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boston wine
1w ago
These are good points. Monero is kind of fascinating to me as a concept, primarily because people use it because they *need* to, more than because they *want* to. People get into Bitcoin for all sorts of reasons, many of them voluntary (and related to number-go-up). On the other hand, while there are of course privacy advocates and others who are ideologically attracted to Monero (and I respect that), I have to assume that most users choose it because they require a high level of privacy in order to avoid government persecution and/or violence.
This means they’re presumably a lot less sensitive to price when compared to anyone who “invests” in Bitcoin. Yes if Monero “goes to zero” then you’d have a hard time valuing it or exchanging it for goods and services, but by that same token (no pun intended) it likely has a much larger percentage of users/holders who transact with it, compared to the percentage of Bitcoin-holders who *only* hold.
Of course some price manipulation could happen, and I have no way to know what percentage of Monero is held by active spenders compared to investors/traders, but I’d guess it’s not insignificant.
It’s an interesting thought experiment. If the above is accurate, it would require someone manipulating the price so high that enough users sell their stacks, at which point it kind of defeats the purpose, if they’re all waiting to buy back in when the price is manipulated lower. Don’t underestimate the anarchists, I guess.
Or maybe none of that is right! But it’s an interesting thought experiment…
This means they’re presumably a lot less sensitive to price when compared to anyone who “invests” in Bitcoin. Yes if Monero “goes to zero” then you’d have a hard time valuing it or exchanging it for goods and services, but by that same token (no pun intended) it likely has a much larger percentage of users/holders who transact with it, compared to the percentage of Bitcoin-holders who *only* hold.
Of course some price manipulation could happen, and I have no way to know what percentage of Monero is held by active spenders compared to investors/traders, but I’d guess it’s not insignificant.
It’s an interesting thought experiment. If the above is accurate, it would require someone manipulating the price so high that enough users sell their stacks, at which point it kind of defeats the purpose, if they’re all waiting to buy back in when the price is manipulated lower. Don’t underestimate the anarchists, I guess.
Or maybe none of that is right! But it’s an interesting thought experiment…
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npub12akj8
@npub12akj8
1w ago
Hah, no, you don't drive the price up to get people to sell, you just keep driving it down. With a small market cap and without traditional financial regulations it can be surprisingly easy. At some point people cut their "losses" and you can buy their coins for cheap.
But really, when the only people using it are "interesting", it's a valuable signal! Why would you get rid of that?
But really, when the only people using it are "interesting", it's a valuable signal! Why would you get rid of that?
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npub1ah3aj
@npub1ah3aj
1w ago
Are you guys new to this? That's exactly what has been happening for well over half a decade already.
Do some research and you'll find plenty of information on how price manipulation has been done. The nice thing is that at least against USD, Monero is still stable and rising slowly.
So the need for privacy is bigger as the tools for price suppression.
Do you really think that a coin that is in the portfolios of almost all OGs, that is used for actual transactions more often than Bitcoin and took over the DNM would be ranking top 30 only by marketcap if it were not for constantly attacking it?
Marketcap measured in fiat is a useless metric. The fight is real and adoption also.
Do some research and you'll find plenty of information on how price manipulation has been done. The nice thing is that at least against USD, Monero is still stable and rising slowly.
So the need for privacy is bigger as the tools for price suppression.
Do you really think that a coin that is in the portfolios of almost all OGs, that is used for actual transactions more often than Bitcoin and took over the DNM would be ranking top 30 only by marketcap if it were not for constantly attacking it?
Marketcap measured in fiat is a useless metric. The fight is real and adoption also.
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npub12akj8
@npub12akj8
1w ago
I don't have a strong opinion on Monero because I haven't looked deeply enough. All I know is that "ASIC resistance" isn't a thing, using something that's only used by people who are hiding is a signal of its own, and the world is a complex and brutal place.
"Go, Confront the problem! Fight! Win!
And call me when you get back darling I enjoy our visits"
"Go, Confront the problem! Fight! Win!
And call me when you get back darling I enjoy our visits"
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boston wine
@bostonwine
1w ago
Interesting indeed 🤣
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