Monero is similar to fiat money — nobody wants to store their life savings in it. It has an unlimited supply, just like fiat, and its blockchain is not transparent, which leads to concerns about potential inflation bugs. Those who use #XMR frequently swap in/out for #BTC (the superior form of money and store of value).
In essence, #Monero is merely a temporary tool, serving as a pseudo L2 for #Bitcoin.
Gold also has non-stop inflation...
Yet it was the money of civilization for thousands of years. Monero has less inflation than gold.
Fiat issuance is arbitrary, centralized, and unpredictable. That is not true for Monero or gold.
Having a private blockchain is what also makes it a great digital currency and truly fungible, unlike Bitcoin.
No one is telling you to save with it. It is p2p digital cash. You use it for strong default transactional privacy.
How temporary we talking? The lifespan of the sun is temporary. I guess that is yet to be seen. Right now, it is a good tool and Bitcoin has no L2 that is a full replacement for it.
Gold is last century shiny yellow rock. #Monero has unlimited supply cap, it doesn't matter if issuance is predictable. 1 btc = 1 btc, can't say the same for Monero.
Having a private blockchain has its cons. You get default privacy sure, but you have to give up trust in the system being bug-free and exploit-proof because you can't verify anything. An inflation bug, for instance, can go undetected in Monero, and it's possible that's already happened.
No one holds Monero because it's just temporary tool people use to transact privately. It's like paper fiat, but digital. And every cool feature any shitcoin has will eventually come to Bitcoin. It's just a matter of time before Bitcoin gets better privacy solutions (on par with Monero). Once that happens, are you still gonna stick with Monero?
You can minimize all you like. That "shiny yellow rock" was the monetary foundation for several millennia and life blood of civilization that led to ours...and it had small inflation the whole time
If I offered you the choice to hold $100,000 in fiat paper money or gold for a few decades - which would you take? If you're being honest you would say gold. Obviously, issuance is very important!
You must be kidding. Ironically 1 btc =/= 1 btc because it has unique histories. It's not fungible in practice. Monero is. 1 xmr = 1 xmr. It has no unique history. Uniformity and indistinguishability = fungibility
Yes, my point was there are pros and cons to both, but you made it seem like it was all just cons. If a large exploit was found we would know eventually indirectly via the price tanking to zero. And if you're still worried - just use it as digital cash, not for savings. Problem solved.
Many differences from paper fiat:
-Cant send cash instantly to anyone on the planet.
-Cant carry large amounts or cross borders without risking confiscation and theft.
-Exposed to centralized and unpredictable issuance.
-Difficult to verify authenticity on the fly.
-No mechanism for verifying supply.
-Need to carry specific denominations for change.
-Can't trustlessly exchange (atomic swaps)
-Different people can't simultaneously have ownership and control over the same cash (multisig)
Yea ok, many users have been waiting for privacy on Bitcoin since 2009. Nothing but empty promises and vaporware so far. What about the users who need and want strong default privacy right now and wish to keep their sovereignty? What should they use? Some hazy undetermined future privacy doesn't help them
Sure, if there are no major trade offs, and it is actually adopted, I'll use whatever is the best tool for the job. I'm not attached to the name. Are you?
'It's just a matter of time before Bitcoin gets better privacy solutions (on par with Monero).'
that absolutely isnt going to happen because core devs do not want that to happen. They have had plenty of time to do so and have made no attempt to, for political reasons not technical ones. Bitcoin is state monitored, non fungible money. Even fiat cash is better for privacy and fungibility.
