- This topic has 3 replies, 2 voices, and was last updated 3 months ago by Sugarbird676.
- Saturday, July 2nd, 2022 at 02:43 #324584Financial_Elk3767Participant
I hold 100% of my net worth in Monero, I make all my transactions in Monero, and am a die hard believer of Monero. I am willing to stay on the ship even if it sinks to zero because I don’t want to live in a world where we don’t have an electronic p2p cash system, and I am willing to lose my entire wealth fighting for this cause. I quite literally put my money where my mouth is. I do not own any fiat money.
I am also a big fan of fluffypony and am grateful for all the work he did on Monero, however I would like to challenge the claims he made regarding “Monero being a terrible investment” on Twitter.
First, I may be bias due to the facts stated above but if people want to use Monero as a currency (which I do everyday btw : all the food I eat, Amazon packages, electronics, the computer I’m using right now is all paid in Monero) then how can the market cap stay this low ?
If millions of people use Monero as a currency, as p2p cash, it seems unsustainable for the market cap to stay this low considering the XMR market cap will be lower than BTC for the next 20 \*YEARS\*.
The main argument that fluffypony provides for why Monero cannot go up in market cap is the following: “Monero cannot go up in value due to the tail emission and unlimited cap”.
I would like to challenge this argument, by pointing out the fact that Ethereum has an unlimited cap and it’s doing just well. Dogecoin, which is a memecoin with an unlimited cap, did a 200x within the space of 3 months.
If you bought Dogecoin in Dec 2020 and sold 4 months later you would’ve made more profit than someone who was holding bitcoin for 10 years. The last time BTC did a 200x was in 2012.
I am suggesting that for Monero successfully work as a currency, it would be unsustainable for the market cap to be under $20b. It is simply way too low for the peer to peer cash of the Internet.Saturday, July 2nd, 2022 at 02:43 #324585BusyBoredom
Hey! I make the “monero is not an investment” argument quite a bit so I can explain myself a little. I think we’ll find that we agree for the most part.
First off, I don’t think monero will go to zero. I don’t even think it’ll stay stagnant. In fact I agree with you, I think it’ll probably go up quite a bit!
What I mean by “monero is not an investment” is that monero is not *designed* to be an investment. It doesn’t burn itself to increase scarcity, it doesn’t pay dividends to its holders, it doesn’t make grand promises about future developments to drive hype, and there’s no company behind it trying to market it or drive sentiment.
Many people don’t have any intention of using monero as a currency, they just want to use it as a slot machine. They are often disappointed by things like a lack of staking and the lack of a supply cap. When I say “monero is not an investment”, I’m talking to those people because I think it’s important for them to understand WHY monero has things like an infinite max supply.
Monero’s one and only goal is to be good private cash. That’s why you and I both love it so much! So yeah the price may increase as a byproduct of that, but that byproduct is not a design goal.Saturday, July 2nd, 2022 at 02:43 #324586sk420_
that prob was like his way of being all like “not a financial advice” type of thing, like to not be blamed cause of impatient dumbasses doing some gambling back and forth and loosing it all then blaming it all on him cause he was all like “yolo ur house mortage into the monero, its gon replace bitcoin (it did already btw, just not price-wise (yet?)), then moon lambo to mars” or whatever
cause tail emission… that’s what, 432 monero daily? isnt btc be like at 900 daily or somethin rn? so about twice more new btc going brrrr eryday (and it even has a bigger supply than xmr as of right now) but still wayyy more expensive than xmr, like, it’s just speculative nonsense at this point
if btc has more btc going brrrr eryday and with a bigger supply and still more expensive then it’s literally just speculative nonsense, nothing to do with tail emission and a so called “infinite supply”Saturday, July 2nd, 2022 at 02:43 #324587Sugarbird676
I never understand how people can fully support a P2P crypto currency, talk about how much it’s thriving and how well it’s doing, and then turn around and say it’s not a good investment. Seems like a clear case of cognitive dissonance.
Or maybe people say that because they are do disgusted with the over-hyped meme coins, and they want to distance themselves from that.
But, yeah, I agree. Monero is a great investment, and will probably moon next time sentiment turns bullish.
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