i won't choose any of the current altcoins. if bitcoin will fail as you say, it might be due to the fact that there is another coin that completely leaves bitcoin behind when it comes to global adoption and the features, plus security. i would choose that one.
Bitcoin has a massive network effect lead. So if Bitcoin is "good enough" it will very likely not fail. |
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The critical question here would be what caused Bitcoin to fail? If an alt-coin were to replace Bitcoin then one would expect that the alt-coin in question would have a solution for the problems that caused Bitcoin to fail in the first place. Futhermore the alt-coin should be otherwise fairy similar to Bitcoin.
So what problems does Bitcoin currently have? Two come to mind:
1) The blocksize debate. When we have numerous major Bitcoin businesses calling for a hard fork of the Bitcoin network over this issue, I would say this is a serious problem.
2) Privacy / fungibility. The risk of tainted coins held by innocent people in Bitcoin is very real.
Now look for alt-coins that currently have a solution for both 1) and 2) above and are otherwise similar to Bitcoin and one has a likely candidate or candidates. This is the kind of analysis that I suspect the "smart money" is doing right now.
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In our game I vote for 37.Rd1
What is our rook doing on b2? If 37.Rd2 a5 we can play 38.Rb2 again opening up some queenside files. If that does not happen our f1 rook seems better placed than our b2 rook. I like the idea of pressuring d6 to keep black on the defensive. 37.Rd1: XMRpromotions 37.Rd2: LucyLovesCrypto It also leaves us with weaknesses on a4 and c4 after ...a5 38. Rb2 ab4 39 Rb4. So I vote for 37. Rd1 |
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It is the one year anniversary of the last tagged release of Monero on December 08, 2014. The market is marking this anniversary by going below 0.001.
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Mixing Dash is actually very simple.
1) Sell Dash for XMR on Poloniex
2) Send XMR to own XMR address
3) Send XMR to a second XMR address with a mixin of say 5
4) Sell XMR for Dash on Shapeshift.io
Voila! Mixed Dash. No need to wait for weeks or worry about masternode blinding.
Edit: When sending the XMR to Shapeshift.io also use a mixin of say 5
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CK can grow 20x or more and the Monero network would be able to scale to accommodate it; however this is not the case for many Bitcoin businesses. CK is burdening Monero (onchain) network very little. In its ingame (offchain) network, we are currently about 2,000 transactions per week. There is no "burden" on the Monero network even with CK becoming significantly larger than Second Life. CK users would pay for the on chain transaction bandwith they need and the Monero network would accommodate them. It is that simple. With Bitcoin on the other hand the previous model fails and a game like CK with a user base comparable to Second Life could easily bring the current Bitcoin network to its knees just with the "very little" on chain portion of the economic activity. In fact this an excellent example as to why models such as the Lightening Network and side chains are not a solution to the fixed blocksize limit in Bitcoin. Edit: I have a very strong issue with the term "burden" no matter how small in this context. This mindset is the result of a serious design flaw in Bitcoin that has created an artificial scarcity over the cost of processing power, digital storage, and bandwidth. These costs have plummeted over the last 50 years and these cost trends are likely to continue into the future. |
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BIP 101 would have blocksize hitting 1 GB in the year 2030. Then it would continue to double each year until it hits 8 GB in 2036.
1 GB blocksize = ~4000 transactions per second
8 GB blocksize = ~32000 transactions per second
Visa & Mastercard transactions hit daily peaks of 4000 to 8000 transactions per second
Is going all the way up to 8 GB too much? Why not stop at 2 GB = ~8000 transactions per second?
... because 8 GB after an increase from 1 MB "should be enough for everyone" just as 640 KB (RAM) after an increase from 80 B (punched card) "should be enough for everyone" http://www.computerworld.com/article/2534312/operating-systems/the--640k--quote-won-t-go-away----but-did-gates-really-say-it-.html |
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Dogecoin's so called "problem", a tail emission, will likely turn out to be a very valuable feature. Dogecoin can implement a Monero style adaptive blocksize with a minor at most impact on its social covenant. This would provide Dogecoin with a viable solution to the fixed blocksize problem that plagues not only Bitcoin but a very large proportion of the POW alt-coins.
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When it gets solved either (or any) way, the likely result is relief on the markets and a nice boom in bitcoin prices. Cf. XMR had the emission issue which first demolished the price to 1/4 of the previous, and when it was solved, price rose back to 0.004.
This assumes that a solution that does not radically alter the Bitcoin social covenant by increasing the total number of Bitcoins above 21,000,000 is actually possible. Can this problem be solved in a POW coin? Yes Monero has done this. Monero's solution involves a penalty on the block subsidy for creating a oversize block, when compared to median blocksize of a recent number of blocks. This means that in order to increase the blocksize to add transactions there has to be enough fees to compensate the miner for the partial loss of the block subsidy. The results is a properly functioning supply and demand market. If demand increases this results in an increase in price which leads to an increase in supply. What is critical here is that in order for this to work there has to be a block reward, so a tail emission as in Monero is a must. I believe the chance of a viable solution for Bitcoin, that does not alter the Bitcoin emission, being found, let alone accepted by the Bitcoin community is less than 1%. The emission issue in Monero was fundamentally different because the Monero community was choosing between two perfectly good options. In the Bitcoin case we have a choice between multiple options that do not work. Our current lull is due to everyone thinking they have enough, and perhaps renewed hope in BTC, not many newcomers coming, 0.9 delayed and situation is not known except to a few (and others cannot decipher their statements nor believe they are truthful), and even because CK has not yet opened to general public.
CK can grow 20x or more and the Monero network would be able to scale to accommodate it; however this is not the case for many Bitcoin businesses. |
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... and how many credible solutions to the fixed blocksize problem in Bitcoin are there? Monero has solved this with adaptive blocksize limits and a tail emission creating a viable market where an increase in demand (more transactions) leading to an increase in price (higher fees) actually causes an increase in supply (larger blocks). There is no need to keep fighting over the two equally bad solutions in Bitcoin; Fixed blocksize with effectively infinite fees or effectively infinite blocksize with zero fees. This rather than privacy / fungibility may turn out to be the killer application that makes Monero a contender for Bitcoin.
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Spoetnik lives on an Indian reservation off social assistance. He has no clue how the real world works.
Well, you both live in Canada, why split hairs? Because I work, and my taxes go to supporting his lazy ass. Provincial transfer payments have all the money going from rich Alberta to lazy BC. Then this bum has the nerve to call Alberta trailer trash. Without us, he'd be homeless and begging on the street. Thanks for reminding me to make my income tax instalment payment to the Canada Revenue Agency before December 15th deadline. Ever since I got involved with crypto currencies I find myself paying ever increasing amounts in tax to the CRA. By the way I live in BC so no need for provincial transfer payments. By the way I have no problem if my taxes resulting from gains from the sale of Monero end up paying for Spoetnik's social assistance cheque. Canada is a great country to live in. |
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This is BTE, the original 1:1 Bitcoin clone (Bytecoin). Indeed, it has nostalgic value to some.
I am curious: At which point in Bitcoin's history does the 1:1 clone apply? Is this clone been actively maintained? If Bitcoin forks, core vs XP/BIP101, which fork would BTE go with? The relvance of this coin given what is currently happening with Bitcoin may turn out to be a lot more than just historical interest or trademark disputes. |
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Can someone explain me as to why this coin is still of any interest?
There is also the trademark / servicemark "first use in commerce" issue. Dashcoin (DSH) had quite a run earlier this year just because of trademark disputes regarding the re branding of Darkcoin to Dash. If a later coin with a much higher capitalization is using or wants to use the same name then the original coin can become very valuable. |
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I just noticed this: "edit 11/27/2015: demo version of RingCT using the MLSAG's is coded - next up is implementing 1. Diffie helman passing of masks and 2. implement a short representation of amounts" https://www.reddit.com/r/Monero/comments/3pw30d/ringct_for_monero_updated_versions/Progress seems to be happening pretty quickly! After the next implementation step it sounds like the proof of concept should be pretty well established. It seems to be that RingCT is a matter of WHEN instead of IF. Yes this is very exciting; however it will require extensive peer review and testing before implementation. |
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if 0.9 works with LightWallet, that will be my main recommandation to new users for their change.
For bigger amounts they need to print a paper wallet (moneroaddress.org)
I hope that the 'official' GUI will eventually be compatible with Trezor. That would be the ultimate usability and security.
edit: will it be possible to have a "watch only" wallet with LightWallet ?
It should definitely work as well as it does with v0.9 as it does with v0.8.8.6, since all the testing I've done in the past six months has been done with recent builds from github, both Windows and Linux. I'll have to update the binaries when the release is made official. As far as watch only wallets, that's not a functionality I've played with yet, so I'm not sure. Is there a target date for release of v0.9 yet? Before or after bitcoin adopts bip101 (jan 16 i think)? As a GNU/Linux user who uses the command line all the time I would very much appreciate a GUI. There are also a growing number of GNU/Linux users that are not experienced with the command line at all and can be as "clueless" as any Windows or Mac OS user. In fact I introduced Ubuntu GNU/Linux to two such users recently and they actually love it because it is way easier to maintain than Windows. As for MyMonero and MoneroWallet they are fine to store a small amount of XMR to be used for small day to day expenses using a mobile device, but they are not a replacement for running a full node. Furthermore just because someone is not familiar with the command line it does not follow that they do not have concerns about such services to store the bulk of their XMR. So I say please keep up the excellent work with LightWallet and please do not forget us GNU/Linux users. Another group to keep in mind 32bit Windows users. Unlike GNU/Linux and Mac OS users a very significant portion of Windows users run 32bit Windows on computers with 64bit processors. This is not just XP it goes all the way to Windows 10. In fact I suspect most Windows computers with 4GB or less of RAM run 32 bit Windows. As for the Bitcoin community implementing BIP 101, I would be very shocked is something like this happens before version 0.9 of Monero comes out, and for that matter even before Monero has an official GUI. The Bitcoin community is bitterly divided between two very poor options at opposite extremes. Status quo (small blocks, potentially infinite fees) vs XT / BIP 101 (large blocks potentially zero fees). Some would call this a civil war. The relevance of this to the Monero community is that civil wars produce refugees and we should be prepared if some come our way. |
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This just went to far. David is the victim here not the perpetrator. This is just really sad.
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