Is Monero Better Than Bitcoin?

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In this video, I discuss the trade-offs that Monero makes in order to achieve better privacy at the protocol level.

Cryptographic innovations like ring signatures are quite cool, but contribute to huge blockchain bloat, and thus threaten decentralization, if Monero were ever to become widely used.

There is never a free lunch in engineering. You cannot simultaneously have high speed, decentralization, security, and full privacy. Bitcoin chooses security and decentralization first, which allows privacy and speed to be built on higher layers like Layer 2 and 3.

Not investment advice! Consult a financial advisor.

Dark web now prefers Monero over Bitcoin?

Bitcoin reachable full node map:

Challenging to run a Monero full node:

Many Monero people prefer to trust someone else's node:

Monero pruned nodes:

How big is Monero blockchain?

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#monero
#crypto

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I'm coming down with a head cold and losing my voice, so probably no video tomorrow.

Bitcoin_University

Without privacy there's no fungibility. Its supposed to be cash derp not another boomer investment

nmbusmusic

I almost spit my water out when you implied that most bitcoiners run their own nodes

MarcoPrietoDD

John McAfee was all about Monero over BTC……and that man knew/knows stuff.

scott

Matthew, as a long term listener and supporter of both Bitcoin and Monero I must say, that this video is much better than your last "hit piece" on Monero. However, there are still a few things you got wrong. First: if you run a Monero wallet without running a node, you are not at the mercy of "what the community deemed reputable nodes". Same as in Bitcoin your Monero wallet is able to assess by itself what nodes are reputable by looking into the combined POW of the blockchain provided by the individual nodes and choose the node(s) with the longest chain & highest POW. Second: As you have correctly stated, there are trade-offs you have to make. You are correct, that Monero has a bigger scaling challenge than Bitcoin. However, this statement on its own is dishonest. If you were honest, you would also state how many years (!) it would take for 8 Billion people to just open one channel on the Bitcoin Lightning network. Let alone 2 or 3 channels. Third: About a centralization problem with Monero devs: Monero has a rather large and diverse set of developers (especially for its "Marketcap"). I have been following Monero development closely for the last 5 years. Yes, you are correct that there were quite a few hard forks, however ALL the hard forks I have witnessed during this time have always improved one or more of the following qualities: Privacy (eg. increase of Ring size), Scalability (e.g. Bulletproofes), Performance (e.g. View Tags), Feature set (upcoming Jamtis / Seraphis improvements) and Decentralization (E.g. Random X) while not compromising another quality at the same time. Therefore, most hard forks weren't controversial in the community at large. Overall, I think Monero makes a pretty good tradeoff. Yes, it currently doesn't scale as well as BTC does and yes, it wasn't "first" (Note: BTC wasn't the first either, there were many attempts before BTC that failed). However, Monero could also add additional layers (like BTC's Lightning). There is research ongoing in this area, look up "sleepy channels" in case you are interested in this area. Again, you do a great job at shitting on shitcoins, however I'd wish you were honest, that Bitcoin has to make trade-offs too (and scaleability, while currently not as severe as in Monero is also one for BTC). Thank you.

MrGlotzTV

Great video as always Matt, but you *really need to get a Monero expert* (maybe someone from the core Monero dev team) to discuss this topic and even debate it a bit on your channel. Otherwise, even though you're trying to be nuanced in your arguments, this is really becoming an echo chamber. And since you are making definitive claims, it would be great to see someone from the other side, present their counter arguments. Anyway, I agree with some of the things you said but there's more to Monero than what meets the eye. So please consider talking to someone from the Monero community/team on your channel. It will be an invaluable discussion.

skillzset

I wouldn't focus on which coin is better, but more on when to use what coin. I think Bitcoin in general is better for common use than Monero, but I would prefer Monero to stay next to Bitcoin. Thanks for not putting Monero in the category 'just another shipcoin'.

drumming-and-discipline

The Monero scalability problem was kinda solved in 2018 with bulletproof update, tx size was reduced from 15kb to 2kb in average. That also avoids the "centralization" problem, I personally argue in favor of asic resistance, as BTC mining equipment cannot be reused for other purposes (pollution problem) but CPUs are still useful after mining. Monero has a bunch of other benefits over Bitcoin, which outweight the problems, thats because of the hard forks implemented.
For Bitcoin maxis, a hard fork looks like a evil sin, but its the nature of Free Open Source Software. No protocol, no standard on digital money would survive if not for the principles of FOSS. At the end is the community which adopts a software, where each individual has the same influence in adoption.

IBMboy

I am shocked your vids don’t have more views. I think it is mostly because you’re a realist giving technical facts that actually help people rather than being paid to pump shitcoins. You and Saylor are the only ones I trust

TheAcopp

Why is it that every time BTC is hailed as the #1 digital asset, whether its an exchange collapse or a major deleveraging event, Monero always gets brought up... hmm.. i dont own any XMR and i agree with the sentiment that BTC is superior but we do need to acknowledge the brilliance of the technology of Monero

FewAndSecret

Monero has some services that match BTC/XMR trades using atomic swaps -- so you can use BTC for saving and XMR for transfers. Having a little sliver of your wealth allocated to XMR has a lot of benefits -- and you can build that with CPU mining.

alexkimmerly

If i learned anything from this is that the monero community is as passionate about monero as bitcoin community is about btc. Definitely a lot of smart people in monero and definitely a value proposition in monero. Although im not going to throw my life saving into monero, this has definitely peaked my interest and will be at least getting some and learning more about. Also although I very much appreciate matt for his continued efforts in educating the masses about bitcoin, there were some claims made in the video that were very easily refuted or corrected by the monero community, particularly on reddit.

mavadd

Monero is better because it's cheaper than Bitcoin. Secondly, you can mine it in your house without using any ASIC which costs a fortune and use too much electricity. Lastly, you can exercise you're right to privacy, which is very important in today's time.

zimone

The feeling you get when using Monero is a feeling no other crypto provides. You should try it! Feels liberating and patriotic! : - )

larryhoover

"Does [privacy] make monero better [tan bitcoin]?" - not on its own, there are many aspects in which xmr is superior.

"It doesn't scale. [...] Monero makes compromises when it comes to decentralisation and security." - Monero is arguably more decentralised thanks to Asic resistant mining which reduces the economy of scale benefit. Currently it is less secure, because the total mining reward is proportional to the hash rate. However tail emission lilely makes xmr in comparison to btx more secure in the future for the same reason.

"Privacy leads to blockchain bloat" - Each xmr transaction is larger by a linear factor, say 3x, and there aren't huge improvements in sight. But storage space gets exponentially cheaper, so this linear factor matters less and less over time.

"Let's compare market cap as proxy for usage." - Why not look at transaction count instead? Oh right, because btc doesn't look as good then.

"To run a decentralized network of full nodes, you need to make it cheap and easy for anyone to run a full node." - The prototype full monero node sitting on my desk will cost 5$/mo including power over a 3 year lifetime - and it will likely be usable for longer. Is that cheap enough?

"List of reachable nodes" - Many Bitcoin nodes are running on outdated Raspberry PIs and are slowing the network down rather than helping it. (Don't remembe r the source, so don't quote me on that.)

"If monero had the same adoption..." - But it doesn't have, YET. Unlike bitcoin, monero allowes growth up to a certain growth rate (ie % increase per month). This is tweaked so that natural growth can occur, but it can't be spammed to force growing what hardware is expected to handle.

"Industrial strength servers..." - Proof required. According to my estimates, there is plenty of headroom with current mainstream tech, enough to outperform btc's 5tps protocol limit.

"Most monero people [...] do not run their own node." - lmao, I'd bet we have the highest share of users who run their own node.

"If you go online you can see how difficult it is to run a full node." - Install GUI, hit advanced mode, wait. Its that easy, geez.

"Larger CPU requirements" - True, but again not taking into account that hardware becomes better over time.

"Larger ram requirements." - AFAIK required ram doesn't grow a lot with more transaction, mempool is in the lmdb database anyway.

"Trusted nodes - how can you be sure that these nodes don't alter the transaction history" - How exactly would they do this? That's why cryptographic signing and pow exist. Furthermore they can't even filter out certain people, because all tx look alike.

"Not listed on many exchanges." - This is kinda the risk you take when you question the status quo.

"Smaller anonymity set than bitcoin." - irrelevant if the chain is public anyway.

"Regular hardforks = dev centralisation problem" - The new improvements are worth the risk, furthermore many devs are anonymous to protect themselfs from outside influence ore pressure.

"ASIC resistance is silly and leads to lower security, but that's something to talk about in another video." - As mentioned before, it significantly improves decentralisation, which is a good thing.

"Building privacy on a public base layer." - we all know why this doesn't work.

So no, I don't think any of his arguments are significant. On the contrary your arguments 2-4 make sense but get willfully ignored or even celebrated by the btc community.

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