well, buried throughout all TPTB_need_war's bullshit is quite a bit of back and forth regarding Monero. my problem with it is pretty much as rocks outlined. it's an entirely new protocol. that by itself is not necessarily the problem but it is for network effects and confidence for a new form of money, imo. for instance, Bitcoin is open source and supposed to be adaptable to changing conditions, especially those hostile, so we've been told. if it fails to adapt to a threat like the 1MB choking of tx's then it cannot adapt and grow and will fail as a new form of money, imo. that's b/c it is unacceptable for the current network of investors who have stored their coins in cold storage to be expected to dig them out and transfer them to a totally new money on a different protocol like Monero. that would cause huge losses for us while huge gains for the early Monero adopters. great for them, horrible for us. in that scenario, i consider cryptocurrencies to be a failure as i would conclude that they are all then a form of Ponzi scheme. that doesn't mean it won't happen though but is the reason for the extreme resistance to it's adoption from the economic majority who are currently invested in Bitcoin.
and also for the constant pimping of Monero you see here in this thread.
and also for the constant pimping of Monero you see here in this thread.
I understand; nevertheless, don't you think there will be another usable cryptocurrency apart from BTC? I don't support XMR will be it (even though I already have a position that certifies my curiosity and will hopefully gratify my early confidence), but I really want to know, BTC is all you have afaic crypto?
there's this whole concept of a network effect which is no stronger than in that of money. money, after all, is supposed to be the most liquid of all "assets", a bearer instrument, as some like to call it. no counterparty required, all debts settled in it.
for thousands of years there really was just one worldwide money; gold. maybe silver to a degree. then came fiat, but only since 1971 purely. the USD has been the reserve currency since Bretton Woods in 1948 but we fully depegged from gold in 1971. the USD has been used as a settlement currency and for reserve worldwide ever since. the problem with that is that the central banks have taken advantage of this situation to allow massive debt bubbles to arise by facilitating bailouts for corrupt banks who have gone out and leveraged up well beyond what has historically been considered safe at 10:1.
so enter Bitcoin. b/c it was derived from the internet, by the internet, and for the internet, it will become a global money, as it already seems to have occurred. that is a good thing and will bring significant efficiencies and opportunities for all those who have access to the internet and smartphones. there is no reason why Bitcoin cannot continue to fulfill those goals or ideals.
Monero folk will tell you we need more anonymity. sure, i'd like more but i think Bitcoin gives enough. unless one can attach a human identity to each address in a linear sequence you can never be sure you can tie the ends to each other of say a 5 address sequence. you might infer it but you'd have to do some investigative work which police can do if suspicious. that's enough anonymity for the ordinary user not doing anything wrong.
in short, Bitcoin should be able to provide everything for everyone. that's my opinion at least.
