[XMR] Monero - A secure, private, untraceable cryptocurrency

[iCEBREAKER]

For what do you anticipate the potential $250k reserve being needed, and couldn't that be covered by the ongoing mining tax?

An ongoing 1% at current prices (future prices who knows, but downside price risk is there if there are fiat-denominated ongoing costs) only raises about 10K USD per month. This amount declines due to reduced mining by about 4% per month (i.e. quite significant after say six months).

That is barely enough for one full time developer, not counting costs for infrastructure, experts, unexpected, etc. Of course there will still be donations, T-shirt sales, whatever MEW comes up with, etc. So I'm not saying it can't work, but it is definitely not so much relative to anticipated costs that the question shouldn't be asked.

Ah, good point about the declining mining reward.  That's what I needed to justify the larger bootstrap.

Just to throw it out there, what about a 2% mining tax instead of a 2% bootstrap?

$10k/month seems like plenty of cash to burn.  We'll need a rough monthly budget to justify it:

$6k - full time dev
$2k - half time dev
$1k - infrastructure
$1k - experts

What's the response to the obligatory "But But Bitcoin doesn't pay its core devs" objection?  At what point should Monero be self-sufficient?

Cheers,

~~iCEBREAKER~~

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[Hueristic]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

Troll agenda is obvious. Unfortunately for them this community is above the curve.

I need some good predictions for the floor to get back in. What do you guys think?

I would decide on how much XBT to invest and then cost average over the next 24 hours or so. One can also monitor the trolls and when the trolling peaks then buy. I have observed a correlation between the intensity of the trolling and the price. I would also keep a close eye for developer announcements that could also impact the price.  This is likely to be a tumultuous couple of days so it is best to keep a cool head and stick to a system rather than try to time the bottom.

One thing is also possible. If the attack fails or is cancelled than there is a very significant chance that XMR/XBT will spike in a buying panic. One does not want to get caught short if this happens.

thx Man.

[smooth]

Just to throw it out there, what about a 2% mining tax instead of a 2% bootstrap?

Quite possibly, especially if there is a better method for crowdfunding or donations or something for specific targeted projects beyond the initial bootstrap. I think we're getting to the level of detail where we'd need to work out a real budget, which would require more involvement than just you and me. That may or may not be a pointless exercise, since it is isn't clear there is anyone other than the two of us even open to considering the whole approach.

$10k/month seems like plenty of cash to burn.

I'll quote tacotime since he has more experience with the current market for hiring qualified crypto developers. Please read to the end and note that 21K USD/month is the low end of his annual budget estimate.

It's kind of sad... Monero has attracted some of the smartest minds I've seen in cryptocurrencies and cryptography, but we don't have enough money to pay to developed even 1/4 of the things we need to. It costs about $100-150 an hour to contract a decent programmer to hack (and please don't start on the value of third world programmers, if you're talking about that you've probably never used them), or $800-1200 a day. I would estimate that ByteCoin put in about a half million USD to get their project off the ground, which is probably why they've been trolling us so hard. But, the fact of the matter is, we're either paying out of pocket or (like me) working completely for free.

Monero is about a lot more than pumping and dumping -- it uses many of the features that have been desired from core devs over time like privacy and faster/more secure EdDSA (which uses Schnorr signatures). But there are major, major architectural overhauls to the core code that need to be done to give it even a fraction of the usability of BTC, and I fear we won't be able to afford that. I suspect we need at least 0.25-0.50M USD per year to keep things moving along smoothly, and we're not getting close to $21K USD a month in donations.

[saddambitcoin]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

edit: ~saddam~

[smooth]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

Good question. I have never seen an answer to this. GPU mining is only set up for pools? Perhaps we'll get a better answer.

Meanwhile, put it on a smaller pool, with a backup pool configured.

Also, don't forget to solo mine on your CPUs as well.

Thanks for the support!

[cAPSLOCK]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

Good question. I have never seen an answer to this. GPU mining is only set up for pools? Perhaps we'll get a better answer.

Meanwhile, put it on a smaller pool, with a backup pool configured.

Also, don't forget to solo mine on your CPUs as well.

Thanks for the support!

I do believe gpu mining has been a pool only thing in the past and I think it still may be.  I know some folks have set up their own pool to mine "solo".

[nioc]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

Good question. I have never seen an answer to this. GPU mining is only set up for pools? Perhaps we'll get a better answer.

Meanwhile, put it on a smaller pool, with a backup pool configured.

Also, don't forget to solo mine on your CPUs as well.

Thanks for the support!

Moneropool.org is a small pool.  Moneropool.com is the big one

ETA:  Looks like I'm mistaken, there is no moneropool.org, I thought there was.

[5w00p]

Daemon activity, is it odd or normal?

[RentaMouse]

Daemon activity, is it odd or normal?

Pretty normal, little forks of one or two blocks form all the time and then the network gets back in consensus and your daemon receives a chain with higher cumulative difficulty than the one it had before so it abandons the now orphaned block or two and re-organises with the new ones.

[5w00p]

OK, thanks RentaMouse.

[nsimmons]

How can I calculate the estimated time to find a block solo, I'm running 17khs.

[fluffypony]

Icebreaker - the core team's time notwithstanding, typical devs in this space with the requisite skills are $30 to $50 an hour, which works out to ~$5500 to ~$9000 a month per developer. You can extrapolate out from there.

[5w00p]

How can I calculate the estimated time to find a block solo, I'm running 17khs.

Hey, it isn't an exact calculation, but you can take a look at this pool list http://minexmr.com/pools.html (thanks for the link, jwinterm) to see when some of the smaller pools last found a block.

By looking at the current network hashrate, it can be calculated. Maybe someone will chime in with the formula. I remember seeing it somewhere in this forum a week or so ago.

My best guesstimate is that you would probably find a block in a day or so, give or take (?) [depends on Lady Luck, eh]

[jwinterm]

How can I calculate the estimated time to find a block solo, I'm running 17khs.

Hey, it isn't an exact calculation, but you can take a look at this pool list http://minexmr.com/pools.html (thanks for the link, jwinterm) to see when some of the smaller pools last found a block.

By looking at the current network hashrate, it can be calculated. Maybe someone will chime in with the formula. I remember seeing it somewhere in this forum a week or so ago.

My best guesstimate is that you would probably find a block in a day or so, give or take (?) [depends on Lady Luck, eh]

An easy way to estimate time to find a block solo mining is to take the ratio of your hashrate to network hashrate. So if you have 17 kh/s and the network rate is currently 18 Mh/s (such low!), then you will find (approximately) 1 out of every 1000 blocks. Block time is one minute, so 1000 minutes, or about one block every 17 hours. Of course, variance being what it is, you could find one in 3 hours or you might have to mine for several days/weeks before you find one (if you're lucky like me ).

Edit: What smooth said is technically more accurate, but works out to be about the same. Since network hashrate is calculated from difficulty, it's almost two ways of saying the same thing.

[smooth]

How can I calculate the estimated time to find a block solo, I'm running 17khs.

Simple formula. Difficulty is hashes to find a block so divide difficulty by your hash rate. That's your expected block time in seconds. About 20 hours in this case.

[Relaxedsense]

I am not here to bash or so, I just want to know if the exploit is real or not because i can't follow it anymore. If not then is perfect buying time.

Cheers

[papa_lazzarou]

Some thoughs I have posted at Monero Mining for people who want to mine with AWS for the community consideration.

This is a detailed guide to setup cloud miners (cpu+gpu) on Amazon EC2. I put together this guide for user oda.krell, who was kind enough to give me a very nice tip for it, so thanks should also go to oda.krell.
....

You could also configure it for the script to start automatically at system startup. This way you would only have to launch the instance or instances and you'd be mining.

http://stackoverflow.com/questions/12973777/how-to-run-a-shell-script-at-startup

And maybe create an AMI with this with the DEV fund address and anyone who would want to just had to launch the instances without having access them to configure stuff. Thus lowering the barrier to entry.

The instructions would be cut in half to get an account and launch your instances.

I'll only be able to do this this evening (and don't even know if people would trust my AMI), so if some trusted member of the community could set it up earlier it would certainly help.

I would also advise to spread the instances over the various regions so that we do not compete with each other for the low prices.
Also if we rely only in spot instances there may be none available if someone (for example an attacker) were to instantiate 1000s of instances for the full price.

There's a whole host of different instances that could be used. Don't look only at g2.2xlarge and c3.8xlarge. If we could spread it also to other instances it could prevent some of the problems above (the AMI would work fine with any of them although with a lower hashrate. And it would be good also for people who can't afford the higher end ones)

And don't forget the free tier (about 8h/s but free).

[papa_lazzarou]

Sorry guys but I have to do this...

I never said I was leaving, just that in 2 days I would be back.

You can get back without leaving? 

Wow...

you may have some cool skills.

[fluffypony]

I am not here to bash or so, I just want to know if the exploit is real or not because i can't follow it anymore. If not then is perfect buying time.

Cheers

Right now it's indeterminable. There have been no specifics given to us, and given the contradictory and nonsensical nature of the breadcrumbs we're leaning towards it not being real until demonstrated otherwise or given technical details we can follow.

[Bobsurplus]

I am not here to bash or so, I just want to know if the exploit is real or not because i can't follow it anymore. If not then is perfect buying time.

Cheers

Right now it's indeterminable. There have been no specifics given to us, and given the contradictory and nonsensical nature of the breadcrumbs we're leaning towards it not being real until demonstrated otherwise or given technical details we can follow.

Way to show some confidence in your coin! Don't you get it? XMR will always have this dark cloud over it. Just like VRC, just like DRK and just like Cloak.

There is no coming back from this one.

Stealthcoin is the true anon winner these days and I'll be putting my btc there.

Now just admit that in one day and a few hours XMR can implode and all that money would be lost forever. I mean, you do realize that if BCX can steal coins then the exchanges will be forced to shut down trading while leaving anyone with xmr in their wallet out 100%.

I've got my popcorn ready!

http://itsalmo.st/#timetokillxmr