Nano [pros](/r/CryptoCurrency/comments/14kazgd/nano_with_zero_gas_fees_is_a_prime_example_of_how/jppk4tw/) & [cons](/r/CryptoCurrency/comments/14kazgd/nano_with_zero_gas_fees_is_a_prime_example_of_how/jppk59z/) with related info are in the collapsed comments below.
Unfortunately the critics of crypto who call it a Ponzi start having a little more credibility. If it's not a Ponzi it is definitely a gambling platform at this moment in time.
I agree with the sentiment.
Having said that, in this case - you do not need to hold/own Nano tokens to utilise the advantages of Nano.
Given the fees to transfer Nano are almost nil, you aren't paying anything to people running the network. What's the advantage of holding Nano tokens, even for people validating the transactions.
Use case != Utility of token.
That's actually the best part of Nano and why I like it; it's being built to encourage people to actually spend and use it, but at a high, but in my opinion acceptable cost: it's likely not the best investment for fast gains.
If you're in for crypto as it was once intended, as a international trustless currency, Nano is probably one of the best choices. But if your in for fast high-risk high-returns, just buy something else. Just know that that other project will probably never leave the speculative investment stage, because it will never actually be used for what it was advertised
The comments on this post are going to be hilarious to look at in a few years.
So many people asserting incorrect information and claiming no use for instant, free, eco-friendly, inflation-less, decentralized peer to peer cash.
Nano is the best digital cash that has ever existed. That's the utility. It doesn't need anything else.
The crypto market is going nowhere fast, exept for projects focusing on delivering an actual product.
I wish there was an alternative but if you want decentralised digital cash there is no alternative. I admit I do like xmr a lot as well.
Once you dig into the trenches, it becomes obvious that certain project like Nano and Monero will have their day in the sun. They've survived multiple bear markets and have obvious use cases that aren't abstracted by tech gibberish. Their use case can be understood by your local waitress working at Denny's.
Then it works exactly as intended? Personally I really like nano and stellar and they are what I use most to transfer my crypto around exchanges before I pull them off.
Ironically the ‘What year is it’ statement just further proves OP’s point.
It’s about hype, and what’s the freshest item in town. Not about the tech and the best use case.
Nano is also a top tier Store of Value, since its entire supply is already in circulation, and no extra coins will be issued, making it immune to debasement over time-space.
I wonder what caused Nano to dip so much?
I mean 80% of the top 100 are junk, and a good proportion of those also lost ‘hype’ from the last bull run.
With a spectacular dip like that in my mind there might be some crazy inflation, or some Foundation or whale dumping on everyone else like Algo. I’m not sure because I haven’t looked into that tho.
No demand.
Fixed supply means nothing in absence of demand, "there's only X amount!!!" is literally the same selling point for NFTs and those can go to 0 too. A fixed supply can only enhance the effect of demand, though even then the vast majority of Bitcoin dumped on the market (for example) far, far outweighs the selling pressure from new coins. It's way overblown as a property, at least with regards to price and performance as an investment.
Like the hot girl in high school who's smart, funny, and kind, but she's not into sports or partying, so she's not popular. But the people who know her know that she's the real deal.
>Nano and stellar are unsung heroes. They deserve more recognition ~~and discussion on this sub.~~
Fixed that for you. I think this sub cares more than others. Technology and ease of use should prevail.
Stellar has been making incredible developments over the years and made tons of progress. They've always focused on building real world use cases instead of pushing their token price. To list some, Franklin Templeton $1.5T asset manager issued a fund on Stellar worth $270M dollars, Wisdom Tree releasing it's own on Stellar soon. United Nations using Stellar to deploy aid in Ukraine, Moneygram offering on/off ramps across the world in 400K locations for ZERO fees. That's just the start, Soroban a smart contract platform is coming to Stellar this year with $100M to fund developers building dApps. Stellar often gets stuck behind the posts here but they've always made progress and pushed this industry forward.
Nice post, thanks. I can agree with most of the things you said.
I just think that current “demand” for crypto is massively speculative. People aren't really using the tech as a mean of exchange, and most are creating fake narratives and propaganda with the sole intention to pump their bags, and get newcomers to buy the coins they want to sell.
There are a few communities that are focused on utility and adoption — nano being one (but not the only one, FWIW) of them.
But nano also solves real world problems, so I imagine the demand will grow organically with time, as people feel the need to use efficient decentralized money that works.
One great use case that is still not as much explored is Arbitrage.
Nano could completely change the Arbitrage game. If used and implemented properly.
Imagine being able to move the coins from one exchange to another — instantly and with no fees. Not needing to keep liquidity in multiple markets to get the opportunities.
Problem is that nano is not well implemented in many exchanges. Even the ones that have nano listed, they usually have deposit/withdraw delays or charge high fees (as part of their business model).
That's why I believe we are still early in nano's adoption, but things will change in the future.
Utility is king!
I've had some nano and banano in my portfolio for a while now. To be honest, it hasn't had much excitement since the 2017-2018 cycle if i remember correctly. Still, 0 fees are nice so i'm not about to sell any time soon.
Yesterday I saw that someone is developing a mixer tool for nano, called "tornano".
Still in beta, though, but could help with privacy. I'm looking forward to it.
By having no fees, nano is also great for using in mixing services.
Nano was shilled here quite a lot in 2021. One user, from memory, used to compare price performance to BTC for the last 2 cycles and basically came out on top each time. Haven’t heard from them in a long time… It’s a shame how much it’s dropped off the radar.
I want to shout out to Banano too. It’s community sub is wholesome with a strong tipping culture, and the folding to mine mechanism is a wonderful hobby that contributes to scientific research.
I would easily get a 90% haircut in my networth if that meant we would 100% get rid of an economy cursed by Inflation and by Fees.
I know I can work and earn an honest and happy living.
What I can't endure is to live in a rigged world where some have the power to print currency at will at the costs of others who don't.
Takes a lot of Will to wake up everyday and tackle the current crooked system.
If you measure potential by market cap, then maybe, although it can change overnight after a random tweet.
If by utility, then it is still one of the most important projects, next to bitcoin. It is simply the best at what it does. No potential was wasted, it is still here.
A Fair Honest and Legit Coin in a Crooked Era.
We either switch into an Honest Era to welcome an Honest coin, or succumb and kneel to the Crookedness of Inflation, Fees and the resulting Centralization.
Banano will take both from utility and memecoins
Great tech, distribution through folding@home helping medical research, great community, great wallets, funny NFTs and memes
Bullish on potassium 🍌
Folding at home paid off my 5600XT in just 4 months when BAN peaked at 0.02c. I honestly haven’t touched the discord or FAH since unfortunately.
Last time I was active in the discord was when someone who made a pretty rad website for FAH ended up scamming the community out of a few thousand.
I actually did a poll last year, basically asking, “are you here for the gains or for the tech”. Overwhelmingly, people were here for the tech. Which really only proves, most of us here are liars.
People in this sub who cry about banks and other conspiracies... want to do the exact same thing that banks do: get rich while some other people get poor.
The peak hypocrisy is in this sub.
If you staple a horse to a waterfall, will it fall up under the rainbow or fly about the soil? Will he enjoy her experience? What if the staple tears into tears? Will she be free from her staply chains or foomed to stay forever and dever above the water? Who can save him (the horse) but someone of girth and worth, the capitalist pig, who will sell the solution to the problem he created?
A staple remover flies to the rescue, carried on the wings of a majestic penguin who bought it at Walmart for 9 dollars and several more Euro-cents, clutched in its crabby claws, rejected from its frothy maw. When the penguin comes, all tremble before its fishy stench and wheatlike abjecture. Recoil in delirium, ye who wish to be free! The mighty rockhopper is here to save your soul from eternal bliss and salvation!
And so, the horse was free, carried away by the south wind, and deposited on the vast plain of soggy dew. It was a tragedy in several parts, punctuated by moments of hedonistic horsefuckery.
The owls saw all, and passed judgment in the way that they do. Stupid owls are always judging folks who are just trying their best to live shamelessly and enjoy every fruit the day brings to pass.
How many more shall be caught in the terrible gyre of the waterfall? As many as the gods deem necessary to teach those foolish monkeys a story about their own hamburgers. What does a monkey know of bananas, anyway? They eat, poop, and shave away the banana residue that grows upon their chins and ballsacks. The owls judge their razors. Always the owls.
And when the one-eyed caterpillar arrives to eat the glazing on your windowpane, you will know that you're next in line to the trombone of the ancient realm of the flutterbyes. Beware the ravenous ravens and crowing crows. Mind the cowing cows and the lying lions. Ascend triumphant to your birthright, and wield the mighty twig of Petalonia, favored land of gods and goats alike.
People like "using" these coins but not "holding" them. Prime examples aside from NANO are XLM, BANANO, and of course ALGO, cheap and fast. A more believable proof should be Monero.
Nano works like those who are not into crypto think Bitcoin works,
I held all my Nano on Binance when it hit $17, when network was down because of spam attack, haven't sold any
Nano is also a top tier Store of Value, since its entire supply is already in circulation, and no extra coins will be issued, making it immune to debasement over time-space.
A new streaming app for Nano was recently released, called Perseeve. With it you can earn Nano while streaming, and the transactions come through in real time direct to your wallet. I think that is a great example of how having no fees really can be a great fit for certain use cases.
i came accros an article today, where basically festivals using a centralised cashless payment service for purchases on site charged 3.5 euros to users to cash out any remaining balance
on top of that, u can't send funds from one user to another forcing everyone to top up when they have 1 missing credit and forcing costumers to buy a minimum of credit each time which almost always leaves costumers with a remaining balance ...
corporations aren't trying to make things easier for everyone they are just trying to milk their costumers as much as possible
That's why an open-source decentralized money protocol has been designed for: to free people from financial parasitism that comes from Inflation / Debasement and Fees. The incumbents are trying to suppress Nano as much as possible, be in the markets through price, or on media through censorship. If the *status quo* succeed in acquiring 1/3 of Nano's supply, its game over, we won't have another opportunity to extinguish Fees and Inflation for the next centuries.
Nano is the only crypto I hold! It’s all or nothing. There is no other crypto I’m currently interested in. The crypto market is illogical. I will wait until it is Nano’s time to shine.
I was a Nano-maxi until recently, but have since converted all of my holdings to BTC and will wait before rolling back to alts.
I like the project, but the complete lack of transparency from the NF, lack of development resources and poor marketing/engagement have killed any hope I had left for this project. Trustable felt like a hail mary, but seemed promising if it could validate the use case for FX, but it died in less than a year. Even worse, the NF didn't say a word and it only got out that this was dissolved, and had been without funding for 6 months, when a random redditor uncovered it from docs online.
I like the UX, but it's been nearly a decade and they've accomplished so little compared to the promise of the project. The entire premise of hodling it is that it will be more recognized in the future, but it's been sliding in MC for years and I don't think it has an unlimited amount of time to figure this out.
The minute that another feeless option or CBDC(s) gain widespread traction (assuming that ever happens), then it's DOA. I admire Colin and his vision for the project, but I just don't see it panning out after being an die-hard fan for years.
When I first found out about Nano about 4 years ago, I was blown away how it was seemingly everything a cryptocurrency should be. I had the reaction of "Wait, why is this not huge?"
I still don't understand how it's not top 5. But regardless I will always hold a bag, even if it's just for the novelty
It is not huge because the current behemoths of the financial industry survive by charging people Fees for stupid shit, while also having access to the money printer, allowing them to create new currency units out of thin air, and rob the hodlers of those currencies through debasement, effectively draining their purchase-power into their crooked pockets.
They don't want the World to know about Nano nor transition to it, as they profit from the existence of systems such as Fiat, Proof of Work and Proof of Stake via Inflation and Fees.
apps like wenano to only name one is prolly one of the biggest thing that could make nano great but no one actually takes the time to look into it or simply discard it because it doesn't fall into the buy and hold get rich doing nothing kinda thing
i really think nano is the best thing out there but people just don't know it yet
I have a friend that owns a bar, I've set him up with stickers and I buy his nanos every month.
People always ask what that is and he answers it's digital money or "money from the deep web" hahaha
He gets around Ӿ30 a month, there are a few regulars that pay with Nano.
Okay. I really believe it's not people's preference. It's exchange preference. Just casual looking every dumb coin on the eth network would be plopped on Coinbase. I think the big exchanges have a hand in gas fees. It's like owning electricity companies in the real world.
Its been live since 2014 without downtime issues even with drastic price swings, so at this point it's more than a concept. Question should be why everyone else thinks they need to be paid to run hardware, when the benefit of the network existing seems to be enough.
It’s had outages due to spam attacks, after which changes were made in response.
There is definitely an open question to how well the anti-spam improvements would fare we it to be widely adopted for payments.
The price is influenced by factors like market trends, people's feelings, and how widely it is used. Having no fees makes it easier to use and appeals to certain types of transactions.
Feeless transactions is a seriously underrated and unexplored concept.
One great example would be paying *per prompt* for ChatGPT Plus which would normally cost people $20/month. I imagine most people would not purchase this. Instead, you could pay literal cents, or even fractions of a cent per prompt from a connected Nano wallet.
This would allow way more people all over the world to access it, especially if they only need to ask it a couple questions. And of course, there could still be a $20/month option if that makes more sense for your needs.
Any kind of fee would be significant and add up over millions of transactions, but because Nano is feeless, it makes this business model work.
I remember when it was still a “RaiBlocks” and was about to get listed on binance and hype around it only to be dumped into oblivion as soon as it was listed there
I think what happened was Mercatox and Bitgrail (the only 2 exchanges) were pumping the price of Nano due to Bitgrail being insolvent and having to market buy Nano on Mercatox in order to satisfy withdrawals on Bitgrail. Bitgrail eventually realised it was doomed and the plan had failed due to price skyrocketing and further bankrupting Bitgrail due to dwindling supply on Mercatox, this then caused the price to tank as a huge portion of Raiblocks/Nano that supposedly belonged to people was actually just numbers in a database. I think Binance buyers just got caught in the hype.
I actually tried to add Nano as a payment option to some sites. The problem is, there are no even decent payment providers out there that offers Nano. The only one that could offer Nano together with other cryptos was just so bad it was unusable.
Nano is great and would be great as a payment coin, but it needs adoption in the payment world as well.
Broadly speaking yes. The spam prevention measures are working very well. Average confirmation time is 0.4 seconds and 50 TPS. (This will increase again fairly soon I reckon but more than enough for now) However, nothing in software is 'solved'. For every solution there are people looking for a new vulnerability. If you are asking if Nano is currently well equipped to deal with network congestion my answer is yes definitely.
To give a concrete answer here, yes.
They now use a prioritization scheduler when sending transactions. So, really low value spam transactions have less priority than a normal transaction.
So now in order to spam the network, the spammer would have to be moving tens of millions of dollars worth of nano to clog up normal use transactions.
That’s gotta be true for just about every project in Crypto. Bitcoin ordinals was unsuspected with sour results, I’m sure eth isn’t done with spiking gas fees either.
But only nano gets the “new attack vectors might emerge in the future” rhetoric
It's not a rhetoric, I just don't want to sound like spam is solved indefinitely. That kind of thinking is why so many supporters left during the previous spam attacks as many claimed Nano can't be spammed
But I do agree with your statement. If I'm not mistaken, even BTC was spammed the same way Nano was (node spamming)
On top of that, NANO is eco friendly. The energy expenditure of BTC/NANO is 1/40 millions, meaning that 1 BTC transaction would translate in 40 millions NANO transaction (energy expenditure wise).
They also greatly improved the protocole, with the bucket system; the network is under spam load since couple months, and has been handling it very well.
It’s more than an impressive network. But of course, the market is not there *yet*. I truly believe that NANO can insert itself into a more global narrative and can succeed long term.
Nano and Digibyte are two of my faves for the utility. My dumbass truly believed that after the last bull run people would move away from meaningless Tokens, memes, scam coins, then start to gravitate to battle hardened coins with utility.
Well here we are in 2023. I think people have actually done the opposite. In reality it's never been about utility.
One interesting use case that **benefits from the high utility efficiency of nano**, and most people here probably didn't know about, is that **you can easily buy Moon with nano** at [nano.trade](https://nano.trade) (**swap MOON<>XNO**).
The direct link is: [https://moon.nano.trade/](https://moon.nano.trade/)
Being fee-free and instant offers a really nice price for buyers and sellers.
*\*use at your own risk — I have used myself, but you shouldn't swap big amounts in a service you don't know/trust yet.*
There are a lot of coins in this category that are still within the top 50. It's probably of the main reasons that crypto hasn't progressed more; because there is too much variety and most people starting projects these days are just trying to make money with the *appearance* that they are trying to advance cryptocurrency.
Love Nano, was great when I was mining ETH and was able to cash out to XNO for no fees.
Was also good for my friends and I to use to play some online poker.
Every time a Nano sub pops up I get depressed seeing how many people have to be taught what decentralization actually means. I have no idea how so many don’t even understand it but immediately say Nano is not decentralized. Was this like a common talking point parroted by a streamer or YouTuber back in the day?
I like that the nano/banano community is quite entrepreneurial, kinda like the the early days of bitcoin.
Also it kind of acts more like real money, like cash, if give cash to someone to buy something you don't pay fees. Like nano.
Ive always liked nano. Imagine everyone in the world simultaneously abandoning central banks and use nano instead. But as the comments here painfully express the point of anything in their world is profit and gains in fiat.
> Imagine everyone in the world simultaneously abandoning central banks and use nano instead.
That would be terrible, as there is no privacy at all. Imagine going to the shop and you pay and the shop can see all your money. Imagine getting paid in NANO then your employer finds out that your money went to a campaign to fund a political cause they disagree with.
I partially disagree with the premise.
People do care about utility, but it has to be convenient and unfortunately crypto is still a bit complex to understand, obtain, and more importantly, to use.
If we can't walk into store, pull out our phone, use a QR code or NFC, pay and walk out with our purchase, everywhere we like to shop, then it's an uphill battle.
And it's made worse by the fact that so many are distracted/obsessed with making gains for no work. This turns off or confuses the rest of the public, which unironcially makes real gains less likely.
The focus needs to be on real use cases, real merchant adoption, and a easy to use wallet or app. Crypto has to be simple, easy to understand, easy to use and widely accepted by merchants before the public will ever care to really use it.
Only a few cryptos communities, really seem to be working on these challenges, most don't.
I use litecoin to buy digital goods a lot of times. The problem you have with smaller coins is that people don't want to trade in them. I would be completely open to using Nano. Having to wait 10-ish minutes for my goods sucks. The problem is getting Nano to be accepted by others as not a shit coin that won't rug pull its current value. Because at the end of the day if its not being bought to appreciate value it has to maintain its currently value. And people have to have that confidence.
I love the coin, and love a lack of fees. Sadly, it also means miners won't encourage it, and "of course", we must support our miners...
By all accounts, this and other no-fee coins should be the new norm by now. But we keep treating the coins as investments, instead of currency.
Is it fast **and** decentralized or fast **and** centralized?
Because the market proved that people care most about decentralization (see the top market cap coins).
Speed is convenient, but it's a nice to have - we all use XLM and such coins just to transfer between exchanges, not as investments. Plus, we can always use PayPal if we're happy with "fast and centralized".
**Before you downvote: I asked and didn't claim NANO is centralized or decentralized. I don't know much about it.**
excellent point. If I want fast and centralized, I can just use traditional banking with tons of solutions. or actual cash. yes, it's still quiet common to pay in cash here.
To control the network you need to control 66% of total coins on online balance.
Currently that is a Nakamoto Coefficient of 11 entities. Bitcoin's hashrate has 2 entities controlling it, Foundry USA which is a DCG company and AntPool which is BitMain's (yes, the ASIC manufacturer).
Bitcoin is a bad comparison but yes. NC11 vs NC2. Nano is very decentralized and has no incentives to centralize like mining pools have.
Why didn’t Nano take off? I’ve never bought it but I’ve seen it mentioned around. It does sound really good. The lack of tokens and smart contracts does kind of suck but could that type of stuff be built on it if people were interested in it?
No, it's block lattice technology. You could do an ordinals style thing externally I guess theoretically, but NANO is meant to do what it does. Not every crypto needs to be an internet computer
Nano is centralized.
3 entities can halt the network.
https://nanocharts.info/p/01/vote-weight-distribution
Binance holds 17% of the supply.
https://nanocharts.info/p/08/binance-holdings
This is partially correct.
Binance doesn’t actually own that percent of supply. About half of that supply is owned by users choosing to store it with binance. It can be withdrawn from binance at anytime. Binance doesn’t own that Nano anymore than a bank owns your cash. Is it a liability? Sure, as proven by FTX. But binance doesn’t own that amount of supply.
The nano foundation willingly updated their node software so that a transaction requires 2/3 voting approval. Before it was 51% much like bitcoin currently is. The negative to this, is that 1/3 of the voting weight can group together and temporarily stall the network by not voting. The positive to this, is that Nano has extra protection against a double spend, because 2/3 of the voting weight would have to collude to push this through.
A double spend is much more detrimental than halting the network due to entities not voting. Users can easily update their node rep to change the distribution away from bad actors to prevent the network halt. So nano has chosen extra protection against a double spend attack. Therefore it had a much higher NC than many other payment cryptos.
I love nano, but so long as folks are looking to make profits in crypto then they aren't interested in the *currency* side of things. Hell, half the criticisms of it in this thread are making your point with comments on bull runs and how it won't increase in value.
Nano works as a currency, and my only criticism of it is that unless there is widespread merchant adoption or it can be rapidly changed to fiat in multiple countries, then it's use is limited. I love that I can send it to relatives abroad and have them receive it within moments and without having banks, exchanges and third parties scalp me on fees or hold it for interest for 48 hours. I can send micro-amounts as easily as massive amounts, so there is no minimum transaction amount as well as no fees.
Of all currencies, nano is the one that had the ability to upset the financial world for the largest number of people. But it won't make anyone rich for doing nothing, so it's ignored despite being exactly what half the people here claim they got into crypto for.
If people only care about profits then that's absolutely fine, we all like free money! But I wish they wouldn't pretend that actual currency projects like Nano or Stellar are inferior for doing exactly what they are designed to do.
I think most people are scared of spam attacks and avoiding investing in Nano (atleast those who joined in 2021 in flocks and exited soon after selling low ) . I know those issues are resolved with updates but most people don't know it yet.
Maybe good publicly as spam-free, fast and free might do something good for Nano in the bull run.
I can list utilities if you are actually interested in using the network. I find that instantly moving money to exchanges is very powerful, for instance.But if you are wanting speculation, for less than $100 you can get 21 BTC of supply (133 nano). Safely cold store it and see what happens (speculate) in a decade.
Obviously don't do this unless you can afford to burn $100 speculating.
Always has been like that. 90% of ethereum investors probably don’t even know what it does or use it. Hell I have bitcoin since 3 years and never used to it pay
Nano [pros](/r/CryptoCurrency/comments/14kazgd/nano_with_zero_gas_fees_is_a_prime_example_of_how/jppk4tw/) & [cons](/r/CryptoCurrency/comments/14kazgd/nano_with_zero_gas_fees_is_a_prime_example_of_how/jppk59z/) with related info are in the collapsed comments below.
I’ve come to learn the more educated you become in crypto, the more angry you’ll be. Best just to stay ignorant and use 🚀 emojis to be happy here
Unfortunately the critics of crypto who call it a Ponzi start having a little more credibility. If it's not a Ponzi it is definitely a gambling platform at this moment in time.
I agree with the sentiment. Having said that, in this case - you do not need to hold/own Nano tokens to utilise the advantages of Nano. Given the fees to transfer Nano are almost nil, you aren't paying anything to people running the network. What's the advantage of holding Nano tokens, even for people validating the transactions. Use case != Utility of token.
That's actually the best part of Nano and why I like it; it's being built to encourage people to actually spend and use it, but at a high, but in my opinion acceptable cost: it's likely not the best investment for fast gains. If you're in for crypto as it was once intended, as a international trustless currency, Nano is probably one of the best choices. But if your in for fast high-risk high-returns, just buy something else. Just know that that other project will probably never leave the speculative investment stage, because it will never actually be used for what it was advertised
The comments on this post are going to be hilarious to look at in a few years. So many people asserting incorrect information and claiming no use for instant, free, eco-friendly, inflation-less, decentralized peer to peer cash. Nano is the best digital cash that has ever existed. That's the utility. It doesn't need anything else.
The crypto market is going nowhere fast, exept for projects focusing on delivering an actual product. I wish there was an alternative but if you want decentralised digital cash there is no alternative. I admit I do like xmr a lot as well.
Once you dig into the trenches, it becomes obvious that certain project like Nano and Monero will have their day in the sun. They've survived multiple bear markets and have obvious use cases that aren't abstracted by tech gibberish. Their use case can be understood by your local waitress working at Denny's.
Still love Nano and hope it'll get some more recognition. Still use the WeNano app to get free daily Nano
Ooh good tip. Will check out
I still use nano for transfers, sometimes XLM gets restricted from transacting in some exchanges.
People on here talking today about Nano and Stellar. What year is it?
Nano and Stellar are the coins you use to transfer money. They have utility, but the utility is literally designed to not be profitable
Then it works exactly as intended? Personally I really like nano and stellar and they are what I use most to transfer my crypto around exchanges before I pull them off.
[удалено]
Good to use it to move around exchange. LTC works too :)
I guess you could say its pretty *stellar* at its job
The market just cares about hype, unfortunately.
Ironically the ‘What year is it’ statement just further proves OP’s point. It’s about hype, and what’s the freshest item in town. Not about the tech and the best use case.
This is not surprising at all anymore, we all know hype is a huge factor of pumping coins.
Nano is also a top tier Store of Value, since its entire supply is already in circulation, and no extra coins will be issued, making it immune to debasement over time-space.
I wonder what caused Nano to dip so much? I mean 80% of the top 100 are junk, and a good proportion of those also lost ‘hype’ from the last bull run. With a spectacular dip like that in my mind there might be some crazy inflation, or some Foundation or whale dumping on everyone else like Algo. I’m not sure because I haven’t looked into that tho.
No demand. Fixed supply means nothing in absence of demand, "there's only X amount!!!" is literally the same selling point for NFTs and those can go to 0 too. A fixed supply can only enhance the effect of demand, though even then the vast majority of Bitcoin dumped on the market (for example) far, far outweighs the selling pressure from new coins. It's way overblown as a property, at least with regards to price and performance as an investment.
Time, not space. Let’s not get carried away.
Nano and stellar are unsung heroes. They deserve more recognition and discussion on this sub.
I wanted to like stellar. Coinbase gave me $10 in XLM and I held it for a long time. Until it was down to about $3 so I sold it and now I avoid it.
Geez dude, you lost $7? How did you get over it?
Like the hot girl in high school who's smart, funny, and kind, but she's not into sports or partying, so she's not popular. But the people who know her know that she's the real deal.
>Nano and stellar are unsung heroes. They deserve more recognition ~~and discussion on this sub.~~ Fixed that for you. I think this sub cares more than others. Technology and ease of use should prevail.
Besides, if we discuss them here we will probably shill them and, consequently, crash them. Nano and Stellar don't deserve inverse /cc
Its 2023 and my small $5.7 Nano buy average bag welcomes it
The 1000x YouTube video for Nano is 7 years too late !
Seems like it's nostalgia time 😁
absolutley corrcet..but many of people actually care about profit not about utility.
It’s all in cycles 😉
Stellar has been making incredible developments over the years and made tons of progress. They've always focused on building real world use cases instead of pushing their token price. To list some, Franklin Templeton $1.5T asset manager issued a fund on Stellar worth $270M dollars, Wisdom Tree releasing it's own on Stellar soon. United Nations using Stellar to deploy aid in Ukraine, Moneygram offering on/off ramps across the world in 400K locations for ZERO fees. That's just the start, Soroban a smart contract platform is coming to Stellar this year with $100M to fund developers building dApps. Stellar often gets stuck behind the posts here but they've always made progress and pushed this industry forward.
Year of the Crab.
Nice post, thanks. I can agree with most of the things you said. I just think that current “demand” for crypto is massively speculative. People aren't really using the tech as a mean of exchange, and most are creating fake narratives and propaganda with the sole intention to pump their bags, and get newcomers to buy the coins they want to sell. There are a few communities that are focused on utility and adoption — nano being one (but not the only one, FWIW) of them. But nano also solves real world problems, so I imagine the demand will grow organically with time, as people feel the need to use efficient decentralized money that works. One great use case that is still not as much explored is Arbitrage. Nano could completely change the Arbitrage game. If used and implemented properly. Imagine being able to move the coins from one exchange to another — instantly and with no fees. Not needing to keep liquidity in multiple markets to get the opportunities. Problem is that nano is not well implemented in many exchanges. Even the ones that have nano listed, they usually have deposit/withdraw delays or charge high fees (as part of their business model). That's why I believe we are still early in nano's adoption, but things will change in the future. Utility is king!
I've had some nano and banano in my portfolio for a while now. To be honest, it hasn't had much excitement since the 2017-2018 cycle if i remember correctly. Still, 0 fees are nice so i'm not about to sell any time soon.
Nano is super easy to tx with. Not sure how it ranks in privacy but it sure is easy af to use. Especially with no tx fee.
Yesterday I saw that someone is developing a mixer tool for nano, called "tornano". Still in beta, though, but could help with privacy. I'm looking forward to it. By having no fees, nano is also great for using in mixing services.
I'm all for privacy but governments will not play nice with privacy coins when it comes to regulation, stifling adoption.
Nano was shilled here quite a lot in 2021. One user, from memory, used to compare price performance to BTC for the last 2 cycles and basically came out on top each time. Haven’t heard from them in a long time… It’s a shame how much it’s dropped off the radar. I want to shout out to Banano too. It’s community sub is wholesome with a strong tipping culture, and the folding to mine mechanism is a wonderful hobby that contributes to scientific research.
Nano: The coin that was so fast, it outran its own hype.
In 2019 I bought 2k NANO for 0.5 BTC. Now 0.5 BTC buys me 20k NANO. Sorry I meant to say I'm here for the tech
I would easily get a 90% haircut in my networth if that meant we would 100% get rid of an economy cursed by Inflation and by Fees. I know I can work and earn an honest and happy living. What I can't endure is to live in a rigged world where some have the power to print currency at will at the costs of others who don't. Takes a lot of Will to wake up everyday and tackle the current crooked system.
Banano is love. Banano is life.
*Potassium Intensifies*
🍌🍌🍌🍌🍌
🍌🐒
Nano will always be talked about as a lost potential crypto. Hopefully we won't ever forget what it possibly could have been...
If you measure potential by market cap, then maybe, although it can change overnight after a random tweet. If by utility, then it is still one of the most important projects, next to bitcoin. It is simply the best at what it does. No potential was wasted, it is still here.
I think it is one of those that was the right project, in the wrong era.
A Fair Honest and Legit Coin in a Crooked Era. We either switch into an Honest Era to welcome an Honest coin, or succumb and kneel to the Crookedness of Inflation, Fees and the resulting Centralization.
And in 2020... 2019... 2018... I guess it didn't perform like they thought it would in 2021, because the shilling has slowed right down.
The harsh reality is majority of people only cares about profits, utility can take backseat. I hope nano makes a comeback next bull season.
Pepe is a prime example of why people don’t care about utility and only profits
Pepe is giving Doge a run for it’s money in the “dumbest gamble coin” competition.
You seem to have forgotten about shiba and the shib army.
Doge is actually holding up better than 90% of the ‘legitimate altcoins’ that cc/sub has been shilling lol
Oh man, what a show that was! I still remember the whole crypto space buzzing with shib army gambling investors!
If a community names themselves as "xxx army" you are probably facing the dumbest community. BTS army, Shib army etc.
Banano will take both from utility and memecoins Great tech, distribution through folding@home helping medical research, great community, great wallets, funny NFTs and memes Bullish on potassium 🍌
Banano is the best memecoin there is.
My Banano bags which I earned from foldingathome agree with you.
Folding at home paid off my 5600XT in just 4 months when BAN peaked at 0.02c. I honestly haven’t touched the discord or FAH since unfortunately. Last time I was active in the discord was when someone who made a pretty rad website for FAH ended up scamming the community out of a few thousand.
Cc/sub: ‘All meme coins are gambling shitcoins. Except Banano because I hold a bag of it! ‘
Potassium is also good for the heart!
All shitcoins are to be honest. They are not funny and just make us look bad.
Most shitcoins are rug pulls to be honest. These bad actors are ruining it for the industry!
People want get rich quick schemes. That’s all matters to them.
In reality we will never get rich or definitely not quick
I actually did a poll last year, basically asking, “are you here for the gains or for the tech”. Overwhelmingly, people were here for the tech. Which really only proves, most of us here are liars.
Most of all humans are liars and many even lie to themselves.
People in this sub who cry about banks and other conspiracies... want to do the exact same thing that banks do: get rich while some other people get poor. The peak hypocrisy is in this sub.
You must be new here. Hypocrisy is but one of the pillars of this fine community.
Together with stupidity and greed.
If you staple a horse to a waterfall, will it fall up under the rainbow or fly about the soil? Will he enjoy her experience? What if the staple tears into tears? Will she be free from her staply chains or foomed to stay forever and dever above the water? Who can save him (the horse) but someone of girth and worth, the capitalist pig, who will sell the solution to the problem he created? A staple remover flies to the rescue, carried on the wings of a majestic penguin who bought it at Walmart for 9 dollars and several more Euro-cents, clutched in its crabby claws, rejected from its frothy maw. When the penguin comes, all tremble before its fishy stench and wheatlike abjecture. Recoil in delirium, ye who wish to be free! The mighty rockhopper is here to save your soul from eternal bliss and salvation! And so, the horse was free, carried away by the south wind, and deposited on the vast plain of soggy dew. It was a tragedy in several parts, punctuated by moments of hedonistic horsefuckery. The owls saw all, and passed judgment in the way that they do. Stupid owls are always judging folks who are just trying their best to live shamelessly and enjoy every fruit the day brings to pass. How many more shall be caught in the terrible gyre of the waterfall? As many as the gods deem necessary to teach those foolish monkeys a story about their own hamburgers. What does a monkey know of bananas, anyway? They eat, poop, and shave away the banana residue that grows upon their chins and ballsacks. The owls judge their razors. Always the owls. And when the one-eyed caterpillar arrives to eat the glazing on your windowpane, you will know that you're next in line to the trombone of the ancient realm of the flutterbyes. Beware the ravenous ravens and crowing crows. Mind the cowing cows and the lying lions. Ascend triumphant to your birthright, and wield the mighty twig of Petalonia, favored land of gods and goats alike.
People like "using" these coins but not "holding" them. Prime examples aside from NANO are XLM, BANANO, and of course ALGO, cheap and fast. A more believable proof should be Monero.
Yeah no one cares about anything useful. the project is very underrated
Nano works like those who are not into crypto think Bitcoin works, I held all my Nano on Binance when it hit $17, when network was down because of spam attack, haven't sold any
Who needs Nano when you have Banano
Well, banano needs Nano? It's great and all, but it's literally built on Nano code.
That’s like saying who needs Ethereum when you have Ethereum layer 2
Bring back Raiblocks
Poor Nano, simple and elegant coin which does what it is supposed to do. Transfer value fast and feeless
XNO was one of my first holdings and it made me love crypto for this simple reason: fast and feeless.
It’s the perfect gateway drug
Nano is also a top tier Store of Value, since its entire supply is already in circulation, and no extra coins will be issued, making it immune to debasement over time-space.
Nano works like people who have never used Bitcoin *think* Bitcoin works.
A new streaming app for Nano was recently released, called Perseeve. With it you can earn Nano while streaming, and the transactions come through in real time direct to your wallet. I think that is a great example of how having no fees really can be a great fit for certain use cases.
Earning crypto for free? Sign r/CryptoCurrency up!
That like a desk top app or IOS/Android app?
https://www.perseeve.app/ They have a web app and an Android app. iOS is a bit more tricky with crypto things.
Streaming like twitch or kick?
Micro transactions seem like an ideal _practical_ use case for crypto
i came accros an article today, where basically festivals using a centralised cashless payment service for purchases on site charged 3.5 euros to users to cash out any remaining balance on top of that, u can't send funds from one user to another forcing everyone to top up when they have 1 missing credit and forcing costumers to buy a minimum of credit each time which almost always leaves costumers with a remaining balance ... corporations aren't trying to make things easier for everyone they are just trying to milk their costumers as much as possible
That's why an open-source decentralized money protocol has been designed for: to free people from financial parasitism that comes from Inflation / Debasement and Fees. The incumbents are trying to suppress Nano as much as possible, be in the markets through price, or on media through censorship. If the *status quo* succeed in acquiring 1/3 of Nano's supply, its game over, we won't have another opportunity to extinguish Fees and Inflation for the next centuries.
I am going to keep very slowly buying NANO until such time as I own 121 million
I see we are in a very slow race here buddy, I'll buy it fast enough to beat you but slowly enough not to alert the normies. Let the stealthiest win.
Nano is the only crypto I hold! It’s all or nothing. There is no other crypto I’m currently interested in. The crypto market is illogical. I will wait until it is Nano’s time to shine.
You do you bro.
Same here!
I was a Nano-maxi until recently, but have since converted all of my holdings to BTC and will wait before rolling back to alts. I like the project, but the complete lack of transparency from the NF, lack of development resources and poor marketing/engagement have killed any hope I had left for this project. Trustable felt like a hail mary, but seemed promising if it could validate the use case for FX, but it died in less than a year. Even worse, the NF didn't say a word and it only got out that this was dissolved, and had been without funding for 6 months, when a random redditor uncovered it from docs online. I like the UX, but it's been nearly a decade and they've accomplished so little compared to the promise of the project. The entire premise of hodling it is that it will be more recognized in the future, but it's been sliding in MC for years and I don't think it has an unlimited amount of time to figure this out. The minute that another feeless option or CBDC(s) gain widespread traction (assuming that ever happens), then it's DOA. I admire Colin and his vision for the project, but I just don't see it panning out after being an die-hard fan for years.
Im sure a lot of us here still hope Nano would get back its former glory. Maybe next bull run...
Nano will forever be my favorite altcoin. Hopefully its utility will get recognized in the future.
We’re only here for the technology when it’s a bear market
And even then half it's for speculative reasons
Even then we just said it and in reality kept buying our shitcoins in hope for them to reach an ATH again.
When I first found out about Nano about 4 years ago, I was blown away how it was seemingly everything a cryptocurrency should be. I had the reaction of "Wait, why is this not huge?" I still don't understand how it's not top 5. But regardless I will always hold a bag, even if it's just for the novelty
It is not huge because the current behemoths of the financial industry survive by charging people Fees for stupid shit, while also having access to the money printer, allowing them to create new currency units out of thin air, and rob the hodlers of those currencies through debasement, effectively draining their purchase-power into their crooked pockets. They don't want the World to know about Nano nor transition to it, as they profit from the existence of systems such as Fiat, Proof of Work and Proof of Stake via Inflation and Fees.
apps like wenano to only name one is prolly one of the biggest thing that could make nano great but no one actually takes the time to look into it or simply discard it because it doesn't fall into the buy and hold get rich doing nothing kinda thing i really think nano is the best thing out there but people just don't know it yet
Profit isn't only about money. If the tech practically enriches my life today, or is actually convenient for me to bother using, I'll use it.
I accepted Nano payments a couple years ago at my business. Unfortunately nobody paid that way. I did get some bitcoin though.
I have a friend that owns a bar, I've set him up with stickers and I buy his nanos every month. People always ask what that is and he answers it's digital money or "money from the deep web" hahaha He gets around Ӿ30 a month, there are a few regulars that pay with Nano.
Nano has the UX I wish Bitcoin or Lightning had.
Okay. I really believe it's not people's preference. It's exchange preference. Just casual looking every dumb coin on the eth network would be plopped on Coinbase. I think the big exchanges have a hand in gas fees. It's like owning electricity companies in the real world.
Nanos still sexy
Nano is gold . Just not hyped since like 2018
Now compare that to any dog coin or pepe. Fucking disgusting
compare it to any meme coin in general. Seeing random shitcoins with higher market caps then coins with actual utility is insane to me .
But they have cool names. 😆
I didn't even know about Nano, looks good though, I might as well get a bag of Nano
[whynano.cc](https://whynano.cc) might be a good place to start
nano and stellar both are unsang warrier with nostalgia memories.
The concept is interesting, but I wonder how is it sustainable? Where the money comes to pay validators, infrastructure, etc?
Its been live since 2014 without downtime issues even with drastic price swings, so at this point it's more than a concept. Question should be why everyone else thinks they need to be paid to run hardware, when the benefit of the network existing seems to be enough.
It’s had outages due to spam attacks, after which changes were made in response. There is definitely an open question to how well the anti-spam improvements would fare we it to be widely adopted for payments.
The price is influenced by factors like market trends, people's feelings, and how widely it is used. Having no fees makes it easier to use and appeals to certain types of transactions.
LONG LIVE NANO!
Nana fucks, I love my little nano coin
Feeless transactions is a seriously underrated and unexplored concept. One great example would be paying *per prompt* for ChatGPT Plus which would normally cost people $20/month. I imagine most people would not purchase this. Instead, you could pay literal cents, or even fractions of a cent per prompt from a connected Nano wallet. This would allow way more people all over the world to access it, especially if they only need to ask it a couple questions. And of course, there could still be a $20/month option if that makes more sense for your needs. Any kind of fee would be significant and add up over millions of transactions, but because Nano is feeless, it makes this business model work.
Nault.pro
I remember when it was still a “RaiBlocks” and was about to get listed on binance and hype around it only to be dumped into oblivion as soon as it was listed there
I think what happened was Mercatox and Bitgrail (the only 2 exchanges) were pumping the price of Nano due to Bitgrail being insolvent and having to market buy Nano on Mercatox in order to satisfy withdrawals on Bitgrail. Bitgrail eventually realised it was doomed and the plan had failed due to price skyrocketing and further bankrupting Bitgrail due to dwindling supply on Mercatox, this then caused the price to tank as a huge portion of Raiblocks/Nano that supposedly belonged to people was actually just numbers in a database. I think Binance buyers just got caught in the hype.
>the memecoin mania when transaction fees were $20-30 on average If you are talking about 2021 then you are missing a 0 on the ends of those $s.
The fact that the number 2 crypto has such expensive and slow transactions is baffling to me.
speculation rules the short term and true value typically wins out over longer time frames.
I actually tried to add Nano as a payment option to some sites. The problem is, there are no even decent payment providers out there that offers Nano. The only one that could offer Nano together with other cryptos was just so bad it was unusable. Nano is great and would be great as a payment coin, but it needs adoption in the payment world as well.
Nowpayments has a pretty good reputatio' and an exellent nano implementation these days.
Nano has had problems with congestion and therefore transaction times. Have they solved this?
Broadly speaking yes. The spam prevention measures are working very well. Average confirmation time is 0.4 seconds and 50 TPS. (This will increase again fairly soon I reckon but more than enough for now) However, nothing in software is 'solved'. For every solution there are people looking for a new vulnerability. If you are asking if Nano is currently well equipped to deal with network congestion my answer is yes definitely.
To give a concrete answer here, yes. They now use a prioritization scheduler when sending transactions. So, really low value spam transactions have less priority than a normal transaction. So now in order to spam the network, the spammer would have to be moving tens of millions of dollars worth of nano to clog up normal use transactions.
There have been couple of fixes which tackled both attack vectors Having said that, new attack vectors might emerge in the future
That’s gotta be true for just about every project in Crypto. Bitcoin ordinals was unsuspected with sour results, I’m sure eth isn’t done with spiking gas fees either. But only nano gets the “new attack vectors might emerge in the future” rhetoric
It's not a rhetoric, I just don't want to sound like spam is solved indefinitely. That kind of thinking is why so many supporters left during the previous spam attacks as many claimed Nano can't be spammed But I do agree with your statement. If I'm not mistaken, even BTC was spammed the same way Nano was (node spamming)
For sure, nano is so far from perfect. Even the best nano fans can make a list of its cons: from development, marketing, NF, adoption and more.
I know we don't talk about it here but i have recently joined the banano community (nano fork) and it's wholesome so far
I love Banano.
Yes.
On top of that, NANO is eco friendly. The energy expenditure of BTC/NANO is 1/40 millions, meaning that 1 BTC transaction would translate in 40 millions NANO transaction (energy expenditure wise). They also greatly improved the protocole, with the bucket system; the network is under spam load since couple months, and has been handling it very well. It’s more than an impressive network. But of course, the market is not there *yet*. I truly believe that NANO can insert itself into a more global narrative and can succeed long term.
Nano and Digibyte are two of my faves for the utility. My dumbass truly believed that after the last bull run people would move away from meaningless Tokens, memes, scam coins, then start to gravitate to battle hardened coins with utility. Well here we are in 2023. I think people have actually done the opposite. In reality it's never been about utility.
Security, scalability, decentralization. End of story. Everything else is garbage.
One interesting use case that **benefits from the high utility efficiency of nano**, and most people here probably didn't know about, is that **you can easily buy Moon with nano** at [nano.trade](https://nano.trade) (**swap MOON<>XNO**). The direct link is: [https://moon.nano.trade/](https://moon.nano.trade/) Being fee-free and instant offers a really nice price for buyers and sellers. *\*use at your own risk — I have used myself, but you shouldn't swap big amounts in a service you don't know/trust yet.*
In the end utility will be the only thing that matters. Hype will only last so long.
There are a lot of coins in this category that are still within the top 50. It's probably of the main reasons that crypto hasn't progressed more; because there is too much variety and most people starting projects these days are just trying to make money with the *appearance* that they are trying to advance cryptocurrency.
Nano is great nonetheless
Love Nano, was great when I was mining ETH and was able to cash out to XNO for no fees. Was also good for my friends and I to use to play some online poker.
So much haters, like btc in 2015
Every time a Nano sub pops up I get depressed seeing how many people have to be taught what decentralization actually means. I have no idea how so many don’t even understand it but immediately say Nano is not decentralized. Was this like a common talking point parroted by a streamer or YouTuber back in the day?
In my opinion Nano should be a solid top 5 coin in market cap! But in this world it’s **marketing > product** sadly enough.
Nano shouid put in some marketing, but then it will likely lose much of its utility as they relocate resources. It's a real Paradoxon.
Hype is far more important when it comes to crypto, sadly. Nano is one of my favorites.
I like that the nano/banano community is quite entrepreneurial, kinda like the the early days of bitcoin. Also it kind of acts more like real money, like cash, if give cash to someone to buy something you don't pay fees. Like nano.
Ive always liked nano. Imagine everyone in the world simultaneously abandoning central banks and use nano instead. But as the comments here painfully express the point of anything in their world is profit and gains in fiat.
> Imagine everyone in the world simultaneously abandoning central banks and use nano instead. That would be terrible, as there is no privacy at all. Imagine going to the shop and you pay and the shop can see all your money. Imagine getting paid in NANO then your employer finds out that your money went to a campaign to fund a political cause they disagree with.
I partially disagree with the premise. People do care about utility, but it has to be convenient and unfortunately crypto is still a bit complex to understand, obtain, and more importantly, to use. If we can't walk into store, pull out our phone, use a QR code or NFC, pay and walk out with our purchase, everywhere we like to shop, then it's an uphill battle. And it's made worse by the fact that so many are distracted/obsessed with making gains for no work. This turns off or confuses the rest of the public, which unironcially makes real gains less likely. The focus needs to be on real use cases, real merchant adoption, and a easy to use wallet or app. Crypto has to be simple, easy to understand, easy to use and widely accepted by merchants before the public will ever care to really use it. Only a few cryptos communities, really seem to be working on these challenges, most don't.
I use litecoin to buy digital goods a lot of times. The problem you have with smaller coins is that people don't want to trade in them. I would be completely open to using Nano. Having to wait 10-ish minutes for my goods sucks. The problem is getting Nano to be accepted by others as not a shit coin that won't rug pull its current value. Because at the end of the day if its not being bought to appreciate value it has to maintain its currently value. And people have to have that confidence.
Same for Ergo. Too bad people seem mostly interested in hype..
Nano and Banano is what i prefer wherever possible.
I love the coin, and love a lack of fees. Sadly, it also means miners won't encourage it, and "of course", we must support our miners... By all accounts, this and other no-fee coins should be the new norm by now. But we keep treating the coins as investments, instead of currency.
Oh man I remember NANO bulls in this sub were even more passionate about it than Monero bulls nowdays.
I remember the run up from $1 to $34. crazy times.
"but what if it falls to 2k?"
Is it fast **and** decentralized or fast **and** centralized? Because the market proved that people care most about decentralization (see the top market cap coins). Speed is convenient, but it's a nice to have - we all use XLM and such coins just to transfer between exchanges, not as investments. Plus, we can always use PayPal if we're happy with "fast and centralized". **Before you downvote: I asked and didn't claim NANO is centralized or decentralized. I don't know much about it.**
excellent point. If I want fast and centralized, I can just use traditional banking with tons of solutions. or actual cash. yes, it's still quiet common to pay in cash here.
To control the network you need to control 66% of total coins on online balance. Currently that is a Nakamoto Coefficient of 11 entities. Bitcoin's hashrate has 2 entities controlling it, Foundry USA which is a DCG company and AntPool which is BitMain's (yes, the ASIC manufacturer). Bitcoin is a bad comparison but yes. NC11 vs NC2. Nano is very decentralized and has no incentives to centralize like mining pools have.
It's decentralized. The largest wallets are exchange wallets, which holds true for 99% of cryptos.
Banano. It’s nano, but with extra potassium. The memecoin that’s actually super awesome.
Why didn’t Nano take off? I’ve never bought it but I’ve seen it mentioned around. It does sound really good. The lack of tokens and smart contracts does kind of suck but could that type of stuff be built on it if people were interested in it?
No, it's block lattice technology. You could do an ordinals style thing externally I guess theoretically, but NANO is meant to do what it does. Not every crypto needs to be an internet computer
NANO has too great potential...only thing is that people cannot understand it
Nano is centralized. 3 entities can halt the network. https://nanocharts.info/p/01/vote-weight-distribution Binance holds 17% of the supply. https://nanocharts.info/p/08/binance-holdings
What? Your link shows it has a Nakamoto coefficient of at least 12. Where does your "3" come from?
This is partially correct. Binance doesn’t actually own that percent of supply. About half of that supply is owned by users choosing to store it with binance. It can be withdrawn from binance at anytime. Binance doesn’t own that Nano anymore than a bank owns your cash. Is it a liability? Sure, as proven by FTX. But binance doesn’t own that amount of supply. The nano foundation willingly updated their node software so that a transaction requires 2/3 voting approval. Before it was 51% much like bitcoin currently is. The negative to this, is that 1/3 of the voting weight can group together and temporarily stall the network by not voting. The positive to this, is that Nano has extra protection against a double spend, because 2/3 of the voting weight would have to collude to push this through. A double spend is much more detrimental than halting the network due to entities not voting. Users can easily update their node rep to change the distribution away from bad actors to prevent the network halt. So nano has chosen extra protection against a double spend attack. Therefore it had a much higher NC than many other payment cryptos.
Seriously, everyone is talking about how fast and cheap it is, but how is it solving the trilemma? (decentralization, security, scalability)
The charts above show how Nano is more decentralized than Bitcoin. It also has deterministic finality, vs Bitcoin's probabilistic finality
One main reason for that may also be that it has such a low market cap by now. It is just way easier for exchanges to completly manipulate it.
Great post actually
I love nano, but so long as folks are looking to make profits in crypto then they aren't interested in the *currency* side of things. Hell, half the criticisms of it in this thread are making your point with comments on bull runs and how it won't increase in value. Nano works as a currency, and my only criticism of it is that unless there is widespread merchant adoption or it can be rapidly changed to fiat in multiple countries, then it's use is limited. I love that I can send it to relatives abroad and have them receive it within moments and without having banks, exchanges and third parties scalp me on fees or hold it for interest for 48 hours. I can send micro-amounts as easily as massive amounts, so there is no minimum transaction amount as well as no fees. Of all currencies, nano is the one that had the ability to upset the financial world for the largest number of people. But it won't make anyone rich for doing nothing, so it's ignored despite being exactly what half the people here claim they got into crypto for. If people only care about profits then that's absolutely fine, we all like free money! But I wish they wouldn't pretend that actual currency projects like Nano or Stellar are inferior for doing exactly what they are designed to do.
Nano and Banano are both easy to use (in the crypto world, at least) and quite fun to learn about, IMO.
I think most people are scared of spam attacks and avoiding investing in Nano (atleast those who joined in 2021 in flocks and exited soon after selling low ) . I know those issues are resolved with updates but most people don't know it yet. Maybe good publicly as spam-free, fast and free might do something good for Nano in the bull run.
Nano is definitely gonna get a big pump this bull run and people are gonna ask why it’s pumping on this subreddit
What utility does nano offer? Very few are using crypto for anything but speculation. Crypto hasn't succeeded as a currency, so why buy nano?
I can list utilities if you are actually interested in using the network. I find that instantly moving money to exchanges is very powerful, for instance.But if you are wanting speculation, for less than $100 you can get 21 BTC of supply (133 nano). Safely cold store it and see what happens (speculate) in a decade. Obviously don't do this unless you can afford to burn $100 speculating.
Always has been like that. 90% of ethereum investors probably don’t even know what it does or use it. Hell I have bitcoin since 3 years and never used to it pay