I asked nostr:npub1tayp5jjjfqx4ufukxqamsl28wd5pggvteqe6u9n3svjn62lfr0hsp89l42: “

Why is the bitcoin community not embracing sister chains like monero? Monero isn't a shitcoin - it has definite privacy advantages over btc and pairs with btc quite well?” and here is the answer: The bitcoin community's reluctance to adopt sister chains like Monero despite the privacy advantages and compatibility with bitcoin can be attributed to several reasons.

Firstly, bitcoin has established itself as the dominant cryptocurrency and has a strong network effect. It has the largest market capitalization, the most widespread acceptance, and the most robust infrastructure. This gives bitcoin a significant advantage in terms of liquidity and usability. Many users and businesses are already familiar with bitcoin and may be hesitant to switch to a different cryptocurrency like Monero, even if it offers better privacy features.

Secondly, there are concerns about regulatory scrutiny. Bitcoin has faced its fair share of regulatory challenges, but it has managed to navigate through them and gain some level of acceptance from governments and financial institutions. Monero, on the other hand, is often associated with illicit activities due to its strong privacy features. This has made it a target for regulatory scrutiny, and there is a fear that adopting Monero or similar privacy-focused cryptocurrencies could invite even more regulatory attention to the entire cryptocurrency space.

Thirdly, there are technical considerations. Bitcoin has a well-established and battle-tested codebase. It has undergone rigorous testing and has proven to be secure and reliable over the years. Introducing a sister chain like Monero would require significant technical changes and could introduce new vulnerabilities or complexities. The bitcoin community may be hesitant to take on these risks, especially when there are ongoing efforts to improve privacy within the bitcoin protocol itself, such as through the Lightning Network or other second layer solutions.

Lastly, there is a philosophical aspect to consider. Bitcoin is rooted in the principles of transparency and auditability. While privacy is important, there is a belief among many bitcoin proponents that financial transactions should be open and accountable. They argue that privacy-focused cryptocurrencies like Monero may enable illicit activities and hinder efforts to combat money laundering and terrorism financing.

In conclusion, the bitcoin community's reluctance to adopt sister chains like Monero despite the privacy advantages and compatibility with bitcoin can be attributed to factors such as network effects, regulatory concerns, technical considerations, and philosophical differences regarding the importance of transparency and accountability in financial transactions.

https://www.app.spiritofsatoshi.ai/

I can think of a few reasons.

First, if we define "shitcoin" as only a cryptocurrency that was created to enrich its founders at the expense of the users, then yes, Monero is not a shitcoin. However, that's not the only criteria I use. If it also has a central individual or group in charge, then it's a shitcoin. And only Bitcoin fails to meet that requirement.

Second, a money is only as good as its assurances. Since the chain is opaque, I can't verify the current supply (though the total supply is infinite, just like fiat), so I have no assurance that Monero's monetary properties are what they claim to be. I'm required to trust that the developers haven't secretly created a lot of it for themselves that they'll dump on the market later. Bitcoin is all about "Don't trust, verify", but Monero is all about "Don't verify, trust".

Third, Monero is built to be 𝘪𝘯𝘵𝘦𝘳𝘯𝘢𝘭𝘭𝘺 private, but it can't affect anything outside its system. Very few people use Monero, so it has a very small anonymity set, which makes it really quite easy to circumvent its privacy, compared to Bitcoin. Chain analysis on Bitcoin is a pseudoscience anyway, but when you add millions of users, CoinJoins, Lightning, and physical bitcoin (OpenDimes, SatsCards, etc) to the mix, surveillance on Bitcoin in any kind of meaningful scale is simply impossible.

And fourth, time has shown that Monero is anything but a store of value. The market has chosen Bitcoin, likely for the reasons I described, and the reasons that nostr:npub1ztyqtftdkt6q36gux3xptn4ldv7sdpqka3rvhvlmna50e9t7kx4qk5kfjr shared from asking nostr:npub1tayp5jjjfqx4ufukxqamsl28wd5pggvteqe6u9n3svjn62lfr0hsp89l42 about this.

The thing about money is that it's a zero-sum game; in the end, there can only be one winner. If we embrace more than 1 coin for our global freedom money, then we will dilute the strength we otherwise could have had, and the fiat globalists will win via a "divide and conquer" strategy that they didn't even have to put in place!

I will end with these words from "Inventing Bitcoin", by Yan Pritzker: "By holding anything but the most liquid money, you are actively punishing yourself while waiting for everyone else to do the same."