Change my mind:
Monero (XMR) is superior to Bitcoin in every way.
Of course this statement is provably false.
Bitcoin is superior in multiple ways:
- First to market advantage.
- Higher liquidity.
- More exchange listings.
- Higher security & hash rate.
- Institutional acceptance.
But on a technical level...
Monero is a superior clone of Bitcoin.
- The mining algorithm (Cryptonight) is ASIC resistant.
You can mine it with a CPU, which is good for decentralization. - Privacy is the backbone of fungibility.
And fungibility is the backbone of currency.
While these two things don't seem like much, they are everything.
The fact that Cryptonight can still be profitably mined with CPU is legit a miracle at this point. We've never seen an algorithm like this be used this long and still be ASIC resistant. It's really amazing on a technical level that allows way more devices to participate in the mining process.
Imagine combining this with the SPEAK network. We could set up a SPK node, but what are we going to use the CPU for? We could use every part of the buffalo and mine Monero with it, since SPK doesn't use a ton of CPU power. Combining these technologies might allow us to monetize our CPU, SSD, RAM, and internet bandwidth simultaneously.
Privacy matters
So I'm hearing rumors (confirmed by Google) that Monero might get a listing on ThorChain (RUNE). This completely changes the entire game. Imagine the ramifications of this development. I've already talked about crypto in the context of a Sliver Deck. Every crypto that enters the cryptosphere adds utility to all the other cryptocurrencies. Imagine what happens when we link the liquidity pools together with a privacy coin that's been delisted from most of the KYC exchanges. Wow!
Monero has been extremely oversold for a while now because of the regulators, but there will be a massive reversal eventually. I will personally buy a ton Monero if/when it gets listed on ThorChain. Decentralized exchanges and permissionless architecture are the future. Thorchain is exactly the kind of unstoppable liquidity pool that Monero was lacking.
Mercury retrograde starts today & ends Feb 3.
Often times a Mercury retrograde would signal some kind of reversal in the market. Considering we have a full moon coming in three days we may actually see the price rocket up from here if we're lucky. Of course our last retrograde was not super pretty.
The last Retrograde wrecked the market something fierce, but it was also during a time that BTC was bubbled in that Wyckoff pattern and started during a bearish new moon. This one is a bit different with the new moon starting in 3 days, so hopefully we don't stay suppressed like we saw last time. Also interesting that this retrograde is a lot shorter than the last one. I won't pretend to know why that is. It's only a bit over 2 weeks. Should be interesting either way as we head into late January.
Institutional Acceptance
This is the one thing that ultimately separates Bitcoin from Monero. Monero is a regulator's nightmare, while Bitcoin allows money to be easily tracked from one KYC bottleneck to the next. Bitcoin is very hard to trace if the money going through institutions is hidden. Meaning: Bitcoin is extremely private for people and institutions that already have financial privacy. This is exactly what the establishment wants. This is why so many centralized exchanges have delisted Monero.
Rules for thee; not for me.
However, once Decentralized Exchanges take over, the entire game changes. Again, Monero is extremely oversold because all it's liquidity pools have come under scrutiny and attack. Once listings like Rune happen it will see a huge resurgence, allowing all the value on Thorchain to become exponentially more private than it was before. It will be quite the sight to behold.
But I have nothing to hide!
There will almost certainly be a propaganda campaign against all privacy coins once they start getting listings on decentralized exchanges and can't be regulated. Don't fall for the bullshit. Everyone has a right to privacy. Don't try and let anyone tell you otherwise. Prisons are filled with plenty of innocent citizens that waived their right to privacy and are now in jail because of it. Never give up your rights because someone tries to tell you that excersizing your "God Given Inalienable Rights" is "Suspicious".
It's more sus to claim that privacy is a threat.
This is written directly into the constitution for a reason.
There is no argument: privacy matters.
Lack of privacy destroys fungibility.
Without privacy money can be blacklisted. If money used in a crime is worth less than "whitelisted" money, that destroys fungibility, because all of a sudden the blacklisted money is worth less than the whitelisted money. There are many confirmations, even by the FBI and Secret Service admit that currency isn't currency without privacy/fungibility.
There are court cases that set precedent to this effect as well. A bank once traced stolen money and demanded it back. However, because the entity in possession of the money was not a criminal, the supreme court denied the bank to reclaim it, citing fungibility as the primary reason to deny the request. Money is money and is interchangeable with any other piece of money. Once the criminal has washed the money through the system, the trace had been lost and the bank was no longer entitled to reclaiming it from a law-abiding citizen.
Conclusion
Monero and all other privacy tokens are massively undervalued. The stronger decentralized exchanges become the stronger privacy tokens will become. At the same time, they extend their privacy attributes to the entire cryptosphere and allow all the value stored here to become exponentially more fungible private as we bridge the liquidity pools in a permissonless way.
Our right to privacy is a basic human right.
Anyone who tries to take it from us is an enemy to freedom.
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I really appreciate that you give strengths of both Monero AND Bitcoin. Way too many Monero podcasts and articles are waging a war against BTC and constantly attacking it, and turning the crypto community against us. Monero Talk is the worst offender of this, Douglas is causing huge problems with the BTC community with all of his nonstop shit talking. We need to build friendships with the BTC community, not turn them against us! Just look at what happened to the Bcash community when they tried that: Bcash has plummeted from #5 to #27 in maybe 15 months, and are now dying, because of their attacks on BTC and lies saying "BCH is the real bitcoin", it turned the entire crypto community against them and destroyed the project.
I wish more XMR folks could use your article as a good template of a quality way to promote Monero.
Thank you.
With privacy coins pooled on THORChain, anyone who bought KYC crypto can easily wash it on THORChain. They don't need to hold Monero, they just need to trade into it momentarily. This "service" that monero would provide by having liquidity on THORChain is extremely bullish for Monero (and RUNE).
The best course of action is to use Monero AND Thorchain. Both offer amazing utility. Haven will also be added to Thorchain this year too, which will give Monero users easy access to the Haven network's xUSD, the first ever 100% private stablecoin, that can be exchanged with NO 3rd-party needed right inside the wallet via mint and burn. Simply trade Monero for Haven (XHV) on Thorchain, the Haven is sent to the wallet, and boom...you can mint xUSD or other xAssets like xBTC, xCHF, xEURO, and even private gold price exposure.
Thorchain bringing these ecosystems together with no-KYC is fucking awesome.
Welcome to the future gentlemen.
Yeah, this is really exciting. I need to do some reading on Haven... that sounds super cool.
Glad you found it interesting bro. I plan to do a few short posts on Haven coming up on some examples of use cases. Really good time to buy at the moment too, its only $1.98 now. Its still very niche, but the community so far is very loyal and excited. Buying some and becoming an LP (liquidity provider) can also make some passive income too, but just make sure you fully understand the concept of impermanent loss before doing any LP stuff, since it is possible to take a loss.
But if you have any questions, feel free to ask. I wish Hive had a way to post comments of their profile like Twitter/other social media.
Thanks! Ya, I am all over the LP's... so IL is not a foreign concept. I will be looking for your posts on Haven. I am pumped about this project... it looks like it has a lot of potential.
Good man, yes LPs are great for the long term, once you overcome the impermanent loss it really starts to add up, especially if you really hunt for the best ones. It's like owning a small part of the exchange without any of the startup costs...brilliant.
Totally. The future of investing is LP'ing... and to be early to the game when APR's are still really high is nice. In 10 years, the big DEFI platforms will be proven super safe and will give 2-10% or something (which still kills the banks). It is nice being in on some farms that are paying 100% with good assets. Fantom/USDC on Spookyswap comes to mind.
Btw I followed you, cheers.
I have followed you as well.
Yeah it would basically be like turning every currency into its own tumbling/mixing service by default.
Trying to imagine the regulator's tears is a difficult task.
They are not going to be happy about this.
It's going to be great!
I drink regulator's tears with my Cheerios in the morning, my good man.
I still haven't bought any Monero but I probably should. In a way, the exchanges have started blacklisting certain addresses because regulators have asked so having your funds frozen is never going to be nice. So having an emergency funds that nobody can figure out if it's yours might be a great thing to have.
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I strongly believe in this bitcoin as seriously taken advantage in the market than any other coin
If you're looking at Monero I'd recommend looking at Secret Network it is more advanced and still relatively new with all transactions hidden and its own algorithmic stable coin to be launched soon.
Secret also has a really strong community and Quentin Tarantino is a fan whom are currently battling Miramax over NFTs. Star power and news drove the token up this week.
Not if.... it will listed..
you sure?
heeh can't say i'm sure... but i know it will happen
In my mind ThorChain and Monero are already largely impossible technologies.
Combining them together seems even more impossible, but I guess we'll see what these nerds come up with.
I'm pretty confident on these heroes ;) Crypto On!!
The Monero devs have been talking about it getting added to Thorchain for months on podcasts, it is 100% for sure getting added, do not worry.
I always liked Monero, before I had some money invested, and one of the reasons that I see promising growth, is that I remember that it had a lower supply inclyso lower Bitcoin, and although I have not currently invested in Monero, it would be a good investment even so with the price now, it still has to grow.
Yes, Monero lost a lot of value vs BTC over the last few years, but if you havent bought any XMR yet, now is a great time to buy while it's price vs BTC is very low.
XMR is the king of the darknet and agorism, and those markets are huge, it is here to stay no matter what. Its been considered the gold standard of privacy for a few years now.
Sure, I've already been thinking about shopping around.
That is great to hear, hope your crypto portfolio does well man. In my opinion, BTC, ETH, and XMR are the 3 coins that are almost universally recognized as having extremely high reputation, and also the lowest risk of ever dying. I suggest all to have BTC + ETH and/or XMR at all times.
Though there are other good coins as well, Haven is still small, but could end up growing to a huge project someday, it uses Monero tech for privacy to create the first private stablecoin, xUSD, and you dont even need an exchange, you can mint them right from within your wallet, so 100% no-KYC. A lot of coins are very low quality projects though, sadly...hopefully during the next bear market a lot of these useless coins will eventually die off and the market can concentrate their funds on the major promising projects instead of coins with cartoon dogs on them, etc.
And also it will be great once Monero has some less techie ways to do XMR/BTC atomic swaps, and once Monero and Haven are added to Thorchain, so they can be traded freely with no-KYC in a decentralized and free manner. :)
Exciting times for the crypto community though!
Oh that's cool! I didn't know it might get listed on THorChain. That would be like two my favorite projects put together.
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Thank you for the very detailed explanation regarding bitcoin I feel the information you share is very valuable even though I have not been involved in crypto. because the average crypto requires a very large capital.
A large amount of capital s not needed, you do not need to buy a full bitcoin, you can buy 0.0000001 BTC if you want.
BTC and XMR are both great coins, they both have different strengths. BTC is widely accepted and the most trusted + the most friendly with regulators, and Monero is the king of privacy.
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I'm super bullish on THORChain, especially once XMR is listed in their LPs. Their current LPs are already yielding a higher rate of return than any other platform in the world, as far as I've seen. I'd think that a THORChain listing for XMR is also really bullish for SCRT, since the Secret Network is creating a decentralized private blockchain that yields a high return on assets.
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exactly
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I also consider Monero superior due to the privacy it offers, remaining auditable at same time. But the complete decentralization and privacy that you're talking about would be way too disruptive imho. How do you imagine a society without social services, army, police, etc? To me it seems like the distant past rather than a near future
Amen!
Is this for real? Are there any historical evidence to show that? It would be interesting to say the least.
Either way I'm HODLing cryptocurrency for the long term. A ThorChain listing for a privacy coin is going to be a huge help for the future of humanity.
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this is an awesome @article one of the best i read on @leofinance. you explain all information very well.
I really think the same we need some @privacy.
In my head we have lost it for a long time with the expension of new @technology where the big companies sell our information in exchange for @advertising which is why we must do everything to protect or gradate the little that we have.
@monero in the world of @crypto unlike @bitcoin even @ethereum and other big @crypto name, offers us this possibility to do it not without counter-part.
The question I ask myself is should we do it?
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It's interesting to see how this coin has evolved. Back when I first learned about crypto, I thought I wanted to get into mining (I've since given up on that). Bitcoin seemed completely impossible without specialized equipment even years ago.
I settled on Monero as the token that I thought would take off next and it was actually possible to mine on my really good gaming GPU. I ended up not doing it for long. It still didn't seem worth it.
But I've checked in on the coin here and there as my initial fondness stuck around.
Most cryptos have become incredibly expensive and centralized. I'm glad Monero is still CPU mineable.
Also I believe Monero has moved to the RandomX algorithm?
Public ledger is also a security problem. Others know how much value you control. At some point, it would be worthwhile to threaten you or your family to get some of that value.
With privacy coins, there is no public knowledge of how much wealth you have. It's not to protect them from you. It's to protect you from them.
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