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Monero is a bad store of value asset, meaning you need to swap in and out every time you want to use it, else you lose purchasing power. These swaps reduce the anonset further.

If you instead open a LN channel with a non-kyc, conjoined Bitcoin UTXO, you can spend when and where you want privately, without losing purchasing power over time.

Saberhagen The Nameless 1y ago

Store of value is about the longterm. Short to medium term is anyones guess. Monero can be up or down over months vs Bitcoin. You buy enough Monero you'll need to spend for X amount of time (weeks to months). You don't constantly swap in and out.

Your last paragraph sounds expensive, time-consuming, and tedious all for worse overall privacy. I doubt even a fraction of a percent of Bitcoin users do this, let alone do it properly with all best practices. Meanwhile I just hit the send button with Monero and I'm done. All for a fraction of a cent too.

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Discussion

Bada₿it 1y ago

Why swap to a slow bleeding privacy coin every month, if you can use the best SoV privately already today?

You are forgetting that you also need to acquire Monero before you "hit the send button". The swapping to non-kyc Monero can also be considered tedious and expensive. Not a lot of apps and low liquidity. Acquiring bitcoin non-kyc is a breeze with Peach, Robosats or Hodlhodl, because there is demand and adoption.

The reason that the happy few can transact cheaply on Monero today is because adoption is so low, hence fees remain low. Monero is not even processing 10% of Bitcoin's onchain txs (again small anonset, and even disregarding all the LN tx here). Demand is just so low that it's a "fraction of a cent" now, but this is not sustainable if you think Monero will be successful and adopted more widely.

Saberhagen The Nameless 1y ago

On a small to medium timescale it can go either way. Even a timescale of months is too short to know if Monero will be up or down vs Bitcoin. SoV implies long term as in years or longer. For example, all of 2022 you would've been much better off holding Monero than Bitcoin.

You also need to first acquire Bitcoin non-kyc ON TOP OF Coinjoining/opening LN channels etc, so that's kind of a moot point. You don't need to swap from Bitcoin either. You can buy Monero directly with fiat or even swap from something like Litecoin, which is just as easy to get, and also avoid the expensive Bitcoin fees part.

No, not true, even with Bitcoin-like adoption transaction fees on Monero would still be very cheap because of dynamic blocksize. You might have short term fee spikes if it is sudden, but fees will always fall back down over time as blocksize adjusts to accommodate it. With Bitcoin, because of fixed size, sustained demand means perpetually high fees that increases forever as demand grows.