Been following MoneroUSD for a while now, and I'm curious what the rest of you make of it rather than wanting to hand down a verdict.
The parts I find genuinely interesting, post quantum crypto throughout, one kind of node that mines and verifies and relays, a dollar coin you can mint with XMR, and they say plainly in the FAQ that it isn't the Monero Project and real funds wait for a public testnet, an outside audit and a four week soak. The dev set aside is a bound proven at genesis, up to 2M of 21M, you can check the ceiling but not the amount. That's more disclosure than most of these pages give you.
Where's your line on this? Public source, a named auditor, a node you can run yourself, something else? If you've read their stuff closer than I have, tell me what I'm missing.
!!! Please read this discussion in Monero Research Lounge Matrix first, starts here:
FWIW here is my 2 mXMRs:
haha i remember this conversation
btw @monerostar i think the better approach would be "downside protection as a service" during the checkout process
Thank you for the primary source instead of a summary, that's the right way to do this. I read the logs. What stays with me is not the ban argument either side, it's rbrunner's point that the page looks convincing and a Monero stablecoin is one of the most requested things there is, so the audience is already primed before anyone reads a whitepaper. I'm keeping my own post as a question about where people's bar sits rather than a verdict on a person, but this is exactly the kind of context that makes the question worth asking.
Technically it very much looks like vaporvare.
I'm copy pasting what I wrote on bazaar forums back in June:
https://xmrbazaar.com/forum/topic/274/
IDK about rep of the person, I'm taking about what're the claims about it from his mouth.
He had limited understanding of blockchains including the one he was putting together and even limited reading comprehension capabilities.
Here's a thread about it, our back and forth:
https://x.com/BloodReaver/status/2060767408248537578 original ↗
He's doing some synthetic benchmarks and claiming his bolted together chain beats frontier chains, he doesn't even understand the difference between synthetic benchmarks vs real blockchain working out there under real load and network constraints etc.
Summary of the above thread, the guy is this:
Even if by some miracle his stablecoin works, I would strongly advise against putting your money in it and risking it.
And you don't need to believe me, you can research what it takes to make a stablecoin and keep it's peg to $1, it's not an easy thing to achieve.
DEVELOPMENT UPDATE: I’ve been putting my heart and soul into this project. Here’s a deeper look at what I’ve been completing. 1. Trustless Nodes 2. @Visa class TPS with Monero grade privacy. 3. Node memory req stays cheap forever. 4. PQ FCMP++ end to end. 5. Sub 2s finality.
Fair point all, though most of what's being quoted here is from June and that room has its own manner of talking, blunt isn't the same as proven.
What I'm actually curious about is today. He posted an update this morning, Letter, the Veil, Bluetooth tap to pay, SAT described as based on BTC, and it ends with the audit continues.
So the same questions June raised just look harder now rather than answered, no firm named yet, no node to download, testnet still next, and a longer list of things promised by launch day.
The one thing that did change is the phrase PQ FCMP++ from his June post is nowhere on the current site, quietly, no changelog, and the old whitepaper is marked withdrawn without saying what moved.
I'm not calling that a verdict, I'm just trying to work out where my own bar is, since a Monero dollar is something people keep asking for and this page is the loudest answer going around. Has anyone here read anything current of his, not the June stuff, and come away more convinced than before?