anonymousx
Funny Strategy Wizard
2
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Issues in Bitcoin and other modern cryptocurrencies
Remember when in 2010, Bitcoin was being hyped as a Peer-to-Peer electronic currency? People still thought of Bitcoin as a currency and not as a "store of value" or as "stock". Nowadays most vendors for things for goods don't accept Bitcoin or Ethereum or <newest coin> because of the volatility and the fact that most of the current cryptocurrencies have no real utility other than being a blockchain.
Privacy
When the media hyped up Bitcoin, they sold it as something you could use to escape the central banking system, providing you with privacy and individuality. This simply isn't true. Bitcoin's blockchain is publicly traceable. Anyone can see what transactions go in and out of a wallet and how much Bitcoin a wallet owns. Combine that with CEXes, KYC and the fact that remote nodes can see your IP address, that negates the entire blockchain "utility" that Bitcoin poses as. To attain "privacy"on Bitcoin, you have to go through atleast 200 steps, about 100 steps of mixing your coins, and another 100 steps of actually sending them.
Centralization
Remember how Bitcoin was marketed as decentralized and peer2peer? Nowadays, those claims are entirely untrue. Bitcoin died the day GPU mining and ASICs came into existence. Bitcoin uses primitive systems for generating hashes, which allow for very fast ASICs which lead to centralization, due to the fact that ASICs are designed to be used in mass, especially in industrial areas. This leads to nearly half of Bitcoin mining being done by one/two companies with large amounts of ASICs, leaving it very open to 51% attacks. THERE IS VIRTUALLY NO DECENTRALIZATION IN MODERN BITCOIN.
The solution?
Monero
Monero came into existence in 2013, when a group of researchers released the "CryptoNote Whitepaper" under the pseudonym "Nicolas van Saberhagen". The original implementation of Cryptonote was Bytecoin, which was found out to be 80% premined, so a bitcointalk user thankful_for_today created Bitmonero, implementing the Cryptonote whitepaper. Since the community didn't like how thankful_for_today implemented some stuff, and due to the fact that the rushed Bitmonero introduced some bugs, the community did a hard-split from Bitmonero and so Monero came into existence.
Features
You need to buy Monero. Right now. "Why?", you might ask, here's the answer to that, in a famous copypasta
Remember when in 2010, Bitcoin was being hyped as a Peer-to-Peer electronic currency? People still thought of Bitcoin as a currency and not as a "store of value" or as "stock". Nowadays most vendors for things for goods don't accept Bitcoin or Ethereum or <newest coin> because of the volatility and the fact that most of the current cryptocurrencies have no real utility other than being a blockchain.
Privacy
When the media hyped up Bitcoin, they sold it as something you could use to escape the central banking system, providing you with privacy and individuality. This simply isn't true. Bitcoin's blockchain is publicly traceable. Anyone can see what transactions go in and out of a wallet and how much Bitcoin a wallet owns. Combine that with CEXes, KYC and the fact that remote nodes can see your IP address, that negates the entire blockchain "utility" that Bitcoin poses as. To attain "privacy"on Bitcoin, you have to go through atleast 200 steps, about 100 steps of mixing your coins, and another 100 steps of actually sending them.
Centralization
Remember how Bitcoin was marketed as decentralized and peer2peer? Nowadays, those claims are entirely untrue. Bitcoin died the day GPU mining and ASICs came into existence. Bitcoin uses primitive systems for generating hashes, which allow for very fast ASICs which lead to centralization, due to the fact that ASICs are designed to be used in mass, especially in industrial areas. This leads to nearly half of Bitcoin mining being done by one/two companies with large amounts of ASICs, leaving it very open to 51% attacks. THERE IS VIRTUALLY NO DECENTRALIZATION IN MODERN BITCOIN.
The solution?
Monero
Monero came into existence in 2013, when a group of researchers released the "CryptoNote Whitepaper" under the pseudonym "Nicolas van Saberhagen". The original implementation of Cryptonote was Bytecoin, which was found out to be 80% premined, so a bitcointalk user thankful_for_today created Bitmonero, implementing the Cryptonote whitepaper. Since the community didn't like how thankful_for_today implemented some stuff, and due to the fact that the rushed Bitmonero introduced some bugs, the community did a hard-split from Bitmonero and so Monero came into existence.
Features
- Monero is completely anonymous. Government agencies cannot see your incoming or outgoing transactions. Transaction amounts aren't visible on the blockchain either.
- Monero uses RandomX as the proof-of-work algorithm, which is entirely ASIC resistant due to the fact that it is optimized for CPUs, so the original vision of Satoshi, "1-cpu-1-vote". The best "ASIC" for Monero, is in fact a CPU, so there would be no point in designing machines for mining Monero, because the best miner for Monero would be a general-purpose CPU. DECENTRALIZATION EXTREME.
- Monero has actual utility and unlike most modern cryptocurrencies, it is used as actual currency. Most Darknet Markets now only accept Monero due its untraceability and stability. Many clearnet markets have also sprung up trading real-life goods for Monero, something which is rarer in Bitcoin spaces.
- Miners are always rewarded due to a tail emission of 0.6 XMR per block mined, ensuring that miners aren't dependent on TX fees, and there's always motivation for miners to mine XMR, thereby securing the network.
You need to buy Monero. Right now. "Why?", you might ask, here's the answer to that, in a famous copypasta
Let's say you learn about monero in 2021 when the price is $300. You read about it and understand that it is a more secure cryptocurrency than bitcoin and works better as money due to it's fungibility. You believe that cryptocurrency will likely be a dominant store of value in the future, and monero is most likely to become the "reserve asset" of crypto where BTC is today. But for some reason, you don't bother getting any monero, or you only get a tiny amount say 0.5 or 1 XMR. Maybe you are afraid to send a lot of fiat money to an exchange, maybe you're afraid of having to store your own private keys, maybe you get distracted with life and forget to buy more.
Now imagine it is 2030, and 1 XMR is worth $300,000. You knew about monero when it was $300 in 2021, and could have bought a small stack, say 18.7 XMR, and you even believed at the time it was going to eventually overtake bitcoin as a crypto reserve asset because it is a superior cryptocurrency. You should have a lot of monero because you knew about it early, but now you have just as little monero as everyone else. You become overwhelmed with regret and a feeling of weakness and start to question everything about yourself and finally consider suicide. Hence 'suicide stack'.