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this post was submitted on 02 Oct 2024
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How does Monero increase value except by enticing other people to join in? After all, cryptocurrency is only worth money if people are willing to spend money to get it. If people ended up not wanting it, the value would plummet, like it has with so many NFTs and scams before it. It seems to me that by embracing any cryptocurrency, and you have any interest in it maintaining or increasing in value, you must advocate it, evangelize it.
Monero is intensely focused on being the world's best private digital cash system for making purchases on a day-to-day basis, such as your coffee from Starbucks, your items on Amazon, etc. It is uniquely positioned because governments absolutely cannot stand it, but it provides privacy for those who use it, and so the government cannot stop it, even though they absolutely wish they could.
Right, but does it manage to avoid those pitfalls I mentioned except by popularity? I know Monero is relatively private (discounting issues), but a lot of cryptocurrency is treated more like stock than currency by investors.
We really don't have to advocate or evangelize for it much considering the fact that it's completely used on the dark net for drug purchases. Love them or hate them. Criminals are the first ones to adapt. New better technology. And then everybody else follows on after that. That video is a lot of guesswork and most of it is completely solvable either today or in the very near future. The idea that they can trace Monero depends on compromised nodes which is fixed by running your own node or using somebody you trust as a node provider trading with a centralized exchange which is easily solved by not trading with a centralized exchange, and ring signature weaknesses that are well-known and in the process of being fixed.