0 sats \ 9 replies \ @Michelson_Morley OP 5 Sep 2023 \ parent \ on: Convince me, a bitcoin fanatic, why Monero is the future of crypto. bitcoin
Thanks for writing! Appreciate it. I'll compare it with other responses (if there are any) and pay the bounty to the top one on Saturday. :)
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Listen man, I appreciate the effort, but you're misunderstanding the assignment. I know people on this site can defend bitcoin. Did you read my post?
What you are doing is literally the opposite of steelmanning monero.
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- Less than 1% of bitcoin mcap, but often 5-10% of Bitcoin's tx count. This disproportionate usage should tell you something.
- If you fear inflation less than that of gold, you don't have to hold Monero. Use it. Continue saving in Bitcoin.
- Naturally. But if you go to the birthplace of Bitcoin the Darknet Markets AKA free markets - Monero is just as accepted as Bitcoin and in some cases is the only one accepted.
- This is not true. Coinjoining is merely obfuscation, a weaker form of privacy that can potentially be undone with more data or future mistakes. L2s can achieve Monero's level of privacy, but not without sacrificing major value props of L1 like self-custody, permissionlessness, p2p, or final settlement (Ecash, Liquid, Lightning). You can have robust privacy without sacrificing core value props by using Monero.
- Monero is audited the same way as Bitcoin. You run a node. While true to a degree - no Bitcoiner is taking advantage of Bitcoin's simple math transparency in practice. You are not checking every 10 minutes yourself that all inputs = all outputs. You run a node and pay no mind.
- This is fine. Monero gave up limited supply for future on chain security, useability/affordability for all users. Bitcoin gave that up for stronger store of value. Trade offs were made.
- This is the weakest criticism of all. You are using the same FUD tradfi and mainstream media used to attack Bitcoin in it's Darknet Market infancy. The highest adversarial targets choosing to use it (criminals) means it works! Is our goal unstoppable money or is it not? If a few bobbleheads saying mean things is all it takes to destroy your crypto...well it was going to die anyway.
My experience (myself included) is Bitcoin maxis slowly coming to accept Monero and realizing its invaluable utility. Bitcoin and Monero occupy different realms. They are not antagonistic - they are synergystic.
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- "Less than 1% of bitcoin mcap, but often 5-10% of Bitcoin's tx count. This disproportionate usage should tell you something."
Even if Monero has 5-10% of Bitcoins tx count, Monero has 100+ times less volume.
Most small transactions are being done inside Lightning Network, if we include them, Monero drops to less than 1% of Bitcoin tx count.
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Lightning has $126 million flowing through it.
Monero has $2.6 billion.
Outside of these little bubbles no one uses lightning. Much less use it in any fully sovereign manner. ~96% of LN users are on custodial wallets. So even with this small lightning usage can you really even count that as "using"? Debatable.
There is virtually zero usage of lightning in adversarial environment free markets like DNMs where Bitcoin was born and these things are mercilessly put to the test. Monero is used as much as Bitcoin there as of late 2021. Most likely has already surpassed Bitcioin.
Monero does ~8x more transactions in proportion to market cap vs Bitcoin.
And Bitcoin volume is virtually non-existent vs fiat...but that is a single metric and doesn't account for other value props of Bitcoin that make it unique, right?
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Have fun staying surveilled, tainted, and growing poorer with every use.
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Good luck surveiling my LN transactions and Coinsjoins.
Also good luck with your rank 25 shitcoin that somehow has negative returns in YTD while Bitcoin and most shitcoins up +50%.
I will bookmark this comment and we will check again every few months.
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Good luck to you both! And a merry christmas!!