Advice and an invitation to the Monero community from Bitcoin Cash
Advice and an invitation to the Monero community from Bitcoin Cash
With Monero's future in uncertain waters I would like to invite the Monero community to take a deep look at Bitcoin Cash as a fall back measure if anything were to happen to Monero.
BCH is fighting to become the word reserve currency and is on a solid trajectory to achieve it.
As you can see from the graphic BCH has everything required from a world scale money.
Most importantly BCH has superb privacy while maintaining the gold standard audit-able secure ledger, plus we have the Bitcoin brand which has immense value.
If nothing else make BCH your backup, you will not regret it!
CashFusion - True Privacy on Bitcoin Cash
https://odysee.com/@backyarddirectors:c/cashfusion-true-privacy-on-bitcoin-cash:c
21 million, PoW, no premine, home nodes - Monero is PoW, had no premine and can run on home nodes. As for tail emissions, they are there to ensure that mining doesn't exclusively depends on transaction fees, but since they are fixed, inflation still tends to zero. It's a feature voted on by the community and, honestly, makes more sense than betting the security cost in the long-term entirely on transaction fees, just to be able to say "there will only ever be 21 million coins!".
Defi, upgradeability - Monero has been constantly upgraded via consensual hard forks. More features are coming soon. It doesn't make any sense to lump this with Defi, which is something that Monero doesn't support on the base layer because it's supposed to work as money, not attempting to be everything and the kitchen sink.
Massive L1 scale - That's coming to Monero too, and anyway it's not as urgent as ensuring real privacy and censorship resistance. It is hilarious that Solana has a check mark here, when it's been down more times than I can count, not to mention the delays.
Privacy tech - The devs of CashFusion admit that it is not at Monero's level. It is good for casual privacy, preventing a merchant from snooping into your wallet, but that's about it. Real privacy cannot be achieved with opt-in add-ons, it must be a core principle, backed in from the inception and, without dismissing its brilliance here, the Bitcoin protocol simply wasn't written with privacy in mind.
Proven hijacking resistance - Is it proven though? The community was split, BTC took pretty much everything, to the point that in most people eyes', BCH is not Bitcoin, but just some wannabe clone.
Monero is OK, I agree, but it will not go world reserve currency. BCH has that chance.
Modern money needs program-ability. We have to be able to do finance 100x better than the legacy system.
Monero cannot scale past ~700k TX per day, this is a fundamental limitation to having heavy encryption at the base layer. You may be able to double this with new advancements but it is not even close to what we needed. BCH can to 10 million TX per day right now and will be able to to 10x that with advancements in tech.
That statement by CashFusion devs was made before all the weaknesses were discovered in Monero reducing privacy. Now CashFusion is about on par with Monero. It's not just for casual privacy, chain analysis cannot trace CashFusion transactions without external data points.
BCH has gone through 3 contentious forks, slammed by intense paid propaganda, and has clawed back into the top 20. There is nothing like that comeback story in all of crypto.
You have to break out of the myopic view about privacy, it is not all or nothing. As always it is a balance and BCH provides the best of all worlds.
The only cryptocurrency that has some chance of becoming world reserve asset (and possibly currency too, if the scaling issue is ever addressed properly) is Bitcoin (BTC). Now you might insist that BCH is Bitcoin, and that it has already solved that and other issues that still plague BTC: that's technically correct, but you're simply delusional if you think that some day people will wake up realising that BCH was the better Bitcoin all along and move en mass to it. Most people are simply clueless about how open source projects and forking work: as they see it, BCH is merely a Bitcoin (BTC) clone, a ripoff, if not a scam coin that piggybacks on BTC's success. They don't see its association to the Bitcoin name as something genuine.
The truth is, it's only in your mind that BCH is still competing directly with BTC for the title of "true Bitcoin". The market has long decided and has moved on. Today, BCH is just another altcoin, which yes, improves on the features of BTC, but just like thousands of other cryptocurrencies. Even if the market eventually abandons BTC, there is no real reason why it should turn to BCH specifically.
You say we need programmable money to build a better financial system than the legacy one. I say that money needs to be first and foremost hard. Programmability increases the attack surface and introduces malleability. Why can't finance exist on top of a solid, minimal settlement layer?
About CashFusion, hold on a second: the devs themselves say that it shouldn't be considered an "ultimate privacy solution" (meaning that it is a tool for casual privacy), how do the recently discovered weaknesses in Monero change this? Does this information about Monero magically improve CashFusion?
Besides, CashFusion cannot be on par with a real privacy coin like Monero for the simple fact that it is merely an opt-in add-on and, as it is always the case when privacy is opt-in, most people won't use it, making those who do stand out like a sore thumb. Just a few years ago, someone on r/btc challenged others to trace the origin of some BCH after using CashFusion, providing minimal information: the challenge was solved in a couple of hours. If a significant percentage of BCH users actually bothered using CashFusjon, and if it provided real privacy, BCH would end up being delisted as well. It isn't, because it's not a threat.
I can buy the idea that the propaganda against Big Blockers during the Blocksize Wars might have been paid by entities interested in weakening Bitcoin. But the subsequent forks were due to rotten apples within your community.