Why is Monero so unpopular? - page 9.

Wexnident

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

I don't think the vast majority of people think of Monero when it comes to privacy, Bitcoin started it and has always been at the headlines/forefront since it's inception. I don't think Monero can squeeze in.

There's also the idea that since it was established as a "privacy" coin, it was bound to be noticed by government institutions, and you know how that flags it as a coin of lower priority than other coins not noticed.

GreatArkansas

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Bitcoin for me is already a privacy coin.
I'm not a hater of Monero but it's just an altcoin after all. It's just the same with other altcoins that became on top because of hype.
Now Monero is becoming unpopular because there is no hype anymore and there is a lack of adoption and there is also a lot of competition from other privacy coins.

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It is not as popular as it should be because it has been stigmatized by centralized exchanges and providers of liquidity, because it's status as a privacy coin, and the assumption it is widely used by criminals to move their money and ask for ransom.

Nonetheless, I would not underestimate the potential of Monero in the long term. Sure, it's price has stayed stuck but it is one among thousands of alternative coins which I do not consider to be a shitcoin. It actually delivers what it is promised and the developing team has addressed the vulnerabilities in a efficient manner, implementing cryptographic solutions which Satoshi only dreamt of. There is also an active community who follows and backs the projects through donations, art and coding.

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Because it's a privacy coin? I mean all privacy coins right now aren't that popular, and hasn't been talked online by many media outlets.
On the other hand, we have these criminals who are using privacy coins, so the government can't trace their transactions whatsoever. We might not have any concrete evidence to this one, but I think many of us know already that criminals wanted to hide from the government thus, they are using privacy coins like Monero and others.

There was a time in the past where privacy coins are becoming popular, but that didn't last long. Though I've seen privacy coins in the past that became popular, that didn't last long as well, and the last coin that I know that added some privacy in their project was Litecoin's Mimblewimble. Overall, Monero has been at the top ever since, and there is still a community behind it that's why it remained at the top.

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

There are number of reasons for this and most community members have talked about the legal implications that Monero has to exchanges and users.

Another reason not mention but relevant is the fact that there haven't been much work on the technical side to incorporate Monero as one of the DeFi primitives available on-chain. If Monero becomes available as a trustless bridge between other change, it would skyrocket its usage. Also, the processing of setting up and using Monero is not user-friendly. Only OGs will know how it works.

Finally, KOL and other monero advocates are not incentivized enough for people to talk about it.

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Back in those days Monero was actually gaining much popularity and attention from people especially since it was about privacy, it managed to gain lot of investors after making their profits investors then looks over to other newly launched project to utilize their profit making. That is to say they only moved from project to project to double their money, after that wave passes they all look for another newly birth project that has the potential to increase by 2x to 40x that's what most of the investors looks after. But still is a matter of choice you can buy and hold as all altcoin seems to be pretty doing well during the bull and you can't detects anyone that hardly do not make another ATH.

d5000

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Quote from: Apocollapse on August 20, 2023, 04:48:02 AM

There are many centralized exchanges delisted Monero

While that is true, Monero didn't suffer that much from these delistings. This is the XMR/BTC chart, which shows approximately the evolution versus the general market sentiment*:

Source: Coingecko

You can see that in early 2023 there was definitely a decrease of XMR compared to BTC, but it wasn't catastrophic. It only returned to 2022 levels.

My guess is that XMR is more complicated to handle than BTC, the long addresses for example may look a bit intimidating, so it sees slower adoption than more easily usable cryptos. It's mostly used by people caring about privacy a lot. Not only criminals. I guess that this group has a chance to grow, but rather slowly, not explosively like with "hype" coins.

*Take into account that in early-to-mid-2023 many altcoins, particularly centralized ones, performed much worse than BTC, and BTC's dominance is currently increasing.

Xal0lex

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Monero has its niche in the market and has its utility, why should it be overly popular? It is just about the only old pow coin that is still trusted by privacy enthusiasts. Such projects don't need excessive attention from regulators and adoption, as it will ruin the coin, it will start to be banned even more, they will try to regulate it and things like that. Don't expect Monero to be as fast as DOGE.

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

Privacy concern was the main reason for which Monero got disconnected from peoples mind. Else earlier Munneru was one of the popular coin after Litecoin and Ethereum. Monero was not a main coin earlier. As it was one of the oldest coin, hence, it gained popularity along with bitcoins. Nowadays only few die hard traders have these coins in their wallets. And after bitcoins recent all-time high price, the popularity of Monero came down.

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The primary coin you are referring to is Monero going to outperform above bitcoin?

Although currently Monero coins are still widely on centralized exchanges there are some exchanges that delist this coin for privacy reasons that regulators do not like, maybe what others have revealed is true monero is receiving a lot of challenges especially with the government.

But this coin is still quite popular as the most private coin and that is what many people want.

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

People didn't really care with privacy these days. The reality is that hundreds of millions of people used a centralized exchange site that required verification and it can be hard to accept. Monero was very effective when it comes to the P2P transaction.
It's actually a useless coin when you were trading it on centralized exchange site as your identity known by the exchange site. The privacy coin is not popular anymore. People prefer to get utility instead of privacy coin.
Privacy is not necessary and it depends on yourself. Using an exchange site is easier to withdraw or deposit money to crypto than using p2p, even if you value privacy coin.
So many privacy coins are dead now. Government is also the main reason people are willing to use centralized exchange site. They can be sued money laundering purpose.

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

You want to know why Monero isn't as popular as other coins? Simple. It's because governments have been labeling privacy coins as something used by criminals (tax evaders, money launderers, etc). After all, they don't want people to obtain privacy and true financial freedom. A cryptocurrency they cannot track, trace, or even control, would be considered "an enemy of the State". The fact that many exchanges have de-listed Monero, tells us how powerful governments' influence can be over the crypto industry.

I'm fine with Monero just the way it is, as long as stays private and decentralized. Maybe it will live alongside Bitcoin for generations? Just my opinion

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

Monero is known for its strong emphasis on privacy and anonymity. While this is a valuable feature for users seeking enhanced privacy in their transactions, it also raised concerns about its potential use in illegal activities. This might have led to some hesitance among exchanges and mainstream platforms to adopt it.

big kid

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

Because most people care about profits and hype, privacy is for people who need it for some reason.

FahriZah

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Absolutely main coin is bitcoin and monero is one of the good coin before time i see the movement huge facilities and for daily teading best coin monero but now monero very bad conditions and before time monero achieved huge population but now little down & unpopular hopefully monero agin come back with old performance.

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Quote from: cryptoaddictchie on August 20, 2023, 10:04:41 AM

I dont think its not a main coin. Being in top 100 projects based on coingecko and coinmarketcap is one of the main coins or tokens. Its based their listing on marketcap and they have a huge one compared to other competitors. Not to the point that will head on like bitcoin since its really the number 1 coin. Privacy is important too but with the case of monero many exchanges wouldnt like their style thats why some got them delisted before on major cex.

Monero is still listed on many exchanges, like Binance, Kucoin, Kraken, Bitfinix, Gate.io, OKX, MEXC, CoinEx and many other exchanges. Monero is listed on decentralized exchanges like Bisq and many others.

If it is not listed on exchange like Coinbase, we all know how Coinbase is like this and how they restricted many countries. I am one of the people that do not like such an exchange like Coinbase.

cryptoaddictchie

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

I dont think its not a main coin. Being in top 100 projects based on coingecko and coinmarketcap is one of the main coins or tokens. Its based their listing on marketcap and they have a huge one compared to other competitors. Not to the point that will head on like bitcoin since its really the number 1 coin. Privacy is important too but with the case of monero many exchanges wouldnt like their style thats why some got them delisted before on major cex.

j1792

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Quote from: _act_ on August 20, 2023, 04:15:48 AM

Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

Bitcoin is the main coin while other coins are altcoins. People also know monero too. Monero is the 28th on the list if marketcap is used for comparison. It is having a marketcap of over $2.6 billion. Which means it is a good coin.

But if you expectations about the coins is not up to what the marketcap is, it is good to know that most people that are into crypto do not care about privacy, they care about investing and making profit from the coin they invested in.

I don't know how they put up with full transparency on all their bills, the only explanation I can think of is that they don't even think about paying their bills in BTC

KingsDen

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

Monero is doing well now but it is also facing many battles from the government. First because it is a cryptocurrency and secondly because of its privacy status. The government don't want anything hidden. But then I do not totally blame them because the privacy of Monero is being abused and widely used in the dark net for all sorts of illegal transactions.

While I am confident that Monero will one day make a major breakthrough. That will be when the need for privacy becomes a necessity for everyone. It might not happen soon, but it will surely happen and everyone will be privacy concerned despite what the government will say or do.

cryptomaniac_xxx

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Quote from: j1792 on August 20, 2023, 04:02:36 AM

Privacy is a necessary feature in my opinion, but why hasn't Monero become a main coin?

Yes, privacy should be one of the main features of a coin. However, if you look at how crypto regulators look at Monero and other privacy coins, most of them have been delisted by exchange, because of the pressures from regulators.

And if you look at this,

Quote

In a statement last month, the IRS created a pilot offering up to $625,000 for anyone who can provably trace Monero or other privacy coin transactions. According to the tax collector, privacy coins have become popular among "illicit actors" such as Sodinokibi (a former affiliate with the GrandCrab RaaS group) who stated that all future ransom payments will be in Monero (XMR) rather than Bitcoin (BTC) due to privacy concerns. The agency wanted to create some incentive to better understand the privacy coin sector since they say "there are limited investigative resources for tracing transactions involving privacy cryptocurrency coins such as Monero."

https://www.coinbureau.com/news/crack-monero-irs-six-figure-reward-trace-xmr/

So how can you invest or put your money on Monero when government are trying to break them?

And with that, it's going to be a cat and mouse game and so far Monero is losing it's ground.

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