Re: Ordinals and other non-monetary "use cases" as miner reward on 2140+
You don't even need to perform a 51% attack on Monero. Since it's a black box, anything goes. If you cannot audit the blockchain, then you have a problem, since you cannot guarantee that nobody is exploiting an unfixed bug, such as, inflating the supply, double spending, or anything in between. This is the double edged sword of anonymity and fungibility.
You are either:
- Uneducated on how Monero works
- Intentionally spitting lies about Monero
Just because it's not transparent (by default) doesn't mean you can't audit it - It's cryptography allows to check supply without sacrificing privacy.
I know, It's hard to understand for uneducated people.
https://www.youtube.com/watch?v=gMbnJzHhoBI
I'm not saying that Monero has an inflation bug of some sort, but takuma sato made a good point. Trusting that Monero doesn't have an inflation bug is trusting its cryptography instead of merely verifying it simply by checking the blockchain. You may call people uneducated as many times as you like, but there's a non-zero probability that ALL cryptocurrencies have serious bugs/exploits.
During the recent craze for quantum computing (again) where the cyclical FUD about exploiting public keys to bruteforce their hashes and then moving the coins hit again, it occurred to me how Monero may dump to 0 the moment this happened. With Bitcoin we would at least have an open blockchain were we would be able to see what's going on, with Monero it's just a black box, there would be no way to know what's going on and who knows what other exploits could be going on. This will always be the problem with these anonymous coins. Anonimity is better reached by mixing txos than having a blackbox where anything goes.