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The problem with Monero is not the niche use and the lack of the network effect Bitcoin has. The problem is that it’s optimised for privacy and not for money. Money doesn’t get its utility from being private (that’s just a cool feature). The core feature of money is to be the most saleable good - the thing everyone will accept because they know everyone else will accept it. Monero’s tradeoff is that it sacrifices auditability, scalability, and long-term credibility of supply for privacy. It tries to be “private cash,” but it never becomes “global money”.

ede3d957... 3mo ago

Privacy is a prerequisite for fungibility which in itself is a defining quality of money over (social) credit.

Society is currently in a state of confusion. People call things money that are far from it. It's based on decades of propaganda.

The only money I currently see is gold, silver, Monero and to a much lesser degree other privacycoins.

Cash is only fungible by decree, easy to counterfeit and not as hard to track as people assume due to serial number readers. Bitcoin, Ethereum, are non-confiscatable NFTs. USDT, USDC, bank accounts, stocks are all confiscatable IOU-NFTs.

People will claim that this does not matter NOW. Maybe they are not transacting enough in scenarios where fungibility is needed the most. Because any centralised entity be it a bank or a CEX will block or confiscate transactions or close accounts. It's daily business that affects 10s of thousands people daily.

Open your eyes!

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Discussion

Tauri 3mo ago

You’re not wrong, but the same thing can be said about privacy coins that can just as easily be labelled for “implied criminal use”. “If you got nothing to hide, why use this privacy tool, you must be a money launderer/terrorist/pedophile”. I’m sure you can imagine a future where this is “business as usual”. Which would immediately decrease the saleability of your coin by orders of magnitude. Normal people would never want to touch it. Neither Bitcoin nor Monero are immune to this kind of social attack, but in the case of Monero it will be much worse, because you can’t prove your innocence by simply doing a forensics test on your coins.