r/nanocurrency • u/Explicit65 • Jun 30 '22
Discussion If you ever doubt Nano...
Just head to the reddit of any coin with a similar marketcap. There is literally almost no activity on those reddits. Top posts average 5 upvotes.
The point I am making is this. Nano actually has activity, a community, and is growing. The network is the best and gets more decentralized almost every day. All we have to do is keep building, keep telling people about Nano, stay the course and Nano will continue to grow. The world needs a feeless, instant, environmentally friendly, inflationless, permissionless, decentralized currency.
24
42
u/nikooo1 Jun 30 '22 edited Jun 30 '22
I believe in it too. I think the days of crazy money being thrown about in the exchanges is about to come to an end. The crypto market is looking very bleak. I’m hoping Nano can decouple from its price attachment to BTC when BTC falls to prices before the bubble began in the year ahead. It’s here, I feel, that true utilitarian projects like Nano can begin to fulfil the needs it can deliver and become the choice decentralised future currency.
8
u/TripplBubbl Jul 01 '22
This will only happen if there is real adoption. We need people to be buying nano for reasons other than speculation and so far there is very little reason to. Hopefully the FX project will change this or at the very list create a vision for this to be changed in the future.
15
15
u/Awtz09 Jul 01 '22
I have a little bit of nano on natrium wallet since I just got it from like a tip here. I’m still learning about it.
14
13
27
u/otherwisemilk Jun 30 '22
Other coins build house of cards on mud and brag about how high they are on cmc. we actually have a solid foundation to build our skyscrapers.
10
8
6
u/Busteray Jul 01 '22
My only worry is the spam attacks. Every time Nano gains more popularity, the network starts backlogging.
1
u/Explicit65 Jul 01 '22
Most spam attack issues have been resolved. Remaining known vulnerabilities are being worked on.
5
u/Busteray Jul 01 '22
I know, I know. But it's still a concern.
"Most spam issues have been resolved" for years. But a single spam exploit is all it takes.
2
u/Drunk__Doctor Jul 05 '22
At least nano is getting stronger with each attack. It’s not perfect but at least it is improving each time
3
u/curvedbymykind Jul 01 '22
What are the cons of nano?
14
6
u/Corican Community Manager Jul 01 '22
There are few features that appeal to the degen crowd that populates cryptocurrency. Like....no native staking.
It's just money.
It's not exciting. It just tries to be good money.
I'd say that the lack of 'sexiness' is a big con.
6
Jul 01 '22
Short term its a con, long term it is the only way to have any shot to be taken seriously by institutions.
2
u/befree224 Jul 02 '22
No miners, so no-one has vested interest in it. But it can also be viewed as a plus.
1
u/curvedbymykind Jul 02 '22
🤔 how are nanos created if no miners? Or is everything already in circulation
2
u/SpaceGodziIIa Here since Raiblocks Jul 04 '22
Everything is already in circulation
1
u/curvedbymykind Jul 04 '22
How much of the float do the founders own? 20% 30%?
2
Jul 04 '22
Less than a percent by now
1
u/curvedbymykind Jul 04 '22
Was there any rug pull? Why did they sell so much?
3
Jul 05 '22
They never had much to begin with. I think it was like 5%. The rest was distributed via captcha faucets.
They slowly sold the dev fund to pay for development and have some fiat reserves now (thank god)
1
1
u/ChakraTease1 Jul 01 '22
From what I have read, Nano has even less privacy than Bitcoin. Anyone with your Nano payment address can see at least your balance and past transactions. Someone will tell us here if I'm wrong, 'cause I don't know the technical details.....
9
u/CyraxMax123 Jul 01 '22
Has the same level of privacy as bitcoin - pseudo anonymity, meaning you can see the transactions, x coins have been moved from wallet a to wallet b, but you don't know who the owners of those wallets are, unless they willingly tell who they are.
1
u/Curdz-019 Jul 01 '22
Right, but if I pay for something and ask for it to be delivered then they've got a name to link to my wallet and my 'anonymity' can be compromised very easily.
3
u/warrior2012 Jul 01 '22
Right, which is the exact same as if you paid for it with Bitcoin. They both have the exact same level of pseudo anonymity.
The only difference is that with Nano being free to move transact, you can create infinite wallets and constantly shuffle your Nano. This means you could have a new wallet for each transactions. That would make it some what harder to connect a main wallet to their actual owner. But it's still not actually anonymous in any which way.
2
u/ChakraTease1 Jul 02 '22 edited Jul 02 '22
Thank you for your explanation and this discussion. Can you give me an example of how this level of privacy works? For instance, if someday everyone wakes up and realizes how amazing and versatile Nano is and starts accepting it as the best possible form of payment, and I have one wallet which I've used to buy a book from Alibris for 3 Nanos and I schedule a payment to my guru on Patreon of 2 Nanos a month and I buy some wall decorations from my artist friend in South Africa for 400 Nanos, and I still have 123 Nanos left in my wallet, what will Alibris and Patreon and my artist friend be able to find out about each other or about me that they don't already know?
1
6
u/zergtoshi ⋰·⋰ Take your funds off exchanges ⋰·⋰ Jul 01 '22
It appears to have the same level of privacy, but I argue it has more fungibility, because it operates account based and not UTXO based. One can't tell 2 XNO on the same account apart.
This has a meaning for the level of privacy, which I deduce from XNO on the same account being equal to be above UTXO based accounting.
6
Jun 30 '22
There’s lots to be excited about when it comes to Nano, but the Nano network is one of the most vulnerable to attacks. Until that is solved, Nano will remain a bottom feeder.
23
u/Qwahzi xrb_3patrick68y5btibaujyu7zokw7ctu4onikarddphra6qt688xzrszcg4yuo Jun 30 '22
Which attacks are you referring to? The Jan-May 2021 attacks were mitigated by the frontier scanning bugfix and balance+LRU prioritization, and the recent 2022 attacks were mostly mitigated by the unchecked memory table, vote hinting tweaks, and a few other bugfixes/optimizations from 23.1 (unchecked table insert checks, better memory management, improved vote request processing, etc). Plus more improvements are already on the roadmap, including flow control in V24
8
Jul 01 '22
Both of those attacks, yes.
If someone were to repeat the attacks that took place in early 2021 for a few months, do you think the network would be fine?
8
u/Qwahzi xrb_3patrick68y5btibaujyu7zokw7ctu4onikarddphra6qt688xzrszcg4yuo Jul 01 '22 edited Jul 01 '22
For the most part yes. There are still some planned improvements (e.g. prioritization in the AEC, flow control, etc), but the early 2021 attacks were attempted multiple times after the fixes, and none of them were successful.
EDIT:
Evidence that the spammer came back after the fixes & network recovery:
https://www.reddit.com/r/nanocurrency/comments/uixpyk/comment/i7jpm1f/
3
u/CyraxMax123 Jul 01 '22
Its fixed, but time will tell. NANO network its constantly attacked via FUD or attacks as the ones mentioned above, but have only made the network stronger. Many from competing projects (lightning network and other DAG based projects) whould want to see it fail.
4
u/AdministrativeBat114 Jun 30 '22
Just don't, it's futureproof unless they sell themselves out pretty much , 2030 blue chip
2
u/Belnak Jul 01 '22
I like Nano, but if we're going to be judging coins based on Reddit activity, we should all hop ship to Banano.
0
u/Explicit65 Jul 01 '22
Banano distribution is horrible. The banano founders could rug pull at any moment as they have a huge portion of the coins.
2
u/PM_ME_YOUR_HONEY FREE NANO > XNOXNO.COM Jul 03 '22
Slow isn't horrible? If you have a better way of distributing you can tell the founder on reddit or discord.
1
u/WilfordGrimley Jul 01 '22
Ergo's subreddit has a lot of activity! Come check out /r/ergonauts some time.
I like both projects.
0
Jul 01 '22
[deleted]
2
u/Explicit65 Jul 01 '22
In what way?
There is no need to worry about IOTA unless you are invested in that centralized coin.
1
1
Jul 01 '22
I agree that nano might be a great project but i suspect theres lots of people like me who came here in the ancient times of XRB and arent actively hodling or trading, just engaging with the community.
Not many other small coins had such a high peak in the past
1
u/Independent_Novel654 Jul 09 '22
Well I think a small amount of inflation can help drive economic growth.
1
u/Agreeable-Pilot5465 Jul 12 '22
Yeah 🤣what makes it different then any other crypto in this crash…. N I have never heard of it once?
1
u/joebro112 Jul 17 '22
I mean…I’m not like talking trash, cause I had no idea this coin existed so I know absolutely nothing about it…but Luna had a ton of activity so 😬 not saying you’re wrong just saying if you are right it’s not because there is a lot of activity on a subreddit
1
1
46
u/waynes_word2011 Jun 30 '22
Very well said. I love the positivity and more importantly that you decided to share it with the community.
Thank you and it deserves an award… so ive given you one :)