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Your probabilistic final settlement compared to Bitcoin is closer to 10 days

My whole point was just that in the same way that blockchains like liquid aren’t good scaling solutions, using monero as a Bitcoin swap isn’t a very good long term privacy solution.

It’s not a hill I’ll die on and I’ve been told I’m thinking a bit too idealistically, but I’d really like to see the continued advancement of private lightning and ecash instead of normalizing shitcoin swaps.

https://howmanyconfs.com

Saberhagen The Nameless 1y ago

I knew you were going to link this website.

If you notice almost none of those cryptos use the same PoW algo. A direct comparison like this makes no sense. It's like saying a person that weighs 80kg weighs less than 130lbs

Ecash has great privacy, but sacrifices the main value props of Bitcoin; freedom from seigniorage, custodians, and censorship. If you want to retain those things, AND have great privacy, Monero does

Even though I have my criticisms of current Bitcoin L2s, I always think the more options the better and everyone can choose what makes sense to their situation

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Discussion

Zach⚡️ 1y ago

I certainly agree with your last paragraph, and I do agree that the metric is a bit flawed and not apples to apples directly. But I think it’s certainly relevant that Monero developers chose to prioritize consumer grade mining over security.

Even if I cannot take 1% of the hash of the Bitcoin network and use it to mine RandomX, a sophisticated player could certainly take a CPU farm and mine it. And the amount of energy required to reverse hours, or even days of monero transactions is tiny compared to the amount it would take on Bitcoin.

Ultimately, people are free to do as they wish. I want to try and create a world with as many people as possible under the economic consensus of 21M, and therefore I will always advocate for building privacy on Bitcoin layers instead of doing shitcoin swaps.

Saberhagen The Nameless 1y ago

At this stage, maybe a sophisticated player could, but not without first diverting resources away from their current intended purposes and considering the opportunity cost. Its not like those servers are just sitting around doing nothing. Any botnets are also competing always in flux with other botnets to do the same.

ASICs also have many flaws...

-ASICs can't match the ubiquity and accessibility of CPU mining which is more conducive to decentralization.

-Ostensibly harder to attack, but if successful, much harder to deploy new ASICs to fight back since they're in such short supply

-Large concentrated mining farms are easy to co-opt and regulate for governments.

-Heat, noise, and energy draw make ASIC mining obvious in general

-Everyone knows what you're doing with that ASIC miner

-Over half the hashpower now requires KYC

-No p2pool. Stratumv2 helps but isn't sufficient. Large pool operators control payout.

-Targeted censorship possible

I want to use the best tools for the job. Whatever carries the original spirit. I have no loyalty towards an individual coin or name just for it's own sake.