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

[florida.haunted]

I've just read BREAKING NEWS at

https://bitcointalk.org/index.php?topic=1077792

. Dear Monero core devs, can you describe whether Monero is affected by the same block size dilemma, as Bitcoin? Or Monero block size is being automatically adjusted by its source code?

No Monero isn't subject to this drama, neither now nor in the future, because it doesn't use a hardcoded value but an adaptive rule to adjust the block size. For some people it is a major advantage, even more so than the privacy features.

Undeniably it is a shinning aspect, especially now that prominent Bitcoin people are basically re-inventing the exact same mechanism to apply to Bitcoin...
See for instance:
http://www.reddit.com/r/Bitcoin/comments/389pq6/elastic_block_cap_with_rollover_penalties_my/crts1do
https://bitcointalk.org/index.php?topic=1078521.msg11520295#msg11520295
http://www.reddit.com/r/Bitcoin/comments/38fmra/max_block_size_2_average_size_of_last_144_blocks/crv4fcm

Exellent if so. Hope fluffypony will confirm this. It's a good oportunity for Monero to be PR'ed, because it's a great advantage over not only Bitcoin, bit I suppose, many Bitcoin forks.

[1714504510]

1714504510

[1714504510]

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[1714504510]

1714504510

[GingerAle]

I've just read BREAKING NEWS at

https://bitcointalk.org/index.php?topic=1077792

. Dear Monero core devs, can you describe whether Monero is affected by the same block size dilemma, as Bitcoin? Or Monero block size is being automatically adjusted by its source code?

No Monero isn't subject to this drama, neither now nor in the future, because it doesn't use a hardcoded value but an adaptive rule to adjust the block size. For some people it is a major advantage, even more so than the privacy features.

Undeniably it is a shinning aspect, especially now that prominent Bitcoin people are basically re-inventing the exact same mechanism to apply to Bitcoin...
See for instance:
http://www.reddit.com/r/Bitcoin/comments/389pq6/elastic_block_cap_with_rollover_penalties_my/crts1do
https://bitcointalk.org/index.php?topic=1078521.msg11520295#msg11520295
http://www.reddit.com/r/Bitcoin/comments/38fmra/max_block_size_2_average_size_of_last_144_blocks/crv4fcm

Exellent if so. Hope fluffypony will confirm this. It's a good oportunity for Monero to be PR'ed, because it's a great advantage over not only Bitcoin, bit I suppose, many Bitcoin forks.

no need - its everywhere. Monero is an evolution of cryptonote... all cryptonote coins by design have adaptive limits:

https://cryptonote.org/inside#adaptive-limits

Adaptive limits
A decentralized payment system must not depend on a single person's decisions, even if this person is a core developer. Hard constants and magic numbers in the code deter the system's evolution and therefore should be eliminated (or at least be cut down to the minimum). Every crucial limit (like max block size or min fee amount) should be re-calculated based on the system's previous state. Therefore, it always changes adaptively and independently, allowing the network to develop on it's own.
CryptoNote has the following parameters which adjust automatically for each new block:
1) Difficulty. The general idea of our algorithm is to sum all the work that nodes have performed during the last 720 blocks and divide it by the time they have spent to accomplish it. The measure of the work is the corresponding difficulty value for each of the blocks. The time is calculated as follows: sort all the 720 timestamps and cut-off 20% of the outliers. The range of the rest 600 values is the time which was spent for 80% of the corresponding blocks.
2) Max block size. Let MN be the median value of the last N blocks sizes. Then the "hard-limit" for the size of accepting blocks is 2*MN. It averts blockchain bloating but still allows the limit to slowly grow with the time if necessary. Transaction size does not need to be limited explicitly. It is bounded by the size of the block.

[primer-]

We are no longer in double digits, welcome 9xmr block reward!!

[GingerAle]

We are no longer in double digits, welcome 9xmr block reward!!

Hooray crossover!!!!

[binaryFate]

Such historical 

[shitaifan2013]

Such historical 

someone is celebrating with big buys on poloniex 

[MalMen]

wow, wasnt expecting this... great news, we are maturing

[btell]

I've just read BREAKING NEWS at

https://bitcointalk.org/index.php?topic=1077792

. Dear Monero core devs, can you describe whether Monero is affected by the same block size dilemma, as Bitcoin? Or Monero block size is being automatically adjusted by its source code?

No Monero isn't subject to this drama, neither now nor in the future, because it doesn't use a hardcoded value but an adaptive rule to adjust the block size. For some people it is a major advantage, even more so than the privacy features.

Undeniably it is a shinning aspect, especially now that prominent Bitcoin people are basically re-inventing the exact same mechanism to apply to Bitcoin...
See for instance:
http://www.reddit.com/r/Bitcoin/comments/389pq6/elastic_block_cap_with_rollover_penalties_my/crts1do
https://bitcointalk.org/index.php?topic=1078521.msg11520295#msg11520295
http://www.reddit.com/r/Bitcoin/comments/38fmra/max_block_size_2_average_size_of_last_144_blocks/crv4fcm

Exellent if so. Hope fluffypony will confirm this. It's a good oportunity for Monero to be PR'ed, because it's a great advantage over not only Bitcoin, bit I suppose, many Bitcoin forks.

no need - its everywhere. Monero is an evolution of cryptonote... all cryptonote coins by design have adaptive limits:

https://cryptonote.org/inside#adaptive-limits

Adaptive limits
A decentralized payment system must not depend on a single person's decisions, even if this person is a core developer. Hard constants and magic numbers in the code deter the system's evolution and therefore should be eliminated (or at least be cut down to the minimum). Every crucial limit (like max block size or min fee amount) should be re-calculated based on the system's previous state. Therefore, it always changes adaptively and independently, allowing the network to develop on it's own.
CryptoNote has the following parameters which adjust automatically for each new block:
1) Difficulty. The general idea of our algorithm is to sum all the work that nodes have performed during the last 720 blocks and divide it by the time they have spent to accomplish it. The measure of the work is the corresponding difficulty value for each of the blocks. The time is calculated as follows: sort all the 720 timestamps and cut-off 20% of the outliers. The range of the rest 600 values is the time which was spent for 80% of the corresponding blocks.
2) Max block size. Let MN be the median value of the last N blocks sizes. Then the "hard-limit" for the size of accepting blocks is 2*MN. It averts blockchain bloating but still allows the limit to slowly grow with the time if necessary. Transaction size does not need to be limited explicitly. It is bounded by the size of the block.

Very nice. I keep all the quotations. My opinion we may accept the point that let's keep Bitcoin block size small to prevent hard fork. So Bitcoin stays stable and standard, but disadvantage is - it will be suitable for large transactions or transactions with large fees only. For all other purposes you can use Monero. You see, both Bitcoin and Monero will occupate their own niches.

As I can see Bitcoin technology has many historical disadvantages, and block size is just one of them. But advantage of Bitcoin is that it has been proven by time and by millions of users. So we must avoid hard forks in Bitcoin, as well as ANY "great" movements.
 

[ArticMine]

Adaptive limits is a core feature of Monero; however it is not one that has had a lot of attention in the Monero community. The issue of the fixed blocksize limit has been festering in the Bitcoin community since 2010. It has been and still is my single biggest concern I have with Bitcoin. I found out about Monero while researching this issue back in 2014, and it is one of the main reasons why I invested in Monero. I was not involved in alt-coins at all other than Namecoin which I obtained as a by product of Bitcoin mining.

The reality is that there is not really any practical alternative to Monero for someone who is looking at an alt-coin to hedge against this issue in Bitcoin. The only other POW alt-coin ahead of Monero in capitalization that deals with this issue is Bytecoin and we all know the problems with Bytecoin.

I leave it to the reader to determine would could happen if even a a very small fraction of the current funds in Bitcoin decide to follow in my footsteps.

[BlockchainBoss]

Any updates on Monero support for Trezor?

https://forum.getmonero.org/8/funding-required/261/monero-support-for-trezor

[luigi1111]

Any updates on Monero support for Trezor?

https://forum.getmonero.org/8/funding-required/261/monero-support-for-trezor

https://forum.getmonero.org/9/work-in-progress/265/adding-monero-support-for-trezor

[iCEBREAKER]

We are no longer in double digits, welcome 9xmr block reward!!

Hooray crossover!!!!

Rocket train leaving astro-station, next stop Moonbase Alpha.

Welcome aboard primer.  Nice to have another 'no better friend, no worse enemy' type to keep me company.   

[generalizethis]

Plot of The Social Network: taking an idea that's been done (Friendster, Myspace) and borrowing a tweak of that idea (Harvard Connection) and building it into a scalable machine that will change the way the world works (Facebook).

[BlockchainBoss]

Any updates on Monero support for Trezor?

https://forum.getmonero.org/8/funding-required/261/monero-support-for-trezor

https://forum.getmonero.org/9/work-in-progress/265/adding-monero-support-for-trezor

Ah, I see the order of updates now. Thanks.

The last progress post was from May 31.

Glad to see the ball is still rolling.

[mrkavasaki]

Plot of The Social Network: taking an idea that's been done (Friendster, Myspace) and borrowing a tweak of that idea (Harvard Connection) and building it into a scalable machine that will change the way the world works (Facebook).

And now they compare Facebook with monero...  

[generalizethis]

Plot of The Social Network: taking an idea that's been done (Friendster, Myspace) and borrowing a tweak of that idea (Harvard Connection) and building it into a scalable machine that will change the way the world works (Facebook).

And now they compare Facebook with monero...  

I'm not a royal "they," but if the plot fits....

[mrkavasaki]

Plot of The Social Network: taking an idea that's been done (Friendster, Myspace) and borrowing a tweak of that idea (Harvard Connection) and building it into a scalable machine that will change the way the world works (Facebook).

And now they compare Facebook with monero...  

I'm not a royal "they," but if the plot fits....

With "they" i mean not only you but the whole Community, Einstein 

[Johnny Mnemonic]

Plot of The Social Network: taking an idea that's been done (Friendster, Myspace) and borrowing a tweak of that idea (Harvard Connection) and building it into a scalable machine that will change the way the world works (Facebook).

And now they compare Facebook with monero...  

I'm not a royal "they," but if the plot fits....

With "they" i mean not only you but the whole Community, Einstein  

Yes. The "whole Community" just made that comparison. Everyone thinks as one cohesive unit, like the spider aliens from Ender's Game.

[Hueristic]

http://thehackernews.com/2015/05/google-vault-microsd.html

[generalizethis]

Plot of The Social Network: taking an idea that's been done (Friendster, Myspace) and borrowing a tweak of that idea (Harvard Connection) and building it into a scalable machine that will change the way the world works (Facebook).

And now they compare Facebook with monero...  

I'm not a royal "they," but if the plot fits....

With "they" i mean not only you but the whole Community, Einstein  

Yes. The "whole Community" just made that comparison. Everyone thinks as one cohesive unit, like the spider aliens from Ender's Game.

Don't be so hard on him; we all know Warz always bring out the worst in people. I'll try to enjoy my new speaker of the hive position, but I'm guessing it will be like his self-appointed mod post--short lived. Let's see if I can go for the hat-trick--nope can't think of anything, I guess I came up short.