Despite all the obvious benefits of mollywopping the middlemen with P2P money, the thing people can't seem to handle is the 10 block lock (~20 min delay). I like to tell people it takes a minute to launder Monero so it comes out scrubbed. How do you explain the 10 block lock as a benefit not a bug?

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[–] jet@hackertalks.com 9 points 2 days ago* (last edited 2 days ago) (1 children)

It is NOT a benefit. It's a huge impediment to adaptation as digital cash.

Oh you paid a bill? Now you have to wait 20 minutes to pay the next bill....

Going to the market to buy multiple things? Better have a coffee between each store. Forget something and need to add one more item? Sucks to be you

The trade-off is reasonable, but it is not a strict benefit,

[–] darkfigod@monero.town 1 points 2 days ago

Personally consider it a small price to pay for direct payment no middle men

[–] XmrLovingAncap@monero.town 5 points 2 days ago (2 children)

I don't think it's so bad tbh. If you look at BTC/BCH they have 10min block time so if you wait for at least 1 confirmation you have around 3 XMR confirmations on average. But for bigger sums you most likely want at least to wait for a second or third which brings you close to or close above 20min. (For really small sums you can just accept 0-conf. Monero does NOT have RBF (replace by fee), so the other person can NOT betray you.) And that is only IF you get into the next block (which is a problem for BTC).

In reality, if you start using Monero, vast majority has more than a single output, so you can buy a few things in quick succession. Also you can just use Cake as a receiving wallet and then Monerujo as your spending wallet, which has the feature named Pocket Change (that makes sure you always have a bigger amount of outputs available). That's why I'd argue that the 10 block lock isn't really a big hindrance in reality.

[–] HardenedSteel@monero.town 1 points 11 hours ago

For BTC/BCH; you can spend unconfirmed coins unlike Monero. However its fairer to compare Coinjoin vs Monero; Coinjoining often takes longer than 20 minutes.

You can have multiple outputs to mitigate problem like using pocket change as you said and also you can pay to multiple addresses at the same time.

[–] darkfigod@monero.town 3 points 1 day ago (1 children)

Coolest reply. I'm stealing your mindset. Thanks!

[–] XmrLovingAncap@monero.town 4 points 1 day ago

Thanks and sure, no Problem :)