What are some of the downsides of monero?
Discussion
idk i always had curiosity toward xmr
how does its monetary policy look like?
It has something like an 18.4 million supply as its base with a 0.6 XMR per block tail emission that will continue forever.
This causes an asymptotic inflation rate that always approaches zero while never quite actually hitting it. And the current inflation is about 0.84% to 0.85%. This means there will always be a block reward for the miners so that fees don't skyrocket through the stratosphere.
This inherently allows for economic growth, and not stagnation over time, ceteris parabis
The tail emission does two things. Firstly, it always gives the miners a reward for mining blocks to keep the network secure. And second, it replaces lost coins over time. And eventually, the amount of coins lost per year and the amount of coins mined per year will balance out.
Lack of privacy for sender
Bigger tx sizes
Permanent record that relies on encryption
Sender obfuscation is weak (gets better only post FCMP++) upgrade
10 block lock time after tx
less liquidity, smaller network effect, and no general purpose scripting
Frequent hard forks, security risks, chain splits, network fragmentation, consensus failure, large attack surface, wallet incomparability, misconfigurations, bugs, no formal voting process for changes, low liquidity, low adoption, large transaction size, can't audit it, regulatory risk, and limited scalability
what security risks?
what chain splits?
what network fragmentation?
what consensus failure?
what large attack surface?
what wallet "incomparability?"
what "misconfigurations?"
what bugs?
how is 10% of bitcoin daily volume "low adoption?"
did you know it is auditable achually?
but yeah, the tx size is bigger than bitcoin and that might limit scalability (not unique to Monero, blockchains don't scale).
Would love some examples of these supposed problems, otherwise you're 100% đ¤Ł
Here you go:
â Security risk: Moneroâs 2017 bug allowed coins to be created out of thin airâundetected for months.
â Consensus failure: 2019 hard fork caused a 2-chain split due to non-deterministic block hashing.
â Wallet bugs: The 2022 bug in monero-wallet-rpc caused incorrect balances for months.
â Attack surface: Every hard fork expands itânew cryptography = new risk. Bitcoin avoids this by evolving conservatively.
â Low adoption: 10% of BTCâs volume sounds great... until you realize BTC has 100x the user base, merchant support, and liquidity.
â Auditability: You 'believe' Moneroâs supply is right because math says soâBitcoin proves it transparently on-chain. Big diffetence. Not going to get an insurance company to use it as collateral for example
yesh and Bitcoin also had inflation bugs. and unlike Monero it was actually exploited.
Moneros was detected, patched and provably not exploited.
and if you want to talk about "consensus failure," Bitcoin also has several "consensus failures" (chain fork) ie, Bitcoin Cash. exactly the same thing that happened with Monero Original.
so maybe this is just normal software development.
and yes, if the math says so, it is auditable. thats what math is.
This is so silly and not worth arguing about. I think most real bitcoiners and monero people have a very similar viewpoint of life: sovereignty, privacy, cypherpunk lifestyle, little to no government, ect. Protocols are winner take all games and I just think bitcoin has clearly won. Must larger adoption, larger market cap, easier to audit, more layer 2 development, better scalability, liquidity, ect.
I guess it also depends what youre trying to achieve. I think most bitcoiners would agree that we are trying to replace the broken fiat system globally and seperate the money from state. Does the monero croud not want global adoption? Do you want it to just stay as a currency for the dark web? Are you hipsters that dont actually want average joes to understand your privacy coin cuz then it wouldnt be cool anymore?
I only arguing because btc and monero people have a lot in common and I would like more monero people to come over to the winning side because the more devs, builders, and individual thinkers, the better.
Trying to replace a broken financial system?
How about we just go back to the gold standard?
What's wrong with that?
Wtf does bitcoin achieve that hasn't been done already?
Seriously, think about it.
Most people, about 99% of the world has zero use for it, cannot afford it and it's clear even if it has a large market cap.
Remember, the USA printed 7 trillion dollars in two years.
Two trillion can move very quickly.
I'm sorry, you're really behind on this conversation if that's what you think. Maybe google why the gold standard failed in 1971 and what a satoshi is. You must be young or just very early in your learning and understanding so good luck to you
No I'm not. You just haven't done the homework.
OK then. Stay poor
it's not an argument, I'm correcting your misunderstanding.
You're not correcting anything, youâre just coping with the fact that Monero is a niche project preaching to a choir while Bitcoin reshapes the financial system. You can call it a âmisunderstanding,â but it sounds a lot more like bitterness from the losing team. Keep gatekeeping your privacy coin while the rest of us actually build something the world uses
dude, you wrote a bunch of bullshit fud and didnt expect anyone to call you out?
did you forget already?
now you're gonna whine about gatekeeping and pretend YOU were attacked?
good luck with that.
Hahaha your little insignificant network isn't even in the same league. The btc network is 2 trillion dollars in value and the other is 4 billion. Its actually nothing, irrelivent, and nobody cares about it. Its a rounding error. Ffs a doge meme coin is worth 5 times more. Stay poor
You do realise the USA printed 7 trillion in 2 years? đ
2 trillion cuck bucks? Is that wealth?
Figured you wouldnt mind me denominate its value in a shitcoin like USD cuz you already shitcoin with monero
Homeless Survival Guide" by Jeff Yago
Handbook for the Homeless: How to Survive on the Streets" by Charles W. Watson
The Art and Science of Dumpster Diving" by John Hoffman
Might want to pick these up while your coin is atleast worth a little bit. Remember to convert it to dollars first though cuz we both know you can't buy them with monero hahaha
So where can I buy these books with Bitcoin?
Bitcoin is more like a stock these days. Most hodl forever, park it on exchanges, or buy ETFs.
It's a farce to pretend that any large fraction of people with Bitcoin are actually using it to buy goods and services.
Monero is smaller but punches well above it's weight in actual usage. Every merchant that accepts Monero either exceeds or is right behind Bitcoin.
Even Bitcoin based markets like Bisq are mostly Monero trades.
Decentalized, digital commodity, fixed supply, hedge against fait debasement, permissionless, censorship resistent money. Just like a stock right? Youre actually braindead haha
Uk money isn't just a medium or exchange right? Especially not in a small app that nobody knows about. Uk what also "punches above its weight"? Chuck cheese tokens at chuck cheese haha
Having Bitcoin on exchanges and buying ETFs gives the vast majority of users none of the properties you listed. So yea essentially a stock.
And sitting in your cold storage without using it in commerce does jack towards being a medium of exchange.
When it comes to crypto most of the world is using Tether because unfortunately Bitcoin dropped the ball as an MoE.
Still waiting on you to show me how I can buy those books with Bitcoin though
I mustâve missed the part where you can buy those books with Monero either. And Tether? Still smaller than Bitcoin in market cap and pegged to the system that continues to loose value. If your point is that Bitcoinâs not perfect and Moneroâs even worse, then yeah, agreed haha
Lmao so we've now gone from "Ha you can't use Monero to buy these books you have to convert it to dollars first" to "Bitcoin can't either"
In that case what a stupid point to bring up in the first place đ¤Śââď¸
Yea that's how much Bitcoin has fallen out of favor as an MoE that even a shitty pegged to the system permissioned coin has usurped it. A squandered opportunity at a pivotal point in time. It's really a shame and I say that with no glee.
You were the one flexing Moneroâs âreal usage'. I just pointed out neither one buys those books without touching fiat and you should probabaly convert it to fait soon before your shitcoins value is 0. MoE isnât the only purpose of money. itâs actually the smallest. Most wealth isnât high-velocity, itâs stored. Thatâs why Bitcoin scaled up to base money, while Monero stayed stuck trying to be spending change in a closed loop.
>"neither one buys those books without touching fiat"
>"Bitcoin scaled up to base money"
đ¤
Money is the most saleable good. Bitcoin is obviously not that even by your own admission. Sorry to inform you that we're all bartering with digital tokens here.
Calling Bitcoin 'not money' because it's not the most saleable good right now misses the point. Monetary assets donât start as MoE. They become it after establishing trust and value. Bitcoin is scaling into that role globally, while Monero peaked as spending change in a closed loop. We aren't bartering tokens, we're watching one of them actually monetize and the other loose to two dog coins haha
Being the most saleable good is literally what makes something money or not lmfao. What you're describing is called speculation. Every trade that doesn't involve money is bartering that currently includes Bitcoin and might always.
Itâs funny how youâve dropped Monero from the argument entirely. Probably because you know it doesnât scale beyond a niche. And no, money isnât born as the most saleable good, it earns that status over. That is a textbook answer with no nuance. Every historical money has gone from store of value, medium of exchange, and unit of account. Thatâs not speculation, thatâs monetization. Bitcoinâs on that path. Moneroâs still trying to get invited to the table. But monero bros would never let that happen cuz it wouldn't be "cool" anymore. You all would just move to the next project cuz you are hipsters
>"Probably because you know it doesnât scale beyond a niche. And no, money isnât born as the most saleable good, it earns that status over."
In other words, you're trying to predict the future AKA speculation. Maybe you don't know this but Bitcoin doesn't scale globally either not even with Lightning.
>"That is a textbook answer with no nuance. Every historical money has gone from store of value, medium of exchange, and unit of account."
Accusing me of not being nuanced then proceed to say something without nuance. You just keep making assertions without the smallest bit of argument or evidence behind it besides what other bitcoin maxis told you.
Monero is already usurping Bitcoin as king of the darknet market despite Bitcoin having first mover advantage and being the largest network that is accepted on every exchange. Black markets are the only place relevant to Bitcoins value prop. Money flowing through permissioned white market transactions are a non-starter. It's tradfi with extra steps.
So now Moneroâs entire value prop is that itâs the king of the darknet? Congrats, your coin peaked as black market lunch money. Meanwhile, Bitcoinâs building layered global infrastructure, and you're over here flexing niche criminal use like it's mass adoption.
And yeah, monetization is a process, not a prediction. Calling that âspeculationâ just tells me you donât understand how money emerges. Cope harder haha
Any arbitrary rule by a centralized authority can be imposed on any transaction that takes place on the white market including Bitcoin. They can impose any burden they want to advantage fiat. Extra taxes on bitcoin transactions or "unrealized" gains taxes for hodlers to offset your "gains", require you hold it with their government approved custodians and give you IOUs to fractionally reserve, or even outright ban it.
Flexing cucked permissioned Bitcoin mass adoption is an oxymoron. Might as well use fiat at that point.
It's not money. You claim it will one day be money and NGU. Thats called speculation you don't know the future.
emphasis on censorship resistance means finance bros will never pump it
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