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73

The smart money (BTC) flowing to XMR

73
Posted by3 years ago
Archived

The smart money (BTC) flowing to XMR

I love the way that Monero is holding up vs. Bitcoin during the recent rally. Exchange trading volumes have gone up as Monero has held its own or better vs. Bitcoin.

Installed the GUI yesterday. The smooth way it connects to an existing wallet and existing daemon / blockchain is very impressive. This is another sign of the sophistication and intelligence around all things Monero.

The early adopters of Bitcoin are just the kind of people who can appreciate Monero, as these Bitcoin whales get richer and diversify, Monero will continue to prosper.

There's a flurry of activity around increasing the transaction rate of Bitcoin lately, not just Lightning Network, but other options as well. This is destined to bear fruit just as the governments of the world drive people into Bitcoin. The result will be an explosion in the market cap (and transaction volume) of Bitcoin. As discussed above, this will lead to an explosion in the market cap of Monero as the smart money pours in. The Monero/Bitcoin trade will flourish, and a lot of that wealth will end up staying in Monero.

Also during the next year or two, as the winners in the Bitcoin scaling contest are revealed, Monero will be there to latch onto these proven solutions and techniques, just when the not so smart money begins to understand why Monero is better than Bitcoin and begins to pour in.


The projections about the broader public pouring in are probably optimistic, in terms of the timing, but it hardly matters. Most BTC is held by a small number of people. Not the type of folks who are stupid enough to trade it for anything inferior to BTC (USD etal), but they will gladly hand over some of their BTC for Monero.

This trend, not trading BTC for fiat, is being massively pushed along by actions like the IRS persecution of Coinbase, by confiscation of fiat bills around the world, confiscation of gold (India).

Then consider the efforts to track Bitcoin blockchain transactions.

All paths lead to Monero.

It is extremely important / relevant that Monero is the top privacy-centric crypto currency by market cap, by trading volume. Monero has already been chosen by the smart Bitcoin money.

41 comments
95% Upvoted
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level 1
15 points · 3 years ago

You hit all the main points; it's a bright a future ahead. I can't wait to see $1000 with all you guys.

level 2
7 points · 3 years ago

I hear what you're saying, and I really hope this happens. But is $1000 realistic?

level 1
16 points · 3 years ago

That GUI is soooo sexy.

level 1
5 points · 3 years ago

I've been out of the loop in all things Bitcoin since I got tired of all the drama and of the general way things were going. So please, can anyone bring me up to speed?

  • Have they solved on-chain scalability issues with SegWit + 2MB blocks or whatever it was they were going for? It is hard to see transactional volume going up, if it is maxed out by a protocol restriction. (If not, good luck bringing all those Indians into the network.)

  • What is the state of development of the Lightening Network, any where near completion? How about side chains?

  • Has coinshuffle finally been implemented in Mycelium or other wallets, or otherwise what is the state of the art of Bitcoin's privacy solutions?

  • Is mining still dominated by less than 10 miners, Chinese or otherwise?

Last time I checked, there had been no progress on those areas...

level 2
11 points · 3 years ago

Have they solved on-chain scalability issues with SegWit + 2MB blocks or whatever it was they were going for? It is hard to see transactional volume going up, if it is maxed out by a protocol restriction. (If not, good luck bringing all those Indians into the network.)

No. A hard fork to 2MB blocks was never delivered. In fact, "Thou shalt not hard fork" is the #1 commandment of the people in charge of development (Core powered by Blockstream). SegWit adoption stalled at 25% as miners suspect (with reason) that it is not a good move for them.

What is the state of development of the Lightening Network, any where near completion?

Vaporware.

How about side chains?

Vaporware.

Has coinshuffle finally been implemented in Mycelium or other wallets, or otherwise what is the state of the art of Bitcoin's privacy solutions?

There are some systems already working. Very inconvenient with the outrageous fees on the network these days. Newbies won't use them. Not user friendly at all and overall not a good solution.

Is mining still dominated by less than 10 miners, Chinese or otherwise?

Yes although there are new players emerging.

level 1
XMR Contributor4 points · 3 years ago

"...the governments of the world drive people into Bitcoin... "

LOL

level 2
3 points · 3 years ago

I understood that as "unintentionally drive people into bitcoin with their short sighted policies"...

level 1
6 points · 3 years ago

Good write-up. Diversification out of bitcoin into a privacy centric currency may very well be the main factor driving the price of monero.

level 1
2 points · 3 years ago

just as i wanted to make exactly the same post. math is so simple and obvious in this moment. ethereum is pretty good too but it's taking more beating because of icos converting to usd

level 1
2 points · 3 years ago

Don't get sucked into the euphoria.

level 1
1 point · 3 years ago

Sounds so very optimistic.

level 2
Original Poster10 points · 3 years ago · edited 3 years ago

There's a lot to be optimistic about.

level 1
Comment deleted by user3 years ago
level 2
7 points · 3 years ago

I don't believe it's getting activated. At least not in 2017

level 2
Original Poster6 points · 3 years ago

I've heard conflicting things about this. Seems like Bitcoin is having trouble just getting segwit through. I'm not sure that Bitcoin can ever be as private as Monero is by design.

level 2
4 points · 3 years ago

Doubt that they will, primarily due to differing views among stakeholders. If they can't agree on scaling, something that everyone obviously wants, how could they ever implement privacy, something that has numerous detractors? At best, Bitcoin could add optional privacy, i.e. inferior privacy.

level 2
2 points · 3 years ago

Could be good for both

level 2
2 points · 3 years ago

some level of privacy for Bitcoin would be good,

But to get fungibility, you need to have your privacy water tight at the protocol level.. that would never happen..

too much to do, to controversial (privacy increase the tx size).

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Created Apr 24, 2014