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Author Topic: [ANN] [XMV] MoneroV - Fork 1:10 of Monero - Finite coin supply - Private  (Read 23820 times)
minimalist55
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February 16, 2018, 08:40:07 PM
 #41

Pardon my ignorance if I ask a stupid question.
If I have 10XMR in mymonero wallet, will I be able to get 100XMV and hold my 10XMR?
Or will I have to exchange them?
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gin113
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February 16, 2018, 09:00:38 PM
 #42

Pardon my ignorance if I ask a stupid question.
If I have 10XMR in mymonero wallet, will I be able to get 100XMV and hold my 10XMR?
Or will I have to exchange them?

no you get them for free, probably have to import your private keys on the monerov wallet
SimpleMan
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February 17, 2018, 10:29:42 AM
 #43

Does anybody know whether there are exchanges that are going to support the fork and credit the customers with MoneroV accordingly?

TalkBitcoinsCom
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February 17, 2018, 11:03:00 AM
 #44

Does anybody know whether there are exchanges that are going to support the fork and credit the customers with MoneroV accordingly?
None have been announced yet, maybe closer to the fork date will have some exchanges doing this

It's good opportunity for smaller exchanges, a chance to get some more customers over to their system
sp_Darkman
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February 17, 2018, 02:37:26 PM
 #45

i think this is scam project
be careful about  your private keys guys
y6uBaKa
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February 17, 2018, 03:11:53 PM
 #46

why do we need this fork?

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mm0104
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February 17, 2018, 03:12:27 PM
 #47

i think this is scam project
be careful about  your private keys guys

There's no risk really when you use a seperate wallet for the fork. See here:

To make sure that your XMR and keys can't be compromised in any way you should do the following:

- Create a new wallet specifically for the fork and move your XMR to this wallet.
- ‎after the snapshot move your XMR back to the original wallet
- ‎You can then use your newly created wallet, that holds no XMR anymore after the snapshot, to claim your MoneroV

You should do it that way with every fork.

why do we need this fork?

The whitepaper answers this question best. It's a good read: https://monerov.org/MoneroV-Roadmap.pdf
Du33leT4p
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February 17, 2018, 07:14:59 PM
 #48

Any wallet guaranteed to get/support this other than running a full node?
Don’t have the HD space to dl another whole blockchain.
mm0104
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February 17, 2018, 07:20:14 PM
 #49

Any wallet guaranteed to get/support this other than running a full node?
Don’t have the HD space to dl another whole blockchain.

You can use https://mymonero.com too, but I haven't used it myself so far. I run the GUI wallet.
hubbida
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February 17, 2018, 08:42:43 PM
 #50

BEWARE FORKED COINS THAT ASK YOU TO GIVE YOUR PRIVATE KEYS

If you are thinking of partaking in the MoneroV experience, please think twice.

MoneroV developers are not releasing the code to be scrutinized prior to the fork and then asking people to give their private Monero keys to the XMV wallet in order to claim your 10x XMV coins. What this means is that the wallet code could have a backdoor in it that downloads your private keys so they can use them to steal your hard earned XMR. If this isn't true, the devs would release the code long before offering 10x the coins of your XMR. They are giving the illusion that receiving 10 times the XMR in XMV coins is merely an incentive to use the coin, but it's clearly to draw people in to get your private keys.

A private key is a private key. There is no good reason to ever share it with anyone unless you are purposefully selling your wallet for cash or trading it for something else. Your private key is your private key, do not ever give it to a forked coin for any reason.

More info:

Official Monero devs on the issue:
 - https://getmonero.org/2018/02/11/PoW-change-and-key-reuse.html
 - https://www.reddit.com/r/Monero/comments/7x2ymg/announcement_proofofwork_tweak_and_a_note_on_key/

XMV devs reddit damage control:
 - https://www.reddit.com/r/MoneroV/comments/7xv7ij/announcement_the_concern_troll_brigade_submission/

XMV airdrop privacy concerns:
 - https://www.reddit.com/r/MoneroV/comments/7x9mja/monerov_airdrop_automatic/
 - https://www.reddit.com/r/MoneroV/comments/7xkzza/hard_fork_privacy_concern/

You will notice some of those reddit threads raising the privacy issue of the coin are locked, an effort to block open criticism of the coin.



Remember: this coin is NOT open source. There is no code to scrutinize on their official github site: https://github.com/monerov

The finite circulation of coins is bogus as well:  https://www.reddit.com/r/MoneroV/comments/7w4iil/monerov_monero_hard_fork_march_2018_what_you_need/

Quote
"The supply of MoneroV is so high, you, I, everyone right now, will be dead before Monero has a higher supply than MoneroV.

In the year 2100 there would be 31,456,000 XMR vs ~8 times as many MoneroV

Even in the year 3500 there would still be less XMR than "XMV"."


This means that literally the only reason to move to XMV is to cash in on the 10 XMV coins per XMR. With no code to confirm that back doors do not exist, this is a HIGHLY RISKY FORK.


USER BEWARE!!



MoneroV
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February 18, 2018, 02:01:49 AM
 #51


hubbida, you clearly did not read the ANN thread in its entirety. It clearly states that everything is going to be open sourced and is rolling out on github. No downloadable file or binary is going to be published before then.

The Monero and MoneroV private keys, and by extension the XMR & XMV coins of holders, are completely safe as long as the official MoneroV wallet is being used to claim the MoneroV coins. The wallet source code like everything else will obviously be published and open sourced before it is released in its downloadable form.

Users do not and should not reveal their private keys to a third party at any stage. It is the same method Bitcoin holders used to claim their Bitcoin Cash coins. The official MoneroV wallet, along with all dependencies will be completely open sourced and available for everyone to validate and compile from source.

In addition, your supply of coins argument does not make sense because you did not factor in the percentages and the proportional distribution. In the beginning, every holder receives 10 times the amount in XMV. Because this is an even distribution, the purchasing value stays the same and there is no inflation. Afterwards, the inflation of both coins is exactly the same percentage wise until XMV hits 256 Million (XMR would be at this point 25.6 Million). After that point, MoneroV will stop inflating as it hit the max supply while Monero will keep inflating indefinitely.

 
Du33leT4p
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February 18, 2018, 03:50:15 AM
 #52

Scam or not...Monero itself's a good investment.

May as well load up on XMR and;
- take profit it it pumps
- hodl both through the fork and claim XMV if it proves legit
- hodl the XMR long term if it dips

Looks like a win-win-win...no reason not to get/add/hold XMR imo
mm0104
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February 18, 2018, 09:58:29 AM
 #53

Scam or not...Monero itself's a good investment.

May as well load up on XMR and;
- take profit it it pumps
- hodl both through the fork and claim XMV if it proves legit
- hodl the XMR long term if it dips

Looks like a win-win-win...no reason not to get/add/hold XMR imo

That's exactly what I think too! Monero is a good buy itself, as it is in my opinion the best privacy coin and at the same time still undervalued.

To avoid any risk just create a seperate wallet solely for the fork, hold your XMR there and after the snapshot move them to another wallet. You'll then only share keys that belong to an empty XMR wallet. It's really that easy and it should be done with any fork.
kamenrunner
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February 18, 2018, 10:29:07 PM
Last edit: February 18, 2018, 10:47:31 PM by kamenrunner
 #54

The Monero community are not thrilled about this, but for an average XMR holder It's a great move.

xmrscott, Monero contributor, here. For the average XMR user it is actually a bad move as it undermines their privacy. It also undermines XMV privacy arguably more so as XMV users will have fewer tx's. For more details see the video samsunggalaxyplayer put up:

https://www.youtube.com/watch?v=TlVsMTeT_nE

The official website also explains this somewhat in a recent blog post:

https://getmonero.org/2018/02/11/PoW-change-and-key-reuse.html

and the Monero Stack Exchange:

https://monero.stackexchange.com/questions/7608/what-is-monerov-and-how-is-it-different-than-monero

Long story short, if you choose to use XMV from the chain split as a result of XMR you held prior to the split as well as the XMR, you are effectively attacking the privacy of yourself (people can tell which input belongs to you 100% on both chains) and attacking the privacy of others who use your 100% known tx in their ring signature. If you value your own privacy and do not want to be malicious to others then do not use XMV unless they decide to create a blockchain from scratch instead of doing a chain split.
obit33
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February 19, 2018, 01:32:10 PM
 #55

Hi,

this article describes very well that:

  • moneroV is forking in a way that is harmful for privacy, so the dev's claims that they want to further privacy in crypto is a false claim, since they don't seem to care about the fact that the way they implement it is possibly privacy-harmful for BOTH chains
  • The 'monero-infinite-supply'-argument is actually a false argument contra monero. In 2021 the tail emission kicks in for monero, that is an inflation of about 0.8% per year, which is perfectly fine and gives incentive to the miners
  • The moneroV-devs don't want to answer any questions, don't want to 'fix' things which makes it obvious that for them this is just a total moneygrab

full article and definitely worth a read!
https://bitcoinschannel.com/monerov-a-trap-laid-for-monero-users/

Stay safe out there, noone should ask you to give up your private keys!

best regards,
ingo49
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February 19, 2018, 03:50:39 PM
 #56

I'm actually LOVING the article if you read it through.
Yes, sure it is one-sided and all, and obviously was lacking the full response from xmv's team, but if you read through the interesting parts -

We believe Monero’s infinite coin supply was a mistake and is a tax in the form of inflation for all XMR holders.
This is a fundamental flaw that MoneroV fixes by putting a cap on the total MoneroV coins that can be created.



AND

we are also glad that we had contributed to the future privacy of both coins by helping to reveal an unknown flaw that researchers and cryptographers in the community had missed for years.


Both lead to the conclusion that the MoneroV team know what they are doing and the Monero guys are being over-defensive about this.
Once this forks happen and hit the exchanges, it will be huge.

I'd be thrilled to see the complete response given to Jamie Holmes who published this.
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February 19, 2018, 03:56:12 PM
 #57

reserved
Germining
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February 19, 2018, 05:58:07 PM
 #58

Hey guys... I'm a passionate supporter of Sumo (xmr fork as well).

Prepare for some heavy fud from xmr. You will get it...

Digital Cash For Highly-Confidential Transactions
Private • Untraceable • Decentralized • Fungible
hubbida
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February 19, 2018, 06:43:50 PM
 #59


hubbida, you clearly did not read the ANN thread in its entirety. It clearly states that everything is going to be open sourced and is rolling out on github. No downloadable file or binary is going to be published before then.

The Monero and MoneroV private keys, and by extension the XMR & XMV coins of holders, are completely safe as long as the official MoneroV wallet is being used to claim the MoneroV coins. The wallet source code like everything else will obviously be published and open sourced before it is released in its downloadable form.

Users do not and should not reveal their private keys to a third party at any stage. It is the same method Bitcoin holders used to claim their Bitcoin Cash coins. The official MoneroV wallet, along with all dependencies will be completely open sourced and available for everyone to validate and compile from source.

In addition, your supply of coins argument does not make sense because you did not factor in the percentages and the proportional distribution. In the beginning, every holder receives 10 times the amount in XMV. Because this is an even distribution, the purchasing value stays the same and there is no inflation. Afterwards, the inflation of both coins is exactly the same percentage wise until XMV hits 256 Million (XMR would be at this point 25.6 Million). After that point, MoneroV will stop inflating as it hit the max supply while Monero will keep inflating indefinitely.

 


This is the sort of false logic that everyone should be concerned about. You think I didn't read the ANN entirely because I bring up the fact that you have not released any code? You think the keys are safe despite offering no evidence that they are?

What about the issue with ring signature issue that straight up reveals user's true transaction inputs?

What about the fact that it'll take hundreds of years before XMV hits 256 million coins?

So far, with all the research available, there is no good reason to believe that MoneroV is more secure, nor is it less inflationary for any reasonable amount of time.

Looks like it's ultimately going to damage the Monero network.
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February 19, 2018, 09:20:15 PM
 #60

You target us as Monero users with an airdrop fork that will harm the anonymity of both projects and expect us to welcome you with open arms?   Huh Sorry but I just don't understand your logic.
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