430 sats \ 23 replies \ @zuspotirko 31 Jul 2022 \ parent \ on: For those who dislike Monero…why? bitcoin
I think Monero isn't meant to be a means of storing purchasing power.
How do you exchange value with monero if you don't hold value in monero? The idea of being a medium of exchange without being a store of value is nonsense. It must have value stored in it if you want people to give you goods and services in exchange for it.
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Back when Bitcoin started people had the same question.
Then darknet markets started using it: it had value and was exchanged for things with Value
Then it started being exchanged for real stuff
Now we’re here.
Bitcoin has been replaced on darknet markets by Monero.
Even Satoshi himself said he wished he could implement the features but lacked the knowledge and also Schnorr Sigs were under a patent while he was already developing Bitcoin.
Again, if you wanna see the macro view, your answer for Monero’s value will be obvious.
Or you could be like the people who denied Bitcoin in its early days, me included, and repeat the mistake.
That’s all. 🙃
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"x will grow in value" does not make x a good money. Lots of bad things capture value. Monero is another centrally managed money which unfairly rewards the people who control it. Bitcoin exists to set people free from centrally managed unfair money like monero.
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Who are the people that control XMR? And how do they unfairly benefit?
XMR has nodes and miners that follow a set of consensus rules just like BTC does. It's not just another smart contract token with a pre-mine where the contract is loosely defined or able to be changed by a privileged few.
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Montero can't be audited. That means it is fundamentally untrustworthy, because you can't verify the inflation peomises. Bitcoin fixed that already.
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It can be. Please see XMR sub for how. 🙃
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It CAN be audited. However, an inflation bug could exist without being detected. If an inflation bug was exploited in BTC it would be obvious.
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Auditing that can't detect an inflation "bug" isn't auditing you can trust.
As posted in a different comment, Monero uses cryptographic range-proofs to verify supply (nodes verify the range-proofs of each TX). In addition, a Python script to externally audit supply is under development: https://ccs.getmonero.org/proposals/monero-inflation-checker.html
Monero is what Bitcoin wants to be.
You are very very misinformed. 🙃
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How do you exchange value with monero if you don't hold value in monero?
How do you exchange value with a credit card if you don't hold value in a credit card? Is your question serious?
You hold and exchange value in whatever you want to and when you need the anonymity of Monero you exchange it for Monero, make the Monero transaction and the receiver exchanges it back. It's a tool like a screwdriver.
That being sad, all of Moneros usecases have been solved in Lightning.
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You can't receive an LN payment without disclosing your node pubkey (and by extension, all your channels which can be probed to reveal how much money you have). Meanwhile, you can receive XMR and nobody can see your wallet balance. So XMR still has a use case not solved in LN.
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Well, send Lightning to custodial BlueWallet or someting and forward to the actual destination
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Or send money to ln.cash and give out the link.
Or send it via swap like fixedfloat.com
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Sure, there's ways to avoid leaking privacy when using BTC. But this requires a deep understanding of the tradeoffs. Meanwhile XMR does privacy by default which is great for people just seeking privacy without a desire to understand tradeoffs.
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Avoiding leaking privacy requires a deep understanding, period.
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That is a well reasoned and accurate statement 🙃
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Someone else said it too! 🙃
Yes. The Monero community really wants it to be used as a currency and not a store of value.
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Will it be a decentralized currency but only for a tiny market size? Or will it become less decentralized as market demand approaches BTC?
I feel like it's the former. I often hear XMR people say "mass adoption isn't the be-all-end-all". I see it as a tool for the relatively few occasions where value transactional privacy is very important.
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Kind of like a Swiss Bank Account in your pocket 🙃
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