What cryptocurrency is closest to my ideal? Monero?

[AusKipper]

My idea of a perfect cryptocurrency, in order of importance is:

1 - Secure from hacking etc (obviously)
2 - Privacy by default. I am mainly interested in coins such as Monero, Dash etc. I am new to cryptocurrencies and am of the impression that Monero is the most secure of the top 10 coins by market cap. I'm happy for you all to tell me otherwise.
3 - Transaction fees should be a percentage IMO. This is one of my main issues with just investing in Monero now, I think it makes much more sense to have transaction fees as a percentage of the transaction total. What that percentage should be I dont know. Somewhere between .01 and 3% probably is what is required to be workable.(I know thats a massive range )
4 - Inflation - I think there should be either a hard cap of the total amount of coins. Coins with very low pool inflation rates are acceptable to me, but, I would prefer the hard cap (another reason I dont think Monero is quite perfect for me)
5 - I think the idea of proof of stake is better than proof of work for the purposes of just simply not wasting huge amounts of electricity for a currency. However, my current understanding is that there is no particularly secure proof of stake option currently, so, maybe thats something that would need to be implemented later. I guess the question from me here is could Monero (or whatever coin you are recommending to me) switch to a proof of stake later if a secure one came out?
6 - Current market cap, I dont want anything too small and obscure.
7 - Good GUI's, apps etc for peer to peer transfers etc. I believe this is another current Monero issue, though I do know they have a GUI wallet now.
8 - I am concerned about transaction speeds, though my understanding is that more mining = faster transactions so its an issue that can be resolved later if it becomes a serious issue with higher transaction fees yes? I am definitely after a coin that has the potential to go mainstream in shops etc, so im not interested in any coin that could not facilitate sub 30 second transactions by any method.

So, as you can tell by my post I am currently leaning to Monero but I do have a few issues with it, the main deal breaker being the fixed transaction fees. I think secondly I am leaning to Dash, then ShadowCash (though whenever I look up stuff about ShadowCash I keep seeing the words "scam" everywhere its putting me off)

What do you all recommend, for me and my preferences?

Thanks in advance,
AusKipper.

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[Shadow_Man]

Monero, Shadowcash, or Spectre, which used Shadowcash's code but improved upon it.  Those would be my choices based on your criteria.

[Calangaman]

Hi, I think you identified most of the right attributes for a good altcoin.

In my view, you are missing 3 of them:
- Scaleability
- Risk of government scrutiny
- Intentions of the coin creators upon launch (slow start, private IPO, etc)

Your initial thought on Monero makes sense and I take it as good coin.
My concern with Monero is that:
- it won't benefit from any development effect of bitcoin as it is too different from it. All apps have to be developed from scratch which will take time.
- anonymity by default could be the kiss of death if the authorities want to ban anonymous coins. Any change of the algorithm would take years to be arranged.

Don't forget that Monero boomed because of Alphapay onboarding it.

You may want to buy MNR but you could consider others coins like Zcash (ZEC) or Zclassic (ZCL) that have:
- scalability
- optional anonymity
- in the case of ZCL only, no private IPO

[blackhawk101]

MOONERO, NO SAY MORE

 

[TheKoolaider]

Monero.

#5 in market cap

No one can see what you're doing unless you let them.

Wanna know my balance? Nope. You can't.

Wanna see my a specific amount to a transaction? Nope. You can't.

Wanna see if you can find me? Nope. You can't.

Wanna not have to worry if your privacy function is 'on' or 'off' like other coins? Yep. You can.

Is every transaction private. Yep.

Functional(fantastic) GUI. Yep.

Can I increase my privacy level? Yep.

Can I have transactions process faster? Yep.

Monero.

[Febo]

There is no ideal coin.  It is not logical.  You cant be tallest and fastest man on Earth.  It is not mathematical possible. Each coins have advantages and disadvantages. So you need to think which advantages are more important over other advantages.  How coins will evolve. Some things cant be changed, some can easily be changed.

Most important in this stage is to have solid development. Without that even currently perfect coin would be worth nothing in few years time.

[B1tUnl0ck3r]

My idea of a perfect cryptocurrency, in order of importance is:

1 - Secure from hacking etc (obviously)
2 - Privacy by default. I am mainly interested in coins such as Monero, Dash etc. I am new to cryptocurrencies and am of the impression that Monero is the most secure of the top 10 coins by market cap. I'm happy for you all to tell me otherwise.
3 - Transaction fees should be a percentage IMO. This is one of my main issues with just investing in Monero now, I think it makes much more sense to have transaction fees as a percentage of the transaction total. What that percentage should be I dont know. Somewhere between .01 and 3% probably is what is required to be workable.(I know thats a massive range )
4 - Inflation - I think there should be either a hard cap of the total amount of coins. Coins with very low pool inflation rates are acceptable to me, but, I would prefer the hard cap (another reason I dont think Monero is quite perfect for me)
5 - I think the idea of proof of stake is better than proof of work for the purposes of just simply not wasting huge amounts of electricity for a currency. However, my current understanding is that there is no particularly secure proof of stake option currently, so, maybe thats something that would need to be implemented later. I guess the question from me here is could Monero (or whatever coin you are recommending to me) switch to a proof of stake later if a secure one came out?
6 - Current market cap, I dont want anything too small and obscure.
7 - Good GUI's, apps etc for peer to peer transfers etc. I believe this is another current Monero issue, though I do know they have a GUI wallet now.
8 - I am concerned about transaction speeds, though my understanding is that more mining = faster transactions so its an issue that can be resolved later if it becomes a serious issue with higher transaction fees yes? I am definitely after a coin that has the potential to go mainstream in shops etc, so im not interested in any coin that could not facilitate sub 30 second transactions by any method.

So, as you can tell by my post I am currently leaning to Monero but I do have a few issues with it, the main deal breaker being the fixed transaction fees. I think secondly I am leaning to Dash, then ShadowCash (though whenever I look up stuff about ShadowCash I keep seeing the words "scam" everywhere its putting me off)

What do you all recommend, for me and my preferences?

Thanks in advance,
AusKipper.

You could check this little well hidden gem called PIVX. I think it's exactly what you may look for. The more the supply is spread the better it is. 

https://bitcointalk.org/index.php?topic=1262920.0

Good luck in your quest.

[AusKipper]

Monero, Shadowcash, or Spectre, which used Shadowcash's code but improved upon it.  Those would be my choices based on your criteria.

Thanks for your reply.

[AusKipper]

Hi, I think you identified most of the right attributes for a good altcoin.

In my view, you are missing 3 of them:
- Scaleability
- Risk of government scrutiny
- Intentions of the coin creators upon launch (slow start, private IPO, etc)

Your initial thought on Monero makes sense and I take it as good coin.
My concern with Monero is that:
- it won't benefit from any development effect of bitcoin as it is too different from it. All apps have to be developed from scratch which will take time.
- anonymity by default could be the kiss of death if the authorities want to ban anonymous coins. Any change of the algorithm would take years to be arranged.

Don't forget that Monero boomed because of Alphapay onboarding it.

You may want to buy MNR but you could consider others coins like Zcash (ZEC) or Zclassic (ZCL) that have:
- scalability
- optional anonymity
- in the case of ZCL only, no private IPO

I am too new to currencies to have realized scaleability was an issue. Obviously I want the thing to be fully scaleable up to and including replacing a national currency if it was called upon to do so (Venezuela i'm looking at you).

I'm not really too concerned about government scrutiny as long as the thing is secure and private enough to resist to a degree the scrutiny.

The past is the past in for me, not too worried about initial launches etc as long as all the fundamentals are right now.

I did look into Zcash prior to my inital post but rejected it for some reason, cant remember why, but I know its out. I'll have a look at Zclassic

[AusKipper]

MOONERO, NO SAY MORE

 

Is that like Monero but only for when we colonize the moon? i'm confused :S

I couldnt find it on coinmarketcap either....

(jk, thanks for the reply, still leaning towards Monero for now.)

[AusKipper]

You could check this little well hidden gem called PIVX. I think it's exactly what you may look for. The more the supply is spread the better it is. 

https://bitcointalk.org/index.php?topic=1262920.0

Good luck in your quest.

Looks interesting, cant find out all the information i'm after about it though,

Is there a finite number of coins? According to the link there is a limit in the "mining phase" but on coin market cap the number of coins listed in circulation is higher than that number, and the thread goes on for 288 pages so its probably in there but I dont have time to read 288 pages lol....

Using bitcoin code means its not going to be as private as Monero with cryptonote and ring signatures correct? not the end of the world as long as it is private enough I guess but i'm not positive how private it is.

It is pretty small and obscure, so thats another issue, not a total deal killer but it is an issue none the less.

Certainly one to keep my eye on though

[AusKipper]

Thanks everyone for the replies so far.

I am still mainly looking at Monero, I saw something called MaidSafe which looked interesting to me but isnt really "released" properly yet (cant host the files) and there is a surprising lack of info on this forum on it given how high in the market cap it is.

PIVX looks interesting, just need a bit more info on it and need to monitor it make sure it is climbing in market cap and coinmarketcap capitalization ranking.

[Febo]

Thanks everyone for the replies so far.

I am still mainly looking at Monero, I saw something called MaidSafe which looked interesting to me but isnt really "released" properly yet (cant host the files) and there is a surprising lack of info on this forum on it given how high in the market cap it is.

PIVX looks interesting, just need a bit more info on it and need to monitor it make sure it is climbing in market cap and coinmarketcap capitalization ranking.

https://letstalkbitcoin.com/blog/category/safepodcast

This guy made 33 podcasts about MaidSafe.  If you are interested you should watch them. But what is most confusing is that even he did all this I dont think he fully understand what Maidsafe is. Seems nooen was able to explain him so far.

[AusKipper]

https://letstalkbitcoin.com/blog/category/safepodcast

This guy made 33 podcasts about MaidSafe.  If you are interested you should watch them. But what is most confusing is that even he did all this I dont think he fully understand what Maidsafe is. Seems nooen was able to explain him so far.

Thanks. I'll do more research on MaidSafe once its actually more released, i'll see how its going at that point, anything I research now i'll probably forget before its properly out.

[decentralizd]

Have you heard of PIVX yet? Seems like a very promising new coin... focuses on all the right things form fungibility to governance with a purpose... I dove in already and am loving every second of learning I am doing.

www.pivx.org will have a brand new re-branded website online in 10ish days so you'll be able to learn alot then without hunting everything down.. 

[AusKipper]

Have you heard of PIVX yet? Seems like a very promising new coin... focuses on all the right things form fungibility to governance with a purpose... I dove in already and am loving every second of learning I am doing.

www.pivx.org will have a brand new re-branded website online in 10ish days so you'll be able to learn alot then without hunting everything down.. 

Yes, it was mentioned a couple of posts prior, and I did find it interesting.

I did have some questions about it though which remain un-answered:

Is there a finite number of coins? According to the link there is a limit in the "mining phase" but on coin market cap the number of coins listed in circulation is higher than that number, and the thread goes on for 288 pages so its probably in there but I dont have time to read 288 pages lol....

Using bitcoin code means its not going to be as private as Monero with cryptonote and ring signatures correct? not the end of the world as long as it is private enough I guess but i'm not positive how private it is.

It is pretty small and obscure, so thats another issue, not a total deal killer but it is an issue none the less.

Certainly one to keep my eye on though

[Arvydas77]

I have ideal of the combination of these:

1. Bitcoin - as a reserve of the world currency
2. Monero - as the most anonymous coin
3. Decred - the most advanced governance in crypto space
4. Dash - the best PR and marketing.
5. Magi (XMG) - the most friendly community.
6. Ethereum - the world supercomputer, smart contracts and dapps.
7. Waves - fiat gateways.

[Ayers]

i don't like the third point about the transaction fee being at %, because if i want to send a big amount i would pay a very big fee, like for example sending $1000 would result in $10 in fee, if you want to put 1% for the fee
The other point about pos vs pow, pow is better because it is backed by real power and electricity, pos just incentivate the dumping on the market, why holding if you get coins for free each day?

[B1tUnl0ck3r]

I have ideal of the combination of these:

1. Bitcoin - as a reserve of the world currency

 

You could check this little well hidden gem called PIVX. I think it's exactly what you may look for. The more the supply is spread the better it is.  

https://bitcointalk.org/index.php?topic=1262920.0

Good luck in your quest.

Looks interesting, cant find out all the information i'm after about it though,

Is there a finite number of coins? According to the link there is a limit in the "mining phase" but on coin market cap the number of coins listed in circulation is higher than that number, and the thread goes on for 288 pages so its probably in there but I dont have time to read 288 pages lol....

Using bitcoin code means its not going to be as private as Monero with cryptonote and ring signatures correct? not the end of the world as long as it is private enough I guess but i'm not positive how private it is.

It is pretty small and obscure, so thats another issue, not a total deal killer but it is an issue none the less.

Certainly one to keep my eye on though

you should always come and ask your questions on the main PIVX topic (https://bitcointalk.org/index.php?topic=1262920.0), the devs are so gracious and kind, what ever the questions. But I hope that I will be able to answer you simply.

there was first a mining phase (PoW) like bitcoin or monero where the coin supply grew to (Max Coin Supply - PoW Phase: ) 43,199,500.

Then as you can see the coin went PoS (a few months ago) and since then the additional incremental supply is decreasing regularly to

PoS Phase 1: [blocks 259201-302399] 50 PIV (90% distributed to staker and masternode - 10% available to budget system) (Complete)

PoS Phase 2: [blocks 302400-345599] 45 PIV (90% distributed to staker and masternode - 10% available to budget system) (Complete)

PoS Phase 3: [blocks 345600-388799] 40 PIV (90% distributed to staker and masternode - 10% available to budget system) (Complete)

PoS Phase 4: [blocks 388800-431999] 35 PIV (90% distributed to staker and masternode - 10% available to budget system) (Complete)

PoS Phase 5: [blocks 432000-475199] 30 PIV (90% distributed to staker and masternode - 10% available to budget system) (Complete)

PoS Phase 6: [blocks 475200-518399] 25 PIV (90% distributed to staker and masternode - 10% available to budget system) (Complete)

PoS Phase 7: [blocks 518400-561599] 20 PIV (90% distributed to staker and masternode - 10% available to budget system) (In-Progress) (where we just entered),

as you can see it's planned to go to infinity


PoS Phase 8: [blocks 561600-604799] 15 PIV (90% distributed to staker and masternode - 10% available to budget system)

PoS Phase 9: [blocks 604800-647999] 10 PIV (90% distributed to staker and masternode - 10% available to budget system)

PoS Phase X: [blocks 648000-Infinite]   5 PIV (90% distributed to staker and masternode - 10% available to budget system

Remember in PoS there are transactions fees but they don't go to stakers or masternodes, as such it's necessary to have a flow of new coins to get the system going. Actually there is around 1450 masternodes (http://178.254.23.111/~pub/DN/DN_masternode_payments_stats.html) and growing with a chance to get a "block" Expected Payment per Masternode: every 1.01 days. which means that the 5 would be splitt between the masternode and the staker meaning around 2.7 which is 0.027% return on your masternodes daily  (because the rate of splitting between staking and masternode evolves too).

the actual supply is 51833610 DNET with a return of 11 DNET daily per MN (of 10k). As you can guess all depend of the number of MN of stakers .

Good luck in your quest. again, Arvydas77 is into something with no1 . but PIVX as all it takes to be the real no2. will see as it's just the beginning.

Please join the main topic here, or the slack

[tromp]

2 - Privacy by default.
3 - Transaction fees should be a percentage IMO.

These two are in direct conflict with each other. A privacy protecting coin reveals no information about transaction amounts, and therefore cannot make fees dependent on them.

3 is really a bad idea...