100 sats \ 10 replies \ @super_testnet 31 Jul 2022 \ parent \ on: For those who dislike Monero…why? bitcoin
"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.
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.
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Also agree. But it's currently the best choice for privacy as deemed by the markets where privacy is priority.
More darknet markets accept XMR than BTC. The good news is that these markets are always getting shut down and rebuilt so once BTC competes better on privacy, it should be adopted in short order.
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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