Skepticism Sunday #2 — July 28, 2024
Skepticism Sunday #2 — July 28, 2024
I’m taking on the mantle this week.
Stay on topic:
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This thread is only for comments discussing the uncertainties, shortcomings, and concerns some may have about Monero.
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NOT the positive aspects of it.
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Discussion can relate to the technology itself or its economics.
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Talk about community and price is not wanted, but some discussion about it maybe allowed if it relates well.
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Be as respectful and nice as possible. This discussion has potential to be more emotionally charged as it may bring up issues that are extremely upsetting: many people are not only financially but emotionally invested in the ideas and tools around Monero.
How it works:
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Post your concerns about Monero in reply to this thread.
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If you can address these concerns, or add further details to them -- reply to that comment. This will make it easily sort-able.
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Upvote the comments that are the most valid criticisms of it that have few or no real honest solutions/answers to them.
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The comment that mentions the biggest problems of Monero should have the most karma.
The first principle is that you must not fool yourself — and you are the easiest person to fool.
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Scaling: if a lot of people suddenly have a need or want to use Monero, can it handle it? There is the dynamic block size, but no layer 2 to move transactions away from the chain. How many transactions per day can be handled before fees get to BTC levels? And how much would that grow the chain per day? It is my understanding that Full Chain Membership Proofs will increase the transaction size, so prefrebly add that to the equation.
Fees are designed to decrease as there is more transactions. Recent stress tests have shown the network can do about 500k transaction per day before some stability issues start. Fixes and improvements are in the works. We are most likely still 5 years away from any significant TX volume on Monero.
Whare do you get this 500k figure from?
I was participating in the stress test and noticed node stability issues around that level. It could be +/- 200k, we will see when an official report is released regarding the test.
But for certain at current state Monero cannot handle 1 million tx per day without problems.
Search for videos or articles by Mr. Monero Core 'Francisco Cabanas' aka ArticMine
YouTube: [Scalability expert Francisco Cabanas aka ArticMine discusses how #XMR is handling the sky rocketing daily transaction count!](: https://www.youtube.com/live/UeUGiSreegs?si=6EtFL6ePufwk8INy)___
@Berg @aldalire the fees in monero work diferently than bitcoin..
Monero has an dinamyc block size which means that once the blocks become full the blocksize limit will expand, this is done slowly to avoid spam just otherwise empy blocks.. also with the encrease of blocksize the fees get lower.. (I dont recall the math used here)
But that sayed, its not a perfect system but the community is willing to adapt as needed..Unfortunately can't handle at this moment.