Comment on Guaranteed Crypto Loss.
shortwavesurfer@lemmy.zip 2 weeks ago
I have much more faith in Monero than I have in the US dollar. If you were to offer me dollars or Monero, I would take the Monero every day without questions. This article says that Bitcoin is based on thin air, and as the other commenter pointed out, this is exactly what all fiat currency is based on. In fact, at least with Bitcoin and other good cryptocurrencies, you know how much supply exists and what supply will exist in the future, where with any fiat currency that is determined minute by minute by guys in suits that have nothing to do with the ordinary citizen.
Eh, if you use the Lightning network, Bitcoin is quite private, provided you don’t close the channels you use.
That said, I agree that Monero is a lot more reasonable than Bitcoin for actual transactions. I don’t see a point in holding Bitcoin, Monero is much better suited to making everyday purchases because transaction costs are low and privacy features are solid. Yeah, it can be used for crime, but so can cash, so I don’t think that has any bearing on whether a currency has value.
Two big issues with lightning network are that channels appear to get force closed for no apparent reason and most lightning wallets are custodial lightning and so you don’t actually have control over your money and doing it in a self sovereign way is quite difficult for the vast majority of people
Right, but it can be used privately, which is my point.
But yeah, I think Monero is the better option for the reasons you mentioned, as well as the development focus being on private transactions, whereas Lightning is about fast, cheap transactions. So Monero is absolutely my preference for purchase transactions.
Monero is also just quite a bit easier since it is on layer one where lightning is a layer two solution and introduces more complexity.
chunkystyles@sopuli.xyz 2 weeks ago
Uhuh…would you take Monero if it could never be exchanged for dollars?
Anivia@feddit.org 2 weeks ago
I would. I have never used dollars in my entire life to purchase goods. But I have done so with Monero frequently
chunkystyles@sopuli.xyz 2 weeks ago
Either you’re lying, or you’re being pedantic. I mean fiat currency in general.
shortwavesurfer@lemmy.zip 2 weeks ago
Actually, yes i would. I dont want dollars and only keep enough around to have liquidity. (About 10% of my net worth).