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Author Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency  (Read 4547456 times)
liteon
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November 27, 2014, 05:38:03 PM
 #17421

If mining eventualy becomes less worthwhile then a botnet could seem a bigger threat at that time




Open source GPU mining will probably make botnets move on to more profitable CPU-only coins.
Yeah?
And which one could that be?

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jehst
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November 27, 2014, 05:44:43 PM
 #17422

If mining eventualy becomes less worthwhile then a botnet could seem a bigger threat at that time




Open source GPU mining will probably make botnets move on to more profitable CPU-only coins.
Yeah?
And which one could that be?

Always changing.

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parker928
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November 27, 2014, 07:51:13 PM
 #17423

It's certainly not a detailed technical differentiation, but here is a gif I just finished for sylviaplathlikestobake's art contest that compares btc, drk, and xmr: http://i.imgur.com/evtcybH.gif

Here is the link to the art contest, which is practically over at now (I'm a bit of a procrastinator plus I've been busy): https://forum.monero.cc/16/art/81/25-xmr-prize-for-the-best-monero-art-meme

Please let me know if you think there are any factual errors in the gif.


That is pretty impressive. and actually up until I saw this GIF I did not even think about the fact that you can't see anyones balance with xmr., unless they give you their view key of course... I don't know how I never thought about that. I have been with this coin since the original crypto note exchange and never realized that lol...learn something new every day!
novag
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November 27, 2014, 08:17:29 PM
 #17424

When price is go up?

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November 27, 2014, 08:26:49 PM
 #17425

When price is go up?

When you invest 10 000 BTC  Grin

those who know will not tell us for sure  Grin Grin Grin Grin

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November 27, 2014, 08:36:23 PM
 #17426

Crossposting for info:

BCX' thread is fun to read from time to time, with some popcorn.

Can anyone remember him substantiating anything he has said about Monero. Sound and fury, signifying nothing?

It would probably be best to let sleeping dogs lie.  No need to stir up trouble for XMR.
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November 27, 2014, 09:17:26 PM
 #17427

1. It is with great pride that we announce the very first Monero hosted account service (a web wallet for Monero, if you will), which we are certain will provide a level of accessibility that was previously unknown with Monero. My Monero is managed by Riccardo "fluffypony" Spagni, although it was created through the efforts and hard work of many people including members of the Monero Core Team, Lucas Jones, Matthew Little, and seed funding provided by Risto Pietila. All of the heavy lifting is done client-side, which means that My Monero can never spend your funds on your behalf or without your authorisation. However, there is a small compromise in that the server knows your view key, which is necessary in order for it to identify transactions belonging to you. Thus there is some reduction in transactional privacy when using My Monero, as if the service is compromised your view key would be revealed. That having been said, stealth addresses would still be in effect even if the server was compromised, and thus transactions can still be said to be unlinkable. If you are truly concerned about absolute transactional privacy, then running your own Monero node will always be the preferred route.

So, this means that the view key is functional now? When will we see watch-only wallets which can make use of the view key? Could the web wallet code not be applied to do this?
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November 27, 2014, 10:12:21 PM
 #17428

1. It is with great pride that we announce the very first Monero hosted account service (a web wallet for Monero, if you will), which we are certain will provide a level of accessibility that was previously unknown with Monero. My Monero is managed by Riccardo "fluffypony" Spagni, although it was created through the efforts and hard work of many people including members of the Monero Core Team, Lucas Jones, Matthew Little, and seed funding provided by Risto Pietila. All of the heavy lifting is done client-side, which means that My Monero can never spend your funds on your behalf or without your authorisation. However, there is a small compromise in that the server knows your view key, which is necessary in order for it to identify transactions belonging to you. Thus there is some reduction in transactional privacy when using My Monero, as if the service is compromised your view key would be revealed. That having been said, stealth addresses would still be in effect even if the server was compromised, and thus transactions can still be said to be unlinkable. If you are truly concerned about absolute transactional privacy, then running your own Monero node will always be the preferred route.

So, this means that the view key is functional now? When will we see watch-only wallets which can make use of the view key? Could the web wallet code not be applied to do this?

The view key has always been functional in that the blockchain has supported it. The web wallet has the only known implementation of code to use the view key, but anyone could do it.

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November 27, 2014, 10:14:12 PM
 #17429

If mining eventualy becomes less worthwhile then a botnet could seem a bigger threat at that time

Open source GPU mining will probably make botnets move on to more profitable CPU-only coins.

There is open source GPU mining, on nvidia, which is more power efficient than ATI anyway.

I doubt botnets are a threat at all. They are exactly what miners are supposed to be -- interested in making money, which encourages them to just mine honestly.

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November 27, 2014, 10:14:45 PM
 #17430

Crossposting for info:

BCX' thread is fun to read from time to time, with some popcorn.

Can anyone remember him substantiating anything he has said about Monero. Sound and fury, signifying nothing?

The was no substantiation whatsoever, just FUD and trolling.


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November 28, 2014, 03:02:52 AM
 #17431

If mining eventualy becomes less worthwhile then a botnet could seem a bigger threat at that time

Open source GPU mining will probably make botnets move on to more profitable CPU-only coins.

There is open source GPU mining, on nvidia, which is more power efficient than ATI anyway.

I doubt botnets are a threat at all. They are exactly what miners are supposed to be -- interested in making money, which encourages them to just mine honestly.




It would be great if coders try to optimize the open source nvidia GPU miner. And keep the result open source.  Wink

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November 28, 2014, 03:30:40 AM
 #17432

It would be great if coders try to optimize the open source nvidia GPU miner. And keep the result open source.  Wink

Doing that, coin would lose hit value, as it would be mass mined and sold cheap.
Time: now, price: low. Adding more easyness to minning would not bring a good news. Not before value of it jumps like 20x from this price.
Then it could be reasonable to reduce it again.

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yeXIABC
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November 28, 2014, 04:32:50 AM
 #17433

Locate it and can't seem
sorryforthat
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November 28, 2014, 08:42:00 AM
 #17434

The view key has always been functional in that the blockchain has supported it. The web wallet has the only known implementation of code to use the view key, but anyone could do it.

Does My Monero have the petential to import wallet.keys?

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November 28, 2014, 08:47:54 AM
 #17435

Causing miners to leave to the point where nobody bothers anymore. Equilibriums
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November 28, 2014, 08:59:05 AM
 #17436

Causing miners to leave to the point where nobody bothers anymore. Equilibriums

This may be true for you, but others will take your place and some will do that ten fold. Time will foster the need for more miners and a higher price will make this more worth while.

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November 28, 2014, 03:12:01 PM
 #17437

Causing miners to leave to the point where nobody bothers anymore. Equilibriums

This may be true for you, but others will take your place and some will do that ten fold. Time will foster the need for more miners and a higher price will make this more worth while.
Have to agree with this words 100%.

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binaryFate
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November 28, 2014, 03:18:10 PM
 #17438

It would be great if coders try to optimize the open source nvidia GPU miner. And keep the result open source.  Wink

Doing that, coin would lose hit value, as it would be mass mined and sold cheap.
Time: now, price: low. Adding more easyness to minning would not bring a good news. Not before value of it jumps like 20x from this price.
Then it could be reasonable to reduce it again.

I can't follow your logic. If anything gets "mass mined", the hash rate increases, that means less coins for each of the miners (at equal hash rate), which typically means selling higher to cover fixed costs.

Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. 
This makes Monero a better candidate to deserve the term "digital cash".
jehst
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November 28, 2014, 03:33:46 PM
Last edit: November 28, 2014, 07:30:35 PM by jehst
 #17439

I've spent probably 40+ hours obsessively reading hundreds of pages regarding XMR here on bitcointalk.org in addition to every thread on reddit, every thread on monero.cc forum, the CryptoNote white paper, nearly all of fluffypony, Risto Pietila, and others' posts. I've compiled and ran Monero. I am not an XMR or cryptocurrency expert, but my conclusions about XMR are as follows:

Strengths:

- Fair distribution. XMR's emission schedule and lack of pre-mine/instamine means that newcomers do not need to worry about buying into a coin where early adopters are solely interested in pumping and dumping, leaving the newcomers as bagholders. Someone acquiring XMR today and in the near future will get them at a cost within the same order of magnitude as early adopters.
- XMR, due to its fair distribution and good liquidity, is a strong candidate to occupy the #1 or #2 position in the privacy niche of the cryptocurrency market.
- XMR, due to its completely new codebase, different hashing algorithm, and good liquidity  is also a strong candidate to occupy the #1 or #2 position in what I call the "catastrophic hedge niche" of the crypto currency market. (If you would like to read more about my thoughts on XMR as a hedge, you can ready my post here:
https://bitcointalk.org/index.php?topic=624223.msg9679903#msg9679903 )
- A small proportion of funds in XMR will occupy these two important niches at once (neither of which can be adequately addressed by bitcoin). If we assume that these two niches together should account for 5% of the total cryptocurrency market cap, XMR seems to be an incredible expected value (EV) play at this level (1.5 mBTC:1 XMR)
- XMR devs, due to their small stakes in the coin and honest behavior thus far do not seem to be interested in pumping and dumping XMR. They are genuinely interested in the technology.
- XMR has drawn positive attention from many respected members of the bitcoin community, including Gregory Maxwell and many hero members.
- XMR has at least one (and probably several) wealthy backers, such as Mr. Pietila who will support the coin over the long haul.

Weaknesses:
Most of these are soft factors. Please do not take offense to any of this. I am not attacking anyone's lifestyle choices or means. These are simply the facts that I've gathered.

- No one involved is working on XMR full-time. (All core devs are working part-time as they cannot make a living purely off XMR.) Essentially, XMR is a multi-million dollar project with no one working full-time. At least one dev is working on a coin other than XMR at the same time.
Edit: According to othe, there are other non-core devs who are contributing more than part-time on XMR.
- Due to XMR's fair distribution (which is a major strength), the devs do not own a significant amount of XMR (perhaps fewer than 50,000 XMR collectively) which means that they are inadequately funded. Even if a significant increase in value occurs and they earn 10x their investment, they will still lack the means to work on XMR full-time.
- XMR seems to be funded by mainly one person, Risto Pietila,
Correction: XMR is funded primarily by the core devs.
- Devs were not part of the original CrypoNote team and are admittedly not as familiar with the codebase as the devs of other CryptoNote coins. They therefore experience challenges improving the codebase and making it maintainable.
- Blockchain Bloat. XMR's Ring-signatures are data intensive, and the XMR blockchain will be somewhere between 5-10 times the size of bitcoin's for an equivalent number of transactions. I don't consider this to be a significant weakness. Monero's blockchain will likely be much smaller than bitcoin's anyway.

I will correct and update this list as necessary. Thank you for reading.

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bigj
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November 28, 2014, 03:41:31 PM
 #17440

I've spent probably 40+ hours obsessively reading hundreds of pages regarding XMR here on bitcointalk.org in addition to every thread on reddit, every thread on monero.cc forum, the CryptoNote white paper, nearly all of fluffypony, Risto Pietila, and others' posts. I've compiled and ran Monero. I am not an XMR or cryptocurrency expert, but my conclusions about XMR are as follows:

Strengths:

...

Weaknesses:

- No one involved is working on XMR full-time. (All devs are working part-time as they cannot make a living purely off XMR.) Essentially, XMR is a multi-million dollar project with no one working full-time. At least one dev is working on a coin other than XMR at the same time.
...

I will correct and update this list as necessary. Thank you for reading.

I just have to address this one as the same "weakness" applies likewise to Bitcoin and altcoins. It's about the definition of "full-time". I think everyone agrees that having a full-time job doesn't mean that you are actually working on something full-time. Also, it doesn't matter if you are full-time into something or not, it's all about the quality of your work -- and, for Monero, the quality is pretty high, if not the highest among all altcoins!

EDIT1: Strengths... well, the status "hero-member" doesn't mean a thing (look at dga's tag).

EDIT2: In my personal opinion, your list is way too simplistic. If you like to make a proper report on the state of Monero, you need to invest more than 40-50 hours, and you must include a (technical) comparison to its competitors -- BTC, BBR, etc. Good first try though.

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