100 sats \ 11 replies \ @allark OP 31 Jul 2022 \ parent \ on: For those who dislike Monero…why? bitcoin
Back when Bitcoin started people had the same question.
Then darknet markets started using it: it had value and was exchanged for things with Value
Then it started being exchanged for real stuff
Now we’re here.
Bitcoin has been replaced on darknet markets by Monero.
Even Satoshi himself said he wished he could implement the features but lacked the knowledge and also Schnorr Sigs were under a patent while he was already developing Bitcoin.
Again, if you wanna see the macro view, your answer for Monero’s value will be obvious.
Or you could be like the people who denied Bitcoin in its early days, me included, and repeat the mistake.
That’s all. 🙃
"x will grow in value" does not make x a good money. Lots of bad things capture value. Monero is another centrally managed money which unfairly rewards the people who control it. Bitcoin exists to set people free from centrally managed unfair money like monero.
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Who are the people that control XMR? And how do they unfairly benefit?
XMR has nodes and miners that follow a set of consensus rules just like BTC does. It's not just another smart contract token with a pre-mine where the contract is loosely defined or able to be changed by a privileged few.
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Montero can't be audited. That means it is fundamentally untrustworthy, because you can't verify the inflation peomises. Bitcoin fixed that already.
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It can be. Please see XMR sub for how. 🙃
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It CAN be audited. However, an inflation bug could exist without being detected. If an inflation bug was exploited in BTC it would be obvious.
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Auditing that can't detect an inflation "bug" isn't auditing you can trust.
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Agreed. I never hold XMR for more then a couple minutes so if I get debased in that time, it's an acceptable tradeoff for me.
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Using a money like a hot potato because of its flaws does not bode well for that money's long term prospects.
As posted in a different comment, Monero uses cryptographic range-proofs to verify supply (nodes verify the range-proofs of each TX). In addition, a Python script to externally audit supply is under development: https://ccs.getmonero.org/proposals/monero-inflation-checker.html
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Monero is what Bitcoin wants to be.
You are very very misinformed. 🙃
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