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A comment on Bitcoin has few attributes of money but all the attributes of a collectible. Parent comment

Re:Bitcoin has few attributes of money but all the attribute... by BelenusMordred on Thursday April 22, 2021 @03:22AM (#26899777)
> There's absolutely no need for this layer 2 stuff

If XMR usage got big enough it would very much need layer 2 even more, the developers themselves acknowledge this and are upfront about it. These very basic computing problems that have been repeated ad nauseam for a decade now do not magically go away and are actually a lot worse for monero due to ring transactions being much heavier.

Are you really going to store a 2 TB blockchain that needs days of compute to initially confirm so you can transact with your friends privately? The first layer has insane amounts of PoW security baked in at this point, it's not for general consumption anymore.

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Re:Bitcoin has few attributes of money but all the attribute... by matheusmoreira on Thursday April 22, 2021 @07:41AM (#26901604)
> the developers themselves acknowledge this and are upfront about it

I'm sure they'll be able to solve any problem that comes up. Monero isn't plagued by miners blocking progress like bitcoin is. I believe the coin will continue to improve.

> Are you really going to store a 2 TB blockchain that needs days of compute to initially confirm so you can transact with your friends privately?

Isn't it possible to prune the blockchain on local nodes?

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Re:Bitcoin has few attributes of money but all the attribute... by tromp on Thursday April 22, 2021 @04:36AM (#26900307)
> worse for monero due to ring transactions being much heavier.

As well as all the rangeproofs that further bloat the chain size. Other confidential blockchain designs allow the removal of rangeproofs for all spent outputs (ie the vast majority).

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Re:Bitcoin has few attributes of money but all the attribute... by UncleMeat on Thursday April 22, 2021 @09:02AM (#26902254)
Do you actually need to confirm the entire history in order to publish transactions? You've already got the result of hashing everything right up at the head of the chain.
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