Fair point — Monero's privacy is native rather than opt-in, which is structurally stronger for fungibility. The tradeoff is that Bitcoin's transparent ledger is what gives it credibility with institutions and regulators, which drives the liquidity and network effects. Do you think there's room for both to coexist serving different use cases, or does one eventually absorb the other?

Privacy is important, and Monero does it well at the protocol level. The tradeoff is that Bitcoin's transparent base layer is what enables the network effects and institutional adoption that drive liquidity. Privacy can be built in layers on top of Bitcoin — Lightning already improves it significantly. Do you think a privacy-focused L2 on Bitcoin could match Monero's guarantees?