Topic: [XMR] Monero Speculation - page 1471. (Read 3313576 times)

The early fiat hyperinflation to $5 is just a preview of the future.  It indicates people look at Monero and are then willing to pay $5 fiat fun-bucks for a single coin.

That situation, where demand is vastly greater than the supply, only existed in the early days when total emission was low, but shortages may return as block subsidies inexorably decline.

If Kraken added XMR, perhaps their ETH volume would suck less (in comparison to Polo).

LocalBitcoins --> Shapeshift

XMR.to --> LocalBitcoins

I was thinking the other night about something that could possibly fix this issue, in a "thinking outside the box" type of way.  When thinking about this, I was thinking "for the sake of anonymity" rather than the cost of how to do something like this.

It is no doubt that the most anonymous way to buy Bitcoins is to buy in cash.  People are sometimes hesitant to do something like this, because that would have to involve a high amount of trust to the seller that the person won't just rob you and probably would be hard to coordinate a time and place that would satisfy both the buyer and the seller... and so on.

The better suggestion would be then to tell someone to go to a Bitcoin ATM.  Problem with this is the obvious one that there are usually no Bitcoin ATM's in someones location and that person would have to travel hundreds of miles to go somewhere, usually a big city, that has one of these things at some store.

So here is what I was thinking:

Now I know that this would require some initial investment from the buyer... but here it goes.
What if you could order a small "safe" that could be shipped to someones house that is capable of hooking up to wifi or just a direct internet connection.  It could be shipped via UPS to someones door or P.O. box, and then you can use that "safe" to connect to some theoretical exchange site; where you can insert fiat into the machine (kind of like a vending machine) that allows you to "purchase" XMR.

Each time you insert X amount of fiat in the machine, it allows you to purchase Y amount of XMR in USD/XMR; rather than BTC/XMR through the exchange at that specific point in time.  You can keep the machine as long as you'd like, and while you keep the machine, every XMR you purchase will be kept in cold storage held by the exchange.  Then when you feel like "cashing in" on all the XMR you have purchased, you can ship back your "safe" to the exchange address.  Finally the people at the exchange would be able to check that the safe hasn't been tampered with and also that the correct amount of fiat is in the safe; which then afterward they will release XMR to your specified address.

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I know this would require some initial investment on part of the people who would want to run an exchange (plus the people wanting to purchase XMR) like this; but I feel like this would be an absolute killer way to purchase XMR, and cryptocurrencies in general; which would be purchased with spare cash they have on hand, not having to deal with banks, somewhat anonymous (especially when sending to a P.O box), etc.

Could just be a pipe dream I had though... whatever, I thought I would share with you guys though.  

Coinbase creates two (apparently low-fee) tx for every BTC withdrawal.  They are flooding the system to push the Classic agenda.

Solution?  Stop using CoinBank!

Kraken seems to be the one most people suggest to harass for a XMR-USD pair.  I put my 2 cents in their suggestion box.  If we all do the same, it could lead somewhere. ..
Even if they only did XMR-XBT it would eliminate the bitcoin transfer delay.

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Those numbers are telling me Monero preparing rocket.
If you don't believe to members you must believe to math, it is simple.

Really?  I have never had any problems but I'll be cautious.  Never had any transaction over $100 USD with them.  So were you able to recover your funds or did they finally process?

. FWIW be careful with hitbtc.  I have had coins locked up over there for days before.

Thanks for the correction.  None the less its frustrating, but whadayagonnado except complain LOL

More generally, a simple, private method for xmr <-> Fiat conversion would be a killer feature.

Is there a cloud mining for this coin?

Actually, that would not speed transactions because the same average number of blocks would be found per hour.

What you really are ranting about is block size...

For the love of God can some exchange please let me buy XMR with US Dollars.  I mean really, I hate Bitcoin transaction speeds.  Over an hour now to transfer BTC from Coinbase to HitBTC.   Another reason Bitcoin is falling behind not enough nodes out there to process payments or transactions faster.   Ok rant over.

Bitcoin similarly spiked after the first exchange.  

I observe that, if you disinclude the listing spike, in USD terms, the recent highs were in fact all-time highs.  (Mentioned since the ATH is so fetishized.)

Very helpful contribution! Thank you.

now market cap added as well

By all means if you have time i would like to see this too.  Risto your insight is always helpful to me.

I second this request.

When the price was 0.001 there was general apathy in the community. An apathy is distracting money and therefore you did not feel like Monero was a good buy.
Now as the price has gone up, the community has resurrected from the dead and is in fire, and unlike previous time, I think Monero will go higher this time (just my speculation) due to the fact that most of coins have been mined (I am excluding the minimal inflation which will tarry on after 18.4 million coins have been mined out from the ground).
The fact is, now Monero is becoming like a rare earth metal, you need really work hard to be able to mine a few since the block reward is taking hit daily yet the price is still somewhat depressed.
Monero is mined now around with the same percentage as bitcoin but bitcoin costs 420 usd and Monero 1.5 usd. Some people might see this as a disappointment but personally I am seeing it as Monero being severely underpriced and therefore potential to create wealth. When you invest 1 usd into Monero it benefits the whole community and the welfare effect is thus pretty large due to increased marketcap of Monero. From the point of view of the buyer, he is better off because someone else will also invest 1 dollar (or any amount he can afford) and increase your and other's welfare + you are creating yourself a safe haven with anonyminity.
When XMR is worth marketmaking, I will also start giving simultaneous buy- and sell prices so that if someone wants to sell or buy he can do so without too much affecting the marketcap and other people's welfare. However, Monero is still in infancy state and marketmaking (read: selling Moneros because that is the market making in Monero pretty much due to the fact that everyone is buying it like crazy this days and I cannot blame them) is too risky - it is too easy to run out of Moneros.