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this post was submitted on 21 Mar 2024
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Privacy
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Monero is not stable
Monero is actually the least volatile crypto asset that is not specifically designed to be pegged to fiat.
I did not say stable. I said decently stable. Since Monero is actually used as money and changes hands often, the price fluctuations do exist, but they are less than they might otherwise be. Monero took a big shock recently during the Binance de-listing and dropped 30% which lasted for all of about a week before it was back to a decent equilibrium and only a month to recover most of that loss. It has recovered 20% of the original drop, even though there are fewer people using it. Because it removed some speculation from the market. More people over time are realizing that Bitcoin is not the promise they understood it to be and are leaving for Monero.
How does Monero avoid the problem of Bitcoin? Of just being used for investment and not currency?
Low fees, a focus on privacy, not calling itself "digital gold"
But is it still deflationary? I may be wrong, but I feel like any currency that is deflationary over inflationary encourages hoarding instead of spending.
Just because it's deflationary doesn't mean that it's not spent primarily because you still need electricity, food, gas, and other things. So you are forced to spend it whether you want to or not. Monero itself is not technically deflationary as 0.6 new coins are released every 2 minutes forever. What you end up with is that Inflation asymptotically approaches zero until an equilibrium is reached where new coins are created at the same rate that coins are destroyed through negligence, etc. Right now, Monero has an inflation rate of about 0.85% and falling all the time.
OK that's pretty cool actually. I hope it works out without the pitfalls of Bitcoin and other crypto.
Nothing's ever certain in the future. But at least for the last 10 years, it has worked. And I think it will continue to work. I think the main problem with Bitcoin is the people using it are so locked into "oh this is the best and there's nothing better" that they can't see the problems. If something came along that made Monero look like a child's toy, and it was that much better, I would switch, not die on that hill.