Nostr Web Client

There was no implied prediction. My initial post was about the actual performance thus far, which we can objectively see is falling behind bitcoin. I am humbly following what the market is determining to be the best money. I used to be much more bullish on gold but I was wrong and I’ve adjusted my views. Money is a winner take all race and it humbles a lot of people.

And yes second layers have trade offs. Everything has a trade off. There is no perfect solution. But there is a balance and bitcoin has the ability to adapt and change to meet those needs. The beautiful thing about the way bitcoin adapts is that it actually incentivizes you to improve it. What annoys me about monero shills is that they don’t acknowledge the trade offs of monero. Do you run a node on monero? Do you mine monero? If monero became the global currency of the world, would it remain decentralized? The blockchain limit of monero is much larger which would make it unaffordable to run a node and keep it decentralized if they actually got the same level of activity that Bitcoin has. Ironically, the fees would rise on monero as well in that world. So what’s the solution then? 😂

The other problem with monero is that the ledger isn’t public and cannot be audited. I know it must be surprising as a privacy advocate to see such a statement but it’s actually very important to know the total supply to prevent paper trading. This is the problem with the price of gold. Since no one knows how much gold exists and you can’t audit the supply of gold held by central banks, they can easily manipulate the price of gold with paper trading. That can also be done with monero. If monero grew bigger than Bitcoin, it would fail because central banks would paper trade monero and suppress the price. Imagine if blackrock launched a monero etf, it would be game over. They can’t do that with bitcoin because you can see the total supply. So even though Bitcoin isn’t perfect in terms of privacy, if you practice privacy yourself on bitcoin, you get the best of both worlds. You get immutability, scarcity, and privacy. You just have to put in a little extra effort for privacy on bitcoin but that trade off is reasonable to me.

My position on bitcoin does not mean I know the future. The future is uncertain and every decision you make regarding anything in your life requires that you make a decision based on what you think is most likely to happen.

MAHDOOD 2y ago

Gold isn’t the most salable good and it is still money. It doesn’t have to be the most saleable.

I disagree, Bitcoin is a great medium of exchange. It has the strongest network and more liquidity than monero.

I don’t consider “monero shill” to be name calling or offensive.

I wouldn’t say Bitcoin is more private than monero but liquid might be.

How would you run a node if everyone used monero?

It happened before in the early days of bitcoin. The developers patched it and forked. The users adopted the patch and it was fixed. The fact that someone caught it and they were able to fix it proves how robust it is. BUT if that guy did exploit the bug, the dev team could release a patch and give users the option to fork to the new chain with 21 million bitcoin or stay on the original chain with the inflation. The market will choose the best coin and I don’t think it would be a very difficult choice. It’s not that much of a threat lmao

Yes an auditable supply keeps everyone in check. If blackrock claims to own 5 million bitcoin, the supply could be tracked on the ledger. If something smells fishy, people start withdrawing their bitcoin. This would be equivalent to a bank run. People will get wrecked but it would be necessary to wash out the scam and then people will learn to hold their own keys.

I already said that the trade off with bitcoin is you have to take responsibility of your privacy. It’s not a big deal to me though.

Lol that’s fine I don’t disagree that monero is more private but it’s still a shitcoin and you can practice privacy with bitcoin: coinjoin, payjoin, liquid.

Reply to this note

Please Login to reply.

Discussion

Saberhagen The Nameless 2y ago

Shill: "One who poses as a satisfied customer or an enthusiastic gambler to dupe bystanders into participating in a swindle."

Are you saying I'm intentionally trying to dupe bystanders? or swindle people? Words have meaning. It's all negative connotations.

High tx fees mean the more you use Bitcoin the poorer you get.

Every bitcoins history is distinguishable from another (non fungible).

Lack of strong default privacy.

All these things make for a poorer MoE vs something like Monero.

Like I said not everyone is going to use Monero. I answered here: note1vmdu2c4k8398aprpuveevs0kpmecj9dtsns8muh5wdfu36q4dyhsh5unn2

About bitcoins past exploit bug...This was not early days. It was 2018. If it was exploited hardforks do not solve this either. Just think about it. If someone took advantage and used that "fake" Bitcoin, hardforking doesn't compensate all the users who were given "fake" Bitcoin in exchange for real services or products. You would be screwing over all those users by hardforking out the "fake" Bitcoin. There is no current solution for an exploited inflation bug that is taken advantage of. Not to mention the destruction it would bring to Bitcoin's credability or immutability.

You're relying that every time an exploit bug is discovered that a single good samaritan anonymous user will alwyas do the right thing. This is crazy and Bitcoin was extremely lucky.

Sure it might not work long term buy Blackrock can definitely get away with IOUs:

If you DONT think Bitcoin is private:

1) Verifying all their Bitcoin is useless if you can't verify all their liabilities

If you DO believe Bitcoin is private:

1) Verifying all their Bitcoin is useless if you can't verify all their liabilities

2) not publish which addresses belong to them.

3) obfuscate using the same supposed privacy methods you use.

No, the trade off for Bitcoin is inferior privacy (obfuscation vs encryption) *ON TOP OF* taking on that responsibility (optional "privacy"). Even when done perfectly it will always be inferior privacy to Monero because Bitcoin is a public blockchain.

Coinjoining is obfuscation. Weaker privacy. All range of connections and amounts are visible. It can be deobfuscated with more data or by users unintentionally messing up. Tedious, more expensive, and time consuming as well.

Liquid is not more private than Monero. It only hides amounts. It also has a tiny fraction of Monero's anon set. It is also a permissioned network. Many other problems: https://twitter.com/Truthcoin/status/1689337656319016960

Liquid transaction (Confidential Transactions):

Alice sent $[?] to Bob

Monero transaction (Confidential Transactions, Stealth Addys, Ring Sigs):

6% chance Alice sent $[?] to [?]