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I feel like Monero is in a tough spot. Not enough network effect to compete with Bitcoin, and new scaling layers like Arc and Lightning actively building out to

I feel like Monero is in a tough spot. Not enough network effect to compete with Bitcoin, and new scaling layers like Arc and Lightning actively building out to provide privacy.

bboygravity 3y ago
The network effect will come when the FED and ECB "save" everybody from their manufactured hyper inflation (give or take 2 years from now) through CBDC.
- mrangle 3y ago
  Unsure about the network effect, but you are spot on about the rest.
jpmattia 3y ago
I don't know why you're being downvoted, it's an entirely valid observation. And as I type, it's the only comment mentioning lightning as competition. Moreover, my greater sense is that the nuts and bolts of crypto is not an HN strong suit. It usually brings out religious-type arguments with little sense of balance. <sigh>
saesdev 3y ago
Actually I think that thanks to Bitcoin coming first and being bigger, Monero is able to rise in its shadow, because bitcoin as a crypto people use is like giving governments a safe environment of still being in control, with its traceability and ASIC mining by corporations that can sanction addresses and etc, if Monero was the first ever cryptocurrency it would be way more regulated and attacked as a tool for criminals and would never reach mass adoption, so it's way easier to move from Bitcoin - the coin for social media and legal tender - to Monero - the anonymous alternative -, than from your regulated and enforced fiat currency to a "criminal coin" everyone is afraid to have, making it impossible to spend and use. If Bitcoin continues to grow, so will Monero
kinakomochidayo 3y ago
Well, except Lightning UX is horrible.
lawn 3y ago
Lightning isn't a real threat because: - The UX is horrible. - To be user friendly, you need to reintroduce trust into the system, defeating the point. - It's still more expensive to lock up Bitcoin in Lightning than to use Monero. - The privacy of Lightning is poor compared to Monero. The only thing Monero lacks compared to Bitcoin is the amount of speculative network effect it has, which is indeed what's holding back Monero's popularity.

I feel like Monero is in a tough spot. Not enough network effect to compete with Bitcoin, and new scaling layers like Arc and Lightning actively building out to provide privacy.

bboygravity 3y ago

The network effect will come when the FED and ECB "save" everybody from their manufactured hyper inflation (give or take 2 years from now) through CBDC.

mrangle 3y ago
Unsure about the network effect, but you are spot on about the rest.

jpmattia 3y ago

I don't know why you're being downvoted, it's an entirely valid observation. And as I type, it's the only comment mentioning lightning as competition. Moreover, my greater sense is that the nuts and bolts of crypto is not an HN strong suit. It usually brings out religious-type arguments with little sense of balance. <sigh>

saesdev 3y ago

Actually I think that thanks to Bitcoin coming first and being bigger, Monero is able to rise in its shadow, because bitcoin as a crypto people use is like giving governments a safe environment of still being in control, with its traceability and ASIC mining by corporations that can sanction addresses and etc, if Monero was the first ever cryptocurrency it would be way more regulated and attacked as a tool for criminals and would never reach mass adoption, so it's way easier to move from Bitcoin - the coin for social media and legal tender - to Monero - the anonymous alternative -, than from your regulated and enforced fiat currency to a "criminal coin" everyone is afraid to have, making it impossible to spend and use. If Bitcoin continues to grow, so will Monero

kinakomochidayo 3y ago

Well, except Lightning UX is horrible.

lawn 3y ago

Lightning isn't a real threat because: - The UX is horrible. - To be user friendly, you need to reintroduce trust into the system, defeating the point. - It's still more expensive to lock up Bitcoin in Lightning than to use Monero. - The privacy of Lightning is poor compared to Monero. The only thing Monero lacks compared to Bitcoin is the amount of speculative network effect it has, which is indeed what's holding back Monero's popularity.