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Interview With Riccardo Spagni: Monero

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In a recent interview with Monero’s Riccardo Spagni, he spoke about the importance of a fee market on Monero’s main chain as well as inclusion second layer solutions for scaling and general experimentation. also talked a little about Monero’s latest developments and projects, and education

Interview

Conor O’Higgins (C):  Welcome! I am talking to fluffypony, who is the Director of Skullduggery at the Institute for Lemonade Studies. Is there anything else you do that my viewers should be aware of?

Riccardo Spagni (R): Yes… [chuckling] I am also the lead maintainer for Monero and I do some other funny stuff… I troll a lot on Twitter, I have a payment gateway called GloBee, so I do a bunch of things.

C: OK, great. A friend of mine, I was out for drinks with her about a week ago, she tells me she’s going to get a Monero tattoo.

R: [laughing] Why?

C: She’s a fan! Monero is interesting because culturally it’s quite different from some of the other [cryptocurrency] projects. It’s still got that old-school cypherpunk idealism witihn the Monero community. A lot of crypto has become about “get-rich-quick” stuff, and I feel like Monero still has values.

R: Yeah, it’s certainly tricky. I think that a core part of the community definitely is like that. I do see a lot of people who are, I’m hesitant to call them newcomers, but I kind of get the feeling that they haven’t been around for long relatively speaking, who are beating the low fee bandwagon. I even saw someone the other day threatening to fork Monero if the “devs didn’t lower the fee”.

So, whilst a large part of the community is still very cypherpunk and technical, there definitely are people who struggle. They want magical low fees and magical on-chain scaling. Stuff that Monero simply can’t deliver.

C: Why not? Why can’t they deliver [low fees and on-chain scaling]?

R: It’s not really possible to deliver massive amounts of on-chain scaling at ridiculously low fees. The way I view it is: there’s obviously a balance, you have low-ish fees which are reasonable – but at the end of the day people are paying for indefinite storage on thousands of computers around the world. That has to have a cost attached to it. And the lower the fee, the more likely people are going to use it as really cheap distributed storage. That’s not something you want – you don’t want a digital currency turned into a storage mechanism.

C: So on your interview on the Bitcoin Uncensored channel, you were talking about building things on top of the base layer – keeping the Monero blockchain untouched and building second layer solutions on top of that. Are you continuing to work on that?

R: Yeah, definitely. We’ve thought a lot about on how to approach things within Monero. It’s not easy because on the one hand you have people demanding things, features, this and that. On the other hand you have a bunch of developers who work on Monero mostly for ideological reasons – why should they give a crap about what some random guy in the community thinks? Excuse my French. They’re going to work on stuff that they want to work on, not stuff that someone demands they work on.

Based on that, the best way to give people what they want, whether it’s magical on-chain scaling or whatever, is to move things off-chain and to keep the sanctity of main chain absolute. The Monero main chain should be as decentralized as possible. I’m hesitant to say it should be as expensive as possible, but it should have a reasonable cost attached in order to store data on it. So it should never really be ultra low fee, it should be reasonable. Like, don’t block people’s access to it, but also don’t encourage people to use it as a storage mechanism. And then do everything else off-chain.

If you want to experiment with governance models, do that off-chain. Do that on some sort of secondary layer. There’s so much scope for experimentation on a secondary layer that we don’t need to wreck main chain. And I think that we can use stuff like Lightning Network Even if we just use Lightning as a mechanism for atomic swaps, we can build up all sorts of cool stuff on a secondary layer, and then Lightning is just that layer that allows you to swap inbetween them. So you have Monero, and then if you want to go into the Mimblewimble side-chain (for example) then you can. Or if you have Monero and you want to go into the, um… Magical side-chain that has Zcash SNARKs, then you can.

For more on this interview watch the video down below:

Source: https://cryptoinsider.21mil.com/

 

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SEC, CFTC Crypto Meeting in the US

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The Securities and Exchange Commission(SEC) and Commodity Futures Trading Commission (CFTC) meeting recently took place today, Feb. 6. The written testimonies of Jay Clayton and J. Christopher Giancarlo, the chairmen of the SEC and the CFTC respectively, have now been released publicly.

SEC/CFTC

SEC chairman Jay Clayton talked about the importance of distinguishing between ICOs as securities and non-securities.

Clayton said:

“Investors should understand that to date no ICOs have been registered with the SEC, and the SEC also has not approved for listing and trading any exchange-traded products (such as ETFs) holding cryptocurrencies or other assets related to cryptocurrencies. If any person today says otherwise, investors should be especially wary.”

A co-authored article in the Wall Street Journal showed both officials’ perspectives on the issue of cryptos, appearing during the World Economic Forum 2018 in Davos last month.

During the event many politicians had a voice to talk about the importance of cryptocurrency regulations.

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Bank Bans Credit Card Crypto Purchases

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The Lloyds Banking Group in Britain is one of the giants in the whole world and the largest in the UK, and it has recently become the first major credit card provider in the country to ban its customers from using credit cards to purchase digital currencies.

Credit Card Ban: Cryptocurrencies

The ban comes after the case of J.P. Morgan Chase, Bank of America, and Citigroup’s similar choice yesterday to ban credit cards purchases of cryptocurrencies for all their customers.

Lloyds, has in itself Halifax, Bank of Scotland, and MBNA, and it will block its 9 million credit card users from buying cryptocurrencies.

However, Lloyd’s customers will still be free to buy cryptos with debit cards.

The credit card crypto ban came into place after Bitcoin saw a huge price drop in the market this week, falling below $8000 for several days which is not very good for the mainstream crowd.

Lloyds stated that the ban will “protect customers” that could store big amounts of credit debt if the market price keeps going crazy, which it may, if cryptos stay true to their rule of volatility

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Airline in Japan to Support BTC

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Japanese airline, Peach Aviation has announced that it plans to accept Bitcoin (BTC) as a payment method.

Airline BTC Payment

The idea had been delayed, however it has been confirmed that they will in fact go through with it.

Japanese broadcasting corporation NHK World had previously posted an article about Peach Aviation doubting cryptocurrencies after the Coincheck hack for $534 mln. The article was removed not long after.

According to the airline, the rumors that Peach Aviation would not follow through with their BTC payment option after the NHK article, are false.

They said:

“There have been some reports today on our company retracting its plan to enable airline tickets to be purchased with Bitcoins; however, this is not something that was announced by our company and is not a fact. We are currently considering our start period in aiming to introduce such a service.”

Although it is still a new thing to include cryptocurrencies as a form of payment in airlines, Peach Aviation is not the first to accept them.

Back in July 2017, AirBaltic introduced to their customers the option to purchase flights with Bitcoin. On the Blockchain court, Singapore Airlines have just today, announced a Blockchain-based frequent flyer app which will be releasing in August this year.

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