Monero is nonsense. Here's why:
In most real world payments that go to companies, your blockchain's privacy doesn't matter. Why's that? Because if you buy something from Amazon you have to provide your shipping address. If you pay your insurance, it's attached to your social, license, car, etc.
In p2p transactions, let's review its privacy through the lens of what's happening in the real world:
On the darkweb, most of the top marketplaces are BITCOIN ONLY.
94% of all ransomware ransoms are paid in BITCOIN
Most sanction violations are in BITCOIN
The most recent global funded protest (Canada truckers) was BITCOIN
Drug cartels are rapidly switching to BITCOIN with more hardware wallets seized by Border Patrol yoy
The idiot Andrew Tate's sex trafficking raid seized BITCOIN
If its good enough for the criminals who require the most privacy, why isn't it good enough for you?
We have a layered network with L1/L2 now. Very powerful for privacy, and the Taproot upgrades are still mostly missing, but coming. Many CEX's have not integrated LN because its privacy is too good for their AML rules and blockchain forensics.
Also, when a circular economy grows, where enough goods and services are priced in bitcoin, exchanges become less necessary, and it's exchanges that are the vector blockchain forensics lever.
Also, as the usage of bitcoin increases globally, the data set increases exponentially, making privacy even better.
You see, with bitcoin we're trying to separate money from state. Very ambitious. That means the money isn't just for you and I, but for governments and businesses. Money that economies hedge in. Anonymity doesn't allow this. And if we're all sitting around broadcasting transactions in the dark, it means the money failed to ever achieve the separation of money from state, and we're still hiding.
Don't allow the Monero shills to tell you their anonymity is the key to anything but a low-volume protocol with a chart telling the sad story of a coin that in the most recent bull market couldn't even eclipse its previous high. That's a very bad sign.
It's been around since 2013! LOL. Failed to establish itself in any relevant way in the real world as the defacto currency of the private conscious entrepreneur. It's utter bullshit. And since it's been dropped by almost every exchange, it literally relies on bitcoin for its liquidity via atomic swaps and DEX's.
Lastly, their block subsidy ended so they rolled out a polite sounding scheme called "emissions", where they've removed the fixed coin limit to pay the security budget for mining.
I wouldn't accept Monero as payment for anything. Do you know anybody that saves money in Monero? That accepts it as payment? That has a Monero wallet app on their iPhone? Do you know any major application like CashApp or PayPal that has it? Do you know of any publicly listed Monero miners? Any Monero miners making industrial attachments to energy grids? Any companies like Intel producing mining chips, or companies like Exxon capping gas flares with bitcoin mining rigs? Look around. DON'T OVERTHINK. What do you see?
Leave the Monero bullshit to faux freedom fighters, people who think they missed out on bitcoin, or people who think they've found the next bitcoin. It's an illiquid shitcoin that's difficult to offload. So link this reply to any Monero shill trying to drum up interest with "fungibility" arguments.
You don't need it.
thank you for reply! really liked the arguments, especially about the incompatibility of anonymity and the separation of money from the state. maybe a little controversial, but overall cool.
But in fact, there are many uses for monero. For example, the cakewallet app allows you to buy gift coupons for monero, that is, literally pay for a bunch of small items for monero. Also a lot of VPN services accept payment with monero.
But it's all bullshit compared to bitcoin. Yes, I guess you have changed my mind. I will think more about your arguments, but in general I agree. Thank you.
I just ask:
"What is monero trying to accomplish?"
Privacy, anonymity, censorship resistance. Monero has accomplished these things. Now what? How do we onboard Apple, governments, and my church? How do we get Monero companies to go public?
"What is bitcoin trying to accomplish?"
Separation of money from state. To establish a new global base layer of trust. To absorb the value of everything in the world. To be the money and payment network (L1/L2) that everything of value travels on and the money everything is settled in. To hard fork humanity. To incentivize the use of wasted and stranded energy. To subsidize energy infrastructure. To demonetize the political class and eliminate their ability to make (fund) war. Dematerialize borders. Bring us closer to the next Kardashev level.
damn i would bookmark the hell out of this comment if the feature was already available lol
haha nice timing, can bookmark now!