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

[sorryforthat]

MRO doesn't even have a wallet... we need that first.

It has a wallet that works pretty damn good actually.

[AlexGR]

The equilibrium is set by spot instance pricing.

I just wanted to address this too: mining costs are a factor underlying price, but ultimately price dynamics are determined by buying & selling, which are in turn determined by humans & emotions. Mining can be unprofitable for weeks/months without nethash suffering (DRK demonstrated this). Or mining profitability can be huge for long periods of time, sustained by strong buy pressure. Or the price can crash and burn, causing miners to leave to the point where nobody bothers anymore. Equilibriums might work on paper, but in practice it's never that neat.

Bottom line is: you can't trust that the price will equilibrate to butt mining costs after a period of hype & speculative adoption. It really could go in any direction depending on competition, media attention, tech problems, all kinds of things really. And the market can be fickle. So it's better to cover your bases where you can.

DRK had pretty good marketing and media attention. Monero hasnt even started yet...

Media attention yes, marketing (no offence LimLims, heh) not so much. DRK was more focusing on doing the job and when it was going to get closer to launch, marketing would be better timed... otherwise there would be problems like "oh this doesn't work, it's broken, drk is flawed" => negative user experience. We often commented on the thread -after some failures- that "phewww... glad this weren't promoted beforehand, it would create a negative impression due to problematic behavior of a half-baked product".

Price acceleration overtook development though and now when DRK does a planned hard fork, it's all over the BBC world service, lol. Unbelievable. But there's not much you can do about it really in terms of "attracting" this attention, unless you have such a meteoric rise in coinmarketcap. The name darkcoin - bitcoin also helps for selling the news stories of the evil twin of bitcoin. Can monero pull off such media attention without the name + price spike? Lets say it's difficult.

[dga]

I looked at mining algorithm and I see that pow is calculated over WHOLE block (sha3). Not block header like in bitcoin, but whole block with transactions. Is that true or am I mistaken?

If that's true this means that ignoring transactions gives a small speed boost in mining. That's not very good for the future...

I skimmed the code, and you may be right.

src/cryptonote_core/miner.cpp:

...
      b.nonce = nonce;
      crypto::hash h;
      get_block_longhash(b, h, height);

      if(check_hash(h, local_diff))
      {
        //we lucky!
...

Could a developer comment on that? Will larger blocks hash slower? If so, what incentives do miners have to include more than the coinbase transaction in their blocks (transaction fees seem negligible at the moment imo)?

The performance difference is so small as to be negligible.  The fast hash over the block can be performed millions of times per second on a consumer CPU;  the slow hash hundreds.  It's not worth even bothering to play with.

[stan26]

I thought Monero was a combination of the word "money" and "dinero" (Spanish for money).

But it turns out Monero is the Esperanto word for "coin".

I guess either is a possible origin of the name. But Esperanto used be a big passion of mine (it's a constructed language intended for international use) so I think it's cool if the name really comes from Esperanto. Although my Esperanto is rusty now.

http://eo.wikipedia.org/wiki/Monero

[huawei6x]

it seems Poloniex withdrawal for MRO doesn't work. Status of my withdrawal now is ERROR.

[Febo]

I thought Monero was a combination of the word "money" and "dinero" (Spanish for money).

But it turns out Monero is the Esperanto word for "coin".

Why not, Esperanto is mix of many languages, well basicly all languages are mix of other languages. Just Esperanto is recent ones. Tolstoy learned Esperanto in 6 hours.

[sorryforthat]

 
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So this goes to the darkcoin pool, troll or mistake?

[trand]

anyone can help me
i was try 3 pool for mining MRO, but no one MRO i got from come to my account
any idea for that

[sorryforthat]

anyone can help me
i was try 3 pool for mining MRO, but no one MRO i got from come to my account
any idea for that

First, need to know a few things.

Have you checked to insure your address is correct?
Is your address to a exchange?
What is your current Hash?
Is your bitmonerod synced?
Have you mined long enough to get shares of a block?

[sorryforthat]

Whats going on with the prices? why such major dump? coin dead already? I had tons of hope and hype for this coin... Still mining.

lol
coin is just beginning, don't dismiss such ingenuous approach because of a temporary volatility.

A lot of people are in it for the money and could care less about what it offers a community.

[darlidada]

Is there any way to transfers pool advertisements somewhere else? They are not discreet at all. Most of the time its big pictures. Its really annoying. Or at least, please dont quote them. We should all have no quote of ads/troll policicy.

[sdersdf2]

Whats going on with the prices? why such major dump? coin dead already? I had tons of hope and hype for this coin... Still mining.

lol
coin is just beginning, don't dismiss such ingenuous approach because of a temporary volatility.

A lot of people are in it for the money and could care less about what it offers a community.

I suppose you're in it only to help mankind and for absolutely no other reason.

Is it going to be an entire 3-4 months to a GUI wallet / easy-exchange-usability?

[sorryforthat]

I suppose you're in it only to help mankind and for absolutely no other reason.

Is it going to be an entire 3-4 months to a GUI wallet / easy-exchange-usability?

I am not in it for a quick buck. I have mined since day one and continue to. Have yet to sell a single coin. I was opposed to a fork of Bytecoin in the beginning and many long lengthy arguments with smooth over the matter and I have now adopted the idea that this coin has purpose and can make something better. So I suppose you could say I will make some money, but my sole purpose is not to get rich or to dump coins when the market is hazy or to even sell when the market is at its peak.

There is really no need for a GUI wallet, it is a luxury that people require not what people need. At this point its relative for mass adoption sure, but it should not be the main focus of the coin. Stability over adoption should be its prime focus, which from what I see is the case.

None of these coins have control over exchanges.

[drmavis]

So, the responses on the experimental one are varied... not sure if I should push it.

I got somewhat poorer performance with the experimental version than the 5-29-14 version.

I have an i7-3770 and with 5-29-14 I get ~170 H/s with 4 threads and I couldn't get more than 130-140 H/s with the experimental version, trying 4-5 threads.

[smooth]

it seems Poloniex withdrawal for MRO doesn't work. Status of my withdrawal now is ERROR.

Common problem. Open a ticket with them, they will cancel it you can try again. It may be due to the transaction being too big, in which case doing several smaller withdrawals will help.

[windjc]

it seems Poloniex withdrawal for MRO doesn't work. Status of my withdrawal now is ERROR.

Common problem. Open a ticket with them, they will cancel it you can try again. It may be due to the transaction being too big, in which case doing several smaller withdrawals will help.

Did you know about the impending dump before our off exchange transaction?

I am still planning only leaving feedback, just been busy.

[fluffypony]

Whats going on with the prices? why such major dump? coin dead already? I had tons of hope and hype for this coin... Still mining.

lol
coin is just beginning, don't dismiss such ingenuous approach because of a temporary volatility.

A lot of people are in it for the money and could care less about what it offers a community.

I suppose you're in it only to help mankind and for absolutely no other reason.

Is it going to be an entire 3-4 months to a GUI wallet / easy-exchange-usability?

Exchange usability is outside of our control. Payments will always require an address and a payment ID...you can't have real anonymity and still have traceability:)

A GUI wallet is something we're working on, and within the next 3-4 months I am certain it will be completed. However, that is a tool more geared towards mainstream adoption. In the meantime, there are extremely important internal aspects of the code (such as the incomplete RPC API) that have to be worked on as a matter of urgency.

[smooth]

Did you know about the impending dump before our off exchange transaction?

Smiley noted, but I feel I should respond. I have zero knowledge of what drives trading beyond my own activities and those have been very light since the OTC wrapped up. I think other than yours I've only done one other trade on this coin in the past week or so, possibly two.

I'm not involved with any of the web exchanges either, other than trading on them. My response about polo withdrawal issues was from my own experience.

Regarding the dump, I've always said that the coin value needs to find some equilibrium. That may be lower, even quite a bit lower. Right now the reality is this coin isn't useful for anything other than speculating on how it might be useful in the future. That doesn't necessarily anchor a lot of value.

[fluffypony]

Did you know about the impending dump before our off exchange transaction?

Smiley noted, but I feel I should respond. I have zero knowledge of what drives trading beyond my own activities and those have been very light since the OTC wrapped up. I think other than yours I've only done one other trade on this coin in the past week or so, possibly two.

I'm not involved with any of the web exchanges either, other than trading on them. My response about polo withdrawal issues was from my own experience.

Regarding the dump, I've always said that the coin value needs to find some equilibrium. That may be lower, even quite a bit lower. Right now the reality is this coin isn't useful for anything other than speculating on how it might be useful in the future. That doesn't necessarily anchor a lot of value.

I'd also like to add that market forces are not predictable and are entirely outside of our control. Often on IRC people ask "why did the price jump" or "why did the price fall" when looking at it over a period of like 5 hours. Once you take a step back, however, you see that just before the Poloniex listing it was hovering around 0.0009 - 0.001, so if it settles between 0.002 and 0.003 that's more than double in the space of 2 weeks. Even so, obsessing over the price and market shifts has never done anyone any good;)

[sdersdf2]

Whats going on with the prices? why such major dump? coin dead already? I had tons of hope and hype for this coin... Still mining.

lol
coin is just beginning, don't dismiss such ingenuous approach because of a temporary volatility.

A lot of people are in it for the money and could care less about what it offers a community.

I suppose you're in it only to help mankind and for absolutely no other reason.

Is it going to be an entire 3-4 months to a GUI wallet / easy-exchange-usability?

Exchange usability is outside of our control. Payments will always require an address and a payment ID...you can't have real anonymity and still have traceability:)

A GUI wallet is something we're working on, and within the next 3-4 months I am certain it will be completed. However, that is a tool more geared towards mainstream adoption. In the meantime, there are extremely important internal aspects of the code (such as the incomplete RPC API) that have to be worked on as a matter of urgency.

Understood - thank you for the complete answer. I respect the solid professionalism and focus of the MRO team. It's a stark contrast to what's going on with other coins.