Sethforprivacy calls out Haseeb Qureshi for spreading Monero FUD with Coindesk Privacy Week piece
I don’t usually do threads like this where I take a negative stance on someone elses writing, but there was just far too much here that I staunchly disagree with that needed to be mentioned.7
Seth points out several flaws in the author’s analysis of Monero and privacy, including:
1 - BTC is still the asset of choice [on DNMs]
This is false.
As Seth points out:
The author uses outdated stats and a single adoption metric, missing the real data.
[XMR] has taken almost total dominance on DNMs – up to 84% in 2021 and becoming the only option.
2 - Ethereum-based privacy systems like Tornado Cash have so much uptake in comparison [to privacy coins]
This is also false.
Seth got it right:
The article fails to mention any of the transactional statistics or rise in usage for Monero, and instead points to the “rising uptake” of TornadoCash, a privacy tool on Ethereum that had barely more than 4k withdrawals in January, while Monero had over 700k transactions.
The data is pretty clear:
TornadoCash had exactly 4637 withdrawals in January 20228.
Monero had more than 730K+ transactions during the same period9.
3 - [internalizing] the costs of privacy on the users who actually care about it rather than forcing everyone to bear the costs of privacy [is good]
It’s the other way around: optional privacy is harmful to the anonymity sets of participants that opt-in to privacy features.
I fully agree with Seth:
[..] privacy requires buy-in from the whole system [..]
Monero’s privacy by default is a core fundamental value that protects everyone’s privacy. This should not be sacrificed in the name of convenience.
Make sure to keep this in mind when reading Haseeb’s piece:
The last point, and potentially the most objective, is that the author has a vested interest in turning people away from Monero and to Ethereum/Bitcoin, as he is a large investor in many Ethereum/DeFi projects: dcp.capital/portfolio10