lukeprofits

joined 1 year ago
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What p2p platform for monero do you recommend? in c/monero@monero.town
Looking for recommendations on how to hold XMR value in c/monero@monero.town
[–] lukeprofits@monero.town 2 points 11 months ago (1 children)

What happened the other way if XHV went up in value? You'd only get 5 back? Interesting idea.

Looking for recommendations on how to hold XMR value in c/monero@monero.town
[–] lukeprofits@monero.town 1 points 11 months ago

Exactly. I don't mind holding USDT for a few days if I'm waiting to do a trade, but definitely wouldn't hold it longterm. Too much of a risk of a black swan event in my opinion.

Looking for recommendations on how to hold XMR value in c/monero@monero.town
[–] lukeprofits@monero.town 1 points 11 months ago* (last edited 11 months ago)

Monero hasn't fluctuated too much in the past few years. Seems to be staying around $150ish.

You can try to mitigate the downside risk by moving to a stablecoin (like USDT, USDC, DAI, etc.), however that means you also don't have exposure to the upside gain if the price goes up.

Also, stablecoins have their own set of risks. Unlike Monero, more stablecoins can be created out of thin air. If something crazy happens (like we learn that stablecoin creators don't have the reserves that they claim that they do), stablecoins can drop in price as well.

Ultimately, you probably want to hold the value in whatever you think is the most trustworthy. If you trust stablecoins (and aren't concerned about black swan events), that's not a bad place. You could also keep it in Bitcoin, seeing as it has the largest marketcap (and more can't be minted out of thin air), but this can still have price fluctuations. Personally, I'm not too concerned about Monero's price dropping so I'm happy keeping it in Monero.

If it's a large amount of money, you could even consider splitting it into thirds and putting 1/3rd in each. That way your risk is even more distributed. I wouldn't mess with this though unless the amount of money is over at least a few thousand dollars.

New Mental Outlaw video on Monero in c/monero@monero.town
[–] lukeprofits@monero.town 1 points 11 months ago (1 children)

Or use LBRY, because it's the decentralized backend of Odysee. Doesn't rely on a website.

Changing monero-subscription codes to monero-payment codes. Thoughts? in c/monero@monero.town
[–] lukeprofits@monero.town 1 points 11 months ago

Thanks for all the suggestions you put on it on Github. I plan to implement all of them, but I want to figure out the name before adding the versioning system, and all the other changes. Since it's for more than just subscriptions, and will be (I think) the easiest way to accept payments as a merchant, I don't want it to have a confusing name.

"Monero Payment Request" is pretty good. That sounds pretty different from a wallet address and could include subscriptions and one-time payments.

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Changing monero-subscription codes to monero-payment codes. Thoughts? (monero.town)
 

Creator of the Monero Subscriptions Wallet here.

I've been thinking about it, and I want to add a few things in the monero-subscription code protocol. Originally, I imagined it just being for subscriptions but I'd like it to work for:

  • recurring subscriptions (good until canceled)
  • subscriptions with a set number of payments (then auto-cancel)
  • one-time payments

The ultimate vision is:

  • Merchant creates a unique Monero Payment Code and gives it to you on their website (all the info about the transaction, along with instructions to "use this payment_id when you pay me" [so that they know YOU paid them and not another customer]. The payment_id is only visible to you and the merchant using Monero integrated addresses ).

  • Monero Subscriptions Wallet (takes Monero Payment Codes and can pay them based on the details specified in them)

  • Monero Business Wallet (for merchants to recieve these payments, and record the payment amounts [in XMR, USD value of the payment at time of reciept, payment_id, etc.], and auto-forward to cold storage/auto-convert to stable coins. (As an internet-connected hot wallet, the Business Wallet is not intended to hold funds for more than a few minutes.)

NOTE: I know some people in this group are super against stable coins, and I understand why and agree. I'm a big fan of the Monero circular economy, but I believe that this will help a lot with accessability. A lot of merchants will accept crypto of any kind "if it's easy". Auto-convert to stable coins helps merchants lock-in the value (no price fluctuations) and makes it easier to sell on more exchanges. I would love for merchants to keep it as Monero, but some will want to sell it for fiat, so the business wallet will provide both options.

Because "Monero Subscription Codes" will now also include the ability to do "one-time payments" and "set-number of payments" (in addition to "recurring until canceled" subscriptions), I think it'd make sense to change the name from "Monero Subscription Codes" to "Monero Payment Codes". What does the community think of this idea?

I think it states what it does better, but I also wouldn't want to cause any confusion between "wallet address" vs. "Monero Payment Code". Thoughts, or alternate name suggestions are welcome!

I would like to be able to dedicate more time to working on this, but right now I am only working on it when I have extra time (which is why development has been slow). I created a CCS for the Monero Business Wallet, but it was "declined", so people are "not allowed" to donate to the development. If you would like to donate directly (Monero/BTC/Cashapp/Credit Card) you can do so on the Monero Business Wallet Github. Just scroll down to the donate section.

P.S. If you know Python and would like to help, but are thinking to yourself "I'm probably not qualified to help", you are definitely qualified to help. Just shoot me a message. I'd love to have more help with this.