Embrace fiat with onchain "privacy" features.
Discussion
You work for Edge and still believe that Monero is “fiat”?
I believe we have fiat characteristics or Bitcoin. That’s not necessary bad, if you need crypto in order to make more usd or bitcoin, or if you need tools you find in the fiat world but are way more advanced in the crypto world (lending, staking, mixing…).
But Bitcoin is something else.
The Bitcoin capped supply and the distributed consensus that makes changes so hard to be implemented are the key features that differentiate Bitcoin from crypto.
As per Monero, I think it’s cool and might be useful for getting privacy on low amounts if you use it as a tool and go back to Bitcoin as soon as possible. I would not hold funds there as an alternative to Bitcoin.
I don’t speak for Edge, I speak for myself.
Fiat issuance:
❌Predictable
❌PoW
❌Decentralized
Monero issuance:
✅Predictable
✅PoW
✅Decentralized
Hope this helps
Monero issuance is not predictable.
PoW can be changed to PoS or anything else if the validators want and it has already been changed in the past. It’s easier to change the consensus layer on these crypto because they can be “decentralized” but their consensus is not really distributed.
Far more predictable than fiat. 0.6 XMR every 2 minutes. There are no "validators" in Monero.
By that standard Bitcoin has also changed it's rules in the past to correct an inflation bug. The rules allowed someone to do something, then they were changed after the fact.
Sorry but it’s not “predictable”.
Also, with Bitcoin you can see an inflation bug seconds after the transaction is sent, you can’t in Monero.
In addition to that, even if the inflation bug is in a coinbase transaction (probably impossible, but who knows) with Bitcoin a miner needs to wait around 16 hours before being able to spend the funds, with Monero just 2.
With Monero an inflation bug can be buried under days of blocks or more.
Want put money on that? Lets make 3 bets that a day, month, year from now Monero will still be 0.6 XMR every 2 minutes. Tick tock next block as the kids say
>"Also, with Bitcoin you can see an inflation bug seconds after the transaction is sent..."
That's why only a single anonymous user reported this. Not even the devs knew about it. Passively running a node doesn't guarantee you will catch anything and this case makes that evident.
bitcoincore.org/en/2018/09/20/notice
Would you rather place money on predicting the future issuance rate of the fiat money printer or on Monero? If you're honest we both know it would be on predicting Moneros issuance.
No, of course.
But I would bet if you compare the probability of changing Bitcoin monetary policies vs Monero’s or any other crypto you choose ;-)
Ok, sure, but the original topic was you saying Monero was "fiat with onchain privacy features", Monero vs fiat, not Bitcoin
Bitcoin blocksize was also changed since it use to have no limit. Changed to 1MB then later changed in practice to accomodate 4MB. Many more cases.
No hard fork needed to add that terrible block weight parameter.
whaddya mean issuance is not predictable?
its .6 XMR per block?
Can you show me a coinbase transaction where I can see those 0.6 XMR?
