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Author Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency  (Read 4548436 times)
nikos64
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December 28, 2014, 08:21:08 AM
 #18461

pump 30%, any good news?

Code improvement! well done!
Code improvement in pumping software?
 Grin Grin Grin
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December 28, 2014, 08:56:15 AM
 #18462

pump 30%, any good news?

Code improvement! well done!
Code improvement in pumping software?
 Grin Grin Grin
more good news
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December 28, 2014, 11:47:36 AM
 #18463

It seems like the curve is dragging down the XMR price and could do so for the next several years.  What are the reasons not to change it?

Fluffy covered this a few days ago, but here's a brief paraphrase: Monero is designed for use not speculation, so until the uses appear the price should be low. The initial inflation is designed to keep the price low while the infrastructure is being built.

This is a paraphrase from memory, so i hope I got the gist right. There are other more technical answers, but this was my favorite.   Smiley

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December 28, 2014, 12:00:18 PM
Last edit: December 28, 2014, 12:11:31 PM by jehst
 #18464

Quote

Fluffy covered this a few days ago, but here's a brief paraphrase: Monero is designed for use not speculation, so until the uses appear the price should be low.

Yet smooth acknowledges that speculation and "hoarding" is likely always going to account for the vast majority of a coin's value, as is the situation with gold (which has had thousands of years of tail emission)

Quote
The initial inflation is designed to keep the price low while the infrastructure is being built.

No, it was put in by the Bitmonero creator without much community input or explanation. The current dev team inherited it. If they had a time machine, they'd probably change it.

As you can see in this thread from April, smooth and tacotime were originally in favor of a slower emission: https://bitcointalk.org/index.php?topic=585480.0

Year 2021
Bitcoin Supply: ~90% mined
Supply Inflation: <1.8%
dEBRUYNE
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December 28, 2014, 12:07:43 PM
 #18465

It seems like the curve is dragging down the XMR price and could do so for the next several years.  What are the reasons not to change it?

No consensus in the MEW could be reached for a change, so it didn't make sense to vote yes on a change (note: even if the MEW had voted yes, the dev team was not obliged to change it). On top of that, there was also no consensus in the dev-team to change it (IIRC tacotime was strongly opposed to it). So, if we made a change, it would tear the community apart. Afterall, it is better to have a higher inflation with a community consensus.

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Why Monero matters? http://weuse.cash/2016/03/05/bitcoiners-hedge-your-position/
generalizethis
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December 28, 2014, 12:21:21 PM
 #18466

I think you are discounting the valuable role of speculators in any market. A month or so ago, I've committed to eventually owning about 0.1% of all XMR. I do not intend to provide any "genuine, honest effort and work" to XMR besides buying it. Yet I believe that my efforts will pay off within two years, and I believe my actions will contribute to XMR by soaking up some supply. I don't think this makes me a criminal, either. As you say in your edit, this is the share model. But I disagree that owning crypto shouldn't be the same process. I hold currencies that I believe will do well. That's the only reason I hold them. Otherwise, I hold just enough of my local currency to make the purchases I need to make. Crypto will be the same, now and forever.

I'm not discounting them at all - I'm merely saying that a rise in XMR's value should come directly from utility, and not directly from speculators + fudging numbers to create artificial demand. That's not to say that speculators are at all bad, it's just that they should be along for the ride instead of being the ones solely responsible for the ride!

Maybe I must put it differently: if genuine demand for Bitcoin by "ordinary" people (ie. not speculators) was the sole price driver, what would Bitcoin's price be? $1 - $3 maybe? (I have no idea, I'm thumb-sucking here) Either way, the gap between that and the current price means that speculators are propping the balance of the price up. What we are hoping to achieve with Monero (in particular with the infinite tail emission) is to reduce that gap so that the price of Monero in the far future more closely reflects the actual demand than any artificial demand. Who knows if we're on the right path or not, but I do sincerely believe it's a better path than just cloning Bitcoin;)


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December 28, 2014, 12:29:01 PM
 #18467

And even better:

Just wait for it Wink

I think thats the problem bigj. Ppl have been waiting for a long time now. Devs have done some fantastic work, but have been up against it for a huge array of reasons... and things just aren't happening quickly enough for some. Plus, there seems to be so many HUGE dumps each day on XMR lately, any upwards momentum is immediately squashed... and that scares people so smaller investors get spooked and move on to something else.

We've said this before, and it bears repeating: Monero is not an "investment". In fact, we are actively working against the price "naturally" rising merely as a result of us fudging some numbers. You see, Bitcoin's price rose because of an artificial scarcity created by a fixed number of coins and a diminishing block reward. Now that's all well and good, but the sudden creation of quite a bit of wealth for some early adopters has had several interesting consequences. The most interesting of them is the Coattail Riding Effect. That is to say: the vast majority of altcoins that are released nowadays, and this is especially true for proof-of-stake coins, exist solely to try and ride Bitcoin's coattails, making the group of early adopters in that altcoin tremendously wealthy.

With Monero we have opted not to repeat that process, and instead of simply running with a deflationary currency and hoping for some form of profit, we have instead aimed to aggressively move in the opposite direction and make it slightly inflationary. This means that Monero is NEVER going to become incredibly valuable overnight, and it's not going to make insta-millionaires out of anyone. It means that its value is going to come entirely from utility and usefulness, and that hoarding it for 6 months or a year or maybe even 2 years is not going to make you rich.

If you want Monero to grow in value and you want to be part of advancing technology...well, be prepared for the long haul, be prepared to ignore the price, and make a concerted effort to build something for the Monero economy. The core team will endeavour to make things progressively easier for end users and for integrators / merchants / automation systems, but that should not prevent you from spending your spare time making Monero useful and usable through your own projects. It's the reason we have the External Projects section in the Missive now:)

If we become a community of builders, of creators, of innovators in things beyond the core of Monero, we will truly have something remarkable and revolutionary on our hands.

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December 28, 2014, 01:26:41 PM
 #18468

Be careful, the price could come down to seconds - I think this is artificial Pump by Bots
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December 28, 2014, 01:41:36 PM
 #18469

I downloaded the newest version of bitmonero (0.8.8.6) and it's still using 5 GB. Am I doing something wrong?

Edit:

Do I need to upgrade my existing database? If so, how?
sammy007
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December 28, 2014, 01:45:05 PM
 #18470

I downloaded the newest version of bitmonero (0.8.8.6) and it's still using 5 GB. Am I doing something wrong?

It's ok, blockchain database is not merged into mainline yet.

Blockchain database fork https://github.com/tewinget/bitmonero/commits/blockchain

Options:

Use open rpc node (no need to run bitmonerod):

Code:
simplewallet.exe --daemon-host 88.151.101.22 --daemon-port 5012

2nd option: just use https://mymonero.com

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December 28, 2014, 01:48:56 PM
 #18471

I downloaded the newest version of bitmonero (0.8.8.6) and it's still using 5 GB. Am I doing something wrong?

It's ok, blockchain database is not merged into mainline yet.

Blockchain database fork https://github.com/tewinget/bitmonero/commits/blockchain

Ah okay too bad. Good it's coming soon though Smiley
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December 28, 2014, 06:10:42 PM
 #18472

I'm trying to send some xmr from mymonero. I'm getting the message "Too many amounts"

What does this mean  Huh

Is there some limit to how much I can send at one time?

Year 2021
Bitcoin Supply: ~90% mined
Supply Inflation: <1.8%
David Latapie
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December 28, 2014, 06:23:03 PM
 #18473

I like of the present price activity doesn't pollute the thread. Nice (won't last, trollers will trolls).

jehst: none that I know of

Monero: the first crytocurrency to bring bank secrecy and net neutrality to the blockchain.HyperStake: pushing the limits of staking.
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December 28, 2014, 06:27:42 PM
 #18474

I'm trying to send some xmr from mymonero. I'm getting the message "Too many amounts"

What does this mean  Huh

Is there some limit to how much I can send at one time?
There is no limit, however if you have a lot of inputs you can't send a big amount. Just like with mining directly to your monero wallet, if you receive many dust transactions to your wallet you may only be able to send a small amount like 1.3 XMR. I noticed this problem after making a withdraw from poloniex to mymonero, when trying to send I got the same issue. When I looked at my transactions there were many instead of just 1.

You can avoid this issue by making one large transfer to your wallet instead of many small ones. Perhaps you can make a new mymonero wallet and make as big transfer as possible to it, then send it back to your wallet in one transaction.

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December 28, 2014, 06:33:07 PM
 #18475

I'm trying to send some xmr from mymonero. I'm getting the message "Too many amounts"

What does this mean  Huh

Is there some limit to how much I can send at one time?
There is no limit, however if you have a lot of inputs you can't send a big amount. Just like with mining directly to your monero wallet, if you receive many dust transactions to your wallet you may only be able to send a small amount like 1.3 XMR. I noticed this problem after making a withdraw from poloniex to mymonero, when trying to send I got the same issue. When I looked at my transactions there were many instead of just 1.

You can avoid this issue by making one large transfer to your wallet instead of many small ones. Perhaps you can make a new mymonero wallet and make as big transfer as possible to it, then send it back to your wallet in one transaction.

Yes, I also withdrew from poloniex. But the withdrawal amount was sent to me in many small pieces. I don't like this at all.

Year 2021
Bitcoin Supply: ~90% mined
Supply Inflation: <1.8%
saddambitcoin
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December 28, 2014, 06:37:15 PM
 #18476

Jehst, try sending again but with a lower mixin count.


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December 28, 2014, 06:40:06 PM
 #18477

Jehst, try sending again but with a lower mixin count.



I tried the minimum mixin on mymonero (1). I may have to send it from the client to do mixin 0

Year 2021
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Supply Inflation: <1.8%
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December 28, 2014, 06:54:07 PM
 #18478

Poloniex used to have some issues with withdraws failing, large ones in particular. This was probably due to many smaller deposits causing large number of inputs for these transactions. They would be too big and fail. Instead of combining small inputs themselves (and thus take the fee hit) it seems they have changed their approach to simply send small inputs directly to the customers withdraw address. This way they are moving the burden of small transactions on to their customers and avoid failed withdraws (or having to pay high fees to combine inputs).

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December 28, 2014, 06:59:15 PM
 #18479

Poloniex used to have some issues with withdraws failing, large ones in particular. This was probably due to many smaller deposits causing large number of inputs for these transactions. They would be too big and fail. Instead of combining small inputs themselves (and thus take the fee hit) it seems they have changed their approach to simply send small inputs directly to the customers withdraw address. This way they are moving the burden of small transactions on to their customers and avoid failed withdraws (or having to pay high fees to combine inputs).

Yes, that is exactly what's happened. Poloniex also didn't bother using mixin 1 (they used 0) and made me wait about 24 hours before processing my  XMR withdrawal. I also had to wait several hours for my second withdrawal. I'm not so happy with Poloniex's service. Now I've got a mess on my hands. Tons of ~30 XMR inputs and now I can't move them easily.

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Supply Inflation: <1.8%
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December 28, 2014, 07:43:36 PM
 #18480

You can move them easily. just in your case in more then 1 transaction.
If you just keep them in your wallet for 2 years, price will increase that much that you will not even think of moving all in one go.  Grin

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