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Before you say this is off topic, fast forward to 41:00, where Alasdair talks about fungibility in a very sensible and educational way. Stopping shy of mentioning Monero, he gives the impression that all crypto is like Bitcoin and has the drawbacks associated with BTC. Now, how do we correct these influencers so they don’t tar all crypto’s with the same brush as Bitcoin? Ideas, feedback?

  • g2devi@feddit.nl
    3·
    4 months ago

    Two things. While you may disagree with some points, his overall analysis is well thought out. While he does acknowledge that fungeability and price stability are essential to a currency, and you could convince him that Monero has these qualities, he also has two other criteria that Monero does not currently possess, namely “being declared legal tender” and durability, i.e. will it be around with a predicable price in 100 years, so you can make contracts with it. Monero fails the “official” legal tender criteria (even if you’re able to live off Monero and show it’s unofficially legal tender). All crypto, including Bitcoin fails the durability criteria. Bitcoin has only been around 15 years…that’s just a baby currency that has not even gone through even a single serious recession. I cannot guarantee you that Bitcoin or Monero will be around in 100 years. I can’t guarantee that its price is at least the current price at that time. No-one can, even though they may believe it to be the case. The only way to show that Monero is durable, is using Monero so it will endure. Eventually, it will reach the stage where all reasonable people will trust it enough to believe that it is durable. No need to worry about influencers. They will look into Monero when the need or interest arises.