Could Monero replace Bitcoin soon?

[GingerAle]

Monero will not go anywhere until it is easy to use. Anonymous coins will not become immensely popular until a significantly large amount of people are concerned enough about their privacy. I never understood what monero has that isn't in the other crypto note coins (with all respect to monero devs). All they have is more publicity and therefore a larger community.

Admittedly, its difficult to keep track of all of the progress. But here's a good list: https://github.com/monero-project/monero/releases

And here's a TLDR of my favorites:

moved from in-RAM database to a backend-agnostic blockchain database
created an LMDB blockchainDB implementation (with the help of Howard Chu, the creator of LMDB)
designed and implemented a stealth payment ID scheme
designed and implemented a unified address+payment ID scheme
implemented the MRL-0001 and MRL-0004 recommendations
switched to a triangular distribution for output selection
Major performance and size improvements to the LMDB database implementation
major performance improvements, especially on spinning disks
major space saving gains for the blockchain, despite the performance improvements
RingCT...obviously:)
added a key image export and import function for full watch-only wallet functionality
added support for ARMv8 processors
added direct GPU mining to daemon support (no pool necessary for GPU mining)

not to mention the tangential work done by the MRL

https://github.com/monero-project/research-lab/tree/master/publications

[btc-facebook]

Monero is about to dump back into 'anonimity' 

It's difficult to predict since Monero can become "famous" altcoin at the moment but that's the reality we are facing.
Sometimes Monero can amaze me so well with it's intention

[Red-Apple]

Monero is about to dump back into 'anonimity' 

nice wordplay but i doubt that it is true.

Monero is just making some publicity and it could attract a lot of investors and a lot of money so even a downward spiral would take a very long time.

and don't forget that monero rose up from 0.004 to 0.015 (current price) and that rise doesn't happen out of nowhere.

[Febo]

Monero is about to dump back into 'anonimity'  

nice wordplay but i doubt that it is true.

Monero is just making some publicity and it could attract a lot of investors and a lot of money so even a downward spiral would take a very long time.

and don't forget that monero rose up from 0.004 to 0.015 (current price) and that rise doesn't happen out of nowhere.

Also this: Monero had 524 millions USD volume last month. There are only few coins that ever had that. This attract totally different kind of investors. Someone who plans to invest 10 millions USD will not invest it in something that have 10 million USD monthly volume, so will never be able to exit his investment.
Also 1/4 of all BTC usage was made with Monero. Most likely way more, since those that wanted to buy Monero with USD, Euros, CYN or YEN had first to buy BTC. So we can speculate that Monero gave from 25-50% of of all BTC volume.
With this is highly unlikely to expect that statement of Sukovsky become true.

[dwgscale11]

Re: Could Monero replace Bitcoin soon?

Short answer, No.
Long answer, Fuck no.

[obit33]

Re: Could Monero replace Bitcoin soon?

Short answer, No.
Long answer, Fuck no.

Don't you have anything else to waste time on?

like euh, I don't know, searching for evidence to prove your empty claims: https://bitcointalk.org/index.php?topic=1621525.0

Your credibility is nill...

best regards

[Azael]

Depends on how many value privacy.

[dwgscale11]

Re: Could Monero replace Bitcoin soon?

Short answer, No.
Long answer, Fuck no.

Don't you have anything else to waste time on?

like euh, I don't know, searching for evidence to prove your empty claims: https://bitcointalk.org/index.php?topic=1621525.0

Your credibility is nill...

best regards

I can care less about proving myself to you or the other low rollers here in the forums.  I just feel bad for people getting scammed and cant bring myself to allow people to peddle scams and take peoples money. Just want newbs to WAKE UP and be aware of these scams in the altcoin world.

[Azael]

Re: Could Monero replace Bitcoin soon?

Short answer, No.
Long answer, Fuck no.

Don't you have anything else to waste time on?

like euh, I don't know, searching for evidence to prove your empty claims: https://bitcointalk.org/index.php?topic=1621525.0

Your credibility is nill...

best regards

I can care less about proving myself to you or the other low rollers here in the forums.  I just feel bad for people getting scammed and cant bring myself to allow people to peddle scams and take peoples money. Just want newbs to WAKE UP and be aware of these scams in the altcoin world.

People here are grown men if they can't take care of themselves they shouldn't be investing. Newcomers in the stock market, in the forex market will sooner or later lose money one way or the other and learn valuable lessons generally by losing since they rarely listen.

And you know that Monero isn't a scam. Can people lose money on it? Sure like any other market.

[obit33]

Re: Could Monero replace Bitcoin soon?

Short answer, No.
Long answer, Fuck no.

Don't you have anything else to waste time on?

like euh, I don't know, searching for evidence to prove your empty claims: https://bitcointalk.org/index.php?topic=1621525.0

Your credibility is nill...

best regards

I can care less about proving myself to you or the other low rollers here in the forums.  I just feel bad for people getting scammed and cant bring myself to allow people to peddle scams and take peoples money. Just want newbs to WAKE UP and be aware of these scams in the altcoin world.

oh please, a 3-month-old shill account wanting to defend newbies... guess what, you're the newbie here, and it's obvious you know jack shit about monero and didn't do any due diligence at all... If you want to come over as serious, then please, start backing your claims with some proof, otherwise you gonna be called out for what you are, a shilling newbie who knows nothing and is just throwing empty airballs in the air trying to spread FUD...

your credibility is now less than nill, well done!

best regards

[mishra1994]

Monero will not go anywhere until it is easy to use. Anonymous coins will not become immensely popular until a significantly large amount of people are concerned enough about their privacy. I never understood what monero has that isn't in the other crypto note coins (with all respect to monero devs). All they have is more publicity and therefore a larger community.

Yes monero is not gonna get any way near to bitcoin and i would say it has no comparison to be made with bitcoins.Monero is totally anonymous coin and cant become that much popular.But neither monero nor any other altcoin in any way near to be able to compete with bitcoin.

[Anon136]

I really think it could. Its superior in so many ways.

[obit33]

I really think it could. Its superior in so many ways.

Jap, same here, not saying it WILL happen, but there's a chance...

XMR is better technologically and 'monetarilly'...
BTC has the network-effect though...

let's see what's more important in the long run...

[sp_skeptic]

Yes it could. The fungibility issue does not get enough play.

Bitcoin would crash tomorrow were the FBI to announce that such and such specific Bitcoins were forfeit because they had been used in a drug transaction/kidnapping/etc. Of course the agency would be unable to actually seize the coins, but they would immediately become toxic on any exchange and worthless for any purpose. This would break Bitcoin as a whole.

Were this to occur I think Bitcoin and the anonymous altcoins would exchange market caps in a very short period of time.

[danherbias07]

I really think it could. Its superior in so many ways.

Jap, same here, not saying it WILL happen, but there's a chance...

XMR is better technologically and 'monetarilly'...
BTC has the network-effect though...

let's see what's more important in the long run...

Btc planted a good seed. XMR did it too. It is long shot to reach bitcoin at its value but if you believe in it then why not. Supporting more crypto is fine with me too.

[lanslans]

No, i think btc will never replace with another coin. Moreover, BTC has become the benchmark for all cryptocoin.

[TrueCryptonaire]

I really think it could. Its superior in so many ways.

Jap, same here, not saying it WILL happen, but there's a chance...

XMR is better technologically and 'monetarilly'...
BTC has the network-effect though...

let's see what's more important in the long run...

Network effect is the only advantage BTC has pretty much. And if the price of Monero keeps growing faster than the price of btc people certainly has not even one reasson to dump their bitcoins  into Monero and that transfers the network effect to XMR.

[aminorex]

The ideal happening is Bitcoin getting to 1 Trillion USD MC and Monero where Bitcoin is now (10 billion USD). I think Bitcoin earned its status as digital gold but its not enough to be used as cash as it can't scale, gold is heavy and slow to move and so is Bitcoin. Monero is private, fungible and light like cash.

That's a reasonable scenario, but I think there is a problem:  I don't want anyone to know how much gold I have.  Or even to know that I own gold.  It does me no good to use the transparent chain, only harm.  The larger my net worth, the more harm it does. 

I see bitcoin as the currency of kickstarters, charities, governments, and maybe public companies in certain transparent public operations.  I see Monero as the currency of, well, everyone else.

[Anon136]

I really think it could. Its superior in so many ways.

Jap, same here, not saying it WILL happen, but there's a chance...

XMR is better technologically and 'monetarilly'...
BTC has the network-effect though...

let's see what's more important in the long run...

Network effect is the only advantage BTC has pretty much. And if the price of Monero keeps growing faster than the price of btc people certainly has not even one reasson to dump their bitcoins  into Monero and that transfers the network effect to XMR.

You might consider brand to fall under network effects but I think it is different enough of a thing and bitcoin has monero beaten there too.

I used to be more skeptical about whether or not monero would ever gain traction despite being superior, for previously mentioned reasons. I saw it as having a good risk reward profile but expected it to languish in total absurdity for all time because the world isnt always fair.

Since its started to gain some momentum and take a foot hold in the minds of many more people, I don't consider it to be a long shot any more. In fact at this point I put it at better than a 50/50 for long term success. (which is probably like a decade in this business)

The likely hood of beating bitcoin though? Still definitely less than half. We have a lot of room between long term success and beating bitcoin.

[vokain]

I have been following the recent block size debates through the mailing list.  I had hoped the debate would resolve and that a fork proposal would achieve widespread consensus.  However with the formal release of Bitcoin XT 0.11A, this looks unlikely to happen, and so I am forced to share my concerns about this very dangerous fork.

The developers of this pretender-Bitcoin claim to be following my original vision, but nothing could be further from the truth.  When I designed Bitcoin, I designed it in such a way as to make future modifications to the consensus rules difficult without near unanimous agreement.  Bitcoin was designed to be protected from the influence of charismatic leaders, even if their name is Gavin Andresen, Barack Obama, or Satoshi Nakamoto.  Nearly everyone has to agree on a change, and they have to do it without being forced or pressured into it.  By doing a fork in this way, these developers are violating the "original vision" they claim to honour.

They use my old writings to make claims about what Bitcoin was supposed to be.  However I acknowledge that a lot has changed since that time, and new knowledge has been gained that contradicts some of my early opinions.  For example I didn't anticipate pooled mining and its effects on the security of the network.  Making Bitcoin a competitive monetary system while also preserving its security properties is not a trivial problem, and we should take more time to come up with a robust solution.  I suspect we need a better incentive for users to run nodes instead of relying solely on altruism.

If two developers can fork Bitcoin and succeed in redefining what "Bitcoin" is, in the face of widespread technical criticism and through the use of populist tactics, then I will have no choice but to declare Bitcoin a failed project.  Bitcoin was meant to be both technically and socially robust.  This present situation has been very disappointing to watch unfold.

Satoshi Nakamoto

PS well done Team Monero, pretty smooth hard fork from what I can tell