bostonwine on Nostr: What do you mean by “where it’s going”? Are you referring to price, adoption, ...
What do you mean by “where it’s going”? Are you referring to price, adoption, development?
Again, my experience here is minimal, but one thing I’ve noticed that’s very different about Monero is that I rarely hear proponents suggesting that you should “invest” in XMR, or that the price matters, or any of the other scammy marketing stuff that shitcoins are known for.
Instead, it seems like the only reason Monero users care about adding more users is that it adds to the anonymity set (just like with Tor users, or coinjoin participants) to enhance the privacy in transactions.
It also seems like Monero peeps don’t really care if the fiat price goes up — in that yes, asset appreciation is always preferred, but the point of the currency is a cash-like spending function, rather than an “investment” or a savings account.
Now, it’s not Bitcoin. That’s for sure. It’s not the “best store of value the world has ever seen”, and it’s probably not going up forever Laura 😉
But when I think about what defines a shitcoin, I think of:
1) a centralized issuer, usually holding their pre-mined coins to dump on new buyers
2) lots of marketing about why it’s a “good investment” or solves some techy/obscure problem that doesn’t really exist
3) Hype about what the token “will do” on a roadmap full of empty promises
And when I think honestly about it, I don’t think Monero checks the shitcoin boxes. If I needed to purchase something online or through a digital medium, and wanted easy, near-perfect privacy (or secrecy), Monero seems like a really good way to achieve that purpose.
It’s not how I would store my wealth. And it’s not something I would recommend to people, because I don’t know nearly enough about it. I only recommend Bitcoin because I have spent hundreds, if not thousands, of hours studying and using it. So I feel confident in recommending it.
But if it’s simple question of, “Is Monero a shitcoin?”, defined by the numbered list above (or as a silly crypto/blockchain token created for the primary purpose of extracting wealth from retail investors under false premises of a made-up use case)… I’d argue it’s probably not.
My two sats 🫡
Again, my experience here is minimal, but one thing I’ve noticed that’s very different about Monero is that I rarely hear proponents suggesting that you should “invest” in XMR, or that the price matters, or any of the other scammy marketing stuff that shitcoins are known for.
Instead, it seems like the only reason Monero users care about adding more users is that it adds to the anonymity set (just like with Tor users, or coinjoin participants) to enhance the privacy in transactions.
It also seems like Monero peeps don’t really care if the fiat price goes up — in that yes, asset appreciation is always preferred, but the point of the currency is a cash-like spending function, rather than an “investment” or a savings account.
Now, it’s not Bitcoin. That’s for sure. It’s not the “best store of value the world has ever seen”, and it’s probably not going up forever Laura 😉
But when I think about what defines a shitcoin, I think of:
1) a centralized issuer, usually holding their pre-mined coins to dump on new buyers
2) lots of marketing about why it’s a “good investment” or solves some techy/obscure problem that doesn’t really exist
3) Hype about what the token “will do” on a roadmap full of empty promises
And when I think honestly about it, I don’t think Monero checks the shitcoin boxes. If I needed to purchase something online or through a digital medium, and wanted easy, near-perfect privacy (or secrecy), Monero seems like a really good way to achieve that purpose.
It’s not how I would store my wealth. And it’s not something I would recommend to people, because I don’t know nearly enough about it. I only recommend Bitcoin because I have spent hundreds, if not thousands, of hours studying and using it. So I feel confident in recommending it.
But if it’s simple question of, “Is Monero a shitcoin?”, defined by the numbered list above (or as a silly crypto/blockchain token created for the primary purpose of extracting wealth from retail investors under false premises of a made-up use case)… I’d argue it’s probably not.
My two sats 🫡