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55 sats \ 4 replies \ @guts 26 Jul \ parent \ on: So what are the problems with Monero? bitcoin
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.
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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