5 ms·

Is Bitcoin a Shitcoin? Bitcoin vs. Monero Debate

12 points by goindeep 4y ago

jqpabc123 4y ago
Two juveniles arguing over whose sh!t smells better. The argument for Bitcoin is it's name recognition and ability to attract new rubes to be fleeced. Buying BTC at this point is basically a bet that the fleecing hasn't run it's course yet. The argument for Monero is it's secrecy making it a perfect tool for money laundering. Buying XMR is basically a bet that law enforcement won't be able to uncover/track your activities --- and you will be able to convert XMR back into USD (or other fiat) without paying outrageous fees. Both are modern "wooden nickels". "Modern" meaning electrons are substituted for wood. Personally, if I had to choose, I would take XMR. There will always be a demand for money laundering so the value proposition for XMR is clearly stronger and more likely to be sustainable over time IMO --- until law enforcement cracks the network.
- mescaline 4y ago
  There is value in the burn of mining. Understanding this requires understanding how humans evaluate risk and reward. Not all human evaluation of risk may be influenced by outside thought. It is ingrained from childhood.
- MomoXenosaga 4y ago
  The only practical purpose of crypto is buying drugs, illegal porn and tax evasion so I'd say Monero comes out on top.
  - solveit 4y ago
    Completely legal porn also has a lot of trouble using regular financial services.
  - ALittleLight 4y ago
    Also donating to political extremists, terrorists, and hiring murderers or other criminals.
  - deleted 4y ago
    [deleted]
tromp 4y ago
There's a nice objective comparison of Bitcoin and Monero at https://phyro.github.io/grinvestigation/why_grin.html https://phyro.github.io/grinvestigation/why_grin.html , just ignore the 3rd column.
jrm4 4y ago
Honestly, I'd love to see more material here like this, even if casual. I suppose I find it odd that people around here don't see the inevitability of at least some crypto being a major part of our future, even if we don't see which ones yet. I suppose I find the "luddite"ness of the whole deal surprising.
- ThePrankster 4y ago
  The inevitability is only perceived by people with stakes on it. For everyone else, crypto is just another fad that has been promising wonders for over a decade and still has showed nothing for it. It’s not about being luddites, but not being fooled by “if you don’t think this is great it’s because you don’t understand it”
  - jrm4 4y ago
    Good point. Still, it feels very different from other techs that also seemed somewhat inevitable? Like, regardless of what they were called, I don't recall this level of "hand-held computers in your pocket are a scam and will never be a thing?" I suppose it's like, regardless of what you think of it, the fact is that there's a ton of money going into this crypto thing. It will be a significant thing, full stop. And the tone doesn't seem like "how will we ride this out," but instead sort of sticking your finger in your ears and going blah blah crypto will never be a thing?
- jqpabc123 4y ago
  I find it odd that people who don't trust government will readily trust unregulated crypto "exchanges".
  - jrm4 4y ago
    A lot don't? Which is to say, a great deal of people only trust the technology, and merely understand that you have to use the exchanges to participate; i.e. but end up on self-hosted wallets.
    - 4y ago
lakomen 4y ago

12 points by goindeep 4y ago

Two juveniles arguing over whose sh!t smells better. The argument for Bitcoin is it's name recognition and ability to attract new rubes to be fleeced. Buying BTC at this point is basically a bet that the fleecing hasn't run it's course yet. The argument for Monero is it's secrecy making it a perfect tool for money laundering. Buying XMR is basically a bet that law enforcement won't be able to uncover/track your activities --- and you will be able to convert XMR back into USD (or other fiat) without paying outrageous fees. Both are modern "wooden nickels". "Modern" meaning electrons are substituted for wood. Personally, if I had to choose, I would take XMR. There will always be a demand for money laundering so the value proposition for XMR is clearly stronger and more likely to be sustainable over time IMO --- until law enforcement cracks the network.

mescaline 4y ago
There is value in the burn of mining. Understanding this requires understanding how humans evaluate risk and reward. Not all human evaluation of risk may be influenced by outside thought. It is ingrained from childhood.
MomoXenosaga 4y ago
The only practical purpose of crypto is buying drugs, illegal porn and tax evasion so I'd say Monero comes out on top.
- solveit 4y ago
  Completely legal porn also has a lot of trouble using regular financial services.
- ALittleLight 4y ago
  Also donating to political extremists, terrorists, and hiring murderers or other criminals.
- deleted 4y ago
  [deleted]

tromp 4y ago

There's a nice objective comparison of Bitcoin and Monero at https://phyro.github.io/grinvestigation/why_grin.html https://phyro.github.io/grinvestigation/why_grin.html , just ignore the 3rd column.

jrm4 4y ago

Honestly, I'd love to see more material here like this, even if casual. I suppose I find it odd that people around here don't see the inevitability of at least some crypto being a major part of our future, even if we don't see which ones yet. I suppose I find the "luddite"ness of the whole deal surprising.

ThePrankster 4y ago
The inevitability is only perceived by people with stakes on it. For everyone else, crypto is just another fad that has been promising wonders for over a decade and still has showed nothing for it. It’s not about being luddites, but not being fooled by “if you don’t think this is great it’s because you don’t understand it”
- jrm4 4y ago
  Good point. Still, it feels very different from other techs that also seemed somewhat inevitable? Like, regardless of what they were called, I don't recall this level of "hand-held computers in your pocket are a scam and will never be a thing?" I suppose it's like, regardless of what you think of it, the fact is that there's a ton of money going into this crypto thing. It will be a significant thing, full stop. And the tone doesn't seem like "how will we ride this out," but instead sort of sticking your finger in your ears and going blah blah crypto will never be a thing?
jqpabc123 4y ago
I find it odd that people who don't trust government will readily trust unregulated crypto "exchanges".
- jrm4 4y ago
  A lot don't? Which is to say, a great deal of people only trust the technology, and merely understand that you have to use the exchanges to participate; i.e. but end up on self-hosted wallets.
  - 4y ago

lakomen 4y ago