Community Trust ScoreVerified
Nam Sardar expressed: Gold became a SoV after it established itself as the medium of exchange of free markets. Bitcoin became a SoV after it established itself as the medium of exchange of free markets. Monero is in the process of establishing itself as the medium of exchange of free markets.
Community Response: Can Monero be audited? How to be sure the team won’t create new ones for themselves?
Nam Sardar: Yes it can be.
Bitcoin never established itself as a MoE. The maxi influencers changed the narrative to SoV the moment it became clear it was useless as a MoE (digital peer to peer cash).
Monero is succeeding where Bitcoin failed. There’s also nothing stopping Monero being used as a SoV, and in fact it has many better properties than Bitcoin in this regard.
Nam Sardar: I agree, Bitcoin succeeded only temporarily as a MoE, and I do believe Monero will be the long-term winner of that very important criteria plus as you say, its clearly a better SoV too.
Where gold was adopted, civilization sprang, and its demand widened, in turn spurring more trade and exchange wherever state and religion allowed. Today at peak civilization, this adoption will likely be faster. But, for Monero to succeed, the war on privacy must lose first.
Nam Sardar: Monero is winning the war, delisted on almost all exchanges yet mining + volume stats making ATHs each month difficult to shut it down right? Btw, I love your work Ed.
Bitcoin has acted as a long term SoV since its inception. But until the speculation phase of its growth is complete it won’t be a commonplace medium of exchange. Monero is more private and anonymous. But it would need to be 10x better than Bitcoin to surpass its network effects.
Nam Sardar: Bitcoin actually started out as p2p digital cash, it did establish itself as that temporarily, but was soon turned to a SoV as the asics took over mining and majority of tx volume moved to regulated exchanges. My argument here is that MoE phase precedes the SoV phase.
Bitcoin has acted as a long term SoV since its inception. But until the speculation phase of its growth is complete it won’t be a commonplace medium of exchange. Monero is more private and anonymous. But it would need to be 10x better than Bitcoin to surpass its network effects.
Where gold was adopted, civilization sprang, and its demand widened, in turn spurring more trade and exchange wherever state and religion allowed. Today at peak civilization, this adoption will likely be faster. But, for Monero to succeed, the war on privacy must lose first.
The important point is that there be a free market for money. Different currencies can be used for different purposes as long as they are freely convertable and freely chosen. Let a thousand flowers bloom, folks… [Yes, I know who said it. I’ll ignore the context anyway].
I suspect there isn’t enough energy protecting the network for people to have confidence in XMR as a SoV. If you had 100M USD would you park it in Monero?
