I’ve said it before and I’ll say it again:
True bitcoiners 🤝 no-coiners “Bitcoin should be illegal”
Comment on Bitcoin is Stupid and Does Not Deserve an Emoji (blog post)
shortwavesurfer@lemmy.zip 1 month ago
Bitcoin has the right idea, but did not execute it properly, primarily because it was the first and technology has improved and it has not. Monero is actually doing what bitcoin was meant to do and acting as a transactional currency, medium of exchange, and store of value.
smallpatatas@lemm.ee 1 month ago
cacheson@piefed.social 1 month ago
Monero will not scale. All attempts at "improved" altcoins have just sacrificed scalability in exchange for features that look good in the short term to investors that don't know any better.
shortwavesurfer@lemmy.zip 1 month ago
There are people dedicated specifically to Monero scaling and they are a hell of a lot smarter than me and do not see any reason why it cannot be scaled properly. Look at some talks by Articmine
cacheson@piefed.social 1 month ago
I'm not interested in spending a ton of time on this, but I did go and watch this short interview with him about scaling misconceptions.
Wasn't convincing at all. For one, the guy comes across as kind of dishonest. Not scammer-level dishonest, but more like a politician. The main thing though is that he's just a big-blocker, which is just a total dead end. Having everyone store every single transaction that was ever made until the end of time is just not realistic.
In order to scale to any globally significant number of users, a cryptocurrency needs a second layer to aggregate transactions, such as Lightning. Monero seems to have nothing in this regard beyond "However, academic and industry research is ongoing and promising in this area."
they are a hell of a lot smarter than me
You should not be investing money in something based on this level of understanding, and you *definitely* should not be advocating it to others. Scaling is an existential problem for cryptocurrencies. Their utility is based on their monetary value, and their monetary value is based on investor assessment of their future utility. Without the ability to scale, there will be no growth in utility, which means no investment other than temporary dumb money, which becomes a vicious cycle.
shortwavesurfer@lemmy.zip 1 month ago
While I personally agree that we should not store all transactions for all time, our storage capability is going to get exponentially better. We are able to store data in 3D discs with lasers now and can store petabytes in a single disc the size of your typical old CD-ROM and even store data in DNA if we wish. These obviously aren’t going to be included in your desktop computer anytime in the near future, but they do currently exist and show that storage will not be a problem for a very very long time.
cygnus@lemmy.ca 1 month ago
Look at my totally stable store of currency bro, trust me bro, this is totally useful as a means of exchange and you can trust in its future value bro, just believe me.
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shortwavesurfer@lemmy.zip 1 month ago
Now, overlay that price chart with a transaction count chart averaged out over say 90 days and what you will notice is that big spike up to 400 and above was at basically no transaction volume which makes it seem more like that was hype. Looking at the price chart over shorter timeframes such as a year will show you that the transaction count is actually increasing now and the price is staying quite stable.
cygnus@lemmy.ca 1 month ago
“Ignore the glaring flaws and look only at the parts I tell you to” is great fiscal policy and inspires a lot of trust. You nerds are basically sending PGP emails to each other and pretending it’s money. It isn’t — it’s literally nothing.
shortwavesurfer@lemmy.zip 1 month ago
Well, we will just have to agree to disagree.
YtA4QCam2A9j7EfTgHrH@infosec.pub 1 month ago
I don’t know if this argument is the winner you thought it was. A currency where people aren’t using it as a means of exchange because of price fluctuations is a failure.
cygnus@lemmy.ca 1 month ago
No, no, hear them out. It’s actually super great that when you walk into the grocery store the loaf of bread is $1.50, and by the time you walk to the bread aisle it’s $0.72, and by the time you walk to the cashier it’s $2.10. This is actually super great, because there’s also a medium country’s worth of electricity being consumed to enable that.
shortwavesurfer@lemmy.zip 1 month ago
It fluctuates with an I narrow range, and as it gets more adoption, that range is continuing to narrow. As a matter of fact, I sell items for Monero and I keep my prices completely stable and people do come to buy things. xmrbazaar.com/user/shortwavesurfer2009/. I have my prices set in such a way that they will stay stable until at least December 1st of 2024 at which time I will update them if need be.
parpol@programming.dev 1 month ago
cygnus@lemmy.ca 1 month ago
Creeping my posts form days ago? That isn’t weird or anything. I’m guessing you’re trying to make a point in there somewhere, but you’ll have to point it out to me.