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1301  Alternate cryptocurrencies / Altcoin Discussion / Re: Windows 10 on: September 26, 2015, 01:54:09 AM
would using tor cut down on the spying stuff

No. The spying in Windows 10 can be used to defeat Tor.
1302  Bitcoin / Bitcoin Discussion / Re: Circle Spanks Bitcoin with Account Restrictions, Bitcoin-Free Ads, and Limits on: September 26, 2015, 01:34:06 AM
I agree that if it is because of the block size issue they do need to grow but they should give credit where credit is due.

If they are using bitcoin as the network to jump start their company and to facilitate money transfers they should say how they are doing it even in a general sense.

I watched the video and yup they are really trying to distance themselves from bitcoin.

Wow just wow...

Unfortunatly this may be a sign of things to come. There is a chilling silence from Winklevoss twins and thier ETF for example. I have sold over 99% of my Bitcoins for a combination of Monero and Canadian Dollars, not because of fungibility, but because of the 1 MB blocksize issue. I understand where Circle is coming from.

Edit: The real problem is: How will Bitcoin develop a fee market once the emission runs out? This is the real reason why there has not been a solution to the blocksize issue.
1303  Bitcoin / Bitcoin Discussion / Re: Circle Spanks Bitcoin with Account Restrictions, Bitcoin-Free Ads, and Limits on: September 25, 2015, 09:37:03 PM
I visited Circle's site minutes ago. There is no mention of bitcoin anywhere now. So, what will Circle become without bitcoin? Money transfer service like PayPal. That is a step backward. What a waste of their bitlicense.



I think this was a business decision based at least partly on the fact that bitcoin core development has reached a standstill. It's pretty obvious to anyone that looks carefully that bitcoin is badly broken in terms of development innovation, adaptation, and growth.

Circle has too much invested to just sit around and wait for the core team to get their act together. We'll probably see a continued business exodus and overall market disintegration until the core team can find some agreement and direction.

My take is that this is a direct result of the 1 MB blocksize limit. If Bitcoin cannot grow, while Circle wishes to grow as a company they have to do something.
1304  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 25, 2015, 06:08:19 AM
...

The purpose of xmr is to protect one's privacy. This is at least my understanding. I dont view monero as a bitcoin killer or even a litecoin killer. Its there with one main purpose, to ensure everone a right to privacy. Not everyone cares about privacy. So bitcoin is not going anywhere anytime soon. But there are people that value their privacy. For them monero is a perfect solution.

Also, there is no reason to use monero for tax evasion, or to think about it as being desing for this purpose. In monero you have view keys, to disclose the transactions when needed. So a merchant or a person can keep their transactions privet from other merchants or people, but be fully transparent to tax office to which he/she can provide its view keys.


Fungibility rather than privacy is the killer application; however one cannot have fungibility without privacy so they go hand in hand.  I remain convinced that Bitcoin has a fatal flaw that has been exposed by the 1 MB blocksize limit debate, namely: How can a fee market develop in the absence of a block reward? Granted this flaw will not show up for a few decades but it one of the reasons why there is not a "simple" solution to the blocksize debate.
1305  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 25, 2015, 05:38:50 AM
What if there were some totally unique service or thing that you could ONLY buy with cryptocurrencies conveniently? Something that could not be duplicated. That would be enough to remove the ponzi "smell" from cryptocurrencies.

Gold and silver have unique molecular makeups. There are some things that gold or silver can do that other things simply can't do. That is separate from the fact that there's a limited amount of these metals in the Earth's crust and separate from the fact that they are shiny. Therefore, gold and silver can't be considered ponzis. As long as the materials themselves serve some useful purpose, they will hold value.

In theory, we don't need anything besides speculation for cryptocurrencies to hold value. They can hold value if we all just "decide" that they hold value. But this is a collective mind game that may not stand the test of overwhelming universal bearishness or mass panic (which inevitably and periodically arise).

We have to keep searching. It is not enough to "just get a GUI" or identify a large potential market. Fundamentally, we really need a clear reason why XMR will continue to exist and hold value for the foreseeable future. Are we waiting for the entire global government fiat system to collapse, create a vacuum, and for cryptocurrencies to then fill the void? That seems very unlikely (as there will always be at least one government left standing that people trust) and it's something we have no control over. What's more likely is that a killer app propels cryptocurrency forward and people voluntarily switch over from inferior alternatives. What's more likely still is that cryptocurrencies sorta just languish for a while like battery technology. (The first true battery was made in the year 1800, but the first practical use of batteries (to power telegraphs and whatnot) didn't come around until after 1835).

https://en.wikipedia.org/wiki/History_of_the_battery#Invention_of_the_battery

I will say that if the global political environment becomes such that major-league tax evasion is necessary for everyone (rich and poor) just to survive, and physical cash and gold coins are banned, and every visible form of economic activity becomes strangled by rentseekers, then cryptocurrency will become very attractive. But frankly, that world doesn't sound very fun whether your cryptocurrency or secret gold stash has become worth a lot or not.

/musing

Crypto currencies provide a very important solution. This is the ability to send money at a distance without the need for a trusted third party. When the buyer and seller can meet in person to complete a transaction one can use fiat cash but this is not an option when for example the buyer and seller are in different continents. As for the market it is those who cannot get or use a bank account, debit / credit card, Paypal etc for the transaction for what ever reason. In many cases the reason is poverty on the part of the buyer or seller or both.

Edit: There are many innovative money transfer systems that work only within one country. It is when international boundaries are crossed that fees and intermediaries make relatively small transactions say below 100 US very expensive.
1306  Alternate cryptocurrencies / Altcoin Discussion / Re: Windows 10 on: September 24, 2015, 09:13:16 PM
... will i be able to run altcoin wallets on a windows 10 phone?

This depends on whether the altcoin developers get the permission of Microsoft. Microsoft and not the "owner" of the phone controls what software is permitted on a Windows 10 phone. The question is really no different from asking if one can run altcoin wallets on the telescreens in George Orwell's 1984. If Big Brother says yes, the answer is yes, if Big Brother says no, the answer is no.

Edit: On Windows 10 running on an x86/AMD64 laptop or desktop it is still possible to compile and run altcoins, without the explicit permission of Microsoft, since this version of Windows 10 is not yet fully transitioned to the Orwellian telescreen model. I have for example managed to compile and run Monero on Windows 10 as a test; however I would strongly advise against using Windows 10 or even recent Windows versions to run any crypto currency software, since this gives Windows and by extension Microsoft access to one's private keys for the crypto currency. GNU/Linux or another Free Libre Open Source Software Operating system are by far the safest options.
1307  Other / Meta / Re: This forum became so disgusting. Thanks to Smooth, iCEBRAKER and their sockpuppets on: September 22, 2015, 02:23:47 AM
Exposing scams is a very valuable contribution. Of course those who are selling a scam wish to "shoot the messenger" rather then deal with the scam.
1308  Economy / Speculation / Re: No More Rocket To The Moon Ever on: September 20, 2015, 09:50:13 PM
The rocket is not going anywhere since it is firmly chained to the ground by the 1 MB blocksize limit. It could blow up however.
1309  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 20, 2015, 09:21:04 PM
Ok, I'll post the "censored by smooth" version.   Wink  Remember those kewl "I'm a Mac & I'm a PC" ads?  
  

  
Well today, Monero tried to invite Bitcoin out shopping (but it didn't quite work out).    
  
 Cheesy Cheesy Cheesy Cheesy  
...

I vote for the third option.

https://www.youtube.com/watch?v=MS-aLOm-6Vc


Edit: The first and second options do not provide privacy and fungibility in Monero since they are both members of the PRISM program. https://en.wikipedia.org/wiki/PRISM_%28surveillance_program%29
1310  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 19, 2015, 06:27:17 AM
MoneroDice bankroll currently at ~296k. I bet we'll be over 1 million by the end of the year :-P

I wonder how the MoneroDice bankroll compares with Dash (mal)invested in MasterNodes, in absolute fiat terms and relative % of the coins.

Last time I read something about the # of masternodes the number was above 3000, this is 3 million coins, total supply is less than 6 million.

So more than 50% of the supply is locked up in masternodes.

I don't understand what coins locked in dash masternodes have to do with coins used in monero dice? Why would you like compare the two with each other?

... because the coins in both cases are for a period of time taken off the market. Dash masternodes account for 3.2 million DASH or about 53% of the Dash money supply. The Monerodice bankroll above is about 300,000 XMR or about 3.2% of the Monero money supply. This is a big difference.

 

Shocked  Shocked

At this rate my prediction of 3500 masternodes at the end of this year seems to be on the low side..
1311  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 18, 2015, 09:35:03 PM
BTW. sorry slight off-topic - BTS was also mentioned in our shareholders' meeting to be a promising coin. I have not checked. Can some of the proponents give me an investment-oriented summary, the potential investment is about $50k.

http://prestonbyrne.com/2014/08/17/dont-walk-away-run/

It comes down to backing 100 USD worth of BitUSD with 200 USD worth of Bitshares. If the market price of Bitshares falls by more than 50% in terms of USD then the 100 BitUSD are no longer worth 100 USD and the peg breaks down. One can do the same thing with gold, or even another cryptocurrecny such as XMR.

Edit: XMR is a better example than USD as to how Bitshares can fail, since XMR could all of a sudden rise very sharply in purchasing power on its own accord. A sudden sharp rise in purchasing power of XMR is not going to cause CK items to fall sharply in value, rather the exact opposite is more likely.
1312  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 18, 2015, 04:22:38 AM
My take is that the price of Monero will be driven by the long term fundamentals rather than by traders who buy and sell, at a profit or loss, on a 10% spread.

The first indicator will be the market response to the updated official tagged binaries when they come out.

Weird if it happened the same week CK is officially released. What is the estimate on the binaries?

The timetable is here: https://forum.getmonero.org/4/academic-and-technical/303/a-formal-approach-towards-better-hard-fork-management
1313  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 18, 2015, 03:42:04 AM
My take is that the price of Monero will be driven by the long term fundamentals rather than by traders who buy and sell, at a profit or loss, on a 10% spread.

The first indicator will be the market response to the updated official tagged binaries when they come out.
1314  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 17, 2015, 01:26:34 AM
We make the following assumptions:

1) That M > N
2) If there is an even number of pirates left the senior pirate votes twice once in the regular vote and once to break a tie if needed
3) The coins cannot be broken down into smaller pieces of gold
4) There is zero cost for the hangings (For example the cost of the rope is zero)
5) Each pirate acts strictly in his best financial interest.

The solution is the senior pirate distributes one coin to each priate, except the second most senior pirate gets no coins and he keeps M+2-N coins for himself.

We start with N=2. In this secnario the senior pirate keeps all the coins and uses his tie vote to outvote the junior pirate
N = 3 The senior pirate only needs the vote of one pirate. So he pays the cheapest cost by giving one coin to the most junior and keeping the rest etc.
1315  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 16, 2015, 06:08:37 PM

The advantage that Monero currently has over virtually every POW coin and this includes Bitcoin, is that Monero has a current working solution to the scaling of blocksize question. One needs two things 1) Adaptive limits 2) A tail emission. Solving this problem without a tail emission is far from obvious, In fact I am not even convinced one can even create a viable fee market in the absence of an emission. There is a reason why there is so little progress with the blocksize debate in Bitcoin.

It sounds like you're saying that it's impossible to solve the blocksize limit without having a tail emission.  If that is what you're saying, will you elaborate please?  
  
I do understand that both of those are advantages that Monero has to bitcoin and I think they will play more of a factor going forward.  
  
Also, do you think that Satoshi believed bitcoin could work with transaction-fee only mining and as a deflationary asset... or was it intentionally crippled from the beginning?

I will elaborate on this.

The first question one needs to ask before even considering adaptive blocksize limits is: Can a fee market actually work in the absence of a base emission?

1) We first consider a blocksize large enough (or effectively infinite). In this scenario competition among miners will drive fees towards zero since there is no scarcity. This will in turn cause the difficulty and consequently the security of the crypto currency to collapse. We must keep in mind that orphan block based arguments will also fail since these are based on the presence of a base emission. This is in fact the very legitimate fear of the small block proponents.

2) In the second case we consider a fixed blocksize, where the blocksize is small enough to impact fees. In this scenario we have a potentially infinite demand with a fixed supply. In theory fees therefore would go to infinity. We must keep in mind that as the legitimate demand rises towards the fixed limit, It becomes economically attractive for miners with a even small percentage of the hash rate to spam the network in order to profit by raising the overall fees.  At this point only external competitive factors can stop the fees from rising to infinity. These take the form of fiat payment methods and other crypto currencies with the latter being not affected by a fixed blocksize limit. The impact of these external competitive factors is to reduce demand by devaluing the entire crypto currency. This will be delayed by miner spam, as miners will increase the spam in order to preserve the dwindling purchasing power of their fees until the system collapses to little or no transaction demand leading the first case above.

The problem as I see it is that the system is inherently unstable. Either the mining revenue collapses first or the purchasing power of the mining revenue collapses first. We now come to the next question. Can one create an adaptive blocksize limit formula that does not converge as time increases towards (1) or (2) above? My instinct tells me no, particularly since the network has no way to measure the key parameter namely the amount of fees collected per block due to out of bound payments to miners. Furthermore there have been many brilliant minds looking at this issue and they have not come up with a solution. Proving this negative, in a rigorous mathematical sense, is of course another matter entirely.

What the tail emission in Monero does is provide a stable anchor outside of the control of the miners on top of which an adaptive blocksize limit and a fee market can actually develop, by avoiding the instability above.

One final note. Why is this posted in the Monero speculation thread? The answer is very simple: Monero is the other crypto currency with the latter being not affected by a fixed blocksize limit above. In the collapsing valuation of (2) the valuation has to go somewhere and there a good possibility that Monero will capture some of this valuation.
1316  Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XMR] Monero Speculation on: September 16, 2015, 01:18:13 AM
It seems the price is picking up at  the moment! DASH is going down and LTC as well. Maybe XMR can have some benefits from these drops.

In the long run Monero will do well assuming the level of current development continues.

We all know DASH is trash (and their new model of increased mining rewards going to masternode owners discourages adoption by new small users) buts its decline does not have a direct impact on Monero.  

I have never been good at predicting what will happen with LTC so I have no comment on that.

Yeah! Hard to predict what will happen to LTC; but XMR will be a good candidate as a substitute for Dash, that's for sure.

At least it has a reasonable amount of volume to do some good trades.

The advantage that Monero currently has over virtually every POW coin and this includes Bitcoin, is that Monero has a current working solution to the scaling of blocksize question. One needs two things 1) Adaptive limits 2) A tail emission. Solving this problem without a tail emission is far from obvious, In fact I am not even convinced one can even create a viable fee market in the absence of an emission. There is a reason why there is so little progress with the blocksize debate in Bitcoin.
1317  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [XMR] Monero - A secure, private, untraceable cryptocurrency - 0.8.8.6 on: September 15, 2015, 03:39:33 PM
Thanks for taking the time to explain that for me.

I thought no one wins in dice.   Smiley




The house wins in the long run and the state also wins by taxing the house.
1318  Alternate cryptocurrencies / Altcoin Discussion / Re: BitcoinXT is gone and now what ? on: September 15, 2015, 05:40:53 AM
...
seriously plug it all day Monero is a shills joke here fullstop.

legend u'd think u'd know better.

Then show me another POW coin that has a long term solution to the blocksize / fee market issue other than "bury your head in the sand". By the way the reason I even found out about Monero in the first place is because I was researching this very issue back in 2014. I have been following the blocksize issue and the "bury your head in the sand" response from the Bitcoin community since early 2012.

Is really cool that Monero already has a dynamic block size,  I think it will be interesting to see how it behaves with a large volume of transactions / bigger blocksize. Is it possible to do some sort of scalability test?

It would be good to try it somehow, just the fact that is dynamic does not necessarily mean that it will perform well at higher block sizes? Can you explain a bit how it works please? Wouldnt the blocks just continue to get bigger as the volume of transactions rises?

It uses a quadratic penalty function, so there is a penalty to the miner for an increase in the blocksize. The impact of this is to create a cost to increase the blocksize based on the loss of part of the block reward vs the increase in fees for the block.  It is explained in the Cryptonote whitepaper. https://cryptonote.org/whitepaper.pdf. The key is that for this to work there has to be an emission leading to a base reward. Monero has addressed this by having a minimum tail base reward of 0.3 XMR per block in perpetuity This add a small amount of inflation under 1% per year for ever. Other Cryptonote coins have not done this so once their regular emission runs out, the penalty becomes meaningless since it is based on the base emission, and  what you describe above is what would happen.

Edit: One needs both and adaptive blockszie and a minimum tail emission for this to work.
1319  Alternate cryptocurrencies / Altcoin Discussion / Re: What do you think about the updates of DASH on: September 15, 2015, 02:24:30 AM
...

Hi Artic, Dash was ported to Bitcoin Core since v11.  We have a solution for scalability that will be presented soon.  Dash is just trying to explore solutions to crypto issues, time will tell if they work out or not.  I really think both Dash and Monero can be succesful, I dont even think they compete. Monero is a good project. We are just trying to do good work and hopefully we can bring value to our users.

Good at least someone other than Monero is actualy dealing with long term scalability issue. By the way I am also of the opinion that there will be more than one successful coin; however dealing with the long term scalability issue is a must. If Dash deals with this issue then it will be a player.
1320  Alternate cryptocurrencies / Altcoin Discussion / Re: What do you think about the updates of DASH on: September 15, 2015, 01:56:12 AM
So, back to the topic...Dash, a coin with real original features and code

Please tell us what portion of the code in Dash is ripped off from Bitcoin?

All these discussions about "features" and "innovation" in Dash ignore the fact that below the surface the vast majority of the functionality and code is just a Bitcoin copy.



It is more like a Litecoin copy, including my favorite the fixed blocksize limit.
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