243 sats \ 8 replies \ @02d769cb73 26 Jul \ parent \ on: So what are the problems with Monero? bitcoin
i'd imagine monero users would consider most of that as extra steps - they have a meme, 'just use monero' to that end - not advocating, not a monero user, but in a way i can see their point.
I want to make a bitcoin wallet that automatically does all of this stuff for the user. <insert_name_here> wallet. Then we can reply to their meme with "Just use <insert_name_here> wallet."
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i'm not sure how useful un-kyc ing coins is - i mean, once you've announced you've got it, you can't make others un know you got it - maybe making no kyc easier and more prevalent is the more effective way ? or earning rather than buying, i suppose...
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Monero folks seem to focus on tax avoidance I think. If that is the goal you are correct. You can't un-kyc bitcoin in that way. Here's the real problem I think super is getting at. Linking your transaction history with a party you have a transaction with. Unlinking yourself and maintaining more privacy in the bitcoin eco system / blockchain. Correct me if I am wrong there.
I think one of the best arguments a monero person has is that even without KYC if someone has poor bitcoin Opsec they are exposing info to someone they transact. Thing is, this all comes down to better wallets that use best practices and make it hard to have bad Opsec.
I think the big issue I have with monero is getting the cart ahead of the horse with privacy.
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yeah good point about the unlinking aspect - hadn't considered that
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Re: "un-KYC-ing" coins, if your reason for doing that is "I don't want to be in a database at a big company like Coinbase," I suspect it actually DOES help. If the coins you bought from Coinbase never move then they can confidently say you still have them. If you "un-KYC" them then you did move them and their database will have to reflect that your KYC'd addresses are empty now. That's not nothing. You might still be in the database, but now there's at least implicitly a question mark by the addresses they associate with you. They know they "once" had coins but any future reports they make about your holdings must reflect that all the addresses they know you had coins in are empty now.
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That would be beautiful
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I think you are right about the response. The follow up to it is... yeah. Where am I gonna use this monero. We get back to network effect which is the same thing you get from no-coiners. Where do I spend my bitcoin. So we get back to adoption and NGU which like it or not is gonna be what gets people into the network. I always come back to game theory when I think about "privacy coins". I went through a phase of thinking they had a real place. The more I think about it at best their place is temporary and very narrow. As bitcoin grows in adoption they get weaker. Network effects are real. These problems of privacy are not only solvable but most future bitcoiners do not CARE about privacy.
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the monero doesn't scale thing is kind of true but as most people don't care about it, it tempers the growth of the chain to some degree... so it's niche aspect may (or may not) prolong it's presence
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