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One rule that any method has to comply with is that it has to maximize its exposure to bitcoin, that is, coins can hardly spend minutes in Monero for example because otherwise you expose yourself to the loss of purchasing power, which is what bitcoin was created for, that is why I consider that in itself Monero is an oxymoron to the founding principles of bitcoin, Monero does not work to protect you from Fiat currency devaluation, it does not even beat inflation.

So please don't you Monero supporters come here and say just use Monero and Monero is what Bitcoin should have been because Monero has not achieved any of the main goals of Bitcoin.

For me Monero is just a privacy tool.

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Azz 1y ago

The only thing that matters is the demand for use as money. Everything else is speculation. Bitcoin has the network effect and the biggest onramps. Monero has had onramps shut down and faces regulatory pressure.

No one wants others to know exactly how much money they have. Its a liability because it allows enemies to calculate the cost of overcoming you. Even (especially) Blackrock will demand privacy eventually.

The Bitcoin price probably assumes that it will achieve an acceptable level of privacy eventually. If it doesn't then it will fail as money.

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Discussion

frphank 1y ago

Monero fails at money just like Bitcoin does. You can't buy anything for either.

Saberhagen The Nameless 1y ago

You don't need permissionless money for things you already have permission to buy

shortwavesurfer2009 1y ago

But you should use permissionless money to buy things you have permission to buy if at all possible just to show that you don't want permissioned money.

Saberhagen The Nameless 1y ago

Sure, I'm just saying the "need" isn't there on white markets in general which is why hardly anyone uses it there aside from use true believers

Much less friction to use fiat money to do things you are allowed to do anyway (faster, cheaper, convenient, no legal ambiguity, larger network effect, etc)

It's only when you want to do something that isn't allowed, possible, or places great burden on you, within the fiat system, that Bitcoin/Monero/Crypto suddenly stand out

frphank 1y ago

Yes I do need it because the permissioned money has all these bad things to it like inflation don't you read Bitcoin propaganda.

shortwavesurfer2009 1y ago

#XMRBazaar and MoneroMarket would beg to differ. Monero can actually be used as a currency on layer 1.

Soul Reaver 1y ago

It's dark web's official currency are you kidding.