I have to make this post because otherwise I'll explode, and obviously I don't think it will make anyone happy, but that's what it means to be free and not care what others say.
As you know, I've had my ups and downs with Monero supporters, but a few weeks ago I decided to put that behind me and start trying out everything in the Monero ecosystem, and I can only say that Monero's privacy works and in that respect it's wonderful. Bitcoin on layer 1 has nothing on Monero in that area. Monero is totally fungible and by default, without complications.
That said, my conclusion is that Bitcoin and Monero are like night and day, so different that I don't think they even compete with each other, but so different that I think you have to cover yourself by holding both in case one fails.
- Bitcoin has a limited supply, never more than 21 million. Monero has a queue emission of 0.6 Monero per block approximately every 2 minutes. In practice, by 2050 there will be 22.64 million Monero and by 2100 there will be 30.53 million Monero. This is a totally different model for securing the network through subsidies.
- In Bitcoin, the supply is fully verifiable. In Monero, you have to trust that the underlying cryptography has no implementation errors and that there has been no hidden inflation. This is the price to pay for privacy.
- Bitcoin has a maximum block size of 4MB and scales through layer 2 solutions. Monero has a dynamic block size that allows it to remain functional in times of stress, but it must be accepted that if the chain were heavily used, decentralization would be lost.
- Mining is also completely opposite. Bitcoin chose to professionalize it at the expense of decentralization but being more resistant to state attacks due to its hash power. Monero is the opposite, preferring to make it more decentralized with conventional equipment but vulnerable to state attacks due to its low hash power.
- When it comes to privacy, the discussion is quite short. Monero is private and fungible at layer 1, Bitcoin is not.
And aside from these things, which I believe are objective and I am not going to evaluate, what I am going to evaluate is that Bitcoin is losing the Cypherpunk ideals, as demonstrated by its development. I believe that both Core and those who support BIP110 have lost their way.
So, given that Bitcoin and Monero are diametrically opposed and given the danger of Bitcoin's failed development, it is worth considering Monero as an alternative.
As you know, I've had my ups and downs with Monero supporters, but a few weeks ago I decided to put that behind me and start trying out everything in the Monero ecosystem, and I can only say that Monero's privacy works and in that respect it's wonderful. Bitcoin on layer 1 has nothing on Monero in that area. Monero is totally fungible and by default, without complications.
That said, my conclusion is that Bitcoin and Monero are like night and day, so different that I don't think they even compete with each other, but so different that I think you have to cover yourself by holding both in case one fails.
- Bitcoin has a limited supply, never more than 21 million. Monero has a queue emission of 0.6 Monero per block approximately every 2 minutes. In practice, by 2050 there will be 22.64 million Monero and by 2100 there will be 30.53 million Monero. This is a totally different model for securing the network through subsidies.
- In Bitcoin, the supply is fully verifiable. In Monero, you have to trust that the underlying cryptography has no implementation errors and that there has been no hidden inflation. This is the price to pay for privacy.
- Bitcoin has a maximum block size of 4MB and scales through layer 2 solutions. Monero has a dynamic block size that allows it to remain functional in times of stress, but it must be accepted that if the chain were heavily used, decentralization would be lost.
- Mining is also completely opposite. Bitcoin chose to professionalize it at the expense of decentralization but being more resistant to state attacks due to its hash power. Monero is the opposite, preferring to make it more decentralized with conventional equipment but vulnerable to state attacks due to its low hash power.
- When it comes to privacy, the discussion is quite short. Monero is private and fungible at layer 1, Bitcoin is not.
And aside from these things, which I believe are objective and I am not going to evaluate, what I am going to evaluate is that Bitcoin is losing the Cypherpunk ideals, as demonstrated by its development. I believe that both Core and those who support BIP110 have lost their way.
So, given that Bitcoin and Monero are diametrically opposed and given the danger of Bitcoin's failed development, it is worth considering Monero as an alternative.
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