Blockchain-Based Cryptocurrencies Don't Work

submitted by fschmidt from mikraite.org

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[–]Drewski 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

He misses the biggest draws of Monero: unlike bitcoin and any gov't cryptocurrency, it's (presumably) private and fungible.

[–]fschmidt[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

I covered privacy. Yes Monero is fungible, but that is useless without privacy. Government digital currency may also be fungible for all we know since the government doesn't need to track currency if it can track transactions.

If cash disappeared tomorrow, the best private fungible money would be precious metal coins.

[–]Drewski 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Monero is private also, and I doubt any govermment digital currency would be either private or fungible. They already have control of all our transactions and money in the current financial system. I'm all for precious metals, but there are also advantages of crypto over physical assets such as paying someone in another country, or bringing a large amount across borders.