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

[smooth]

I remember hearing about a month ago monero had a bug in the software that allowed people to mint new coins, and that its a problem because it being anonymous you cant see how many coins there are to check

... That bug, had it been exploited (as it was in some other cryptonote-based coins but not Monero), would been visible on the blockchain....

Kindly expand on this - how would one be able to identify which coins were "minted" as opposed to legitimately mined on the blockchain?

Because they would have had invalid key images. It's something vaguely analogous to if the amount was -100 instead of 100 but the code had been missing a check for negative numbers. Once the check is added the bogus key images are immediately detected and rejected. Those coins that actually got exploited (BCN, XDN, some others) need to disable the check for older blocks to avoid rejecting them.

Monero was never exploited and doesn't need such an exception.

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[Kanati]

I remember hearing about a month ago monero had a bug in the software that allowed people to mint new coins, and that its a problem because it being anonymous you cant see how many coins there are to check

... That bug, had it been exploited (as it was in some other cryptonote-based coins but not Monero), would been visible on the blockchain....

Kindly expand on this - how would one be able to identify which coins were "minted" as opposed to legitimately mined on the blockchain?

Because they would have had invalid key images. It's something vaguely analogous to if the amount was -100 instead of 100 but the code had been missing a check for negative numbers. Once the check is added the bogus key images are immediately detected and rejected. Those coins that actually got exploited (BCN, XDN, some others) need to disable the check for older blocks to avoid rejecting them.

Monero was never exploited and doesn't need such an exception.

Hi Smooth, and thanks for your reply

So to be clear, does this mean that we know the bug was not exploited because the Monero blockchain rejects invalid key images, and any rejected key images would be visible on the blockchain if they existed?

[wuzzap8989]

cḿon guys! xmr is losing -.- lets break the 50$ wall and go to 100

[Hueristic]

cḿon guys! xmr is losing -.- lets break the 50$ wall and go to 100

Soon*

[dEBRUYNE]

Ledger & Monero update

https://www.reddit.com/r/Monero/comments/6thv8j/ledger_hardware_wallet_monero_integration/


"First Monero Exchange in India, Now Trade Monero (XMR) directly with Indian Rupees (INR) 24x7 at buyUcoin.com"

https://www.buyucoin.com/

https://www.reddit.com/r/Monero/comments/6thc1j/first_monero_exchange_in_india_now_trade_monero/


"Monero Integrations Updates #7"

https://www.reddit.com/r/Monero/comments/6tgxng/monero_integrations_updates_7/


"Wikileaks has added support for Monero"

https://shop.wikileaks.org/donate

https://www.reddit.com/r/Monero/comments/6thzig/wikileaks_has_added_support_for_monero/

[IncludeBeer]

Hey guys, what's the best miner for CPU right now? I've come across a few, but they're all old. No recent updates to cpu miners?

[Fritwakky]

Ledger & Monero update

https://www.reddit.com/r/Monero/comments/6thv8j/ledger_hardware_wallet_monero_integration/


"First Monero Exchange in India, Now Trade Monero (XMR) directly with Indian Rupees (INR) 24x7 at buyUcoin.com"

https://www.buyucoin.com/

https://www.reddit.com/r/Monero/comments/6thc1j/first_monero_exchange_in_india_now_trade_monero/


"Monero Integrations Updates #7"

https://www.reddit.com/r/Monero/comments/6tgxng/monero_integrations_updates_7/


"Wikileaks has added support for Monero"

https://shop.wikileaks.org/donate

https://www.reddit.com/r/Monero/comments/6thzig/wikileaks_has_added_support_for_monero/

Good news! That's are updates we need now!
Thank you dEBRUYNE!

Monero to the MOOOOOOOOON! 

[thinkpad99]

Ledger & Monero update

https://www.reddit.com/r/Monero/comments/6thv8j/ledger_hardware_wallet_monero_integration/


"First Monero Exchange in India, Now Trade Monero (XMR) directly with Indian Rupees (INR) 24x7 at buyUcoin.com"

https://www.buyucoin.com/

https://www.reddit.com/r/Monero/comments/6thc1j/first_monero_exchange_in_india_now_trade_monero/


"Monero Integrations Updates #7"

https://www.reddit.com/r/Monero/comments/6tgxng/monero_integrations_updates_7/


"Wikileaks has added support for Monero"

https://shop.wikileaks.org/donate

https://www.reddit.com/r/Monero/comments/6thzig/wikileaks_has_added_support_for_monero/

Good news! That's are updates we need now!
Thank you dEBRUYNE!

Monero to the MOOOOOOOOON! 

monero to the moon? do u still believe in that? i am waiting for month to see any movement in monero while most other cryptos go and and up and up .....

What?
80% of coins on poloniex is red! All of them are going down from two weeks..
News like this strengthen Monero position, and later the price will be skyrocketing! You will see

[dEBRUYNE]

"RingCT 2.0: A Compact Linkable Ring Signature Based Protocol for Blockchain Cryptocurrency Monero" - by Sun et al. (2017)

https://www.docdroid.net/8eLcBMr/ringct.pdf

https://www.reddit.com/r/Monero/comments/6tlxpp/ringct_20_a_compact_linkable_ring_signature_based/

[bitebits]

"RingCT 2.0: A Compact Linkable Ring Signature Based Protocol for Blockchain Cryptocurrency Monero" - by Sun et al. (2017)

https://www.docdroid.net/8eLcBMr/ringct.pdf

https://www.reddit.com/r/Monero/comments/6tlxpp/ringct_20_a_compact_linkable_ring_signature_based/

Thanks for sharing dEBRUYNE. It is incredible how hard Monero is being worked on and improved over the years.
Long live planned protocol updates (hard forks).

Abstract. In this work, we initially study the necessary properties and
security requirements of Ring Condential Transaction (RingCT) proto-
col deployed in the popular anonymous cryptocurrency Monero. Firstly,
we formalize the syntax of RingCT protocol and present several formal
security denitions according to its application in Monero. Based on our
observations on the underlying (linkable) ring signature and commitment
schemes, we then put forward a new efficient RingCT protocol (RingCT
2.0), which is built upon the well-known Pedersen commitment, accu-
mulator with one-way domain and signature of knowledge (which alto-
gether perform the functions of a linkable ring signature). Besides, we
show that it satises the security requirements if the underlying build-
ing blocks are secure in the random oracle model. In comparison with
the original RingCT protocol, our RingCT 2.0 protocol presents a sig-
nicant space saving, namely, the transaction size is independent of the
number of groups of input accounts included in the generalized ring while
the original RingCT suffers a linear growth with the number of groups,
which would allow each block to process more transactions.

[pit220]

Its an interesting read, but it really kind of just says more mixins = better.
Seems like common sense but I'm sleepy.

[Theones]

Impressive updates!
Great project, great plan and great development team!
It must work out!

[RayX12]

Impressive updates!
Great project, great plan and great development team!
It must work out!

Looking forward to the next six months..

[smooth]

I remember hearing about a month ago monero had a bug in the software that allowed people to mint new coins, and that its a problem because it being anonymous you cant see how many coins there are to check

... That bug, had it been exploited (as it was in some other cryptonote-based coins but not Monero), would been visible on the blockchain....

Kindly expand on this - how would one be able to identify which coins were "minted" as opposed to legitimately mined on the blockchain?

Because they would have had invalid key images. It's something vaguely analogous to if the amount was -100 instead of 100 but the code had been missing a check for negative numbers. Once the check is added the bogus key images are immediately detected and rejected. Those coins that actually got exploited (BCN, XDN, some others) need to disable the check for older blocks to avoid rejecting them.

Monero was never exploited and doesn't need such an exception.

Hi Smooth, and thanks for your reply

So to be clear, does this mean that we know the bug was not exploited because the Monero blockchain rejects invalid key images, and any rejected key images would be visible on the blockchain if they existed?

Correct

[Zimtente]

cḿon guys! xmr is losing -.- lets break the 50$ wall and go to 100

Soon*

*Soon™

[Proceed]

any formal updates on this wallet?? Looks like they have been plugging away on github . https://github.com/mymonero/mymonero-app-js/commits/master

I would not advise to use another's software
So you can lose your coins

[owlcatz]

Great coin here now, Sign up now and receive a free 48h Monero mining contract.
A smart way to start with Monere if you don't have the BTC to start with mining.

Start with mining here

Trail ends soon, hurry up!

can anyone please confirm this mining contract
Is this for real or scam?

He's trying to use a reflink so he makes money off you signing up, so I'm guessing it's a scam but do let us know if you give it a try?

[wuzzap8989]

ohhh i have sinned -.- sold xmr yesterday and now he grows back -.- i should trust... thats deserved xD

[MGTOW_MONERO_XMR]

Monero Privacy is NOT a crime or something to feel guilty about:

https://www.reddit.com/r/Monero/comments/6uldp2/monero_privacy_is_not_a_crime_or_something_to/

1) You are traveling through parts of a country with a medium to high violent crime rate. You need to use some of your Bitcoin to pay for something. If every person you transact with knows exactly how much money you have, this is a threat to your personal physical safety.

2) You are a business that receives a payment from a supplier. That supplier will be able to see how much money your business has, and therefore can guess at how price sensitive you are in future negotiations. They can see every single other payment you’ve ever received to that Bitcoin address, and therefore determine what other suppliers you are dealing with and how much you are paying those suppliers. They may be able to roughly determine how many customers you have and how much you charge your customers. This is commercially sensitive information that damages your negotiating position enough to cause you relative financial loss.

3) You are a private citizen paying for online goods and services. You are aware that it is common practice for companies to attempt to use ‘price discrimination’ algorithms to attempt to determine the highest prices they can offer future services to you at, and you would prefer they do not have the information advantage of knowing how much you spend and where you spend it.

4 You sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment.

Monero solves these privacy issues by automatically applying privacy techniques to every single transaction made. You can have confidence that it is not possible to own ‘tainted’ Monero. This is a concept in economics known as ‘fungibility’ and is historically considered an important characteristic for any currency to have.

Regards,

[chilly2k]

Monero Privacy is NOT a crime or something to feel guilty about:

https://www.reddit.com/r/Monero/comments/6uldp2/monero_privacy_is_not_a_crime_or_something_to/

1) You are traveling through parts of a country with a medium to high violent crime rate. You need to use some of your Bitcoin to pay for something. If every person you transact with knows exactly how much money you have, this is a threat to your personal physical safety.

2) You are a business that receives a payment from a supplier. That supplier will be able to see how much money your business has, and therefore can guess at how price sensitive you are in future negotiations. They can see every single other payment you’ve ever received to that Bitcoin address, and therefore determine what other suppliers you are dealing with and how much you are paying those suppliers. They may be able to roughly determine how many customers you have and how much you charge your customers. This is commercially sensitive information that damages your negotiating position enough to cause you relative financial loss.

3) You are a private citizen paying for online goods and services. You are aware that it is common practice for companies to attempt to use ‘price discrimination’ algorithms to attempt to determine the highest prices they can offer future services to you at, and you would prefer they do not have the information advantage of knowing how much you spend and where you spend it.

4 You sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment.

Monero solves these privacy issues by automatically applying privacy techniques to every single transaction made. You can have confidence that it is not possible to own ‘tainted’ Monero. This is a concept in economics known as ‘fungibility’ and is historically considered an important characteristic for any currency to have.

Regards,

   So Monero is kind of like not showing your tax returns.  Should be one big supporter in the US white house....