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There was no implied prediction. My initial post was about the actual performance thus far, which we can objectively see is falling behind bitcoin. I am humbly following what the market is determining to be the best money. I used to be much more bullish on gold but I was wrong and I’ve adjusted my views. Money is a winner take all race and it humbles a lot of people.

And yes second layers have trade offs. Everything has a trade off. There is no perfect solution. But there is a balance and bitcoin has the ability to adapt and change to meet those needs. The beautiful thing about the way bitcoin adapts is that it actually incentivizes you to improve it. What annoys me about monero shills is that they don’t acknowledge the trade offs of monero. Do you run a node on monero? Do you mine monero? If monero became the global currency of the world, would it remain decentralized? The blockchain limit of monero is much larger which would make it unaffordable to run a node and keep it decentralized if they actually got the same level of activity that Bitcoin has. Ironically, the fees would rise on monero as well in that world. So what’s the solution then? 😂

The other problem with monero is that the ledger isn’t public and cannot be audited. I know it must be surprising as a privacy advocate to see such a statement but it’s actually very important to know the total supply to prevent paper trading. This is the problem with the price of gold. Since no one knows how much gold exists and you can’t audit the supply of gold held by central banks, they can easily manipulate the price of gold with paper trading. That can also be done with monero. If monero grew bigger than Bitcoin, it would fail because central banks would paper trade monero and suppress the price. Imagine if blackrock launched a monero etf, it would be game over. They can’t do that with bitcoin because you can see the total supply. So even though Bitcoin isn’t perfect in terms of privacy, if you practice privacy yourself on bitcoin, you get the best of both worlds. You get immutability, scarcity, and privacy. You just have to put in a little extra effort for privacy on bitcoin but that trade off is reasonable to me.

My position on bitcoin does not mean I know the future. The future is uncertain and every decision you make regarding anything in your life requires that you make a decision based on what you think is most likely to happen.

Saberhagen The Nameless 2y ago

Bitcoin is not the most saleable good, so it is NOT money. I thought you were into Austrian Economics? You should know this.

It also lacks ideal characteristics of money such as fungibility.

Monero and Bitcoin are both Mediums of Exchange. Bitcoin is a good SoV so far, but a poor MoE vs Monero (two orders of magnitude higher tx fees, not fungible, not private). We are seeing Monero displace Bitcoin on Darknet Markets. The closest thing to a free market currently possible. Ultimate skin in the game.

Arrogant strike #2: "monero shills" and I have yet to call you any names.

Yes, and even bitcoin has trade offs. Bitcoiners constantly tout it's transparent auditability as a strength, but then also think that same blockchain is more private than Monero. You can't have your cake and eat it too, sorry.

Yes I run a node. Yes I mine. Yes I ackowledge Monero has trade offs.

Monero is more opaque with complex auditability. But in practice, no bitcoiner takes advantage of their chains transparency. No bitcoiner is checking every 10 minutes that all inputs = all outputs in case of implementation bugs. You just run a node and pay no mind. Just as a Monero user would.

Did you know there was a hidden inflation bug in Bitcoin only an anonymous user knew? They couldve easily exploited it, but very luckily they were an honest actor who secretly let the devs know (who couldve also decided to exploit it). If they did exploit it, how would detectable inflation help after the fact? It wouldnt.

An exploited inflation bug would be equally catastrophic once it happened to either Bitcoin or Monero. Attackers have the advantage. There is no good solution to fix an exploited inflation bug without hurting other users on either Bitcoin or Monero.

https://bitcoincore.org/en/2018/09/20/notice/

www.coindesk.com/markets/2018/09/21/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret

"If monero grew bigger than Bitcoin, it would fail because central banks would paper trade monero and suppress the price."

There you go predicting the future again. Take your own advice man.

You think an auditable supply keeps Blackrock from making paper Bitcoin? Lol

And if none of that convinces you - there is no reason you must hold Monero longterm. You can just use it. And it nullifies all your supply auditability fears. Continue saving in Bitcoin, spend with Monero.

No, you don't get the best of both worlds with Bitcoin. Trade offs exists you said this yourself. You give up privacy. But there you go trying to have your cake and eat it too. You don't acknowledge Bitcoin's own trade offs but get mad when "monero shills" do the same thing.

Ceteris parabis Monero will always be more anonymous and private than Bitcoin. Bitcoin is a PUBLIC blockchain.

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