Could Monero replace Bitcoin soon?

[ridery99]

Yes, BBQ coin will replace bitcoin soon.

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[KLONE]

If monero ever replaced bitcoin its value would be zero, because bitcoin would be zero, and so too would all crypto coins.

monero isn't going for no.1, but no.2

[smoothie]

I don't believe monero's role or goal is to replace bitcoin, but to compliment it.

[UserVVIP]

NO, NEVER!

Bitcoin is the 1 true currency, and no fork of it will ever replace BITCOIN!

REVOLUTION!

[generalizethis]

NO, NEVER!

Bitcoin is the 1 true currency, and no fork of it will ever replace BITCOIN!

REVOLUTION!

Monero isn't a fork of Bitcoin. Revolution.

[languagehasmeaning]

NO, NEVER!

Bitcoin is the 1 true currency, and no fork of it will ever replace BITCOIN!

REVOLUTION!

Monero isn't a fork of Bitcoin. Revolution.

Definitely not a fork! More of a fungibility and automatic blocksize scalability improvement

[ArticMine]

It is possible but not because of fungibility / privacy. It is very possible because of adaptive blocksize limits and a tail emission that addresses the issue of developing a fee market after the block subsidy ends. The latter is the elephant in the room that very few people in the Bitcoin community are even talking about yet lies at the heart of the blocksize debate.

I have seen you make this argument before and I agree adaptive blocksize limits are important.  I am curious why you feel it is MORE important that the fungibility issue

It is more important because fungibility in Bitcoin can in practice be fixed. The reason why Monero will not replace Bitcoin over fungibility is that in the process of trying to replace Bitcoin, Monero will actually make Bitcoin fungible. A signifcant increase of the market cap of Monero will lead to more exchanges along the lines of Shapeshift.io, Significant trading between Bitcoin and Monero in exchanges domiciled in jurisdictions with strong privacy; together with a large number of transactions well below tipical AML/KNC thresholds is one sure way to legally mix the Bitcoin blockchain. One must keep in mind that many of these transactions will have legitimate business reasons unrelated to trying to mix any Bitcoins.

On the other hand without adaptive blocksize limits Bitcoin will have to keep hard forking or simply not be usable. Most transactions will not be able to be confirmed regardless of how much or little "taint" they may have. Furthermore venture capital will simply flee when faced with the reality that there is little, if any, opportunity for growth in Bitcoin. This alone rather than fungiblity can cause Monero to replace Bitcoin.

Then there is the question of what happens when the Bitcoin emission runs out. How exactly is a fee market supposed to develop? I have yet to see an asnwer to this question. Monero has solved this with a tail emission. The only other top 20 POW other than Monero coin that has solved this more serious second question is Dogecoin. Dogecoin also has a tail emission.

[smooth]

It is possible but not because of fungibility / privacy. It is very possible because of adaptive blocksize limits and a tail emission that addresses the issue of developing a fee market after the block subsidy ends. The latter is the elephant in the room that very few people in the Bitcoin community are even talking about yet lies at the heart of the blocksize debate.

I have seen you make this argument before and I agree adaptive blocksize limits are important.  I am curious why you feel it is MORE important that the fungibility issue

It is more important because fungibility in Bitcoin can in practice be fixed. The reason why Monero will not replace Bitcoin over fungibility is that in the process of trying to replace Bitcoin, Monero will actually make Bitcoin fungible. A signifcant increase of the market cap of Monero will lead to more exchanges along the lines of Shapeshift.io,

I'm not sure. Those transactions will be fairly identifiable and will cause problems. I'm told that already Coinbase asks if you are sending coins to an exchange and if so asks for additional documentation. Sending coins to a non-compliant exchange will likely be a serious problem at some point, if not already.

[GingerAle]

depends on your definition of soon.

( buh dum psshhh )

thank you, thank you! I'll be here all night. Don't forget to tip your local tea girl.

[Tinkles]

All i know about Monero is how they constantly troll in the Dash thread.  If they have to troll Dash so much i don't think they are replacing bitcoin any time soon, doesn't look like honest behaviour.

[ArticMine]

...
I'm not sure. Those transactions will be fairly identifiable and will cause problems. I'm told that already Coinbase asks if you are sending coins to an exchange and if so asks for additional documentation. Sending coins to a non-compliant exchange will likely be a serious problem at some point, if not already.

One sends the coins to one's own address first. This is critical in every case. If one uses an exchange to send coins to a third party then in most cases the exchange has by law to ask questions about the third party. This is a very important difference that many miss. In this case it makes no difference if the coin is Bitcoin, Monero or even fiat. Withdraw 200 USD in cash form the bank. No problem. Now in the US ask the bank to send 200 US to your favourite non compliant gambling site and see what happens.

Edit: The problem with Coinbase is that their business model of sending Bitcoin payments on behalf of clients requires a much stricter level of regulatory compliance than if they just stuck to being an exchange and required clients to only withdraw from and deposit to a Bitcoin address under the client's control.

[smooth]

...
I'm not sure. Those transactions will be fairly identifiable and will cause problems. I'm told that already Coinbase asks if you are sending coins to an exchange and if so asks for additional documentation. Sending coins to a non-compliant exchange will likely be a serious problem at some point, if not already.

One sends the coins to one's own address first. This is critical in every case. If one uses an exchange to send coins to a third party then in most cases the exchange has by law to ask questions about the third party. This is a very important difference that many miss. In this case it makes no difference if the coin is Bitcoin, Monero or even fiat. Withdraw 200 USD in cash form the bank. No problem. Now in the US ask the bank to send 200 US to your favourite non compliant gambling site and see what happens.

Edit: The problem with Coinbase is that their business model of sending Bitcoin payments on behalf of clients requires a much stricter level of regulatory compliance than if they just stuck to being an exchange and required clients to only withdraw from and deposit to a Bitcoin address under the client's control.

Maybe. I've seen reports of Coinbase and other regulated services tracking more than one hop to identify suspicious activity. There are really two issues here, one is transmitting to third parties and the other is "suspicious activity", the latter being extremely broad. I'm not sure a transparent chain can ever avoid this issue. If the information is accessible, regulated entities will be forced to look at it and interpret activity accordingly using risk scores and other methods that can never likely be fully compatible with fungibility. Then again, chains that lack the ability to make these "suspicious activity" determinations and offer stronger fungiblity may just be rejected by regulated entities altogether.

[HeroCat]

No, I do not think so. Monero can not replace BTC soon. BTC have multi years popularity as NR.1 crypto and worldwide coverage   

[XMRChina]

When we reach the point that regulations are more noticeably harming bitcoin fungibility, Monero has a chance to become the most popular currency if the worldwide hashrate increases dramatically.

Right now there is not enough hashing power to properly secure Monero from a wealthy and motivated attacker.

I think there is no question that if Monero was launched at the same time as Bitcoin that Monero would be the dominant coin. Instead Bitcoin had a big head start and benefits from economies of scale (merchant adoption, user base and network hashrate).

[Fademigo]

When we reach the point that regulations are more noticeably harming bitcoin fungibility, Monero has a chance to become the most popular currency if the worldwide hashrate increases dramatically.

Right now there is not enough hashing power to properly secure Monero from a wealthy and motivated attacker.

I think there is no question that if Monero was launched at the same time as Bitcoin that Monero would be the dominant coin. Instead Bitcoin had a big head start and benefits from economies of scale (merchant adoption, user base and network hashrate).

The world wide hash rate will be mostly from botnet. I see the developers do nothing to solve this issue.

[pandher]

The world wide hash rate will be mostly from botnet. I see the developers do nothing to solve this issue.

Can you provide evidence?

[generalizethis]

The world wide hash rate will be mostly from botnet. I see the developers do nothing to solve this issue.

Can you provide evidence?

Or better yet, show why this is preferable to centralized control via mining farms in China. 

Or even better than that, show how the Devs could stop botnets from being used without the coin losing its ASIC resistance.

Blaming the Monero devs for one of the results of choosing a better decentralization method (ASIC resistance) is the equivalent of blaming BitTorrent for the proliferation of porn--it's a moral/political argument that ignores what the technology solves.

[psomas2]

I really believe in this coin but I say no it can not replace bit coin soon, maybe one day in the very distant future but not soon

[mishra1994u]

No i dont think any altcoin could replace bitcoin ever specially not seeing that happen in the near future.Yes i think Monero has the potential to rise but replacing bitcoin will be too much expectation from it.Any other coin is still very much far away from the bitcoin right now and no altcoin is gonna replace it.

[francism]

I really believe in this coin but I say no it can not replace bit coin soon, maybe one day in the very distant future but not soon

Never in my wildest dream that Monero replacing Bitcoin even in a thousand years.