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0 pointsrahen2y ago0 comments

Be mindful of potential biases. Monero is rightfully highly regarded for its privacy, but you may be overlooking certain aspects:

- 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.

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4 comments · 2 top-level

kylebenzle2y ago· 2 in thread

Has there been any Bitcoin "L2" that is actually functional. Last I checked the inventor of the most popular L2 said it was a failure.

rahenOP2y ago

Lightning has grown beyond its two original creators and now has a healthy community behind it. Worth mentioning are Rusty Russel (iptables, netfilter, some network layers of the Linux kernel) and the fine folks at Acinq (acinq.co).

Yes, it still has some rough edges but it's now mostly usable. https://medium.com/coinmonks/lightning-network-2018-to-2023-...

Besides, about 80% of transactions within exchanges are actually off-chain, so this is nothing new.

play_ac2y ago

"Usable" is a massive stretch. The only way most people will ever be able to use it is through a custodial wallet, so it's right back to bank accounts and centralized exchanges.

But the whole thing is a distraction anyway. The majority of transactions happening off-chain means that Bitcoin is an utter failure at everything it ever set out to accomplish.

doublepg232y ago

Lightning does work if you're using a large provider but it undermines the utility of BTC not requiring a middle-man. Running a lightning node with personal funds is simply not likely or safe for your average hodler.

I'm not sure you've used Bisq or RoboSats if you think they're good replacements for exchanges. Barely anyone is online at a given time.

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