Oddbean new post about login | logout What are my #nostr frens’ opinion on cash eventually being replaced by private cryptocurrencies in the future? Such as #monero. Would you guys rather Monero or #bitcoin replace cash if you had to choose one?
Monero because block confirmation time is about 2 minutes vs. 10 on BTC side. Fees are about a penny, BTC fees can go ballistic. Unless we're talking about lightning, it's a no-brainer for XMR.
Yes, was talking about lightning. Factoring in privacy, ease of use, and block confirmation time for my original question
I think lightning might win in terms of easiness of use and quickness. Privacy? Not so much. Monero would be more self-custody friendly with some UI/UX quirks and not as fast yet arguably more private. Lightning would be faster and potentially easier yet not as private and working under the terms of IOU vs. the tangible piconeros.
Lightning is only easier to use if you're on custodial wallets or using LSPs like the majority of users. The frustrating task of running a LN node is abstracted away and done for them at the cost of self custody, and/or permissionless transactions, and any moderate privacy they would've had. Everyone who uses custodial lightning anyway should just switch to eCash. At least you get very strong privacy AND can't be individually targeted for censorship. You can also do some neat things with it using cryptography magic like offline verification which isn't possible with LN. For sovereign digital cash Monero is still unmatched atm and for the foreseeable future. Don't really see any competition.
And from my experiemce moderate privacy can be worse than full transparency. I know that seems countet-intuitive, but during my audit, i got burned every time i used privacy tools, as the IRS was unable to trace my coins, which caused a lot of issues.