It's odd how clear the picture is but how many people have been fooled by fakes. What other industry is 99% scams and only 1% legitimate?
[1] And 2022, 2021, 2020, 2019, 2018, ...
The press has tricked you into believing every coin aside from a few popular ones are scams. Dig deeper.
If I dig deeper, and determine that <some shit coin> is a scam, well, I am just looking at the wrong one.
If I dig deeper, and decide that it's not, and then get burned later, I should have done more due diligence.
'Digging deeper' in a minefield is, generally speaking, not great advice.
Why would anyone bother with Bitcoin?
If you want to avoid financial regulations in transmitting value across borders or purchase black market goods and services, you're going to be caught since all/most Bitcoin is KYCd and impossible to keep private, unlike Monero.
If you want to avoid transaction fees, you're SOL since it's at $10 right now versus $0.06 for Monero.
If you want a store of value, it's poor because it's volatile, not backed, and theft is not reversible, unlike virtually any other regulated security.
If you want to make legal purchases with it, any transaction costs $10 and can take hours or days, and is not reversible if you are defrauded, unlike USD.
Bitcoin has no value proposition beyond being a speculative asset and a Ponzi scheme for early buyers.
- Unlike Bitcoin, Monero's monetary issuance is not auditable, which could prove a major problem in case of an attack, potentially leading to inflation.
- Monero faces blockchain bloat issues due to its ring signatures. It cannot scale gracefully.
- Privacy and transaction cost concerns with Bitcoin have largely been addressed by Lightning and potentially other upcoming layer 2 solutions. A lot of work is being done here. If you are technologically inclined, you can also participate: https://lists.linuxfoundation.org/pipermail/lightning-dev/20...
- KYC happens on exchanges. Buy your BTC on decentralized platforms like Bisq or RoboSats and be done with KYC.
- A private-only ledger can pose challenges when transaction notarization is necessary. Bitcoin lets you choose between a private L2 transaction or a public blockchain transaction.
That said, I love Monero and am glad it exists.
They poured scorn then, but I'm up to my eyeballs in bagpipes now
“FTX and Binance are not examples of true crypto!”
“Soviet Union and Venezuela are not examples of true communism!”
you don't have be a believer in either to understand that objectively
