859 sats \ 4 replies \ @super_testnet 31 Jul 2022 freebie \ parent \ on: For those who dislike Monero…why? bitcoin
Frequent hard forks = central management. I don't want my money to hard fork frequently because I don't want to do code review all the time to ensure I still have exclusive control over my money. Hard forks are an opportunity to insert coin stealing malware into the latest software. The moment you "just trust the devs" not to do that is the moment you lose your financial sovereignty.
Also, I don't like the dev tax. It's cointillionaire-ism, unequal distribution of the flow from the money spigot, not to those who worked for it, but to those who control the spigot.
Also, I don't like the perpetual subsidy. It penalizes people who just want to save their money.
Also, I don't like the inability to audit the supply. If there is a bug that lets someone print monero for free, there is no way to tell if they used it.
There is no dev tax in Monero. Development is funded by voluntary donations (https://ccs.getmonero.org/).
Monero development is discussed publicly (https://matrix.to/#/#monero-dev:monero.social, https://matrix.to/#/#monero-community:monero.social) and anyone can contribute. Hard forks are discussed, planned and tested and notice is given months in advance. If you don't like a planned feature in the hard fork, you can openly discuss it in a monero-dev or monero-community meeting. Wallet updates are also released weeks in advance.
The 0.6 XMR/block tail emission trends toward 0% inflation over time (disinflationary). Right now the annual inflation is around 0.87%, which is currently less than Bitcoin and gold, and far less than fiat. The tail emission incentivizes miners (less risk of a fee market, considering that the Bitcoin block reward will drop below 1 BTC in 2032 and to 0.01 BTC in 2056) and means that it will always be possible to acquire Monero via CPU mining, which is an accessible KYC-free on-ramp (you just need a regular computer to mine Monero). The tail emission was included in the original Monero code from 2014 and became active this year. More details in this infographic: ![]()
Monero's supply is verified via range-proofs (cryptography that ensures that inputs - outputs = 0, without disclosing exact amounts). Nodes verify range-proofs for every transaction and will reject invalid TXs. Block rewards from mining are transparent and can be viewed on any block explorer. In addition, a developer is writing a script to externally audit the supply via Python: https://ccs.getmonero.org/proposals/monero-inflation-checker.html
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The 0.6 XMR/block tail emission trends toward 0% inflation over time (disinflationary).
Question: How does this differ from Bitcoin's emission schedule in practice? After a long enough time, it would seem as though both Bitcoin's and Monero's block rewards trend towards zero in terms of value / purchasing power. So while Monero will still have tail emission in the year 3000, the value of the token will be dilluted so much that 0.6 XMR won't be worth much regardless.
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By the year 3000, the total monero ever mined would be roughly 178 Million.
Ethereum is 100 million + at $4000+ and expected to increase without privacy
Other coins like BNB are at 200 million +
By the year 3000 we will either have a collapse of civilisation or be star faring, 100s of billions of humans.
Do some quick math. :)
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Thank you for a detailed answer 🙃
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