Japanese exchange Coincheck has announced partial resumption of operations with Monero. Its clients will be able to withdraw and sell XMR, but purchases are still unavailable. All previous requests for transactions have been canceled and users will have to initiate new transfers. They will be required to confirm the destination address, and state the purpose of each transaction.
This is very odd. Sell to whom, since each seller requires a buyer. Is the exchange going to trade XMR on its own account? |
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There are many rumors that our coin will be removed from poloniex. However. There is not a clear message coming from dev. I could think that it was a force majeure that reduced the value of XMR coin, a shark's trap, maybe.
Some how I think not. It does not make economic sense. https://coinmarketcap.com/exchanges/poloniex/ |
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Thanks for the stackexchange link. Just started reading it, will take time to digest.
I'm getting ready to send some xmr to an exchange. In the event that I decide to claim the monerov later, are there precautions I need to take now with this transaction? My initial impression is that I can go ahead and make the transaction, and that if I need to deal with print_ring and so forth, that comes later.
The is a very important precaution that you need to take now. When you spend your XMR You need to make use of the mitigation I quoted above in order to ensure that the fake outputs used by a pre fork output are all before the fork, since only pre fork outputs can be identical on both chains. Edit: It is also best if the XMR spends to empty the wallet, be to a wallet you control, and then from that wallet make a spend to a third party such as an exchange. |
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In this case I find the "short", selling XMV from the air drop, even more appealing since MoneroV goes against something I hold very dear in Monero.
So, claiming the MoneroVs in order to dump them is not potentially reducing the privacy of Monero anymore? One has to use the mitigations provided in version 0.12.x of Monero. https://monero.stackexchange.com/questions/7826/how-can-individuals-safeguard-themselves-and-the-community-against-a-key-reusing/ The objective in both cases is to have at least 6 identical pre fork fake outputs when spending on both chains. There are two cases here. 1) MoneroV XMV MoneroV will, according to the Monerov developers be supporting the mitigations and have replay protection. So to claim the MoneroV one first spends one Monero to another Monero Wallet one controls, and this is very important, using segregate-pre-fork-outputs in monero-wallet-cli or "I will spend on a key reusing fork" in monero-wallet-gui, ensures that spending a pre-fork output only uses pre-fork fake outputs, since spending on both blockchains will moot post-fork outputs. One should verify the that rings are using pre fork fake outputs before making the spend. Make sure to set the MoneroV fork block to 1564965. Now if one installs the MoneroV software over the now empty Monero wallet it should recognize the shared RingDB; however since the MoneroV software is not available at this point this cannot be verified. There is no rush at this point with claiming the MoneroV. I would wait until one understands how the MoneroV software works before claiming the MoneroV. 2) Monero Original / Classic XMO / XMC This does not support the mitigation nor does it have replay protection. There is a limited replay protection on the Monero side because of the increase in ring size from 5 to 7. On the other hand because it used the existing version 0.11.x of Monero there is no risk of a malicious back door introduced by the XMO / XMC developers. In this case one has to spend the Monero Original / Classic first. It is imperative that this be done only to a wallet one controls because of the risk of a replay attack on the Monero chain. Furthermore in order to generate the minimum common pre fork outputs I ended up using a large ring size on the Monero Original / Classic. One then has to enter the rings by hand in to the V0.12.x version of Monero and then spend the Monero to a wallet one controls. This locks out the replay attack. One can then spend the Monero Original / Classic. |
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Every other coin is soared with fork news but Monero did not. I liked MoneroV but it needed a confirmation from a big exchange
Why does it even exist? I get why eth classic and bcash exist, there was clash of opinions and enough demand for a fork, but this just seems like a cash grab leeching off Monero's good name. The concrete reasons put forward are 10x the supply (move the decimal) and hardcap on emission that will be hit in fifty years or so; more vague reasons put forward are massive scaling improvements and mimblewimble integration (which they require a 5-10% premine for). Not to toot my own shillhorn, but there is now a fairly launched alternative (which may actually be the most fairly launched cryptonote ever) that meets the two concrete reasons put forward, but launched with it's own blockchain to avoid privacy degradation issues. The 10x supply is just moving a decimal. I see this mostly as a marketing gimmick that may lead to an increase in price. There are two real changes: 1) Capping the supply by stopping the trail emission cold after 256 million XMV, in approximately 50 years. This to put it bluntly is a time bomb set to go off in approximately 50 years. Why this 50 year period was chosen is beyond me other than it is close to a typical remaining life expectancy of a millennial. In many ways this is a Faustian contract optimized for a millennial. MoneroV gets to enjoy Monero's adaptive blocksize and scaling while at the same time claiming a finite coin supply. for ~50 years and is then when the Faustian contract runs out MoneroV is condemned to an eternity of 51% attacks! It is conceivable that a baby boomer who reaches the super centenarian age of 110+ years could actually launch one of these 51% attacks.  2) A mid mine of 15,000,000 XMV. Nothing fair launch about that. The mimblewimble stuff if it has any merit would likely end up in a Monero side / daughter chain anyway. MoneroV is significant to Monero because it goes against one of Monero's core principles, the adaptive blocksize that when combined with a tail emission provides on chain scaling that is only limited by the state of technology at a given point it time in the future. This places Monero head and shoulders above the vast majority of POW coins starting with Bitcoin. Taking the "short" side of a Faustian contract is something I actually find very appealing. In this case I find the "short", selling XMV from the air drop, even more appealing since MoneroV goes against something I hold very dear in Monero. |
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The old trolls returning I note. Bless them!
A bit late for the party, I guess the news travels slower if you're out of date, and not getting wealthier because you hold the right coin
Wut? looks like I was right on time. But yah, hodling the right coin is key. I meant theoretically, the coldest, smartest cash was all in (or long) around $160 and cashed out over $295 - an opportunity which it is now too late to benefit from. Going short now is potentially a little late, too - but nonetheless an option of course. Monero certainly has enough liquidity for any bet one could wish to make. Lastly trolling is an option, too - for those who can't afford to bet, or have psychopathic, narcissistic personalities and cannot help it. Unfortunately it seems it's never too late for that... At least we agree hodling is the right coin is the best policy as some lucky ones here have been with XMR since sub 30c. I prefer the long term perspective so I will repost my post from December 2014, during the depths of the Monero bear market: Anyone foolish and/or desperate enough to sell at 0011 is foolish and/or desperate enough to sell at 0010. We have an existence proof now. "Lunatic fringe, I know you're out there."
I am hoping for 00085 to touch. Reducing my buy rate. Stocking up on bitcoin below 340usd and waiting for more ask liquidity in XMR.
These plateaus usually break down by the time they are a week old. If BTC goes lower, XMR is likely to go lower as well, making the effective leverage on the future all the greater.
Patience and discipline.
Yep, ready to buy at 80k sat While it may be possible that XMR may reach 80k sat or lower, making selling for 111k sat and buying for 80k a profitable trade there is an old saying in the markets that is very appropriate here. Bulls make money, bears make money, pigs get slaughtered http://wiki.fool.com/Bulls_make_money,_bears_make_money,_pigs_get_slaughtered. One should also keep in mind that there are typically two sub species of pigs in the markets. Bull pigs (buy high, hope to sell higher) and bear pigs (sell low, hope to buy lower) and both get slaughtered. This time of the year another sub spices of pig emerges known as the tax pig. The tax pig sells low (or buys high) with the primary objective of lowering the tax payable to some state. The tax pig then waits a prescribed amount of time (this depends on the tax legislation of the target state) and then hopes to buy back lower at the same price or even slightly above (sell higher, at the same price or even slightly below). The tax pig in this process first pushes the bear pig (or the bull pig) to the slaughter and then also gets slaughtered. What I have found that works for me, first with Bitcoin and then with Monero is: 1) Start with a project with good long term fundamentals. This requires careful reserach. Right now among the top crypto currencies only Monero meets this criteria, in my opinion. I came to the conclusion in 2015 that even Bitcoin fails this test because the Bitcoin protocol does not support scaling, and likely cannot without violating its 21 million maximum Bitcoin limit. Long term fundamentals are critical because one needs to be able to ride out brutal bear markets. I actually bought XMR at ~4 USD in 2014 before XMR went below 0.30 USD. 2) Go long and take delivery. Invest only money one can afford to loose, and for best results acquire a position over time. Going short is a prescription for financial disaster. One wants to take the long side of the trade and take delivery. Not only is taking delivery a time tested way to squeeze shorts to the wall, but the short history of crypto currency is littered with the carcases of dead exchanges. 3) One can start very small. One can easily find a ~100 USD to get started by avoiding pointless and wasteful consumer expenses. This works well with 2) above since the alternative, a pointless and wasteful consumer expense has a 100% guarantee of loss. 4) Use a Free Libre Open Source Software (FLOSS) operating systems, for example GNU / LInux system to store your Moneroj. This has two critical advantages. a) The risk of loss to malware is drastically reduced. b) One avoids the cost of proprietary software licensing. Instead of paying money to Microsoft or Apple for a license to use their software with onerous restrictions and with a 100% guaranteed financial loss, one can use these funds get started with Monero. The worst that can happen is that one has replaced tyranny with freedom in one's computer experience, by "flossing out" this pointless and wasteful consumer expense as per 3) above. 5) Do not even try to time the market. This is a long term game. Edit 1: One can argue that the larger Monero fish species see bear pigs as prey to feed on. Edit 2: The Monero bear market bottomed out at 91 k sat, so the bear pigs did get slaughtered. |
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Whats everyone thought about Monero classic? who are backing this project? same technology as Monero? is it a fork of Monero?
It is another name for Monero Original which is the Bitmain ASIC fork; namely a continuation of version 0.11.x of Monero to keep compatibility with pre existing ASICs. The overwhelming majority of the community has zero respect for it. |
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As we know that Monero's (XMR) advantage lies in its function as a full anonymous cryptocurrency (privacy), unlike BitCoin or some other crypto which we can not call Full anonymous because if I know the wallet of your BitCoin address
There is way more to Monero than fungibility, privacy and anonymity. There is also the reality that at the protocol level Monero can scale while Bitcoin cannot. The competitiveness of Monero's ability to scale at the protocol level, has been clouded by the very large Monero tx size when compared to Bitcoin. This difference in tx size of course has noting to do with Bitcoin's inherent inability to scale at the protocol level, since no amount of technological improvement such as moving from punched cards and telegraph lines to smartphones and fiber optics will address Bitcoin's scaling problems. Still bulletproofs could easily, by decreasing tx size in Monero by ~80%, remove this negative cloud of relative tx size and expose Monero's fundamental scaling advantage over Bitcoin to the market. If this happens I would not be surprised if we saw a significant price increase of Monero with respect to Bitcoin even in the range of ~10x. A scenario of say Bitcoin at 8,000 USD and Monero at say 2000 USD is actually not that unreasonable in a neutral to bull market or that matter say Bitcoin at 800 USD and Monero at 200 USD in a neutral to bear market scenario. Edit 1: That above scenario is very consistent with the sharp drop in Bitcoin dominance we have seen over the last 3 years. Edit 2: When the Diner's club was launched in 1950, they charged merchants a 7% fee to process the transactions. Today a Canadian paying for gas the United States with a Canadian credit card ends up paying more: A total of ~7.5% consisting of a ~3,.5% merchant fee that is passed on to the customer and a hidden but very real fee of ~4% over mid market rate charged by the bank on the CAD / USD currency exchange. So while the actual cost of processing this transaction has easily fallen during the last 68 years by a factor of 10 12 or more, the end user cost had actually gone up. Why? Because the credit card industry business models (equivalent to protocol in crypto currency) are still based upon the technology of the 1940's. |
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people are just transferring from other algo which is normal. It would bring profitability of other coins back up until we are again almost at the state of equilibrium where profit across most coins are similar
The key one because of its size is Ethereum. If Monero's hashrate keeps rising, it is currently at 348 MH/s, then this could be indicative of a serious ASIC problem in Ethereum. The following comment indicates the GPU miner's perspective https://www.reddit.com/r/Monero/comments/8avfll/spike_in_network_hashrate_explanation/dx21pbm/ |
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Hooray!!! Coins for sale!
(in USD that is...)
Damn blood in the streets tonight. Shit, sorry I even looked.  I know. It's damn painful. I wish I was good at trading. Fortunes to be made here. But I can only sit and watch my little pile shrink away. You mean watching Monero crash from ~5.00 USD to below ~0.30 USD back in 2014, Yes it was painful. The main difference I see today is that the fundamentals are a lot stronger in 2018 than they were back in 2014. |
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Indeed, it's very obvious that ICO administrators fit the definition of "administrator" in FinCEN's 2013 guidance. They are in the business of issuing virtual currency and have the authority to redeem it. This is clear because ICOs and the associated tokens are completely centralized. Ripple is similarly centralized. It had a closed-source centralized repository. It was open-sourced well after the network was live. Even thereafter, all Ripple clients were set to trust Ripple Labs' validation nodes by default -- fully centralized. FinCEN addressed this specifically in 2013: The second type of activity involves a convertible virtual currency that has a centralized repository. The administrator of that repository will be a money transmitter to the extent that it allows transfers of value between persons or from one location to another.
This conclusion applies, whether the value is denominated in a real currency or a convertible virtual currency. But these examples don't lead me to the same conclusion as you -- that the BSA applies to pre-mines, founders rewards, etc. As you point out -- A handful of coins are not impacted, Bitcoin, Litecoin, and Monero come to mind. These are coins where all the new money supply is generated by persons own "computing or manufacturing effort" and have no "central depository and no single administrator".
FinCEN made a clear distinction between those who create virtual currency and use it to purchase goods and services (users) vs. those who create virtual currency and sells those units for real currency (money transmitters). Pre-mining or insta-mining does not require a central repository or single administrator, and early miners are still obtaining coins by computing/manufacturing effort. Similarly, a founders' reward is literally part of the decentralized protocol. No central repository or single administrator required, and (in Zcash, for example) miners still obtain most of the block rewards through computing effort. For a pre-mine or a founder's reward the holder of the keys for the pre mine or founders reward becomes an "administrator" or an "exchanger" under the guidance. In the enforcement action action against Ripple (Statement of Facts) Ripple Labs is considered and "exchanger" and Ripple is described as "pre mined" https://www.fincen.gov/sites/default/files/shared/Ripple_Facts.pdf |
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Have you guys noticed this pattern:
1. Upward price movement in XMR that looks organic and metered.
2. Then very quickly thereafter one or two giant market sells that flatten the price back down.
I have seen this over and over for years now.
Sure and how sustainable is this without an increase in price? |
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Now the question becomes will we see a break of 0.03558 XBT, that is not a false breakout. Interestingly my post from June of last year otherwise still applies (except for the fact that I no longer hold any XBT). Some of my thoughts on Monero and the current crypto currency boom. 1) Monero has been in a consolidation phase with respect to Bitcoin since August of 2016. Take a look at the XMR/XBT weekly chart on a log scale https://bitcoinwisdom.com/markets/poloniex/xmrbtc and tell me what you see. The last major move was from 0.0016 XBT in June 2016 to a high of 0.0265 XBT in August 2016 for an increase of over 1600%. If the 0.0265 XBT high is broken on volume another major move upward is possible. 2) The current crypto currency boom has seen Bitcoin to fall to under 40% market dominance. To put is bluntly this is indicative that there is something seriously wrong with Bitcoin. My take is that this is related to the fixed 1 MB blocksize limit in Bitcoin together with the consequence of skyrocketing fees and seriously delayed transactions. These are problems for which Monero has a solution. The market is looking for an alt coin solution and for the time being has focused to a large degree on Ethereum. My take is that while Ethereum has its uses that may justify its market cap replacing BItcoin is not one of them.. If the market chooses Monero then all bets are off. 3) The hackers are quietly hacking away. Sooner or later significant improvements will materialize. As to when? Who knows. That is the nature of FLOSS development. A recent example of this is multi sig, which is current being tested and not yet ready for main chain deployment. My take is that if one is short Monero, the risk of a brutal negative reckoning is very high. As to when and to what extent I have no idea. This is not investment advice. The risk of a complete loss of funds on a Monero position long or short (or more for a leveraged position) is very high. Please do your due diligence and obtain appropriate professional advice before investing or speculating. Disclosure: I have long positions in XMR, XBT and NMC, and I am also involved in the Monero project as a core team member. |
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Some of my thoughts on Monero and the current crypto currency boom. Monero has been in a consolidation phase with respect to Bitcoin since August of 2016. Take a look at the XMR/XBT weekly chart on a log scale https://bitcoinwisdom.com/markets/poloniex/xmrbtc and tell me what you see. The last major move was from 0.0016 XBT in June 2016 to a high of 0.0265 XBT in August 2016 for an increase of over 1600%. If the 0.0265 XBT high is broken on volume another major move upward is possible. The current @crypto currency boom has seen Bitcoin to fall to under 40% market dominance. To put is bluntly this is indicative that there is something seriously wrong with Bitcoin. My take is that this is related to the fixed 1 MB blocksize limit in Bitcoin together with the consequence of skyrocketing fees and seriously delayed transactions. These are problems for which @Monero has a solution. The market is looking for an alt coin solution and for the time being has focused to a large degree on Ethereum. My take is that while @Ethereum has its uses that may justify its market cap replacing BItcoin is not one of them.. If the market chooses Monero then all bets are off. The hackers are quietly hacking away. Sooner or later significant improvements will materialize. As to when? Who knows. That is the nature of FLOSS development. A recent example of this is multi sig, which is current being tested and not yet ready for main chain deployment. My take is that if one is short Monero, the risk of a brutal negative reckoning is very high. As to when and to what extent I have no idea is there a point to plagiarizing a 7 month old steemit post? Here is my original BCT post. The Steemit post was also plagiarized: Some of my thoughts on Monero and the current crypto currency boom. 1) Monero has been in a consolidation phase with respect to Bitcoin since August of 2016. Take a look at the XMR/XBT weekly chart on a log scale https://bitcoinwisdom.com/markets/poloniex/xmrbtc and tell me what you see. The last major move was from 0.0016 XBT in June 2016 to a high of 0.0265 XBT in August 2016 for an increase of over 1600%. If the 0.0265 XBT high is broken on volume another major move upward is possible. 2) The current crypto currency boom has seen Bitcoin to fall to under 40% market dominance. To put is bluntly this is indicative that there is something seriously wrong with Bitcoin. My take is that this is related to the fixed 1 MB blocksize limit in Bitcoin together with the consequence of skyrocketing fees and seriously delayed transactions. These are problems for which Monero has a solution. The market is looking for an alt coin solution and for the time being has focused to a large degree on Ethereum. My take is that while Ethereum has its uses that may justify its market cap replacing BItcoin is not one of them.. If the market chooses Monero then all bets are off. 3) The hackers are quietly hacking away. Sooner or later significant improvements will materialize. As to when? Who knows. That is the nature of FLOSS development. A recent example of this is multi sig, which is current being tested and not yet ready for main chain deployment. My take is that if one is short Monero, the risk of a brutal negative reckoning is very high. As to when and to what extent I have no idea. This is not investment advice. The risk of a complete loss of funds on a Monero position long or short (or more for a leveraged position) is very high. Please do your due diligence and obtain appropriate professional advice before investing or speculating. Disclosure: I have long positions in XMR, XBT and NMC, and I am also involved in the Monero project as a core team member. |
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I see no other mention when I search news for the report other than this thread. It seems to me an attempt to steal crprto currency from Microsoft Windows (the most likely target but not necessarily the only one) users.
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Countries that have any kind of foreign exchange controls will have no choice but to ban or severely restrict crypto currency trading. This is what happened in China and now in South Korea. Iceland also has very strict rules. Foreign exchange controls are frowned upon by the WTO; however some countries find legal loopholes around this. Monero and Bitcoin have a way of exposing these legal games through otherwise unexplained arbitrage spreads as is currently the case in South Korea. I suggest that foreign exchange controls as opposed to taxation or controlling speculation as the real reason behind the South Korean government move; however I doubt very much that the South Korean government will admit this. |
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I still don't understand how Korea can be so completely out of whack with the rest of the market.
Foreign exchange controls. |
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Mark my words. Monero will be at a 100 billion marketcap by the end of the year. With so many upcoming updates to the coin and on top of that ledger and IOS wallet. If everything pans out and there isnt a crypto meltdown. It is just a matter of time that bulletsproofs, kovri etc. will come. This is the best coin for real life use and WILL BE BACK TO THE TOP 10 if not, higher. Everyone is trying to make a quick buck from all these pump and dumps but when the dust settles only the strong, solid coins survive.
Prediction: 100 billion marketcap by end of 2018.
It is certainly within the realm of possibilities and less than predicting a 100 million USD market cap at the end of 2016, 2 years ago. Still past performance is no guarantee of future results. |
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I was going to arbitrage XMR on Bithumb then I realized that BTC on Bithumb is $23500.  The only effective arbitrage I can see here is via USD/KRW; however this must be heavily regulated in South Korea creating effective foreign exchange controls. Otherwise this arbitrage would have been done a long time ago. It is USD/KRW that is out of whack here. Edit 1: The non KRW price should be considered the true free market price here. Edit 2: If effective foreign exchange controls is not the issue, then there is something seriously not right at Bithunb with KRW fiat withdrawals. |
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