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CryptoCurrency

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Any opinions on NANO here? (lemmybefree.net)
submitted 5 months ago by Electricd@lemmybefree.net to c/cryptocurrency@lemmy.world
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cross-posted from: https://lemmybefree.net/post/1021813

Wanting to learn a bit more about it and discuss with people to know what they think about it

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[–] mlody@lemmy.world 2 points 5 months ago (1 children)

Is it bad that the blockchain will increase in size? What consequences do you have in mind specifically? Do you think Nano has a chance to gain interest in the near future?

I think it's worth paying attention to Fediverse, where we can attract the attention of freedom-minded communities and open source communities. Currently, Nano only has social media accounts on commercial social media platforms, and even those accounts are not active. The only community is on Reddit, which I don't use because I value my privacy.

I thought about promoting Nano myself, but I don't know how much I can trust this technology or whether one day interest will drop to zero, and with it the entire value of the currency.

We can do our own community on another instance (lemmy.world for example) or we can try on communicators like Matrix, XMPP or IRC. I would like to have some NANO-focused active chat with more interesting people.

[–] Electricd@lemmybefree.net 1 points 5 months ago (1 children)

Is it bad that the blockchain will increase in size? What consequences do you have in mind specifically?

People will have more difficulty running nodes. Small servers use pruned nodes, but they won't help if the chains are attacked. They often run on VPS which have limited disk space.

If the blockchain(s)'s size increases too much, it won't be able to be stored on regular disks at some point, which will highly harm the performance of the chain (having to switch to HDDs) or kill nodes ran by individuals (centralization)

Do you think Nano has a chance to gain interest in the near future?

It could. It fixes most problems and critics people have about cryptocurrency, while being focused to have a real world use. The competition is harsh though, and it lacks privacy features.

I think it’s worth paying attention to Fediverse, where we can attract the attention of freedom-minded communities and open source communities. Currently, Nano only has social media accounts on commercial social media platforms, and even those accounts are not active. The only community is on Reddit, which I don’t use because I value my privacy.

I would agree, but I also believe Lemmy and the Fediverse is a bit niche, even for them. Most people will not find Nano through here.

I thought about promoting Nano myself, but I don’t know how much I can trust this technology or whether one day interest will drop to zero, and with it the entire value of the currency.

That's a sad possibility. It seems like the hype is dying, but things can change. I'll hold and use some when I can. I still prefer Monero over Nano because I prefer privacy. I would personally mention Nano if I heard cryptocurrency critics like "it kills the planet" or similar.

We can do our own community on another instance (lemmy.world for example) or we can try on communicators like Matrix, XMPP or IRC. I would like to have some NANO-focused active chat with more interesting people.

I believe Lemmy is the way right now. I don't use Matrix, XMPP or IRC. The only thing I could use somewhat frequently is SimpleX (not that surprising considering I come from the privacy community)

[–] mlody@lemmy.world 2 points 5 months ago (1 children)

What do you think about current situation of Monero? Right now people are talking about possibility of 51% attack. Do you think that could happen?

[–] Electricd@lemmybefree.net 1 points 5 months ago* (last edited 5 months ago)

I think PoW sucks and this is a perfect example of it. It doesn’t cost a lot of money to attack some PoW chains currently. Just spike for a few minutes and boom. With PoS, you have to hold so you actively lose from attacking the blockchain, as lowering the value of the crypto impacts you negatively heavily

I think it’s a nice test for Monero and PoW blockchains

I didn’t learn too much about 51%, but my guess is that they can pretty much cause massive reorgs from now, on demand, if they keep doing it. Afaik they reached 34% not 51% but still, it created some problems with the blockchain.

It could very well happen and what’s frightening is that they’re not super rich either