Author

Topic: [XMR] Monero Speculation - page 1483. (Read 3313576 times)

legendary
Activity: 1105
Merit: 1000
March 08, 2016, 08:13:51 PM
Guys I recently bought some monero for the first time.
Is it smart to keep these coins for the long term?
And if so how long term should I think, because this coin has been here for a long time now.
And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange?
Or is monero easy to transfer to your wallet and keep it safely there?

Instructions for the wallet are here:

https://github.com/monero-project/monero-site/blob/master/knowledge-base/user-guides/create_wallet.md

Alternatively, you can create a cold paper wallet:

https://www.reddit.com/r/Monero/comments/48cgmd/an_extensive_guide_for_securely_generating_an/

Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started.


Those cold wallet instructions are like the super paranoid version.

For the less paranoid, who are confident their current system isn't compromised (nor the website), just go to https://moneroaddress.org/ and print off a seed/viewkey(optional)/address.

Most anyone planning to store medium-to-large amounts long term should do so via paper wallets. You bypass *so* much risk doing so.
legendary
Activity: 1806
Merit: 1164
March 08, 2016, 08:01:41 PM
Guys I recently bought some monero for the first time.
Is it smart to keep these coins for the long term?
And if so how long term should I think, because this coin has been here for a long time now.
And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange?
Or is monero easy to transfer to your wallet and keep it safely there?

Instructions for the wallet are here:

https://github.com/monero-project/monero-site/blob/master/knowledge-base/user-guides/create_wallet.md

Alternatively, you can create a cold paper wallet:

https://www.reddit.com/r/Monero/comments/48cgmd/an_extensive_guide_for_securely_generating_an/

Holy crap those instructions on github would scare away anyone with an interest in Monero. I use LightWallet2 on Windows, works well enough but better wallets with GUIs should be a priority. At least there is MyMonero.com for getting started.
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
March 08, 2016, 07:35:25 PM
Is it smart to keep these coins for the long term?
I think it is a very cheap hedge on the looming risk of a "global reset" event.  If global economics and politics have stabilized in 5 years without a massive ramp-up of financial repression or a global pandemic of hyperinflation, other investments might outperform, but if not, I know of nothing else which I consider more likely to appreciate by several orders of magnitude (with the exception of Andrea Rossi's patent portfolio, in which neither of us have the opportunity to invest).  So yeah.  Plan on keeping at least a portion for 3-7 years.
legendary
Activity: 2268
Merit: 1141
March 08, 2016, 07:33:04 PM
Guys I recently bought some monero for the first time.
Is it smart to keep these coins for the long term?
And if so how long term should I think, because this coin has been here for a long time now.
And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange?
Or is monero easy to transfer to your wallet and keep it safely there?

Instructions for the wallet are here:

https://github.com/monero-project/monero-site/blob/master/knowledge-base/user-guides/create_wallet.md

Alternatively, you can create a cold paper wallet:

https://www.reddit.com/r/Monero/comments/48cgmd/an_extensive_guide_for_securely_generating_an/
member
Activity: 115
Merit: 10
March 08, 2016, 07:20:05 PM
Guys I recently bought some monero for the first time.
Is it smart to keep these coins for the long term?
And if so how long term should I think, because this coin has been here for a long time now.
And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange?
Or is monero easy to transfer to your wallet and keep it safely there?

first - do you have a boat?

if you do, never take your moneros with you. were awful mariners.

second -
i bought for three years 2 years ago, im happy.

its always a risk to keep coins on an exchange - find your core position and cold wallet it, and find your trade position and either put it out for loans or trade it. my ratio has been about 50/50 here, and ive always come out on top holding rather than trading

never invest more than youre prepared to lose, and do lots of reading.

yes its very easy to transfer so long as you can spend ten minutes learning how to properly copy/paste from cli.

i have wallets from the first few months that ive upgraded along the way and they seem to still work so its probably pretty safe to transfer to your wallet and keep it there.
sr. member
Activity: 434
Merit: 511
March 08, 2016, 07:11:42 PM
Guys I recently bought some monero for the first time.
Is it smart to keep these coins for the long term?
And if so how long term should I think, because this coin has been here for a long time now.
And I think this coin is still kinda underpriced, But is it smart to keep in on the exchange?
Or is monero easy to transfer to your wallet and keep it safely there?
member
Activity: 115
Merit: 10
March 08, 2016, 07:07:48 PM
Sold because no GUI  Sad

China shift in yet?

Why did you buy?

I lost all of mine in a boating accident Cry

pretty sure its time to sell boat insurance for monero Cheesy

all those holders cant seem to keep their boats unsunk.
legendary
Activity: 1624
Merit: 1008
March 08, 2016, 06:59:19 PM
Sold because no GUI  Sad

China shift in yet?

Why did you buy?

I lost all of mine in a boating accident Cry
legendary
Activity: 1946
Merit: 1100
Leading Crypto Sports Betting & Casino Platform
March 08, 2016, 06:32:45 PM
Sold because no GUI  Sad

China shift in yet?
legendary
Activity: 2604
Merit: 1748
March 08, 2016, 06:18:52 PM

If you want a Monero GUI for your Mac have you tried LightWallet2?

I just downloaded it and tried to open the files on my mac and it just opened Terminal.

It's not going work for me, sorry.  I am afraid I can't code, I am used to clicking an installer and just using an application.  Dumb?  Maybe, but I manage with Bitcoin QT and Core easily enough - I can't see how to use this one!

Thanks all the same Smiley


hero member
Activity: 795
Merit: 514
March 08, 2016, 05:38:44 PM
EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?

A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. [...]

This needs more thought. I think it is an interesting suggestion, but at first sight it looks like Bitcoin is better suitable for that purpose. Your suggestion undermines what Monero stands for: privacy and untraceability. It unveils that Alice sends amount X to Bob.

Would it be possible with an app (having a central server) like Whatsapp / or with encrypted messages as Telegram for example uses? The mobile wallet still needs to communicate with a node, so I am not sure how this would work without revealing information about the transaction to the app's creator/server. Any suggestions?

Yes, the app could potentially know when user X sends money to user Y, although it seems only public address associations would need to be stored server side. Regardless, not all implementations of XMR need to offer complete privacy. Different services can offer various trade-offs between privacy and usability depending on the needs of the user. The ultra-paranoid are always free to run a full node and do things the "old-fashioned" way.
hero member
Activity: 870
Merit: 585
March 08, 2016, 05:31:41 PM
Your suggestion undermines what Monero stands for: privacy and untraceability. It unveils that Alice sends amount X to Bob.
Who cares.  I see nothing wrong with using Monero openly.   Use it!  Use it moar!  MOAR, MOAR, MOAR!
legendary
Activity: 2016
Merit: 1259
March 08, 2016, 05:07:47 PM
Did you guys forget to vote? MaidSafe, Factom, Bitshares, and Ethereum are less scammy than Monero according to this poll:

https://bitcointalksearch.org/topic/poll-which-crypto-do-you-feel-is-the-biggest-scam-revised-4-accuracy-1391752

I hope you all realize that Factom is a complete farce.

Getting called scam most often is not really the same as most scammy.

Reading comprehension is not high.  Perhaps it is a language barrier though.
legendary
Activity: 2242
Merit: 3523
Flippin' burgers since 1163.
March 08, 2016, 04:56:19 PM
EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?

A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. [...]

This needs more thought. I think it is an interesting suggestion, but at first sight it looks like Bitcoin is better suitable for that purpose. Your suggestion undermines what Monero stands for: privacy and untraceability. It unveils that Alice sends amount X to Bob.

Would it be possible with an app (having a central server) like Whatsapp / or with encrypted messages as Telegram for example uses? The mobile wallet still needs to communicate with a node, so I am not sure how this would work without revealing information about the transaction to the app's creator/server. Any suggestions?
legendary
Activity: 2968
Merit: 1198
March 08, 2016, 04:44:32 PM
Did you guys forget to vote? MaidSafe, Factom, Bitshares, and Ethereum are less scammy than Monero according to this poll:

https://bitcointalksearch.org/topic/poll-which-crypto-do-you-feel-is-the-biggest-scam-revised-4-accuracy-1391752

I hope you all realize that Factom is a complete farce.

Getting called scam most often is not really the same as most scammy.

The correct answer to that poll is Bitcoin of course.

Monero should be rated higher than it is though, I'm disappointed.
sr. member
Activity: 420
Merit: 262
March 08, 2016, 04:16:54 PM
Did you guys forget to vote? MaidSafe, Factom, Bitshares, and Ethereum are less scammy than Monero according to this poll:

https://bitcointalksearch.org/topic/poll-which-crypto-do-you-feel-is-the-biggest-scam-revised-4-accuracy-1391752

I hope you all realize that Factom is a complete farce.
legendary
Activity: 1806
Merit: 1164
March 08, 2016, 03:45:17 PM
Only crypto-anarchists and privacy activists give a shit about smart mining and decentralization. None of that appeals to a wider audience, who just want an easy way to spend their money (not hosting a full node). Do you really think regular people are concerned with those features?

20 years ago, only "crypto-anarchists and privacy activists" actually gave a shit about securing personal data with encryption.

Then some celeb i-pads got hacked, Snowden won an Oscar, and the .gov demanded Apple destroy their own products' utility.

Yet the overwhelming majority continue to use gmail and facebook. Privacy to the average person is only important as long as it's equally convenient. Unfortunately, a core GUI is not a compelling enough reason for regular people to start using a currency.

Using command line for many people - such as anyone non tech-savvy or, say on a Mac - is a totally foreign and too-much-to-ask chore.   Some people (including me) don't like holding a lot on an exchange or in an online wallet either.  For someone who can’t get their head around using command line to make a wallet etc. (and don’t say it’s ‘so easy’ – it isn’t) it makes the project look under-developed, which is not a good reflection on how Monero is.

I agree. However, you and the few other enthusiasts who want to run their own node will not mark a significant increase in adoption.

Yes, a killer payment app or a next generation improvement on a node /QT type wallet would be better to have, but I think not having a GUI is ammo for detractors and an excuse to leave Monero alone for many people.

I agree, and I stated that the only real benefit at this point of a core GUI is to eliminate any last remaining "troll ammo."

‘Why no wallet?’ is a fair ask.

No, it's not. We have several wallets. I don't think one more will make a difference. I hope I'm wrong.

I am not totally sure if you are wrong. A lot of what you said made sense and has shifted my view in some respects and I am grateful for that.

I just know I (personally) want a GUI for my Mac and I do run a Core wallet for BTC.

I don't think I am the only person averse to command line stuff - and I don't like having money (Monero) on an exchange or in an online wallet.

A GUI will not suddenly increase adoption massively, nope - but it will be one less reason adoption is held back.  Given it's coming at some point, we shall see...

I hope it's soon and of course I hope it does make a difference, I will stand corrected if not.

If you want a Monero GUI for your Mac have you tried LightWallet2?
hero member
Activity: 795
Merit: 514
March 08, 2016, 03:25:33 PM
I know you've said many times now that the GUI won't cause wider adoption outside of our crypto bubble, but do you have any suggestion for how that adoption might be achieved?

EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?

Off the top of my head:

A general use wallet could exist in the form of a messaging app built on top of XMR, with the ability to send money to friends' accounts, just like WhatsApp or Venmo. The intimidating 94-character addresses should never be visible to the user but associated with every user's account. Payments could be sent to other user accounts or even to email addresses of non-users (side note: it would be great if MyMonero would allow me to send a payment to any email address ... not talking about open alias).

A great service I'd like to see would be a payment gateway that assumes the risk of instant/0-conf transactions for a fee (say 1%), for point-of-sale purchases.

I think a major obstacle is the address. Addresses need to be abstracted away from the end user. Also, the great thing about cash is that nothing is simpler than handing your friend a ten dollar bill. The first device/app/tool that comes close to that level of simplicity with digital money will win big.
full member
Activity: 229
Merit: 100
March 08, 2016, 02:58:10 PM
The original conversation was based around the question of what was driving the markets, which led into the question of what effect the GUI would have on the price.

Okay, we're on the same page then. I'm referring to outside adoption because I feel it's the only thing that will have any meaningful and long-term impact on the market value. Otherwise it's just folks like you and I bidding the price up and down. If the GUI comes out, and the price goes up 200k satoshi for 3 weeks before sliding back to where it was, I don't consider that significant or beneficial beyond whatever marginal profit can be made from the swing.

Do you accept that XMR is underpriced?

I don't think anything is underpriced or overpriced in an absolute sense. I think you and I see more value in XMR than other speculators in the market, and the price reflects that accurately.

Do I think XMR has massive profit potential over the long-term? Absolutely. But I don't think those massive price gains will come without wider adoption from outside our bubble, and that requires more than a pretty GUI.

I know you've said many times now that the GUI won't cause wider adoption outside of our crypto bubble, but do you have any suggestion for how that adoption might be achieved?

EDIT: or rather, what in your mind is the biggest obstacle that needs to be overcome for adoption to start happening?
hero member
Activity: 795
Merit: 514
March 08, 2016, 02:50:26 PM
The original conversation was based around the question of what was driving the markets, which led into the question of what effect the GUI would have on the price.

Okay, we're on the same page then. I'm referring to outside adoption because I feel it's the only thing that will have any meaningful and long-term impact on the market value. Otherwise it's just folks like you and I bidding the price up and down. If the GUI comes out, and the price goes up 200k satoshi for 3 weeks before sliding back to where it was, I don't consider that significant or beneficial beyond whatever marginal profit can be made from the swing.

Do you accept that XMR is underpriced?

Interesting question. I don't think anything is underpriced or overpriced in an absolute sense. I think other speculators see less value in XMR than you or I do, and the price reflects that accurately.

Do I think XMR has massive profit potential over the long-term? Absolutely. But I don't think those massive price gains will come without wider adoption from outside our bubble, and that requires more than a pretty GUI.
Jump to: