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15 min to go.
People receiving pizza: PM me where you want pizza to go
People sending pizza: I will PM you where to send it, PM me an address in the meantime
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What sort of flaws have been discovered in the code for Monero?
There aren't any major ones, but there is stuff that needs to be cleaned up and fixed (like the database issue). The protocol is PoW, so security models similar to that of Bitcoin. |
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I will be formalizing the proposal for the fixing of blockreward at year end of year 10 of Monero emission; a couple of charts are below:  A is the current projection. B is the fixed subsidy projection. As you can see from the images, there is only slight inflation at this time. Final block subsidy: 0.117061151915 Inflation starting at year 11: 0.335774683775% Inflation starting at year 20: 0.325925311615% import math
M = math.pow(2, 64) - 1
total_supply = 0
YEARS = 20
f = open('monero_calculator.txt', 'w')
f.write('Year\tCoin supply\tInflation\n')
# Unlimited subsidy decreases (ByteCoin code)
for i in range (1,YEARS+1):
beginning_supply = total_supply
for j in range (1,525601): # 525600 blocks/year
block_subsidy = (M - total_supply) / math.pow(2, 20) # Atomic
total_supply += block_subsidy
inflation = 0
if beginning_supply == 0:
pass # Infinite for year 1
else:
inflation = total_supply / beginning_supply
total_supply_in_monero = total_supply / math.pow(10, 12) # Moneros
inflation_in_percent = (inflation * 100) - 100
f.write(str(i) + '\t' + str(total_supply_in_monero) + '\t' + str(inflation_in_percent) + '\n')
f.write('\n')
total_supply = 0
last_block_subsidy = 0 # Usde to get the block_subsidy for year end of year 10
# Subsidy fixing after 10 years
for i in range (1,YEARS+1):
beginning_supply = total_supply
for j in range (1,525601): # 525600 blocks/year
if (i <= 10):
block_subsidy = (M - total_supply) / math.pow(2, 20) # Atomic
last_block_subsidy = block_subsidy
else:
block_subsidy = last_block_subsidy
total_supply += block_subsidy
inflation = 0
if beginning_supply == 0:
pass # Infinite for year 1
else:
inflation = total_supply / beginning_supply
total_supply_in_monero = total_supply / math.pow(10, 12) # Moneros
inflation_in_percent = (inflation * 100) - 100
f.write(str(i) + '\t' + str(total_supply_in_monero) + '\t' + str(inflation_in_percent) + '\n')
f.write('\n')
f.write("Final block subsidy at year 10 end: " + str(last_block_subsidy / math.pow(10, 12)))
f.close() |
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And these are the two greatest threats to a Bitcoin-style monetary system.
Personally I'm more worried of things like inability to scale, government 51% kill switch through massive NSA-owned ASIC farms and quantum computers. A kill switch would never be used. Centralization will not be used as a kill switch, but rather to force the network to an evolved protocol which serves the interest of the central entity. There is essentially no probability that the interests of the centralizer would be optimized by killing a dominant coin. In the long run PoW just will not work, for that reason, if that outcome is deemed a failure mode. SlipperySlope's CPoS is the best alternative I've seen so far. I also like that scheme because it should be pretty straightforward to refactor the block chain storage format to distribute it, in that scheme, which would solve the scalability issue. It would not require much bandwidth, if the refactor kept transaction threads confined to cliques. Then you could keep a full node on a cellphone. See my PoW/PoS hybrid in MC2. I still like the scheme, though I'm unsure about some incentives issues regarding it (it'll be interesting so see how it plays out upon release). |
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Suppose a coin has its block subsidy reduced to 1/10th of what it was yesterday. Some miners will bail, thinking its not worth their effort, and some will stay. Thus there is a mining equilibrium as a self-adjustment mechanism. If fewer stay, more get the fees. The paradox lies in expecting a constant number of miners from the POW inflation phase to the tx fee phase. I feel this sentiment is security agnostic. So you have the mining equilibrium plus the stakeholder backup to secure the network. I feel this sentiment is centralisation agnostic. And these are the two greatest threats to a Bitcoin-style monetary system. |
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A coin with mandatory inflation via block subsidy will likely have less fees than one dependent on fees, I believe. This is because miners are less dependent on fees to survive.
My feelings are that Bitcoin's dependence on fees will in the long run drive Bitcoin transactions off-chain, as there will likely need to be substantial, expensive fees required in order to secure the blockchain. Then we get all the same problems with do with gold-backed currencies issued with banks, and the blockchain will only be used to do things like bank-to-bank overnight transactions.
Further, a consensus on standard fees and cost to transact on the Bitcoin blockchain will be approached, which I think is further centralization. Deflation from random, unpredictable loss of supply also makes Bitcoin prone to wild speculation and volatility, which will make it improbable for use as an everyday store of value (like gold).
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To oversimplify...
So the Monero group mined them at about 100... sold around 500...
And all the bagholders are happy with the "next Bitcoin" at 200 and sinking...
Wow... it's really smart to be 50% under water when you own the "next Bitcoin".
We still have all our monero. The whales sold -- as whales do. |
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Auction ending today! Get some cheap XMR for sending someone pizza!
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Know you guys have your hands full. Thought this might be the proper time to suggest a built-in fee calculator for regular/mixed transactions. Unknown transaction fees always bothered me about QT clients. Keep up the fine work.
Right now fees are calculated as flat for all tx, at 0.005. If there is a lot of dust, it goes a bit higher, close to 0.01. |
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After checking out some threads it seems like monero is the most possible to be just a scam. Ill investigate more...
Indeed. |
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Something like 2/3 of all my withdrawals from poloniex are failing. Support doesn't seem to offer much help other than "try a smaller amount". It's an intermittent issue, in that sometimes a withdrawal of a given amount will work, and sometimes it won't. Just wondering if the Monero devs are working with Poloniex on this?
Yes, see issues on monero-project |
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I think we should be looking for PGP-armour styled signatures in this blockchain. |
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It's like Bitcoin in 2009/2010. At that time, we had LibertyReserve, e-Gold, etc etc competing. We all know who won out: the group with the technology that worked and was fraud/insecurity resistant. |
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What's the difference between Monero and Vericoin?
Monero: CryptoNote codebase VeriCoin: Fork of PoS coins, Bitcoin codebase, broken PoS consensus algorithm |
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picked that in the darkcoin thread, cannot say if right or wrong. - for a non-computer scientist: this is the crux of cryptonotes isn't it? that there is no tx? Please correct me if I am wrong.
They can subpoena you for your tracking (view) key, which lets you see which addresses on the blockchain are yours. From that you could figure out your credits/debits for capital gains purposes. As is, it's hard to tell where money is coming/going from. |
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10 MRO
But shouldn't this be for tacos?
 It's hard to get them delivered out here, otherwise I would be down. |
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it's an auction, you can still bid lower than someone else  |
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