10 sats \ 4 replies \ @HardRich 9 May \ parent \ on: if bitcoin became illegal by law (part two) Personal_Finance
Is it your assumption then that Monero won't need any layer 2 tech and that the base layer will be able to scale out well enough? That'd be cool, if so. If it can't, if it requires a layer 2 or 3 to scale then I go back to my argument which is that Bitcoin can get privacy on layer 2 and/or 3 (fediments and ecash, for example). If the vast majority of the world is using Bitcoin layer 2 or 3 and you get privacy with that then how is Monero better?
I'll fully admit that Monero is better than Bitcoin on the base layer in terms of privacy - of course, no shock there. However, neither of them can scale to any large degree on their own (as far as I understand) and both would need layer 2 or 3 tech to scale, right? And again, if privacy can be had on bitcoin layer 2 or 3 then I'm just not sure I see the benefit of Monero in the long term.
In the short-to-medium term perhaps Monero is better. Or, if governments go nutty quickly (before bitcoin layer 2/3 can get enough privacy) then Monero will be the only real option to avoid corruption. So, I'm glad we have Monero for the possibility of short-to-medium term corruption. That being said, my vote (aka my money) is on bitcoin in terms of it's long-term potential and demand. But, I'm glad that Monero exists.
:) Thank you guys. I appreciate your discussions.
In fact, I'm very happy. This is probably my first time being able to about to talk about Monero without being called a Shitcoiner. This has been healthy. @HardRich I am glad BTC and XMR exist. @yo2xncv0 seems you're more versed with XMR then I am. Thank you both, for your discussions. I feel like the guy on "FamilyFued" or something like that. I wish there was an XMR_Privacy category on SN. Cause who knows how to be anon better then the XMR community?
reply
Can't anyone start a community? Maybe you or another big Monero person could start it? Though, to be honest, you'd have to be comfortable with a lot of trolls. I'm all for being a bitcoin maxi but some folks do tend to push it too far.
To be fair, there are a lot of coins that are scams so it's fair to be very skeptical and call it out and I think bitcoin maxis are generally a good thing. But some are certainly overboard and ought to be more secure about their positions instead of being so defensive. And, Monero has been around for a long while now so it's pretty clear it's not a scam at this point.
reply
it cost 100k sats a month and 3mil to keep forever. When I reach that- I may open that category and may HEAVILY moderate it because I know it'll recieve a lot of hate. why? Because like you said, many BTC maxi push it too far.
reply
Heavily depends on the rate of adoption, protocol improvements, and advances in tech. Maybe crypto will always be a niche thing then it won't need to scale how we think. Who knows? I do know Seraphis starts making layers possible on Monero. I just really don't like how ecash is not self-custodial. That's a major pillar of Bitcoin and we are back to banks. Otherwise I wouldn't have a problem with it if there was a way to do it without trusting a third party.
Good talk with ArticMine on scaling Monero:
https://www.youtube.com/watch?v=9RJ5HDmuucY
Bitcoin to me is a concept that spawned all these iterations of cryptocurrencies. BTC is just one of these and all these other cryptos are speciations that will live and die. Almost like an organism evolving and finding niches in the market. We probably won't recognize most major cryptos 15 years from now.
I think crypto will diverge into two major camps as time progresses: RegFi (captured, regulated systems - a failure of the original goal) and DarkFi (anti-fragile, underground, and heavy use of cryptography for anonymity and privacy)
https://www.youtube.com/watch?v=QA3YZVDUN5s
reply