Monero/privacy coins are cool
2022-04-05
Monero is the only cryptocurrency that’s worthwhile. A publicly query-able blockchain is against the spirit of cryptocurrency.
I was worried about it being a proof of work cryptocurrency, but after reading the answers to these two posts, I’m less worried.
With PoW, your stake is something physical. You used ‘real’ money which still stands for actual human work performed, invested into specialized hardware, and consumed hard, physical energy to win the prize. Why this is important? Because energy can’t be created out of thin air - you can’t cheat laws of physics. This means that the punishment for attempts at cheating will always cost you real-world resources and not some digital token which came into existence from thin air in the first place. Even if you sell all your winnings, it doesn’t erase your investment/stake. You still have the hardware you invested in, and there is still incentive to keep it running as long as the market gives value to the token it creates. You can’t get rid of it at 100x like in PoS, because only the token appreciates, while the mining gear depreciates. See the difference?