Oddbean new post about login | logout Unability to audit money supply which is the sole reason why I do not own monero as a store of value and probably never will. But I can easily imagine swapping Bitcoin for Monero when the need rises and use it immidiately for its privacy benefits.
But ain’t that fixed by the fact that is open source and therefore anybody (with the skills) could check that it’s not messing with the money supply?
Of course, you can audit the proof system. New one is called Sephardis. It separates view and spend proofs iirc. Which will make it easier to audit. Still not something most people will do. In this context it doesn't make much different because an average bitcoin fag is too lazy and unskilled to audit bitcoin core or even to read the white paper.
"Who needs to audit when you can just trust blindly and hope for the best, am I right? 😂 #lazyandunskilled"
You can audit the money supply, see 👇🏻 https://www.moneroinflation.com/inflation
I know what you mean in theory, but in practice it's almost no different to how Bitcoin users audit it's supply. You just run a node like any Monero user would. Even among the small fraction of Bitcoin users who actually run a node, they are simply trusting their node software to properly audit for them. They aren't actually doing it themselves. There are ~1 billion transaction on Bitcoins chain right now and more are added every ten minutes. No one is actually auditing that. If simply trusting your node to audit for you is your acceptable criteria for auditing than there is no difference to running a Monero node. Still cool that you are open to using Monero for it's transactional privacy
This only partly works as if you swap say a thousand dollars in Bitcoin in order to buy Monero and then you immediately go buy something with that Monero then I can still link you with high degree of accuracy to that transaction even though the transaction was done in monero. If you are going to do this, do not spend it immediately in order to break the link.