250 sats \ 4 replies \ @yo2xncv0 7 Sep 2023 \ parent \ on: Convince me, a bitcoin fanatic, why Monero is the future of crypto. bitcoin
"Maybe you need a Monero" -Michael Saylor

1. Transparency:
A double-edged sword. Your transactions are now surveillable and lack real world fungibility. And even worse because in practice you don't take advantage of Bitcoin's transparent chain. You are not checking Bitcoins transparent blockchain and making sure all inputs = all outputs every 10 minutes. Running a node and paying no mind doesn't count. Typing in a command doesn't count. Otherwise you are doing the same thing any Monero user would do.

2. Scalability:
Even if you assume the whole world will use your crypto (big assumption that I don't believe) it highly depends on the rate of adoption, protocol improvements (Monero tx size has been reduced by ~80% since it started), and consumer tech advances. Bitcoin has been extremely conservative in that regard. It doesn't necessarily mean Monero won't scale.
Bitcoin on chain has similar scalability to Monero. Lightning is a different beast to Bitcoin. Many sacrifices. Core value props and security is not translated to L2s. What is actually being scaled? https://www.truthcoin.info/blog/lightning-limitations/

3. Adoption and Recognition:
If adoption and recognition right now were all that mattered fiat money has Bitcoin beat

4. Network Effects:
Same answer as above + We can clearly see this isn't true. Monero is on pace to surpass Bitcoin in DNMs (if it hasn't already) even with it's first mover advantage. Monero also has a first mover advantage and network effect in the "privacy coin" category. Does that mean Bitcoin should give up any attempt at privacy? I'm sure you would say no.
While Monero offers unique privacy features BY DEFAULT, you can achieve the same level of privacy using Coinjoins and Layer 2's on Bitcoin, so why even bother with Monero?
No it isn't the same. You can:
  1. Achieve weak coinjoin obfuscation on Bitcoin that is techncially inferior to Monero's encryption, expensive, slower, and more tedious vs Monero. Addtionally you have to maintain it going forward.
  2. Or you can sacrifice core value props like self custody, permissionlessness, p2p, or final settlement and security guarantees to gain Monero's level of privacy on L2 (the only thing on par with Monero right now would maybe be Ecash, but you sacrifice self-custody. Liquid and lightning are inferior privacy vs Monero.)
Either case is not a full replacement for Monero.
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0 sats \ 3 replies \ @Zepasta 7 Sep 2023
Monero has only 0,24% market dominance and $ 69 milion Volume (24h) While Bitcoin has almost 50% market dominance and $ 10 Bilion Volume (24h)
Monero YTD% is -6,10% Bitcoin YTD% is +53,91%
Your privacy coin is losing value just by holding it. It's worse than fiat.
How many Monero ETFs you heard on the news?
Monero is slowly but surely losing ranks on CoinMarketCap (right now is at 25º), even Bitcoin Cash (a complete shitcoin) has double the volume of Monero.
Monero has no supply cap, and there is no way for people to audit the blockchain, it's just like Fiat.
Monero has been losing in every metric imaginable, for years, and will continue to do so.
THERE IS NO SECOND BEST
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50 sats \ 2 replies \ @yo2xncv0 8 Sep 2023
Monero does ~8x more transactions in proportion to market cap
What does any of that have to do with privacy, fungibility, and cheap txs? You're losing value by just USING Bitcoin. Worse than fiat. The more you USE Bitcoin the poorer you get especially going into the future as tx fees continue to rise.
Then don't hold it long term. If you speculate this trend will continue into the future no one is forcing you to save with Monero long term or to hold a lot of it. Do you store all your value in cash or expect cash to be the best store of value? No. But it is useful and a great medium of exchange with different strength vs gold or other commodities. Global cash market is ~$100 trillion. Cash is king. Monero is a better p2p digital cash.
Monero has no limit, but has a predictable steady inflation rate (unlike fiat), and inflation is less than that of gold. So scary! Is gold worthless?
You audit Monero the same way you audit Bitcoin. You run a node. You type in a command and it spits a number back out. In practice, no Bitcoiner is taking advantage of Bitcoin's transparent simple math by manually adding up all inputs and all outputs every 10 minutes. So what is the real world difference? It's larping.
Monero is winning in strong default privacy, real world fungibility, and very cheap txs without compromising self-custody, permissionlessness, final settlement or P2P. The darknets AKA free markets can back this up.
"MAYBE YOU NEED A MONERO" -Michael Saylor
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0 sats \ 1 reply \ @Zepasta 8 Sep 2023
You do you. Go ahead and keep your Monero coin that is rank 25 on coinmarketcap behind most shitscoins scams and with negative returns. I will stay with my Bitcoin, the apex asset.
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0 sats \ 0 replies \ @yo2xncv0 8 Sep 2023
Na, I can use both for their strengths. You can ape into a single one if you want.
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