0 sats \ 2 replies \ @KingZing 14 Jul 2022 \ on: Bitcoin maxis...were right bitcoin
Maxis dont just call out scam, they also call out shitcoin. Problem is they see everything else as shitcoin just because there are so many shitcoin.
I still failed to see why monero is a shitcoin for example
Oh I know this one! Its because monero just used a discarded idea that was first brought to Bitcoin. It was called "Confidential transactions" and it was discarded after intellectual discussion (which you can take part in the bitcoin core review club: https://bitcoincore.reviews/) because they are bigger, bloated transactions and does not allow for the ability to audit on the base layer. This is important for ensuring protection from attacks like the value overflow incident in 2013 https://en.bitcoin.it/wiki/Value_overflow_incident
https://bitcoinuptime.org/
Also, monero has "tail emissions" which literally just means it has no supply cap. Bitcoin generally wants to solve this problem in a different way.
Also, monero does changes their code to prevent ASICs from mining monero, but this is a vulnerability because if a government made an ASIC, the monero team and community would not know about it and because of moneros inability to audit the base layer, the monero team and community would also not be able to detect the subsiquent double spends until enough people get robbed to be noticeable and believable and even then, that would not neccisarily indicate to them what the problem is that would need to be fixed.
But hey, at least monero actually tried to be money rather than a security.
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For all the flaws, (I think audit issue has been debulked?), Monero is the only coin I have recommended to some activists that are in high risk regime.
AFAIK tail emission trend towards ~0% inflation, the long term MS change would just be coin lost, just like BTC.
I still don't see it as a scam coin though, if anything I think strong default privacy make it the most secure coin ATM.
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