RIP to BTC for use on DNMarkets??

So I was replying to a comment about Open Bazaar 2.0, but then rambled on so much I thought a post would be more suitable.

Question : are the days of using BTC on DNM now over? And if so, why is it still the most used currency??

IMOH: Why was BTC adopted in the first place? Anonymity. That made it a perfect currency for DNMarkets, its first real 'real-world' use.

The problem now is BTC has grown faster than its creator(s) could have ever imagined, and is sadly no longer fit for purpose (fees / tx time / miners voting power). A £14 transaction fee for an item that costs £20 is simply NOT viable.

The changes being made to BTC (lighting network / forks etc), are being made by...... God knows who - but, it's undoubtedly someone with an 'end goal' I can guarantee you that. 🤑

So, alternatives. With my limited knowledge I would go with XMR. It's been a long-standing alternative to BTC - as far as I know it was designed with the same key principal in mind (anonymity) but benefiting from lessons learnt during BTC's formative days.

I personally would feel uncertain using Dash / XRP or one of those other 'institutionalised' currencies for DNM activity.

XMR all the way IMHO. When used with Open Bazaar 2.0 DNMs will be unstoppable! 🚀

UPDATE: after discussions with some of the OB 2.0 mods / devs, BCH integration will be coming prior to XMR as BCH & BTC are nearly identical, so much easier to implement - hopefully XMR won't be too far behind...!

So after discussing in depth, BCH is the best option for a short term solution to the current problems.


Comments


[66 Points] MrRonns:

I really like the prospect of Monero


[62 Points] leon_oswald:

Opsec aside, I would rather use literally any coin but BTC.

I perfer XMR. Dash is ok, but I'm not in love with the masternode system.


[41 Points] -thisisnotmyusername:

The problem now is BTC has grown faster than its creator(s) could have ever imagined, and is sadly no longer fit for purpose (fees / tx time / miners voting power). A £14 transaction fee for an item that costs £20 is simply NOT viable.

Wrong. BTC would scale perfectly fine if blockstream hadn't changed the roadmap. The only reason why BTC is slow is because Blockstream refuse to increase the blocksize, they want it to be slow, they have openly said they want high transaction fees and transaction times to create more incentive for off-chain scaling.

The obvious alternative is Bitcoin Cash which actually follows the whitepaper written by Satoshi an still works perfectly fine. But maybe it would be better to use something that has a more anonymous base layer, like monero


[21 Points] Dream_Marketplace:

No. Today we begin to implement Bitcoin cash on our marketplace


[13 Points] SwedishSalsa:

Nice post, but you are mistaken. BTC has NOT grown faster than it's creator imagined. It was supposed to have NO block size limit. The 1Mb blocksize was a temporary spam protection while BTC was basically free. Now BTC has been taken over by a corporation that wants to profit of the network by crippling on chain transactions. Head over to r/btc if you want to read the history.

u/tippr 200 bits


[14 Points] HuskyPupper:

Dogecoin is where its at. Super fast, cheap fees, cute dog... what more could you want?


[10 Points] 2happytimes2:

XMR Rules!!!


[8 Points] None:

[removed]


[4 Points] MotionlessInDeath:

There are plenty of other crypto currencies that are becoming popular enough to be supported on the Darknet markets, but not be worth enough to be a mainstream thing. Something like LiteCoin... not really sure. XMR or BCH (not saying that they are similar) would be equivalent. BCH would probably be the thing to replace BTC imo...


[3 Points] HardC0r3:

XMR is integrated on the most markets already.


[1 Points] drakydrake:

Have you guys heard of PARTICL? btc fork on latest btc codebase with ct on mainnet and ringct on testnet. also its a privacy platform with first dapp decentralized markstplace comimg out first quarter 2018. And lots cheaper too.


[3 Points] random043:

are the days of using BTC on DNM now over? And if so, why is it still the most used currency??

Yes, those days are going to be over soon.

Depends what you mean by "most used". ETH has done more transactions since july 2017, with it currently doing more than twice the transactions of BTC.


[3 Points] SwedishSalsa:

Average transaction fee comparison between BTC/Monero/Bitcoin Cash:

https://bitinfocharts.com/comparison/transactionfees-btc-bch-xmr.html#3m


[3 Points] Krombopulos137:

BTC shapeshift to XMR to use on DNMs


[2 Points] disc0_AlphaBay:

Monero.

-disc0


[2 Points] Avengerhack:

Markets should implement BCH acceptance imo.


[1 Points] DickMuke10:

Apparently litecoin is a decent choice. Value over doubled in a week.


[1 Points] Al1ce1nunderland:

Everyone should just be using SpankChain

It's anonymous, safe and secure....


[0 Points] transactionstuck:

Use bitcoin cash


[1 Points] wombat2combat:

Why was BTC adopted in the first place? Anonymity.

no. pseudo-anonymity at most but the biggest reason was that it simply was the most popular cryptocurrency at the time when sr got developed. all other markets just went with it.

The changes being made to BTC (lighting network / forks etc), are being made by...... God knows who

all the names of the core developers are readily available and listed on internet sites. not sure what your issue is.

but, it's undoubtedly someone with an 'end goal' I can guarantee you that

yes the end goal of making btc better. again not sure what your issue is.

I personally would feel uncertain using Dash / XRP or one of those other 'institutionalised' currencies for DNM activity.

if you are going to talk about other cryptocurrencies viable for dnms you should do basic research on them first and check if it makes sense to use them for dnms [or at all]. at least xrp would have been filtered out that way.


disclaimer: I am personally all for a switch from btc to xmr but your post is not very well written and includes some bad arguments.


[1 Points] SharkLaserrrrr:

Too many comments, too little time. I'll just leave this behind.


[1 Points] altecMI:

Rather use anything but bitcoin cash


[1 Points] DextroShade:

The Monero guys need to hurry up and make an Electrum equivalent for XMR with all the bells and whistles including multisig.

Wall Street initially fought BTC; they couldn't kill it so instead they co-opted it and destroyed its utility as a currency and saddling it with ridiculous fees by refusing to increase the block size, and then turned it into the next bubble.


[0 Points] ato7891:

So why is XMR better than BTC?


[1 Points] fifth_wheel_5:

Why someone in the world downtown vote my comment? Fucking LEO’s


[-3 Points] fifth_wheel_5:

Bitcoin is just in a bad moment. Clearly is under attack by governments and intelligence agencies afraid of its decentralized system.

Wouldn't be better try to fix the issues with this currency instead of divide by currencies? I'm just expressing the ideology of free software here, that's what they say on GNU. Is better to contribute and improve to an existing distro, than create a new one. Imagine if we all work to improve one crypto currency, instead of divide ourselves with all those cryptos out there.

EDIT: However, if the wrong people start to control it, to take over, and to guide the currency into the wrong path. It's time to abandon the ship and look somewhere else. Just as happened with Ubuntu, is a shamed what happened to that distro, but is piece of shit now. In addition, I won't use that distro ever again. Just take this as example


[-1 Points] None:

[deleted]


[-1 Points] nearmusicbeats:

I've heard good things about IOTA.


[-1 Points] mrfloridamolly99:

Bch......are you fucking joking?


[-3 Points] basjin:

ok, as there are only 2 miners for xmr, you asked yourself who is behind those 2 companies?

/fud on

(all xmr dev's identities are known, mostly us based, little hint)