MONERO ON TOP???

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NioFrees

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Sup guys,
Just wondering what the hype around Monero is. As many of you might know Monero is probably the hottest crypto used on the Deep Web. Just wondering what the hype is around it and what makes it so much better. I remember back in the day it was solely Bitcoin being used for transactions due to its anonymity and convenience but now seems like Bitcoin barely exists on there. Just wondering what makes Monero so superior and if Bitcoin is even anonymous at this point. Let me know what you guys think!
 
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It is not reflected in price growth. So everyone might not be after this particular use case.
 
It's not that complicated. Anyone can know how much money you have, when and where you spend your coins using Bitcoin. You can't have that buying illegal stuff
 
alurosu said:
It's not that complicated. Anyone can know how much money you have, when and where you spend your coins using Bitcoin. You can't have that buying illegal stuff
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Interestinggg. Appreciate u sharin ur knowledge on it bro. Just wondering, do you think these features on Monero could make it a coin with potential to blow up the way Bitcoin did?
 
Monero is interesting because it values anonymity on the internet. Bitcoin is pretty public if you know someone's wallet address.
 
MrT131 said:
Monero is interesting because it values anonymity on the internet. Bitcoin is pretty public if you know someone's wallet address.
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Yea that’s what I’m seein. Correct me if I’m wrong but didn’t Bitcoin blow up because of its anonymity? Meaning won’t monero blow up the same way once ppl start to realize the benefits of doing buisness with it?
 
NioFrees said:
Yea that’s what I’m seein. Correct me if I’m wrong but didn’t Bitcoin blow up because of its anonymity? Meaning won’t monero blow up the same way once ppl start to realize the benefits of doing buisness with it?
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Perhaps some people mistakenly associate Bitcoin with anonymity, but in reality it has become more popular because people were looking for a way out of fiat money. The central banks can print as much of fiat as they want. This is not the case with Bitcoin.
 
NioFrees said:
Correct me if I’m wrong but didn’t Bitcoin blow up because of its anonymity? Meaning won’t monero blow up the same way once ppl start to realize the benefits of doing buisness with it?
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There are multiple reasons:
  • Bitcoin was first, that matters. People tend to go where the crowd is
  • anyone can have a crypto wallet, not everyone can have a bank account
  • in theory it's really hard to change the mind of a majority of Bitcoin users to create more than 21 mil tokens, but Central Banks can print currency based on very few votes from specific people
  • the larger the Bitcoin network (or any other blockchain), the harder it is to shut down. It's like a virus that has copies everywhere in the world. Information stored on the blockchain can't be censored with the traditional ways
Will monero have the same blow up? It doesn't have to. Will people value privacy over network effect?
 
alurosu said:
There are multiple reasons:
  • Bitcoin was first, that matters. People tend to go where the crowd is
  • anyone can have a crypto wallet, not everyone can have a bank account
  • in theory it's really hard to change the mind of a majority of Bitcoin users to create more than 21 mil tokens, but Central Banks can print currency based on very few votes from specific people
  • the larger the Bitcoin network (or any other blockchain), the harder it is to shut down. It's like a virus that has copies everywhere in the world. Information stored on the blockchain can't be censored with the traditional ways
Will monero have the same blow up? It doesn't have to. Will people value privacy over network effect?
Click to expand...
Very insightful! Thanks boss!!
 
NioFrees said:
Interestinggg. Appreciate u sharin ur knowledge on it bro. Just wondering, do you think these features on Monero could make it a coin with potential to blow up the way Bitcoin did?
Click to expand...
You can't regard that as potential for monero to blow up.
 
I researched about Monero a 3-4 years ago when I was looking for Crypto to mine. I came to know that this was the currency which malware crypto mining softwares mine on your computer. That's why it is famous and in Deep web it's used too.
 
As much as I love the tech behind Monero, I'll stay away from it.
Monero already got delisted by binance because binance got pressure from the EU.
Wouldnt be surprised if other exchanges will follow
 
Monero is arguably a better currency than Bitcoin because its anonymity allows it to be fungible 100% of the time. 1 monero = 1 monero always. A Bitcoin that was in the hands of Putin or Kim Jong Un will be tainted forever and will get your account banned/funds frozen if deposited in any exchange. This is a fatal flaw of Bitcoin if you consider it a currency and not just a store of value.

However Monero's usefulness as a currency will never be reflected in its price because it will never become mainstream or have institutional money poured into it. It has already been delisted from major exchanges including Binance recently. It is also banned in Dubai and other regions are also beginning to ban it. Governments are definitely scared of it, which should tell you it's a powerful currency.
 
Monero is one of the only coins with an actual existing use-case beyond fantasy. That means it is terrible to speculate on. Crypto is about selling fantasies, the tech must always be promising and not delivering to avoid bringing people back to earth.

Hardly anybody in alts cares about self-sovereignty or decentralisation beyond shilling and marketing. They just want to be early in a scam tech stock without having to go through the accredited investor process, then dump it on the "normie" public like a VC would. If this was not the case, XMR would have replaced BTC in the early days since the ideas behind it are straight from the BTC whitepaper and were originally planned to be implemented by Satoshi.

Use XMR as a private currency, use it to wash your other crypto, use it to hedge against frozen bank accounts and oppressive commerce laws. It really is good tech and price is reasonably stable over time, tracking BTC, because it is so heavily used for those purposes. But if you believe "privacy" will be a narrative with legs in this bullrun, chances are one of the complaint privacy coins, especially with smart contracts, is a better speculative bet.

It's much easier to sell the fantasy that "private DeFi" will be used by big institutions, medical industry, governments, etc. than to sell scary criminal Monero to speculators. Also coins need to be on major exchanges getting market made and leveraged or they just can't compete for price action and attention.
 
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