I’m looking to expanding my portfolio a little bit and nano has caught my eye. I know most coin specific subs are echo chambers so I’d like to hear some disadvantages and competitors etc. what does nano do? What’s the overall purpose of this coin? Appreciate all the help and info :)
Posted Jul 9, 2021, 4:16 AM UTC
Transfers on the Nano network are practically instant and do not cost any fees. The total supply is already circulating and was distributed freely to anyone lucky enough to come across the captchas. These characteristics are what I want my money to have; Nano is hard money.
It seems people forget why bitcoin was created. We want a decentralized money that cannot be created our of thin air. This is why it is preached to keep coins in our own wallet and not left on an exchange because for all we know they act like a bank with fractional reserves.
As someone with a variety of complaints concerning modern finance, I am aligned ideologically. I think the world would be better off using Nano than any other based on its characteristics as money since it cannot be diluted with the creation of new money. It can also be used by the world as it will scale with hardware and bandwidth as the limiting factors.
Some people complain that Nano is too simple since it doesn't have smart contract functionality. The average person does not need their money to do anything special. They just want it to store their value and be easily transferred for goods or services.
Show me a money with better characteristics and this is how I'll store my value. Show me a more simply yet still free way to transact, and I'll use that for transactions. Nano is the best for both.
But I can'T sTaKE iT To eaRn iNTerESt. Where do you think interest (new money) comes from? It dilutes everyone's share and rewards those that already have more than others. I care more to attempt to live in a more fair and free world than one where I can grab a larger part of the pie and be apart of the centralization that naturally follows when those incentives are present. Nano doesn't need those incentives to hold as the nature and use of Nano speaks for itself.
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See but here’s where you don’t understand or misunderstood pos. Pos is like a savings accounts with better benefits. I don’t see how comparing pos and nano makes sense, seems like nanos purpose is to transact more than anything.
What's the point of a currency if not to use it?
But you do understand just because it’s cryptocurrency doesn’t mean every crypto is meant to be a currency right ? How would you even properly use nano as a currency ? It’s not a stable coin and as you guys say only a certain amount of nano and there’s what about a billion planet on the earth, how would nano hold up dealing with millions of transactions a SECOND. This is stuff you have to think about.
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What projects would that be exactly ?
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Nano only goes down, what a tough quarter we had.
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Dropping these here in case they are helpful
https://nano.community/introduction/advantages
https://nano.community/introduction/basics
Nano is a protocol that's optimized to be a widely used base layer for settling value while still operating without intermediaries. It is potentially one of the most efficient and advanced forms of money (a medium of exchange and store of value).
There are a number of challenges, one worth highlighting is the responsibility that holders have when it comes to maintaining decentralization.
In most other systems, holders have no responsibility because they have no power when it comes to consensus. In Nano, holders have a responsibility because they have ultimate power as they alone control the distribution of voting weight — which decides what version the network runs on, what hardware the network runs on, etc
It all comes down to having sufficiently informed holders that are able to effortlessly manage their voting weight. Additionally, the proliferation of custodial services (as seen in bitcoin) poses a threat and could shift control from holders to custodians.
On the bright side, this has the potential of being one of the more resilient and decentralized networks, where consensus is not controlled by entities with competing interests to holders (i.e. block producers like miners / stakers).
I appreciate it, I’ll take a look into it I have some mixed feelings about nano currently but I’m going to dive deeper on it.
Forgot to mention competitors.
In my view, there are none if Nano is able to deliver on its properties as it would have an absolute advantage over other distributed approaches when it comes to settlement networks.
Thus, things like Stripe and M-Pesa are what I would consider competitors.
You wouldn’t consider algo a competitor ?
Algo is in my stack of nightly whitepapers to read.
I've only briefly gone through it and its design appears to be capable of producing similar base layer properties so I think it's fair to say it is a competitor.
The key differences will derive from the fact that Nano does not have block producers and does not use a synchronous single-chain DAG.
Generally speaking, this is a key source of Nano potentially having an absolute advantage. On the flip side, because Nano does not batch operations into a block, it requires consensus to be reached on every operation and does not scale well in terms of bandwidth usage. If this can be overcome then its advantage for managing a balance and settling value over a blockchain approach may in fact be absolute.
I need to study Algo much more to meaningfully compare them.
I've put off digging into it as it doesn't fit my needs. I'm mainly searching for a protocol that can be embedded directly into applications (i.e. a distributed application comes with its own functioning node with no reliances on gateways). Nano is pretty much the only protocol that I know that has that potential.
M-Pesa (M for mobile, pesa is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone Group plc and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, South Africa and Ethiopia. Meanwhile, services in India, Romania, and Albania have been terminated amid low market uptake. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device.
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Nano is the only coin using economic incentivizes to increase decentralization.
It is also the only coin that is better than competes with and exceeds traditional point of sale payment rails for both transacting parties. (1)No interchange or PoW fees. (2)Instant confirmation.
The low energy usage is just icing on the cake.
Ofcourse, zero fees. What more could we ask for?
$NANO is not a portfolio coin. It was designed to operate at hyper speed with 0 fees, not be kept sitting in storage. No one buys a hypercar to keep it in storage unless they are ok with burning a lot of money. You can get $NANO for free from a faucet and that amount is enough to make millions of transactions. So if you want to strike it rich with $NANO you should build a business around it that demands thousands of transactions per day.
Ah I see. Some people make it seem like it’s meant to be a portfolio coin. So it’s more useful to use it as a transfer coin in between exchanges?
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How so ?
It has no inflation so it should be a good store of value.
It is faster and cheaper than the exchange. You don’t see exchanges listed on market-cap, that doesn’t mean they aren’t extremely valuable.
"You can get $NANO for free from a faucet and that amount is enough to make millions of transactions"
Millions of transactions buying what ?
With the low price of Nano the amount you can get from a faucet is less than 1p, which is too small an amount to buy anything with.
Perhaps you can supply some references to places, other than tip bots, where you can purchase something with 0.0001 Nano.
For a business, implementing and maintaining an internal credit system is very expensive. The balance on the gift-cards will always be worth $0 outside the network. Yet, most successful businesses have one because it is very profitable. If you got such a system for free, it wouldn’t make sense to hold on to it thinking the main profit will come from it going up in value. It will always be worth $0 to those not using it.
Nano doesn’t have any disadvantages which is why it is the greatest tech. Most people don’t know much about it which is why they think other coins are better. It’s instant, fee less and the most decentralized crypto. It also runs only on renewable energy.
I wouldn’t say it’s the most decentralized. XMR is probably the most decentralized coin out there currently.
No it’s not, also they do PoW which is literally destroying the planet.
Well that’s obvious bullshit. POW is mainly ran through waste energy, windmill farms, and solar panels lol. What’s really destroying our earth is the people digging thousands of feet into the ground trying to find gold, silver etc. XMR is definitely more decentralized than nano. I’m not trying to be a dick or anything but do you know what XMR is?
Bitcoin POW uses more energy than entire NATIONS. One of Nano’s biggest qualities is how green it is compared to other coins. Not really any argument that can make up for the amount of pollution. POW coins are doing. I know what xmr is.
Nano's biggest problem is it's low price.
It is currently sitting at around £3.5 which is about the cost of a decent cup of coffee.
It can be subdivided down to 30 decimal places but, with it's low value, anything beyond the third decimal place is useless as you can't buy anything with it.
There are about 60 million people living in the UK which means that with a limited supply of only 133 million Nano there would only be enough for each person to own a couple of Nano.
Scale that up to the world and, at the current value of Nano, nobody would have a large enough amount of Nano to buy anything with it.
To summarise my point is that Nano at it's current price point and fixed supply simply can't be considered as an alternative to FIAT.
Good point, I think a lot of people that have replied fails to realize this. Yes it’s cool that it’s cheap and efficient but it won’t solve global transaction issues.
And at that point why should I an investor put any money into nano if that defeated the whole purpose of the coin?
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And what's the point of being able to divide down to 30 decimal places if there's nothing you can buy at that low a price point ?
Nano needs to have a much higher market cap for 30 decimal places to be any good.
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I don't get it. Your concern that if it is adopted they can't add more decimal places?
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Right. Why take so seriously a purely cosmetic issue that is foreseeably irrelevant.
Just use Bitcoin Cash (BCH). It has all the benefits of Nano and then some. It also has DeFi and has a bridge to the Ethereum network so you can actually use your coins for things. Theres a reason why BCH is consistently in the top 15 coins while Nano is not.
BCH is centralized garbage isn’t it? Didn’t the guy that forked it try to claim he made btc and that bch is the real btc 😂?? I’m good bro, I stay away from shit like that.
Well nothing. Nano is not a currency. its an interesting distributed systems project and thats it
What does it distribute exactly ?
Zero fees
Fastest cryptocurrency
No inflation or block rewards
No miners or miner dumping
Environmentally friendly
Decentralized
Scalable
Permission-less
Nano's goal is to be the most efficient, decentralized, censorship-resistant, peer-to-peer, value transfer possible