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

[smooth]

Hi there!

Today I came across blocks 457254 up to 457258 which seem pretty odd to me. They all contain many transactions with fees of 0.1 XMR for small size transactions, this one http://chainradar.com/xmr/block/457255 , for example, has 23 transactions with a fee of 0.1 XMR plus a couple of normal transactions, totaling ~2.34 XMR in fees for the block.

Any thoughts about it?

I can explain the 0.1 XMR fee easily enough. That is what happens if you haven't upgraded your wallet to the version with per-KB fees. As you saw, on small transactions, you will significantly overpay.

I can't explain why someone would generate so many transactions like that.

Thanks smooth. I thought that after the per-kb fees update those transactions wouldn't be accepted by miners, but it makes sense to still accept them as long as they are not underpaid.

Yes you are allowed to overpay.

[5w00p]

With BTC's recent rise, actual XMR price in USD is pretty steady, despite the 100k dump in the video.

[fluffypony]

Missive is out: https://getmonero.org/2015/03/02/monero-missive-for-the-week-of-2015-03-02.html

Forum discussion thread: https://forum.getmonero.org/1/news-announcements-and-editorials/195/monday-monero-missives-24-march-2nd-2015

[Hueristic]

Sounds like LTC mantra and we all see how thats working out. Don't get me wrong, I'm not advocating implementing unproven tech, just saying stagnation is death.

There is a huge difference between "LTC does not need development" and this one particular thing being viewed as not the most important of the many items we are working on.

That is why I said the bolded part.

[smooth]

Sounds like LTC mantra and we all see how thats working out. Don't get me wrong, I'm not advocating implementing unproven tech, just saying stagnation is death.

There is a huge difference between "LTC does not need development" and this one particular thing being viewed as not the most important of the many items we are working on.

That is why I said the bolded part.

Fair enough. There is certainly no stagnation here. I bet we've done more work in the past month than LTC has done over its lifetime (low standard I know).

[Joshuar]

Missive is out: https://getmonero.org/2015/03/02/monero-missive-for-the-week-of-2015-03-02.html

Forum discussion thread: https://forum.getmonero.org/1/news-announcements-and-editorials/195/monday-monero-missives-24-march-2nd-2015

Thank you! Is getmonero the new website? i just went on monero.cc and it redirects to it.

[Hueristic]

Sounds like LTC mantra and we all see how thats working out. Don't get me wrong, I'm not advocating implementing unproven tech, just saying stagnation is death.

There is a huge difference between "LTC does not need development" and this one particular thing being viewed as not the most important of the many items we are working on.

That is why I said the bolded part.

Fair enough. There is certainly no stagnation here. I bet we've done more work in the past month than LTC has done over its lifetime (low standard I know).

I completely agree.

[dEBRUYNE]

Missive is out: https://getmonero.org/2015/03/02/monero-missive-for-the-week-of-2015-03-02.html

Forum discussion thread: https://forum.getmonero.org/1/news-announcements-and-editorials/195/monday-monero-missives-24-march-2nd-2015

Thank you! Is getmonero the new website? i just went on monero.cc and it redirects to it.

It is, quoting the previous missive:

We are moving to a new Missive format, it is now in the form of a podcast!

To download the podcast directly please use this link to the MP3, or use the HTML5 player on the blog post.

Community members are encouraged to transcribe it so that non-English speakers can benefit as well. A brief summary of the points discussed is:

1. The release of the new website, and the move to the getmonero.org domain

2. The publication of MRL-0004, Improving Obfuscation in the CryptoNote Protocol

3. Monero's design and development goals

Dev Diaries and External Projects will resume being covered from next week. Until then!

[Joshuar]

Missive is out: https://getmonero.org/2015/03/02/monero-missive-for-the-week-of-2015-03-02.html

Forum discussion thread: https://forum.getmonero.org/1/news-announcements-and-editorials/195/monday-monero-missives-24-march-2nd-2015

Thank you! Is getmonero the new website? i just went on monero.cc and it redirects to it.

It is, quoting the previous missive:

We are moving to a new Missive format, it is now in the form of a podcast!

To download the podcast directly please use this link to the MP3, or use the HTML5 player on the blog post.

Community members are encouraged to transcribe it so that non-English speakers can benefit as well. A brief summary of the points discussed is:

1. The release of the new website, and the move to the getmonero.org domain

2. The publication of MRL-0004, Improving Obfuscation in the CryptoNote Protocol

3. Monero's design and development goals

Dev Diaries and External Projects will resume being covered from next week. Until then!

Yea was just about to edit it to say "checked 1st page and saw website=getmonero.org", thanks though! 

[nioc]

Missive is out: https://getmonero.org/2015/03/02/monero-missive-for-the-week-of-2015-03-02.html

Forum discussion thread: https://forum.getmonero.org/1/news-announcements-and-editorials/195/monday-monero-missives-24-march-2nd-2015

DB

As far as the opinions on podcast versus written missives.  This has about 60% of the podcast already transcribed.  Because I'm slow I listened to the podcast while reading the transcription and found it much easier.

[David Latapie]

I suppose install a theme with the ability to tweak it to look somewhat like that is a way to go. I am also fond of the sleek mymonero design. A mix of those could be cool. They a both fresh. The current design is a bit ehem.. archaic and heavy and lacks basic spiffy things such as favicons, vector-logo (for retina screens), decent cropping of images etc.  (I apologise for being upfront, but that has been the community sentiment)

Thanks for taking the suggestion in a positive manner.  

And thanks for proposing improvements Let's continue this conversation there? http://moneroeconomy.com/forum/appearance-requests#comment-198

not so fast, even in Bitcoin there is a lot room for "improvement" (like replacing the elliptic curve that is unsafe)

I forgot this one on my Monero vs. Bitcoin matrix. Fixed, thanks

[wpalczynski]

It was 50k not a 100k according to bitcoinwisdom charts.

With BTC's recent rise, actual XMR price in USD is pretty steady, despite the 100k dump in the video.

[forevernoob]

Hey guys tried to register on the getmonero forums but it says I'm in the WoT and need to confirm ownership of my handle.
Is that the Bitcoin WoT? Because I can't rememberer registering at any Monero WoT.

Anyways might as well post my issue here:

Bitmonerod crashes, and I get this message after a few days running the LMDB version. (compiled from source on openSuse Linux)

Code:

[err] evsig_init: socketpair: Too many open files

I can start it up again but same thing happens again after like 2 - 3 days.

[G2M]

We try to fit it into three words. Secure. Private. Untraceable.

In reality, it's tens of thousands of lines of code.

It's tens of thousands of posts, all part of a recent living past.

It's thousands of people, each an individual beating heart.

All sitting down mashing buttons on a keyboard.

And it's so much more than that.

It's value.

It's the realization that when you wake up every new morning, there's an option to take the value you bring unto yourself through hard work and exchange value for value.

It doesn't force itself on you, you weren't born in its country of origin, but of its world.

It's a grand renouncement that security through third party is a choice of the past, a heralding trumpet that will signal a new age.

We no longer need to allow our value to sit in a vault - our minds have produced such fantastic technology that vaults are archaic.

Nobody can take it while you're on vacation in Puerto Rico, or even when you're in Prague, Vienna or Budapest.

Nobody can take it from you on the street after coming at you with an axe on a bungled cash job in some low class neighborhood.

You can't wear it on your neck, or fingers, without still being able to instantaneously transfer its value into some other asset.

Security has been replaced with portability. No matter where that hammer falls, it will move faster.

And if it can't, it can also be destroyed instantaneously. The value can be completely removed from this world in a matter of seconds. That's a very rare property - as if we're all trading Mona Lisa's or Guernica's.

It's value that doesn't have use for war, because it doesn't have guns - You have no need to conquer the Ukraine in order to maintain the validity of your war token. No, now the only reason for doing so would be to obtain more for yourself not in spite of my own war token.

It's the acknowledgement that state-sponsored currency, and state-sponsored laws don't really mix - because my town's police officer isn't gonna fine my town's fireman because they'd literally just be paying themselves and no money would be made for the town. You didn't think they gave these people a break because they were friends, did you?

But why would we simultaneously create a body that both passes laws, yet doesn't check themselves with these same laws - insanity. And the insanity is rooted in the fact that there's no profit in checking themselves.

Fact is - they're gonna run out of profits if they keep trying to profit regular people. If they want to eat their own tail, then why not feed it to them?

And it's more than that, still.

It's never having to stash some cash under your mattress, in the freezer, or buried in your lawn - because it's private, you can just as easily place it into multiple accounts. Because it's both fungible and infinitely divisible, as well as portable you can tattoo it on your skin, hide it in your memory.

Imagine a world where, at the very thought of it, one can recall into existence impossible sums of value through just human memory alone - this is where were at here! We have achieved the very pinnacle of security!

No minimum account balances, no running to the ATM's, no micro fees for using the gas station ATM's still running on abysmal dial-up. Now that same dial-up can afford one the absolute best in security - because that's what any value can afford in this day.

It's not having to rush to the bank on Friday to grab some traceable ATM cash, to go on a permanent record that's available for sale to the highest, and most dangerous bidder.

It's the resolute middle finger, saying nothing else other than "I've got this, I don't need you to manage my money, because I'm afraid you've been trying to manage me more than my money".

It's quitting that, yet still giving the exact same as before. Everything you're giving is valuable enough to live on, now .. right? So then why do we need to pay for money management in 2014? It's now free as in freedom.

Fractional reserves hardly need to exist to the extent that they do. I mean how much more do you really need to print if they were really working?

It's still more, though.

It's the knowledge that privacy is just that - your own personal privacy.

Not you and your account holders secrets. I mean when I find myself taking even a second out of my day to thank the good bank of america for not telling my family I happen to go to mcburgertown every few days well then all I can really think is "What the hell kind of reality is this? How did I get here?"

Why should I ever have that thought? Ideally, mcburgertown wouldn't even know my name. Yet there it is, all over both their and the banks records, yet none of my own - because I happen to throw away the receipts. I've given them control over the records without even thinking about it, and have released control over my own ability to keep a private record.

It's like I'm part of the situation, but not really necessary for the endgame. Really, what's stopping the bank from just throwing five bucks at mcburgertown because it's something I would be expected to do? And why is this public knowledge? The only person that should know I ate some mcburgers is myself, and the only information they should get out of that was that customer xxafngoawerngoawernhgoaeng4388g2394gn349qn4g934gn934h9349h3n9hn359nh935nh953 bought some mcburgers, and paid adequate value.

It's the freedom to not leave your identity as a reproachable vector for you to pay more than what you're getting, unless you give it to them and not some sort of 'fact' that everyone is just entitled to.

It's the halt of charity of information to otherwise totally unrelated groups and orginazations.

And that's just one twenty minute window of what it really is, which changes and grows every day.

[5w00p]

It was 50k not a 100k according to bitcoinwisdom charts.

With BTC's recent rise, actual XMR price in USD is pretty steady, despite the 100k dump in the video.

OK, Sherlock, but he had 100k and he soldit in two 50k chunks in the video here: https://vid.me/ima7
Maybe he canceled the second one.

Awesome post, G2M.

[Anon136]

It was 50k not a 100k according to bitcoinwisdom charts.

With BTC's recent rise, actual XMR price in USD is pretty steady, despite the 100k dump in the video.

OK, Sherlock, but he had 100k and he soldit in two 50k chunks in the video here: https://vid.me/ima7
Maybe he canceled the second one.

Awesome post, G2M.

It seems like, if anything, this video shows the surprising amount of liquidity in this market. I cant believe someone was able to dump 20,000 dollars worth of XMR in a single instant and only swing the price by 6.6%.

[smooth]

It was 50k not a 100k according to bitcoinwisdom charts.

With BTC's recent rise, actual XMR price in USD is pretty steady, despite the 100k dump in the video.

OK, Sherlock, but he had 100k and he soldit in two 50k chunks in the video here: https://vid.me/ima7
Maybe he canceled the second one.

Awesome post, G2M.

It seems like, if anything, this video shows the surprising amount of liquidity in this market. I cant believe someone was able to dump 20,000 dollars worth of XMR in a single instant and only swing the price by 6.6%.

Excellent point

[aminorex]

It seems like, if anything, this video shows the surprising amount of liquidity in this market. I cant believe someone was able to dump 20,000 dollars worth of XMR in a single instant and only swing the price by 6.6%.

It works both ways.  You could buy 1% of the total emission right now, on a single exchange, and move the price maybe 10%.  Try doing that with AAPL shares or JPY.

[smooth]

It seems like, if anything, this video shows the surprising amount of liquidity in this market. I cant believe someone was able to dump 20,000 dollars worth of XMR in a single instant and only swing the price by 6.6%.

It works both ways.  You could buy 1% of the total emission right now, on a single exchange, and move the price maybe 10%.  Try doing that with AAPL shares or JPY.

Its all about perspective. Liquidity of XMR is terrible compared to BTC which is terrible compared to JPY, but XMR is quite liquid compared to most small cryptocurrency projects.

[Anon136]

It seems like, if anything, this video shows the surprising amount of liquidity in this market. I cant believe someone was able to dump 20,000 dollars worth of XMR in a single instant and only swing the price by 6.6%.

It works both ways.  You could buy 1% of the total emission right now, on a single exchange, and move the price maybe 10%.  Try doing that with AAPL shares or JPY.

Lol well yea. I'm comparing it to other altcoins.