VPNs and such.

      Others like Bitcoin are not private and your transactions are visible.

    • Sophocles@infosec.pub
      10·
      1 day ago

      I’m not a crypto expert, but from what I know it’s one of the few currencies that have no kyc (know your customer) in order to use. The whole point of it is to have completely anonymous transactions and untracable/unmarked currecy. I used it once to buy a month of Mullvad vpn just to see how it works. I bought a giftcard with cash, traded the gift card for monero on a somewhat sketchy site, put the monero into an XMR wallet, and used the Monero to buy the vpn with wallet keys. It was a fun experiment but it was just too much time and effort to do it the right way to warrant using it 24/7

      • Kairos@lemmy.today
        3·
        24 hours ago

        It’s not about KYC. Monero would have KYC like any other cryptocurrency. Its that the transactions are encrypted.

        • Sophocles@infosec.pub
          4·
          16 hours ago

          Essentially what the other person said, but KYC depends on the marketplace. See getmonero.com. XMR allows for merchants to skip KYC, which other cryptos don’t do

        • whosepoopisonmybutt@sh.itjust.works
          9·
          23 hours ago

          Its my understanding that KYC is not inherent to crypto but only to exchanges such as kraken or coinbase. Tax regulations necessitate KYC, not the technical requirements of the underlying asset.