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28 sats \ 12 replies \ @allark OP 31 Jul 2022 \ parent \ on: For those who dislike Monero…why? bitcoin
Monero hardforks to improve privacy and make it even stronger as a Cryptographic currency
So, that’s your reasoning? You want it NOT to be hardforked because …?
Again, these kind of reasons make you sound like an NPC who heard one bad thing about it and just immediately made up his mind. 🙃
Frequent hard forks = central management. I don't want my money to hard fork frequently because I don't want to do code review all the time to ensure I still have exclusive control over my money. Hard forks are an opportunity to insert coin stealing malware into the latest software. The moment you "just trust the devs" not to do that is the moment you lose your financial sovereignty.
Also, I don't like the dev tax. It's cointillionaire-ism, unequal distribution of the flow from the money spigot, not to those who worked for it, but to those who control the spigot.
Also, I don't like the perpetual subsidy. It penalizes people who just want to save their money.
Also, I don't like the inability to audit the supply. If there is a bug that lets someone print monero for free, there is no way to tell if they used it.
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There is no dev tax in Monero. Development is funded by voluntary donations (https://ccs.getmonero.org/).
Monero development is discussed publicly (https://matrix.to/#/#monero-dev:monero.social, https://matrix.to/#/#monero-community:monero.social) and anyone can contribute. Hard forks are discussed, planned and tested and notice is given months in advance. If you don't like a planned feature in the hard fork, you can openly discuss it in a monero-dev or monero-community meeting. Wallet updates are also released weeks in advance.
The 0.6 XMR/block tail emission trends toward 0% inflation over time (disinflationary). Right now the annual inflation is around 0.87%, which is currently less than Bitcoin and gold, and far less than fiat. The tail emission incentivizes miners (less risk of a fee market, considering that the Bitcoin block reward will drop below 1 BTC in 2032 and to 0.01 BTC in 2056) and means that it will always be possible to acquire Monero via CPU mining, which is an accessible KYC-free on-ramp (you just need a regular computer to mine Monero). The tail emission was included in the original Monero code from 2014 and became active this year. More details in this infographic: https://i.ibb.co/G9YM10T/Monero-Supply.png
Monero's supply is verified via range-proofs (cryptography that ensures that inputs - outputs = 0, without disclosing exact amounts). Nodes verify range-proofs for every transaction and will reject invalid TXs. Block rewards from mining are transparent and can be viewed on any block explorer. In addition, a developer is writing a script to externally audit the supply via Python: https://ccs.getmonero.org/proposals/monero-inflation-checker.html
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The 0.6 XMR/block tail emission trends toward 0% inflation over time (disinflationary).
Question: How does this differ from Bitcoin's emission schedule in practice? After a long enough time, it would seem as though both Bitcoin's and Monero's block rewards trend towards zero in terms of value / purchasing power. So while Monero will still have tail emission in the year 3000, the value of the token will be dilluted so much that 0.6 XMR won't be worth much regardless.
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By the year 3000, the total monero ever mined would be roughly 178 Million.
Ethereum is 100 million + at $4000+ and expected to increase without privacy
Other coins like BNB are at 200 million +
By the year 3000 we will either have a collapse of civilisation or be star faring, 100s of billions of humans.
Do some quick math. :)
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Thank you for a detailed answer 🙃
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Montero also hard forks to change their monetary policy. Centralized control is the flaw. Someone controls the monetary policy. This is not different in principle from central banks. Privacy for centralized control is a bad trade. The central controller can change things at any time and you have no recourse.
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Monero does not hard-fork to change monetary supply, that is false and yet another piece of FUD (intentional or unintentional) that you want to spread while it is entirely false. The monetary supply is entirely untouchable via social consensus, exactly the same way as Bitcoin's money supply is untouchable.
The social consensus was for a tail emission from the earliest days of Monero, and it was added in shortly after launch once the exact parameters were decided by the community. It was in the original Bitcoin Talk OP and was always the plan.
After it's inclusion in early 2015 the supply has been entirely untouchable and cannot be changed. There is no "central controller" here, and no one person or entity controls Monero's monetary supply or consensus.
Glad you can't block me here so I can actually reply :)
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That was my understanding as well.
It seems there are a few people who idolize Bitcoin so much that they forget that it is an EXPRESSION of Freedom from Central Control of Money.
And thus, refuse to see its shortcomings, a problem that XMR does not yet have.
And yes, free speech is not for the weak so glad that people have to either defend their reasoning or agree to disagree. :)
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Hard forks don’t work if the community does not support it.
See Bitcoin Cash 🙃
It’s not centrally controlled if community does not support it.
So, you need to do more research. Maybe ask some Monero guys on the subreddit
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Typcial altcoins defense. And exactly what would you do if some hard fork wasn't "supported by the community"? You then have to depend on a decentralized consensus that doesn't exist. It's a centrally controlled coin and a non community supported hard fork likely means it's death. You keep wanting to deny this, but this is Monero and every altcoin's flaw. You're centralized and you're one black swan from death.
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Bitcoin Cash was a Hard Fork that wasn't supported by the community, did Bitcoin die?
You are too emotionally involved in dying on this unreasonable hill to think through. That's ok, no one is forcing you to use Monero.
It was a question and you're clearly not ready to answer it reasonably.
Have a good day! :)
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Monero is not Bitcoin and the communities are not the same. Again, if the Monero developers did something against the community's wishes, you don't have a recourse. What are you going to do, trust some other group of people to hard fork regularly?
I've answered your question honestly as I could because clearly, you don't want to deal with Monero's biggest flaw which is that it's a centralized altcoin. Continuing to pretend that it somehow doesn't matter that it's centralized is disingenuous and your shilling of Monero here is making this place worse. There's someone in this conversation emotionally invested in a particular outcome and it ain't me.
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