I hear pros and cons of Monero. Main pro it being private. Main con it’s a shitcoin. Is that about it?
Discussion
That’s a wrap
The main con that most Monero advocates will talk circles around is that there's no way to easily verify the total coin supply like you can with Bitcoin. If somebody finds a bug to exploit it could go undetected for a long time. And the probability of something like that is higher because the code is much more complex than Bitcoin.
The funny thing is no Bitcoiners take advantage of Bitcoin's transparent simple math to verify the supply. None of them are making sure all inputs = all outputs let alone every 10 minutes.
All they do is run a node and sometimes type in a command to have a number spit back at them. Exactly like any Monero user.
If inputs=outputs
Supply is confirmed.
It's useful when bitcoin mempool is busy 😆
Bloated blockchain, doesn't scale. Therefore not a good store of value. But it's privacy is cool I guess, so feel free to use.. 🤷♂️
Bitcoin wouldn't scale with sharp increase in adoption either so I don't see the difference.
Monero blockchain size: ~180 GB
Bitcoin blockchain size: ~500 GB
🤔 Monero looks less bloated to me...
Monero's transactions are larger than Bitcoin's.
Monero doesn't have lightning.
As far as I know, but I also don't care if I'm wrong.
It will never catch up to Bitcoin. Network effects. Plus stuck in the mud. Plus too complicated for anyone to understand and hard to audit if shit gets suss.
Monero's transactions are larger than Bitcoin's because it is actually private and fungible***
You're talking about a future hypothetical that may never even happen (slow adoption + moore's law = scalable). But this also says nothing about the reality of total blockchain size today. Running a Monero node requires less resources.
Lightning is broken tech that doesn't translate all properties of Bitcoin that make it great. That is why 95%+ use custodial wallets like WoS. And the worst part is it still can't even scale by it's own metric.
Network effects also apply to Monero. King in the privacy coin category. No competition in sight.
If you think Monero is complicated to use, try using lightning in a sovereign manner:
need capacity to recieve,
can't send modestly large amounts,
both parties must be online to transact,
must run an additional ln node,
can be rugged if your node isn't active,
can be force closed onto the base chain against your will and pay higher tx fees.
When was the last time you took advantage of Bitcoin's transparent simple math?
Or do you just run a node and sometimes have a command spit a number back at you? Exactly like any Monero user.
Finding an inflation bug after it's exploited doesn't help.
