Anon on Nostr: I don't try to store my money long term with Monero, i do it, i have 90% of my wealth ...
I don't try to store my money long term with Monero, i do it, i have 90% of my wealth in Monero.
Monero has characteristics of a store of value, and Monero is also a medium of exchange. Unlike Bitcoin's history, Monero has been 100% online since its inception and has never been hacked. On the other hand, Bitcoin was hacked, and Satoshi had to perform a hard fork to correct the inflation that was introduced into Bitcoin at the time. To this day, it's still unknown who was responsible for the hack. From this perspective, Monero is more secure than Bitcoin.
Monero is also more decentralized than Bitcoin. Bitcoin doesn't have any decentralized pools where users can mine without the possibility of a state regulatory attack that would force changes such as imposing KYC/AML. Bitcoin lacks privacy, making it an easy target for adverse regulations, as seen in the case of donations to Canadian truckers.
Bitcoin will only become a global reserve coin if the state forces it to be so, because otherwise, it never will be. At this moment, without state help or ETFs, your argument about store of value might not even make sense.
Those who are currently in Monero are people who started with Bitcoin but were driven away by its hijacking and stagnant development due to the mafia-like behavior of core devs. This strayed from Satoshi's original philosophy of taking power away from banks and states and giving it to individuals.
There's been a shift in mindset now where everything is done to drive prices up instead of promoting freedom. This will bring surprises in the future.
Monero has characteristics of a store of value, and Monero is also a medium of exchange. Unlike Bitcoin's history, Monero has been 100% online since its inception and has never been hacked. On the other hand, Bitcoin was hacked, and Satoshi had to perform a hard fork to correct the inflation that was introduced into Bitcoin at the time. To this day, it's still unknown who was responsible for the hack. From this perspective, Monero is more secure than Bitcoin.
Monero is also more decentralized than Bitcoin. Bitcoin doesn't have any decentralized pools where users can mine without the possibility of a state regulatory attack that would force changes such as imposing KYC/AML. Bitcoin lacks privacy, making it an easy target for adverse regulations, as seen in the case of donations to Canadian truckers.
Bitcoin will only become a global reserve coin if the state forces it to be so, because otherwise, it never will be. At this moment, without state help or ETFs, your argument about store of value might not even make sense.
Those who are currently in Monero are people who started with Bitcoin but were driven away by its hijacking and stagnant development due to the mafia-like behavior of core devs. This strayed from Satoshi's original philosophy of taking power away from banks and states and giving it to individuals.
There's been a shift in mindset now where everything is done to drive prices up instead of promoting freedom. This will bring surprises in the future.