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10 sats \ 12 replies \ @kristapsk 8 May \ parent \ on: if bitcoin became illegal by law (part two) Personal_Finance
It can't. Monero transactions consume more blockspace and takes more CPU time to verify.
please stop, everyone has different opinions. I think we forget the most important aspect of all, both bitcoin and monero want freedom. One is not against the other. I consider Eth valuable too, like silver. XMR for copper. Both are distinctly different but have different purposes. Can you put a smart contract on bitcoin? Each crypto is different but ultimately have the same goal. Instead of fighting off each other- come up with ideas to push other countries to adopt crypto to get off this sh*t fiat system.
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It's not opinion, it's a fact, Monero is worse at scaling than Bitcoin.
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This is true technically.
It is technically worse in the same way a child would have a harder time trying to physically stop a train versus an adult. One is stronger than the other, but that hardly matters at those scales. Neither is going to succeed in doing that in their current state.
Agreed, folks should be open minded. It is sad to see some folks that are rather bull -headed about just having a discussion. I'm a pretty hardcore bitcoiner and have studied it pretty well - I therefore have confidence in my opinion and can be open-minded. Folks that fight against an open discussion seem less secure to me.
That being said, @kristapsk may know what he's talking about (I don't think he's being closed minded like some folks in this thread). Otherwise, @Hamstr, do you know if Monero can scale as well or better than Bitcoin?
I think the question of scaling is relevant because IF layer 2 becomes the norm in the future and IF layer 2 can have privacy then that seems like a win for bitcoin. Or, said another way, at that point, what value does Monero have over bitcoin?
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I not entirely 100% sure, but from my understanding, over-time is gets better the more people that use it and transact in it. So it gets cheaper to send transactions, it gets more anonymous they are upgrading from ringCT16 to full dev mode which goes up to 100,000. Its a new development, so I'm a bit unfamiliar with this so don't bite my head if I'm giving you wrong info.
right now, to send a transaction to you is at most $0.01 if high high priority. but often times it less then a penny
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Everything you said is pretty much correct. The RingCT upgrade is called Seraphis btw, which basically makes your transaction potentially part of any transaction on chain. Can't understate how massive an improvement this will be.
There are a lot of other benefits like forward secrecy, better viewkeys, multisig, etc and cleans up many other smaller and larger issues Monero has
Can Bitcoin scale to 100s millions? billions? No. Not even close. Not even lightning does. Then it is kind of moot. Both would collapse well before this kind of adoption. Neither scales right now (over time they may)
Tech isn't static, efficiency improvements occur, and better protocols can be adopted. Monero has a long history of this.