My skepticism boils down to “i would rather use monero in every situation i can think of”
I can’t think of a use case where Bitcoin performs better than Monero except perhaps as a speculative asset. But I don’t really need a speculative asset, I just want to transact.
This is actually a really good point. Besides network effect/liquidity, why use bitcoin ?
Maxi's would claim a fee reasons i think :
1. anything monero does, bitcoin can do eventually on L2's.
2. Larger deniability set when those equivalent measures are implemented.
3. Coinjoins are equivalent to rings sigs.
Good points. But then it becomes an ease of use question, right?
Which is more difficult:
1. Buying/selling monero
2. Figuring out how to use equivalent privacy tools on bitcoin
Monero is rediculously easy to be private using. Easy to mine/node too. Meanwhile lightning is a confusing mess. ( ooh to be private i JUST have to run another node along with my bitcoin node and ONLY maintain both going forward all the time. ) UX wise Monero is evidence that L1 ease of use is huge.
- there is no lightning or equivalent for Monero
- transactions are larger (because of privacy), so the blockchain becomes huge even with way fewer transactions
However, I think Monero isn't given enough attention, and people call it a "shitcoin" even though it clearly isn't; it's a truly decentralized proof-of-work protocol with no issuer (not a security).
It’s not ₿itcoin, so by definition it is a shitcoin. Privacy will come to 2nd, 3rd layers of ₿itcoin. Early days, still.
₿itcoin’s base layer trades privacy for ant-fragility. This has to be so in order to build a bulletproof foundation for all of humanity to build upon.
Shitcoins try to put too much in the base layer and are therefore doomed to break under stress.
It’s very simple. Not easy, but simple.
> Privacy will come to 2nd, 3rd layers of ₿itcoin.
This is irrelevant today though. You want to make a private transaction. Which is easier and more straightforward today?
> Doomed to break under stress
Monero’s base layer is explicitly design to adjust for varying levels of volume while Bitcoin’s is not (and we see that today for example)
How about nation state attacks?
₿itcoin thrives and gets stronger when under attack by nation states, like China. Monero would, poof, disappear.
I want ₿itcoin’s base layer to be an open book for all to read. Transparency. Full audit every 10 minutes. Tik tok, baby.
Privacy will come, be patient. Or continue shitcoining. But don’t try to call it something it’s not.
monero is also proof of work just like bitcoin. So idk what you mean by your first point.
> Privacy will come, be patient. Or continue shitcoining.
You’re saying wanting to simply transact privately is shitcoining?
Where does Bitcoin’s value come from it not from the supposed primary use case: transactions
You really want to compare a shitcoins POW to ₿itcoins? Here’s some perspective:
The Bitcoin Network is more than twice as powerful as the US Navy. Bitcoin is backed by 300 exahash and 10.6 gigawatts of energy. The dollar is backed by the US Navy which has 53 Virginia class attack submarines that have 30 megawatts each. 14 Ohio class balistic missile submarines with 45 megawatts each. 11 nuclear powered aircraft carriers with 195 megawatts each. 17 cruisers that are 60 megawatts each. 62 destroyers with 30 megawatts each. The entire US Navy is 4.3 gigawatts. ASICS btc miners have 2,200 x more computational power than general purpose computers. To complete with the current btc miners you would need ALL of them on Earth working together. And you’d still be short on computing power by 90%! Throw in ALL the Navy’s of the world and you’re short on power to complete. Plus, it’s decentralized.
Why would it go poof ? Banning asics is far easier than banning all cpu's .
Bitcoin has had a decade to get easier to use and become more private. It's become less private, or best case not more private.
Try banning ₿itcoin? That’s basically a joke now.
Not bitcoin, but asics that secure all that hashpower you were throwing around.
Consider the ongoing environmental policy attack on bitcoin right now. All it would have to do is taget ASIC manufacturers and tax at that level, or imports of specialized equipment like asics. This is not replicatable for cpus.
The difficulty adjustment will adjust. Hell, if we have to hash with pencil and paper, it will still work. 🤣😂
That’s true there is no lightning on Monero today.
But Lightning is also a big pain in the ass to use unless you go with a custodial option.
L2 is being researched for Monero but i have never needed it for anything either…
The larger transactions thing isn’t a thing anymore imo. It’s not like it was 4 years ago. They’re small and chain is prunable now too
