/biz/ - Business & Finance

>>29755276
>you think people don't know in 2021 the bitcoin blockchain is fully auditable? that's like one of the main selling points.

Normies also still think the "crypto" in "cryptocurrency" means anonymous and untraceable.

They're also are blissfully unaware of all the potential headaches that come with transacting Bitcoin.

Bitcoin coasts on user ignorance of its many flaws. But that will change with time and greater publicity of Uncle Sam's fuckery.

>>29297792
>What's the story of this pic?

The US Treasury maintains a blacklist of sanctioned individuals and their known crypto addresses. Transacting with these addresses is illegal and may taint your own stack.

TL;DR: Bitcoin has shit fungibility.

>>28851805
>Yea, use CoinJoin if you don't want that.

Why take the risk when Monero has a better track record? CoinJoin might be "good enough" privacy but its not "the best" privacy, and when it comes to staying out of prison or protecting your wealth, "good enough" just ain't enough, you want "the best."

>Also above is a reason why XMR is getting blacklisted while BTC has chance of mainstream.

Atomic swaps = BTC/LTC/whatever become XMR's on/off ramps, so the prospect of being outlawed doesn't really bother people all that much.

>why BTC will remain the gold standard.

But for how long? Insufficient privacy and fungibility mean BTC taint issues will continue to snowball and thus BTC will continue being blacklisted by governmental agencies, primarily OFAC aka the US Treasury. Pic related.

And as Bitcoin develops a more publicized reputation for being vulnerable to governmental blacklisting and effective seizure, confidence will inevitably begin to erode and hodlers may start to jump ship to more secure protocols, primarily XMR.

>>28507989
>Stop treating it as a store of value. You already have BTC for that.

You mean the shitcoin that keeps getting blacklisted by the US Treasury with increasing frequency due to it not being fungible? Good luck shilling that to the moneyed elites: " Just be careful not to accept tainted coins lest Uncle Sam decides to effectively freeze them!"

>>28508115
>What specifically makes BTC a better store of value than XMR?

Hot air. Take away the network effect and hype and you're left with an obsolete coin that wouldn't make a dent in the market if it launched today.

>>28405308
>Velofcity of money means it will be less valuable. Its why btc keeps going up as a store of value.

"Store of value" that keeps being blacklisted by the US Treasury with increasing regularity.

I'm sure that will inspire confidence in its long-term prospects lol


>Also its agreed that monero has a hidden inflation bug.

Baseless FUD.

You can verify the integrity of the supply by:

>Summing up all the coinbase outputs, which are unmasked (i.e. in the clear).
>Verifying the underlying cryptography (mathematics) of the confidential amounts implementation.
>Verifying the correctness of the implementation in the code.

Those essentially guarantee that the supply has not been maliciously inflated (i.e. unintended inflation has occurred). Note that a similar procedure has to be followed for transparent chains. Furthermore, a hypothetical inflation bug can go unnoticed even on a transparent chain.

https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret

>>28167778
>atomic swaps for xmr will never be actualized.


>>28168308
>>just wait til unobtainium is discovered!

lol FUD harder, ewe guise!

>Farcaster: Community update January
>https://www.reddit.com/r/Monero/comments/l9offg/farcaster_community_update_january/

>XMR<>BTC on stagenet - update by COMIT
https://www.reddit.com/r/Monero/comments/kwbzrh/xmrbtc_on_stagenet_update_by_comit/


>You'll still incur BTC blockchain fees. And if regulated exchanges start anally blacklisting/whitelisting BTC finding counterparties could become very difficult.

When BTC starts getting majorly raped by governmental blacklisting is when confidence in Bitcoin begins to death spiral, kicking off a mass exodus into Monero.

In any case, atomic swaps are eventually going to be expanded to other chains, LTC and ETH will likely be next.

>>27949621
>Using bitcoin will be like going to the shopping mall in the future. Accepted anywhere, lots of vendors.

There is a decent chance Bitcoin will die a gradual death as it develops a reputation for being vulnerable to governmental blacklisting. We're only 2 years in and already 50 BTC addresses have been declared toxic and the funds they hold rendered effectively unusable, that number is only going to keep rising in future. Soon it'll be 100. And then 500. And then 1000.......

At a certain point a critical mass of people will start realizing that holding BTC isn't as safe a proposition as was advertised, at which point confidence will start to seriously waver and we all know what happens to a currency when people lose faith in its viability.

Right now BTC is coasting on network effect and widespread ignorance about its core vulnerabilities. But there will be a reckoning sooner or later, history shows us the bubble ALWAYS pops eventually.

>>26266584
>It's still true about bitcoin though.

Once this overhyped irrational market finally calms down and gets back to fundamentals we'll see more realistic coin valuations and thus greater stability.

Bitcoin stands to lose more than Monero in that respect since it has pressing privacy+fungibility issues and is vulnerable to governmental blacklisting.

>>26172617
>Remember, it is NOTHING like Bitcoin, which takes the Store of Value use case

Bitcoin:

>non-fungible

>addresses vulnerable to blacklisting

>mining centralized in China

>balances open to public scrutiny


Monero:

>fungible

>addresses invulnerable to blacklisting

>decentralized ASIC-resistant mining

>private balances


But Bitcoin is the superior store of value. :D

>>26117085

50 blacklisted Bitcoin addresses and counting.

>>26114038
>No wonder Jack Dorsey shills BTC non-stop, once your BTC isstainted, you're locked out of the BTC banking system, thank you XMR devs.

Currently 50 Bitcoin addresses blacklisted and counting.

In other words:

XMR address = zero chance of ending up on a government blacklist

BTC address = non-zero chance of ending up on a government blacklist

Really inspires confidence in that whole "store of value" thing.

50 tainted Bitcoin addresses officially blacklisted as of September 2020.