I like your takes. I said that before.
What you write about is a well known and understood attack vector for at least 5 years.
Back in 2018, Monero reached #4 spot on Coin Market Caps and some reports came out that saw a Bitcoin-Monero dupoly as a likely future scenario for 2030.
Then we saw the next clycle pumped by the expansion of Tether where literally no money found its way into Monero, while memecoins x100 and x1000 (pull in/positive diversion of attention)
At the same time we saw exchanges like Binance, OKX, Ploniex, Huobi {on order or by incentives) go deeply fractionally reserved on their Monero holdings (push out/negative diversion of attention) resulting in a completely lost cycle of media attention and awareness for Monero
All that for buying time to weaponise thirdparty custodians and CEX (enforcing state defense policies aka AML/KYC) to exclude (delist) Monero from liquidity (capital flight).
Meanwhile placing a media and political speech embargo on anything that could draw (positive) attention to Monero. E.g. hit pieces bringing up only its criminal use or coining the term AEC anonymity enhancing coins (in policy reports across US/EU papers) without ever mentioning the one coin that does 95% of all those transactions.
This is a very interesting story. Feel free to reach out to the community if you can't get easy access to background knowledge and assumptions.
Last but not least, the Bitcoin maxi op made many Bitcoiners believe it is fiat NGU that means winning, when it's all about usage for whatever reason (limitation, control, privacy, programmability,..) in the longterm.
Replies (3)
We're still here so. Not comprising on what Satoshi put in motion 17 years ago.
P2P electronic cash
No middlemen
No custodians
Fungible (private)
Permission- and borderless within the digital realm
What you're saying is basically true, but I think the financial competition is more interesting than you're getting at.
Part of the BTC/doge value proposition is waking people up from brainwashing by saving in a currency that every adult is encouraged to fully understand. Monero's supply audit process is so much harder to understand, it doesn't offer that same advantage for savings.
The extreme difference in speculative growth matches an extreme difference in deserved market share in a potential post-dollar world, where hard money has replaced savings accounts.
The Monero community could add cancelable timed transactions to manage inheritance, which would be unmatched by Bitcoin and doggie. Also more suited to a "privacy coin" even if the other coins wanted to copy it. That would make it a more competitive offering to expect a lot of people using for savings in the future.
Then the "ASIC resistance" might still be a problem. If privacy coins start being taken more seriously, Monero could still lose to a Monero fork with a different mining algorithm. That could be seen as better for hashpower, or for privacy itself.
There are also a lot of outsiders who are suspicious of Monero and its community for overhyping its level of privacy. That factor might always make Bitcoin and doggie coin more successful in the value growth game. To fix that, we might need to fix global cybersecurity itself.
Thank you mate, much appreciated. I'll reach out if I can't figure something Monero-related out.
