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21 sats \ 9 replies \ @kepford OP 26 Jul \ on: So what are the problems with Monero? bitcoin
Here's a question I have for monero people.
- Is monero's goal to become the dominate money used by everyone on the planet? a. If so, how does that happen? What is the game theory / story for how that happens?
- If monero's goal is not to become the dominate money what is the goal?
- How does monero solve the problem of the state?
Any shitcoin must answer the same objections that bitcoin faces. To me this is forgotten when we start debating the merits of other projects. "Privacy coins" are one of the few shitcoin categories where bitcoin will say... you have a point. We've thought of that. That needs a solution. Or, we have a solution. It just needs adoption.
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Not every crypto needs to aim for world domination. Monero's goal isn't necessarily to be the only money everyone uses. It's about giving people a solid option for private transactions when they need it. Like cash in the digital world.
As for the state problem, Monero doesn't claim to "solve" it entirely. It just makes it harder for governments to track and control your finances. That's valuable in itself.
Also calling everything but Bitcoin a "shitcoin" is pretty narrow-minded. Different cryptos can serve different purposes. Monero's privacy features aren't just a point Bitcoin acknowledges, they're a core feature that Bitcoin can't easily replicate without major changes. Sometimes, specialization beats one-size-fits-all.
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You make some valid points but the main issue is that in order to be a valod medium of exchange it needs to be widely accepted. Bitcoin is the closest to achieving this but is a loong way from it still. Due to monero's goals I doubt it will ever achieve this. I wish I was wrong. Time will tell. Almost all 'alt-coins' are some sort of scam. This is why calling them alts is also not good. They aren't. Monero at least seems to have a valid use case. I just don't think it will win in the long run. But I am not here to convince anyone. I wanted to hear arguments against monero. I know why it exists. At least I think I do.
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Wide acceptance is not the sole criterion for a cryptocurrency's value. Monero's focus on privacy fulfills a specific and important need in the digital economy. Its success should be measured by how well it serves this purpose, not by competing with Bitcoin for universal adoption.
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Thanks for engaging
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You say that but what most normal people, no coiners ask about any crypto currency is "what can I buy with it?". This is my point. No "crypto" has reached this goal. I know you can buy some things with monero. You can use it peer to peer. Granted, it doesn't have to be dominate but it does need to reach scale to have true utility.
This is why many economists do not consider bitcoin money. It is not a widely accepted medium of exchange. Hasn't been adopted widely yet. Both are very limited in adoption. It is a hard sell today to get businesses to adopt bitcoin. Monero is an even harder sell. You can see that right?
If bitcoin can't achieve wide adoption it will die. Same goes for monero. Then privacy does not matter. For what its worth I don't think there will only be one crypto. There will always be many but one will "win". Monero might survive but I don't see it ever becoming dominate or even achieving wide adoption. Not unless we see a radical change in the values of societies toward privacy. Seems unlikely in my lifetime at least.
My circle is mostly no-coiners and people that do not care about privacy. Many in privacy and monero communities seem to be talking in echo chambers much like bitcoiners do (to be fair). When you talk to the average Joe you get a reality check.
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You're right that adoption is crucial, but you're overlooking a few key points. Monero doesn't need to achieve Bitcoin-level adoption to be successful. It serves a specific niche: those who value financial privacy. This market may be smaller, but it's significant and growing as privacy concerns increase globally.
You mention that your circle doesn't care about privacy, but this is changing. With increasing data breaches and surveillance, privacy is becoming a mainstream concern. Look at the rise of encrypted messaging apps like Signal or SimpleX.
Lastly, the idea that one crypto will "win" is oversimplified. Different cryptocurrencies can coexist, serving different purposes, just like we have various financial instruments today.
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money is a 'winner takes all'
yes there will be several, just as people speak different languages.
however the 'elites' for lack of a better word, the educated and those who will learn a common language speak english. at almost any international conference the shared language is english.
bitcoin is the closest to this goal by far... of any cryptocurrency. although there is a long way to go.
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- No, the same way it would sound ridiculous if you said a hammers goal was to become a tool for every job.
- P2P digital cash
- Black markets AKA the only place permissionless transactions exist (There is no reason to use Bitcoin over fiat for white market transactions if you are asking permission to do so anyway)
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