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

[Johnny Mnemonic]

visdude are you describing p2pool ?

I am not entirely familiar with the inner workings of P2Pool but I remember it could not garner enough hashing power to compete with the big pools back in the day, hence it failed. I also remember its peculiarity of needing a special or customized version/release of certain mining software in conjunction with some mining hardware.  I surmised that it was still subject to Bitcoin's winner-take-all lottery mining reward implementation and therefore still functioned as an "external" mining pool (outside of core/protocol)...still had to compete with other centralized "external" pools for those winner-take-all block rewards to be divvied up among the participants. Is that an accurate assessment on my part? I mean, Bitcoin's block reward rule have not changed since the genesis block as far as I know.

The model that I am thinking of is for a cryptocurrency to have a pool-like block reward distribution in its core/protocol, i.e. based on hashing share of participating "solo" miners instead of the current winner-take-all lottery reward paradigm. Whether it can be technically implemented or not, I do not know as I am not a coder; just a user with a somewhat wild imagination. If it can be technically implemented, the motivation to establish centralized "external" pools would no longer exist then as the block reward is already divvied up according to shares out of the gate or from the get-go.

So then the current block rewards become something based on work performed, not based on some method of luck. This seems like a very good egalitarian voting system, where each vote counts as one that is deserved

Yes. A paradigm shift from a competitive/gambling block reward model to a distributed or more accurately, a "cooperative" model. The nature or principle of Monero and other similar cryptocurrencies is unmistakably egalitarian in itself (all nodes are equal). So why not adopt the same principle in its mining reward implementation?

So to make this "egalitarian mining" or "fair mining work for pay", would the code changes need to be made to core, mining, and pool source code?

It seems pretty straightforward to implement, as the block rewards would simply be each in relation to each miners hash for a specified period of time - maybe daily work for daily pay is a starting point.

I guess the first question to be answered is how often this block reward would be paid, as expressed in time vs blocks. It seems intuitive that a 24 hour period would be used, but maybe a 12 hour or 1 hour period is better?

It seems that the communication of each miners daily PoW would need to be encrypted and sent to the network for inclusion in the blockchain, and it would be processed like a transaction, is this correct?

 That might add an additional component of blockchain bloat that will have to be dealt with

"Egalitarian mining" is not exactly a new concept, and I doubt it's achievable as you describe without adding a significant amount of complication.

Is there a better approach? Probably. For the purpose of discussion, let's try throwing our current crypto model out the window, and create an entirely new cryptocurrency:

What if there are no block rewards in the first place? Hell, what if "distribution" as we think of it didn't exist? What if the hash itself (the PoW) is the token?

"How much for the coffee?" "200 hashes."

 - Anyone with a computer can mine. You wouldn't even need an internet connection to mine.
 - Hashes only need to be verified at the time of transaction (by the receiver, by scanning the 'blockchain' to make sure the hashes haven't already been used/spent)
 - Inflation happens naturally as hardware improves and hashes become cheaper to create, etc.

This is just an idea, but you get the point. The crypto of the (more distant) future probably won't need any fancy "distributed-mining" technology.

I don't think there will ever be a drop-in solution for Monero or any of our current cryptocoin systems. We have to wait for the next generation, whatever it may look like.

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[sandwraithBTC]

hello

after the hard fork on Jan 5th, XMR won't have any upcoming news ?
or when should we expect next upcoming news  after Jan 5th ?

thank you

[rikky05]

When will BTC-E gonna add this great currency?

60 USD soon

[dranster]

Short the news...XMR is PnD

[kurious]

hello

after the hard fork on Jan 5th, XMR won't have any upcoming news ?
or when should we expect next upcoming news  after Jan 5th ?

thank you

It's going to be more like the 10th Jan, not the 5th, by the way.

[M5M400]

monero.xminingpool.com/ is reliable to mine in? or what is the best pool with lowest fee (1% or less) that allows high ping from america or has low ping for america

I would definitely stay away from that xminingpool. 

As far as ping you can check for yourself.

2 pools in the US are moneroworld.com and monerohash.com and both list some other pools.  There is also an incomplete list on the first page of this thread.

also there is a fresh and maintained list at http://moneropools.com

[NeuroticFish]

monero.xminingpool.com/ is reliable to mine in? or what is the best pool with lowest fee (1% or less) that allows high ping from america or has low ping for america

I would definitely stay away from that xminingpool. 

As far as ping you can check for yourself.

2 pools in the US are moneroworld.com and monerohash.com and both list some other pools.  There is also an incomplete list on the first page of this thread.

also there is a fresh and maintained list at http://moneropools.com

If this page is maintained, maybe binaryFate could add it to the main post for Monero Mining.
I remember I checkd the list on Monero Mining at some point and it was quite badly outdated. Now it's just a little outdated

[cAPSLOCK]

Short the news...XMR is PnD

If Monero is a pump and dump it holds the distinction of being one of, if not THE most successful of them all.

I wish I had not lost the few thousand Monero I had when I sent those pants with the USB drive in the pocket to the cleaners on that cruise ship.  If I still had them I'd loan them to you to sell short.

If there is anything we should have learned by now it is not to take our Monero with us on the open sea...

[kamikaza]

Hi all,

I have a question, i am pretty new to monero and i am wondering what your prognoses are for xmr in the near future?

[Febo]

hello

after the hard fork on Jan 5th, XMR won't have any upcoming news ?
or when should we expect next upcoming news  after Jan 5th ?

thank you

Next fork is then in Autumn 2017.

But you saw few days ago Kraken start trading Monero  a week before Monero got oficial open beta GUI, a week before Bitfinex started trading Monero, ....

You will get news all the time. There is no centralised source of news. People/Companies just do what Monero was made for. And announce things when they are ready and are ready to gain some profit from whatever their product is.

Hi all,

I have a question, i am pretty new to monero and i am wondering what your prognoses are for xmr in the near future?

Monero will not cure AIDS

[c789]

Hi all,

I have a question, i am pretty new to monero and i am wondering what your prognoses are for xmr in the near future?

I think the Price Speculation thread will be of interest to you: https://bitcointalk.org/index.php?topic=753252.0

My guess is that it will be volatile (like everything in crypto) but with an upward trend.

[nioc]

multisig........let's go guys!

https://forum.getmonero.org/8/funding-required/87059/shen-noether-ringct-review-multisig-design-and-implementation

[canth]

multisig........let's go guys!

https://forum.getmonero.org/8/funding-required/87059/shen-noether-ringct-review-multisig-design-and-implementation

Kicked in some funds! Let's make this happen.

[Ratatosk]

www.woobull.com/the-network-effects-of-volatility-and-liquidity-bitcoin-vs-other-payment-coins :

"2016 has been a bull year for privacy coins. Earlier this year we saw mooning of Monero which saw subsequent pumps in other dark-coins including ShadowCash and Navcoin. Then we witnessed a mega-hyped launch of ZCash which peaked at an astounding $5.3k per coin.
All of these coins are Payment Coins competing in the battle win the war to be General Money."

"I will be looking at the leading coins by market cap, namely Bitcoin, Monero, Dash, ZCash and ShadowCash"

"The liquidity of alt-payment-coins have been on a rapid rise in 2016, particularly in the case of Monero which if this year’s trend continues could match Bitcoin in just one year."

"The study concluded Bitcoin would achieve fiat level volatility by mid-2019"

"First up in our alt-payment-coin list is Monero, the biggest payment coin behind Bitcoin. Unfortunately Monero over its 2.5 year history has shown an increasing trend in volatility. We’ve seen a lot more speculators pushing the price around during its 2016 price breakouts. Here we see how keeping liquidity high and volatility low can be like pulling on opposite ends of a tug-o-war. Often high volatility attracts traders which then feeds an increase in liquidity.
Though Monero may be losing out on reduced volatility, it has a very important feature. Unlike Dash, ZCash and ShadowCash it is unique in that it is not a fork of Bitcoin, so it has a chance of winning the payment coin war by competitor implosion should there be a vulnerability in Bitcoin’s codebase. Monero is an excellent Bitcoin hedge in my opinion."

"Bitcoin’s lead in liquidity is not unassailable, Monero could match it in a year, Dash and ShadowCash in just over two."

"Low volatility is much harder to achieve and Bitcoin has a solid lead in this regard. No other payment coin is on track to catch Bitcoin"

"All of Bitcoin’s competitors tote features that Bitcoin is lacking – faster confirmation times and private payments. Both of these features will most likely be coming to Bitcoin as layer 2 protocols in 2017. If and when this happens, the battle for payments and general money will be fought solely on the playing field of economic network effects, that of liquidity and volatility. Bitcoin remains the standout contender in this regard."

[siagirl]

Hi I have AMD video cards on windows 64. Does anybody have worked settings for Claymore's CryptoNote GPU Miner v9.6 or another working miner for Monero. Thank you in advance.

[logic-bet]

Monero Overtakes Litecoin, Demonstrates Strong Performance
On January 3, Monero officially overtook Litecoin and Ripple, solidifying its position as one of the leading cryptocurrencies in the market. There exists several major factors that pushed the market cap of Monero this past weekend including the Alphabay userbase, active development and integration.

Experts Praise Monero

Over the past 12 months, Monero and its development team received positive and optimistic recognition from leading cryptocurrency experts and cryptographers, due to its legitimate cryptography and technology.

It is one of the very few cryptocurrencies in the market that has an actual consumer base and commercial application. Monero is used by large-scale darknet or online marketplace called Alphabay, which settles over 2% of their sales using the digital currency.

In mid-2015, Peter Todd called out Monero and ZCash competitor Dash, describing the latter as snake oil and praising Monero for its genuine cryptography.
Monero is also developed on top of Bitcoin Core developer Greg Maxwell’s confidential transactions scheme, which allows the cryptocurrency’s ring signatures to hide amounts in Monero transactions.

“Monero’s invention of RingCT, which allows for Greg Maxwell’s Confidential Transactions scheme to work with Monero’s ring signatures, effectively hiding all amounts in Monero transactions,” said Monero developer Riccardo Spagni.

Importance of Applicability, Commercialization & Integration

The applicability of a cryptocurrency is crucial for long-term development, survival and market adoption, primarily because it needs an actual user base.

At the moment, the majority of cryptocurrencies and assets in the market have little or no commercial application. Assets like Ripple, Augur and MaidSafeCoin that are worth tens of millions of dollars in market cap have had significant hype to supplement their increasing value but overtime, their lack of applicability is affecting long-term stability of these assets.

For instance, Ripple is currently worth US$230 million in market cap and is the third largest cryptocurrency in the market. However, it is difficult to even consider Ripple as a cryptocurrency because any amount of Ripple can be generated at any given time. Such system poses no difference to corrupt financial systems that make up traditional monetary systems developed around cash.

As time passed, more investors and traders began to realize the actual user base of Monero, which accounts for nearly 2% of global darknet users.

Another important factor that is driving the price of Monero is the integration of the currency by digital asset exchanges. This week, Kraken, a leading bitcoin exchange, announced the integration of Monero to allow users to trade bitcoin, cash and ether for the anonymous cryptocurrency.
If Monero continues to demonstrate high liquidity, increasing user base and trading activity, it is highly likely that the privacy-focused cryptocurrency may replace existing assets like Ethereum to become the second largest cryptocurrency behind bitcoin.

[luigi1111]

moneropools added to OP (and list removed). New release 0.10.1 added. If something is obviously wrong, please let me know.

[Hueristic]

Hi all,

I have a question, i am pretty new to monero and i am wondering what your prognoses are for xmr in the near future?

XMR is a long term investment and for use cases, never try to play it short term unless you like to gamble or have the resources to move the market.

Hi I have AMD video cards on windows 64. Does anybody have worked settings for Claymore's CryptoNote GPU Miner v9.6 or another working miner for Monero. Thank you in advance.

There is a dedicated mining thread you should ask this in, you'll get all the latest info there.

[andron8383]

guys i have old wallet. And now i want to send somecoins to exchange.
Do we have some GUI wallet now or again we are using that cmd command one ?
How long now it takes to load/synch whole blockchain ?

[KeyJockey]

guys i have old wallet. And now i want to send somecoins to exchange.
Do we have some GUI wallet now or again we are using that cmd command one ?
How long now it takes to load/synch whole blockchain ?

Really depends on your hardware, I think.

Look back in this thread & you'll see various people saying how long theirs took... fastest I recall seeing was somebody with a very new computer and a fast SSD drive said they got it in about 5 hours, BUT my own experience using the new GUI on a fairly OLD MacBook Pro (2012 model) and non-SSD was it took about SIX DAYS for me.

If you just want to make a quick transaction and it's not a TON of XMR at risk, you can also link to remote node using the GUI wallet, at a 'cost' of a little less privacy but very fast access to the GUI wallet just quickly working.