Oddbean new post about login | logout Is Bitcoin as private as Monero? Monero has a soft cap. It doesn't attempt to recreate scarcity. Decentralized more so than Bitcoin. Asic resistant algorithm allows for egalitarian mining done at home. Its value lies in its ease of use and privacy.
Im not too familiar with monero, so i cant speak to: is bitcoin as private as monero? By default, probably not but we all have our responsibility and i would argue bitcoin can/could be as private as monero. If zaps ⚡️ were built on top of monero, how would that look?
That doesn’t need to happen tho
Interesting, monero transactions/fees* scale easily so we can zap anyone layer 1? again limited monero knowledge 😅
Yes as well as the blockchain itself to handle large amount of transactions
How fees works for monero? Can we check it live like mempool for btc ?
Its not as interesting as mempool.space since you can't see sender,receiver and amount.
I mean, if such thing exist for the part of live fees priority and cost
Monero txs are so cheap (usually less than .01 USD) basically nobody worries about it. There was an issue with some network flooding a few months ago where people who needed to get a tx in a block had to up their fee. But that was the first Ive heard of any fee market in years.
That was an attack on dnm… they made $300k stealing from them…
no cap? they were somehow brute forcing privkeys? how did flooding txs steal xmr? which DNM was the target?
what a monero block explorer looks like FYI https://localmonero.co/blocks/
if you had it setup I could zap this https://image.nostr.build/028199f95879cd31f6675023dc2d17d5d5897772373b674a780d2712af0898a6.jpg
The average XMR fee is very low compared to BTC https://image.nostr.build/c66c1d6711cc586c1cbf2f378064e30979d434e921ca3aab3397ff270b2dbb79.jpg
by default, not at all. and bitcoin could possibly be as private as monero, with a hard fork. OR we're left trying to do shit on L2s, which will always have serious drawbacks. There is a extremely strong argument for compulsory privacy on L1.
Do you admit it only had utility in this aspect and nothing else so therefore not money.
Monero has all the properties of money. Bitcoin does not. cope. https://image.nostr.build/986286384c78b0a0c0a91861139b7c72e24a8a8b414e1dad9e15d127f9e1125c.jpg
Can you elaborate on why it states btc is ❌ fungible?
Tainted coins can be rejected.
Tainted? Rejected by who?
anyone with a block explorer and enough knowledge to follow the money. they are going to map the entire utxo set using existing KYC/AML info and assign confidence scores to all of it large institutions will pay CA to help them avoid tainted, risky utxos.
Seems arbitrary and at an individual level the argument falls apart. Because a person or institution decides to not accept a specific utxo doesnt make that thing init of itself nonfungible. Individuals can do what they please.
the point is that it is possible to differentiate between utxos of the same 'value' IOW, 'value' is not the only characteristic of a new utxo. Because the ledger is transparent, 'history' is also communicated. And because their 'history' is not the same, utxos of the same 'value' are nonfungible. by definition. yes and *then* people can make whatever decisions they want. but we have decided that "fungible" means that units of equal size cannot be differentiated from each other. and bitcoin is not that.
Rare sats for example.
Rare sats are funny 😂 an example but a silly example. I see the perspective of the history, metadata about this utxo chain but this is at the human level. Imposed onto it. At the network level a utxo is a utxo. A sat is a sat, no matter how long or short its chained history is. Sure obfuscation of this history seems to provide ppl ”value” but not on the network.
sure whatever. nodes don't care. its still not fungible in real life. de facto nonfungible. so let's all go ahead get over the fact and move on bitcoin does NOT have all the properties of money it's probably never going to have strong privacy and its a big fucking problem
https://image.nostr.build/3f1f53eef8f5124c7ad6bc9697215f8135969dc91ce79d0ae4dd471a82c4b0c7.jpg If there was only a list of exchanges oh wait...
Unique histories are the opposite of fungible (uniformity, indistinguishable among other units)
The argument about scarcity is not quite right actually. Over infinity, sure, Monero is not scarce, such as Bitcoin is. However, over a lifetime, it definitely is scarce enough to work as proper money. less than 0.9% inflation per year and falling. The tiny amount of inflation is meant to replace what gets lost through loss of private keys, etc.
