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0 sats \ 32 replies \ @OT 16 Jun \ parent \ on: What are your thoughts on Bitcoin losing the Darknet bitcoin
Gold holds up pretty well against the UsD too. But the fact that bitcoin exists and is continuing to grow and being accepted means that whatever your favorite currency is, it is trending towards zero.
Imagine using monero to buy a coffee and waiting 2 minutes for it to confirm. It’s really like 20 mins (10 blocks) incase of a block reorg. It’s not going to happen until they have L2’s on XMR. But there are less devs, less network effects and a much smaller community so it’s going to take time. And in that time, bitcoin will likely have better privacy tools that will further diminish moneros market.
Monero has 0-conf tx for point of sale and regular users. No need to wait, but one does need to wait to spend. Way better than the route failure channel nightmare of LN. I know, i've witnessed trying to use the most self-custodial version of it , and it failing live, in a way monero never has.
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The waiting part is irrelevant for digital purchases and businesses where the customer doesn't immediately leave (restaurants, movies, entertainment, etc).
As for places where the customer pays and immediately leaves, businesses already factor in fraud into the current system (chargebacks, counterfiet, etc), so that's nothing new. It just has to be better. They can pay with 0-conf which is immediate. Double Spend Proofs make this even more difficult to commit fraud (Store would know within a couple seconds if customer tried/did double spend. Awkward. They would also have to do the double spend and succeed or fail within the first few seconds or it wouldn't work. Original transaction would far too propagated if they waited) Either way, double-spends on Bitcoin and Monero is extremely low especially when compared to traditional currency.
You can also stratify your risks and wait for a certain number of confirmations depending how large the purchase is.
It always seems like network effects matter so much to Bitcoiners until another currency has it then it doesn't matter (Monero is the king of privacy coins and there isn't even a close second) Funny how that works.
Bitcoin with better privacy will never happen. Or have you forgotten the recent past with Samourai and Coinjoin? Bitcoin is mainstream and still not private. That will not change since Satoshi disappeared after the CIA visit.
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