Actually gold failed because it can’t be transported well. That’s the main reason fiat outcompeted it, the others are secondary
With regards to the unverifiable supply, we believe that’s a major negative of Monero.
Discussion
It makes no sense to trade off an unverifiable supply for privacy on the base layer.
It is better to build privacy on a second layer - regulations allowing.
If Bitcoin was private by default on layer one, it’s adoption would be a much bigger hurdle and much less of a given. It’s not very free market, not very libertarian, etc - but it is the world we live in
Good arguments brother 🫂
I guess it depends on who we want adopting it. If we want regulators, advertisers, auditors, and global financial manipulators interested, sure making an open ledger is a great idea. If we just want to trade privately amongst ourselves I don't see why it needs to be publicly readable.
You verify both Bitcoin and Monero supply in the same fashion - by running a node. Monero is more complex math, but math nonetheless.
But in practice, verifying is exactly the same. Why? Because no bitcoiner is manually tallying all UTXOs every time they audit to make sure it is correct. They just run a node.
Right that's basically the whole point of the concept of code is law which applies to xmr as much as bitcoin.
Gold didn't fail because of it's difficulty in transport. That's a cope. It was banned by bankers who wanted to control the money supply. They took everyone's gold under threat of imprisonment. It was used for thousands of years prior to that, and the transporation technology has only improved over the centuries.