22 ms·

You're right that it makes different trade-offs, but in doing so it becomes a better currency than Bitcoin.

by lawn 4y ago

tromp 4y ago
Many of the properties listed in that comparison table make it a worse currency. The prime ones being poor scalability (not only large txs but also having to track all historical outputs, not just the unspent ones) and poor second layer support (no relative time locks).
- lawn 4y ago
  This list doesn't even list the important properties of a currency, such at it being fungible or it being cheap to transfer, both which directly disqualify Bitcoin. Also, both of the ones you list are the same (scalability), whose purpose is to keep transfer fees low. Which, again, Bitcoin utterly fails at.
  - tromp 4y ago
    Fungibility is split out into three separate properties: Hides amounts, Hides addresses, Hides the transaction graph (untraceability). Bitcoin tx fees are near all time lows [1] although many people still overpay. And lightning fees are way lower still. [1] https://jochen-hoenicke.de/queue/#BTC,24h,weight https://jochen-hoenicke.de/queue/#BTC,24h,weight
    - lawn 4y ago
      All time lows at only $2/tx... While the median Monero fee is at $0.0012. Even if LN transactions are free (they aren't) you still need to make hundreds of transactions before you recoup that one Bitcoin fee. And the kicker is that Bitcoin's fees goes up when more people use it, while in Monero the fees get lower. It's laughable to suggest Bitcoin scales better wrt to regular payments than Monero, despite Monero transactions being larger and the blockchain is harder to prune. https://www.monero.how/monero-transaction-fees https://www.monero.how/monero-transaction-fees
      - tromp 4y ago
        The chart shows many Bitcoin txs clearing (with some delay) at the minimal 1 sat/vbyte, which typically comes to a ~400 sat fee, or about 8 cents. This is also shown at [1]. Many people don't bother picking their feerate though, and go with their wallet's overestimate. It's laughable to think Monero scales better when it uses much more resources (bandwidth and memory and diskspace) to support a given transaction rate. [1] https://bitcoinvisuals.com/bitcoind-minfee https://bitcoinvisuals.com/bitcoind-minfee
        deleted 4y ago
        [deleted]
- charadeyouare 4y ago
  There's work underway for Monero to use the Lightning network, which scales to millions of transactions per second.
  - tromp 4y ago
    citation needed. i've only seen research proposals for one directional channels, or for networks with 3rd party escrow.

You're right that it makes different trade-offs, but in doing so it becomes a better currency than Bitcoin.

by lawn 4y ago

You're right that it makes different trade-offs, but in doing so it becomes a better currency than Bitcoin.

Many of the properties listed in that comparison table make it a worse currency. The prime ones being poor scalability (not only large txs but also having to track all historical outputs, not just the unspent ones) and poor second layer support (no relative time locks).

lawn 4y ago
This list doesn't even list the important properties of a currency, such at it being fungible or it being cheap to transfer, both which directly disqualify Bitcoin. Also, both of the ones you list are the same (scalability), whose purpose is to keep transfer fees low. Which, again, Bitcoin utterly fails at.
- tromp 4y ago
  Fungibility is split out into three separate properties: Hides amounts, Hides addresses, Hides the transaction graph (untraceability). Bitcoin tx fees are near all time lows [1] although many people still overpay. And lightning fees are way lower still. [1] https://jochen-hoenicke.de/queue/#BTC,24h,weight https://jochen-hoenicke.de/queue/#BTC,24h,weight
  - lawn 4y ago
    All time lows at only $2/tx... While the median Monero fee is at $0.0012. Even if LN transactions are free (they aren't) you still need to make hundreds of transactions before you recoup that one Bitcoin fee. And the kicker is that Bitcoin's fees goes up when more people use it, while in Monero the fees get lower. It's laughable to suggest Bitcoin scales better wrt to regular payments than Monero, despite Monero transactions being larger and the blockchain is harder to prune. https://www.monero.how/monero-transaction-fees https://www.monero.how/monero-transaction-fees
    - tromp 4y ago
      The chart shows many Bitcoin txs clearing (with some delay) at the minimal 1 sat/vbyte, which typically comes to a ~400 sat fee, or about 8 cents. This is also shown at [1]. Many people don't bother picking their feerate though, and go with their wallet's overestimate. It's laughable to think Monero scales better when it uses much more resources (bandwidth and memory and diskspace) to support a given transaction rate. [1] https://bitcoinvisuals.com/bitcoind-minfee https://bitcoinvisuals.com/bitcoind-minfee
      - deleted 4y ago
        [deleted]
charadeyouare 4y ago
There's work underway for Monero to use the Lightning network, which scales to millions of transactions per second.
- tromp 4y ago
  citation needed. i've only seen research proposals for one directional channels, or for networks with 3rd party escrow.