#Monero
Discussion
I am not saying there isn't a role for monero (for example: privacy) but multiply anything by ♾️ infinite supply and it becomes worthless. Bitcoin is my only savings account, but let's see what shape my checking account takes in the future.
Brilliant observation.
Do you see yourself alive for an infinite amount of time?
No, but hopefully my family will be alive for an infinite amount of time. Bitcoin for me isn't a get rich quick scheme but how to maintain wealth and build a foundation for family.
I never said that I intend on getting rich
Sorry, I wasn't referencing you, for "me". I am guessing you like monero for the privacy? Which I can understand, but in Japan paying under the table with cash (very common) gets me a similar type of privacy (maybe not for large purchases).
That's why it's called "electronic" or "digital" cash
Physical cash is nice locally, but you can't use it to transact instantly over large distances with anyone on the planet
A few other downsides with physical cash:
-Can't carry arbitrarily large amounts.
-Vulnerable to confiscation and theft.
-More difficult to verify authenticity on-the-fly.
-Issuance is centralized, unpredictable, and doesn't require PoW.
-Not as easily divisible (Need to carry specific denominations and change)
-Can't trustlessly exchange for crypto (no atomic swaps)
-Can't have multiple people with simultaneous ownership and control over the same cash (multisig)
I see BTC taking on the shape of monero in a different layer
Possibly. But what if BTCs strength is actually remaining a single monetary layer?
Remove second layers, third layers, all this frilly dilly code that a common user won't run.
I guess seems like wallets could implement it. I caveat that with I'm a moron and have zero clue about what I'm talking about lol
We are all morons wondering in the dark trying to make the best decision with the information we have. For US and for our FAMILIES.
Cash is good, stocks are alright, #bitcoin is great, #Monero is freedom money.
You need fungibility. Privacy allows for Fungibility. Its not that you have something to hide. You just need transacrion history earased.
I had this conversation before with some Argentinians, and broke it down into two areas: fungibility and maintaining wealth. In Argentina monero worked great for both of these traits, good for them. For me in Japan, I need cash for fungibility and bitcoin for maintaining wealth. There isn't just one answer to the solution.
In Japan, you dont need to hide your transacrions but in Argentina you do?
Fungibility is required for the final boss but you might just be a level 1. When you reach the final boss or you want true protection from Gov over reach, you prepare for the final boss and hope you are fighting the local cop.
The fungibility in Japan is very low for bitcoin nor monero. There are inner circles and some companies that accept bitcoin, but I haven't heard of any that accept monero. Japan produces some great technology but they tend to be very behind the times in implementing technology. Do you still use fax? We do!
No way .. fax?
I remember about 10 years ago using fax to transmit 1M trades from one mutual fund company to another and in my head i was always thinking 'wow, 13M is money transfers done by fax' I base it all on a confirmation page and I verify the followijg day.
I always wanted to visit Japan. One if my dream destinations... one day I hope. 🙏 Good people. Rich in culture. Rich in the pursuit of virtue.
Pleasure to meet you Bitcoin Samurai.
If you ever need a place to stay my family is very open to visitors. Only problem is that I am a little country side.
how do you know how many monero coins there are if the transaction history is erased
Consider a sealed box of chocolates where each chocolate has a unique weight. You can verify the total weight of the chocolates inside the box without seeing or counting each one individually. Similarly, Monero uses cryptographic techniques to ensure the total number of coins is correct without revealing individual transaction details.
There is also a tx_ sum commend that you can run so display total number of coins when you run a full node.
I'm starting to look at continued growth in my stack and start stacking some money monero. One is gold the other is cash, this is the way I look at it. Until there are more privacy focused options. I will use it but I still think monero will be eaten and merged with Bitcoin in its capabilities
There are infinite "what if" best to see the reality and pivot from there. Good to know your options, but I am still not sold on Monero being a maintainer of wealth.
I'm good with either to be honest. I can see the utility in them both. I'm not going to only be one thing. I don't like everything in one basket and I need to learn more about numerous things
The pruneable blockchain aspect would be of interest if it solved the problem. I think the biggest problem we see from the maxi side is the future bloat of a scaled out monero blockchain and the storage resources it would require since everything is done on the base layer in monero. Full node I operation, if monero succeeds and scales, is going to be a resource intensive as eth. This is why I personally opted for liquid. Hidden tramsaction assets and amounts, leaves layer 1 alone.