They're related, but distinct. Permissionlessness = anyone can participate without approval Privacy = what you can see is hidden by design Decentralization = no one controls consensus or can override independent verification Monero has all three. Bitcoin has permissionlessness and decentralization, but not privacy baked in at the protocol level. The confusion comes from treating lack of visibility as lack of decentralization. Those aren't the same thing. Monero has thousands of nodes running globally—and that's just the ones running clearnet. Many more run behind Tor/I2P by design.

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Interesting perspective and totally love the fact based discussion here. Being pro privacy, I am a monero curious but monero uneducated person, is it true that monero doesn’t have a fixed supply? If so, isn’t that a problem when we don’t know how many “coins” there are in circulation, given that money has to have a degree of scarcity? How resistant is the network to 51% attacks and have any been attempted recently?
Good Lord I need a nap after fact checking and writing this response. Lol Monero doesn't have a fixed cap. It has tail emission. 0.6 XMR per block, started May 2022. Creates about 1% inflation initially and trends toward zero over time. Keeps miners incentivized long-term without relying on fees alone. Supply is predictable. We know exactly how many coins exist: roughly 18.44 million XMR plus 0.6 XMR every 2 minutes. Accounting for lost coins, probably deflationary in practice. That's scarcity. On 51% attack resistance—yeah, attacks were attempted recently. August 2025 saw a 6-block reorg. September brought an 18-block reorg, the deepest in Monero's history. The selfish-mining attack peaked around 33% hashrate, not majority control. No double-spends executed, no funds stolen, but 118 transactions rolled back. Real stress test. Monero's response was immediate. FCMP++ development accelerated. An alpha stressnet launched October 3, 2025. FCMP++ moves from ring signatures with a ring size of 16 (15 decoys + 1 real) to full-chain membership proofs. Instead of proving your transaction came from one of 16 possible outputs, it proves it came from one of millions across the entire chain. Makes tracing effectively impossible. Optimization competitions ran. 100 XMR bounty for helioselene, 250 XMR for ec-divisors. They achieved a 5x speedup in proof generation. Beta stressnet targeted Q1 2026. Consensus hardening happened at the same time. "Share or Perish" fork-choice proposals are under active development. They’re designed to penalize delayed block broadcasts and kill the profitability of selfish mining. Additional finality layers and merge-mining concepts are being explored. December 2025 status: hashrate at 6.74 GH/s, network stabilized, 17 active FCMP++ implementation issues with 4 closed, XMR up 94% year-over-year despite the attacks, privacy cryptography intact. Zero protocol compromises. The network got tested. It responded with technical fixes, transparent crisis management, and fast timelines. If you need untraceable transactions at scale—nothing else does what Monero does.
Less visibility doesn't mean less verifiability. Just because you can't understand the cryptography to verify there's no inflation bug doesn't mean it's not verifiable. Check for details. I doubt you've manually checked each BTC transaction on chain adding up UTXOs to ensure no inflation bug either so you're trusting that someone has either way.