Why I will not accept XMR (Monero) as a vendor...

We have seen a lot of posts about Monero for the past days starting with Sigiant running a Monero node last week, yesterday Oasis announced it was going to implement Monero on their market and today AlphaBay followed.

First of all I would like to make clear Monero is a great altcoin, it offers more privacy by default than Bitcoin and of all the altcoins I probably like Monero the most.

So why would a vendor not be interested you might ask yourself?

This has the following 3 reasons.

It's true that Bitcoin doesn't offer truly anonymous transactions by default. But that's why we invented mixing services and futures like Coinjoin. So Monero doesn't offer anything that we don't already have.

What does it matter to me if I first tumble my coins before I sell them?

Either I accept Monero and than sell my Monero for Bitcoin before I can cash out. Or I just accept Bitcoins and tumble them before I sell them...

It doesn't really make much difference.

And with the upcoming coinshuffle in Mycelium we won't even need mixing services anymore...

So Monero doesn't offer anything I don't already have.

After years of huge price spikes, Bitcoin is finally getting some "stability". Price swings still occur, for example very recently we saw a price drop in Bitcoin all the way from €600 to its current level of €515 which is about a 13% drop. But although 13% might seem like a lot, this is nothing compared to the price swings you see in altcoins like Monero.

I remember Monero a few months ago being worth €1,9 to fall back to €0,90 and than rising back to €1,80 a month or two later. These 50% price swings might be fun to investors but if you are trying to run a business these drops are far from ideal. Not only do the funds I have locked in escrow lose value. I also get much less customers suddenly. Everyone is suddenly waiting to make a purchase just in case the price moves any further.

Is Monero easier to use? Do I safe any time with it?

No...

If I accept Monero I would first have to exchange it for Bitcoin and than cash out my Bitcoins. This isn't any easier than mixing your Bitcoin and than selling them.

So although I am a big fan of Oasis and love the way they keep adding futures to their market.

I personally believe Monero is a little bit hyped. :D


Comments


[22 Points] protekt0r:

So Monero doesn't offer anything I don't already have.

Sorry, but I disagree. Those coinjoin and tumblers and all that shit, it's only a matter of time and computational power before blockchain analysis companies can decipher all that crap. The only solution bitcoin has for true anonymity would be some sort of sidechain solution. But given how freaking slow the core devs in r/bitcoin take to do crap, don't count it happening before blockchain forensics catches up. Remember, your past transactions are forever in that bitcoin blockchain and cannot be permanently obfuscated. There will always be the off chance that someone traces those coins back to you, even with shuffling, coinjoin, and tumblers.

On everything else, I agree. It's price is unstable (currently) and it is not easier to use. But those things will be solved soon...


[11 Points] specialkstore:

Kmart Accepts Monero we are always looking at ways to increase our Ospec even if we pay our connect with head of cattle Monero sounds interesting however lets see how it plays out


[6 Points] Dude-Lebowski:

What does it matter to me if I first tumble my coins before I sell them?

If you tumble your Bitcoins your likely tumbling them with others tumbling for the same or worse reason. Your traceability is now mixed in with a lot of stuff I'm guessing you were trying to unlink yourself from.

Monero doesn't need mixing. Monero has no traceability. When you spend Monero there is no public information of prior use. It is 100% clean so to speak.


[3 Points] trappy_AB:

To clarify, alphabay had been working on monero implementation for weeks prior and it is still not ready for public release.

You are under no obligation to use monero and it may never exceed its status as a gimmick coin.


[5 Points] lovelylittlegangster:

From a vendor with your opsec on point's perspective you're probably right. It offers you little benefit but lots of financial risk.

But the lowest common denominator is the buyer who has no real understanding of the blockchain... Or the vendor who is just starting up and hasn't done their homework. From their perspective Monero is safer than bitcoin by default so it makes sense to use it.

I doubt it'll take off personally but what the hell I've bought just over 300 XMR and will use them in preference to bitcoin if vendors accept them.


[7 Points] specialkstore:

Kmart Accepts Monero we are always looking at ways to increase our Ospec even if we pay our connect with head of cattle Monero sounds interesting however lets see how it plays out


[3 Points] xSwrvs:

Yeah binding a vendor that will take monero for your specific illegal need is gonna be hard. Cool the markets are setting up for it but Bitcoin will always win.


[2 Points] None:

how do we as vendors cash out Monero. going through shapeshift.io is another % commission with bad exchange rates


[3 Points] specialkstore:

Kmart Accepts Monero we are always looking at ways to increase our Ospec even if we pay our connect with head of cattle Monero sounds interesting however lets see how it plays out


[1 Points] oasismarket:

Hello,

No one will be forced to use Monero, don't worry.

Oasis


[2 Points] TheoryOfHarmony:

My biggest problem with it is it's near complete incompatibility with TAILS.


[3 Points] None:

i keep reading monero and the first thing that pops into my mind is Monsanto. lmao


[1 Points] Vespco:

XMR.TO


[2 Points] TheRealRocketship:

My thoughts on XMR are mostly neutral/positive.

  1. It's always good to have more currency options, this alone makes the addition of XMR to markets a good thing
  2. I will not be accepting it even for FE/DD until volatility dies down, and maybe not ever
  3. No GUI wallet which basically forces non-technical vendors to convert immediately to BTC to avoid getting exit scammed by Poloniex or mymonero.com
  4. How many full nodes are there? Would appreciate if someone can answer this question.
  5. XMR is way worse than bitcoin at scaling w/ its ring sigs, this is a long term problem. MimbleWimble is better because it solves scalability as well as fungibility.

Congrats to the markets that have implemented XMR, I think it will become an adequate payment method in time.


[2 Points] DextroShade:

What ever happened to hedging in markets like SR1 used to do? I think that would alleviate some of the concerns about volatility.


[2 Points] catsfive:

Anyone that can read this and think "Bitcoin already has enough privacy" is a full-on idiot.


[1 Points] Elisa-Yamaha:

Yeah we agree with this, atleast for now. Even the bitcoin inflation has a lot of influence on our final profit. When BTC dropped the 13% a while ago we just started selling MXE, and sales went pretty fast so we had about 4k euro in escrow. 13% of that is a lot of money for a small vendor. :\


[0 Points] OGPACKS:

wtf is monero?


[0 Points] specialkstore:

Kmart Accepts Monero we are always looking at ways to increase our Ospec even if we pay our connect with head of cattle Monero sounds interesting however lets see how it plays out


[2 Points] specialkstore:

Kmart Accepts Monero we are always looking at ways to increase our Ospec even if we pay our connect with head of cattle Monero sounds interesting however lets see how it plays out


[-1 Points] specialkstore:

Kmart Accepts Monero we are always looking at ways to increase our Ospec even if we pay our connect with head of cattle Monero sounds interesting however lets see how it plays out


[1 Points] apoefjmqdsfls:

Altcoin pumpers are spamming this sub with monero propaganda. Hope you all don't lose too much on this p&d.


[1 Points] Vendor_BBMC:

I've never agreed more with a post by another vendor than I agree with this one by HollandsHerbs. But everything is new at one time or another, and I applaud markets who decide to try something new. Oasis is a great market, and alphabay is a...a big, important market.

(Incidentally, if a marketplace steals Monero, they will get away with it)

There were many perfectly usable crypto currencies before bitcoin, and hundreds after. So why did bitcoin take off?

Because Ross selected it as the money-laundering media for Silk Road. Bitcoin was enjoying some minor success as the currency in some "second life" online games. An obscure shop in Japan, "Magic The Gathering Online eXchange" (MTGOX) and SilkRoad can be considered sister sites, it's difficult to separate them on the blockchain. SilkRoad used MTGOX wallets as if they were it's own for all sorts of things because they were, in a way.

Think of bitcoin as the water in a car engine's cooling system, transferring the "heat" vendors made in SilkRoad to the radiator of MTGOX in Japan, where it was turned into $US. Then customers turned $ back into bitcoin at MTGOX, then into drugs for their weekend. Silkroad was bitcoin's killer app

The bitcoin just went round and round in a circle, once a week, transferring value between dollars and drugs. Even today, you see 4 sawteeth per month superimposed on bitcoin transaction graphs - the "SilkRoad tide". I'll zoom into the last 60 days and show you the last 8 "teeth" on the transaction volume graph:-

https://blockchain.info/charts/n-transactions?timespan=60days

Now try telling me that bitcoin isn't a drug currency!

But that's the important thing about bitcoin. nine tenths of it is below the waterline, like an iceberg. But the crypto-loving fanboys who refuse to believe that bitcoin is used for drugs and their Facebook groups are vitally important. They give a thin veneer of respectability to the 90% of shady bitcoin users under the waterline. Without them, just using a bitcoin exchange would be cause for the police to take notice.

Bitcoin wallets are "pseudo anonymous", like bank accounts that everybody in the world can see, but which just have a big string of letters and numbers instead of a person's name.

Its when bitcoin interfaces with REAL bank accounts that it is de-anonymized. I'm keeping an open mind about Monero for the future. But it needs exchanges and it needs legitimate uses to be a drug-laundering currency.

Hats off to these sites who've included it, because choice is always a good thing even if we don't use it.


[1 Points] Tobango:

"And with the upcoming coinshuffle in Mycelium we won't even need mixing services anymore..." This is interesting! Is Mycelium available only for Android and Apple gadgets?


[1 Points] darkvador1900:

being myself a user of lotmixing.org where i have swapped (they dont mix they swap) over 200 btc recently. i see no whatsoever use of monero. i dont understand it. i cannot save it to myself. there is no real stability. investors are pumping then will be dumping. same happened to etc, everybody was cheering then the dump happened and people lost lots of money. investment based i think the admins of those markets just saw an opportunity to bullshit people. they started a fud campaign, bought monero by the thousands and thousands. spread the news and the coin got pumped. there is still 7days left. they can then say, you know what we are not able to set up a proper wallet on the market. thus the coin get dumped. the admins buy again wait for a week and then implement the wallet and re implement monero again. thus spiking the price again high up.

who are going to be profitable? just the admins of those markets who are holding large amount. then will dump and crash the market and rebuy again for huge profit.

bitcoin is enough. play with other coins but dont put your heart into them.