Oddbean new post about login | logout I have more Bitcoin than Monero now, but i think its time to reverse it. Monero is more truth to Satoshi mission than Bitcoin nowadays.
💯 👇🏻 nostr:nevent1qqs0sxxmjrg3d37ydsd52plxk85gvfq059ezzg6zurrq455au6kytzqpz3mhxue69uhkummnw3ezummcw3ezuer9wcpzqms2ray990y05s4cq37kp2qexrvgjpx28u4vm76mssf6hrylg389qvzqqqqqqyud2ctr
Can I verify the total supply of monero without trusting anybody?
Run a node and verify by yourself, you can verify how many were mined, so yes you can
I used to run a monero node. I always thought the monero blockchain was encrypted, so every transaction is confidential and there‘s no way to verify the total number of monero UTXOs 🤔
You are talking about a different thing 🧐
Sorry, I am a monero noob, just being curious. But this is what’s written on their homepage too… My understanding was that, like in Liquid, Monero transactions are encrypted. Of course you know how much monero you have mined yourself or sent/received in total, but the blockchain consisting of fully encrypted transactions, while being fully anonymous, is not verifiable in terms of total supply. What am I missing?
Monero blockchain contains information about all transactions and the creation of new XMR through mining. By accessing a Monero node or using a blockchain explorer, you can calculate the total amount of XMR mined by summing up the block rewards since the genesis block.
But how are the transactions anonymous then?
Amounts are briefly transparent when they are first mined. After that amounts are hidden like normal.
Yes, it is encrypted. When you run a Monero node it's using 'pedersen commitments' to validate that all inputs/outputs for every transaction on the blockchain "cancel out" (no Monero is being created from thin air) but without knowing the actual values for any specific transaction. https://www.getmonero.org/resources/moneropedia/pedersen-commitment.html
Another cool thing about pedersen commitments is that they are "perfectly hiding" meaning it's impossible to break it's privacy even for a quantum computer "Perfectly binding or hiding means that even with infinite computing power it would be impossible to break the property (bindingness/hidingness)." https://docs.grin.mw/wiki/miscellaneous/switch-commitments/#properties-of-commitment-schemes
sounds like you have a pre conceived notion about what bitcoin SHOULD be instead of orienting your life around what bitcoin IS. ill happily take your sats from you.
I know what Bitcoin is, and i know why Satoshi created it, and it wasnt for people use "banks" to buy it and to keep it. People only want NGU and that isnt what i search.
But the fact that we‘re discussing this here on nostr, all the cool meetups, more institutions adopting bitcoin, more normies hearing from presidential candidates about self-custody - all this suggests people want more than NGU. And if they wanted only NGU, one could also see it as people understanding how fast their fiat savings are devalued and switching to bitcoin. I understand there are a lot of crypto degens and other traders bullshit, but (a) they have always been there and (b) they are a side-effect of the transition phase we’re living in.
I only see custodial solutions on the payments layer like ecash, i havent seen any good solution that isnt centralized, and what i see is people wanting ETFs and NGU or solutions that dont are self sourveign
Zeus (self-custody, privacy), Phoenix (self-custody), Liquid (federated, but high privacy), Ecash (privacy), Robosats (on the way to self-custody, federated), Bisq (self-custody), and so on and so forth. I think that’s normal. A more progressive minority pushes the whole field forward. Only commies live in a world where everyone is equal and equally stupid. The questions I would ask myself are: Is this bad for bitcoin? I don’t think it cares. Same way the internet doesn’t care about Google. Can the ETF/NGU people manipulate bitcoin price? Yes, either by a small percentage or for a short period of time. Long-term it’s impossible. Can they control it? No, it’s a game of three: miners, users, node runners. Is it bad that some people want only NGU? No, it’s probably the best way for a random normie to get orange pilled.
Sorry for my ignorance. What's NGU?
Usually, it is an allusion to people buying bitcoin solely in order to get profit. Sort of when a measure becomes a target, and not a tool for achieving something novel.
You keep searching for silver bullet solutions there are none. Bitcoin in and of itself is completely terrible over all. It does one thing and one thing only really well. Orders an immutable ledger that nobody can fuck with. Any other "things" you're searching for or try to add necessarily TAKES away from something else. Keep coping.
Can of worms officially opened🤘😂 And fully agree
And monero is perfect for a boat accident https://m.primal.net/IXdi.jpg
Monero is certainly a useful tool, but how does it address the same scaling issues we have with bitcoin? We can't cram every coffee purchase on the Monero blockchain so we'd need layers there too.
I don't have much of either sadly
Absolutely agree. Monero is not perfect but has way less flaws than BTC currently. If BCH would have switched to on chain privacy, that could have changed the game for BCH. But now it seems Monero is the real Bitcoin.
