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

[bitebits]

@Smooth, can you explain how effective this [Confidential Transactions] would be on BTC?

1. The report itself is quite misleading. Confidential Transactions was initially invented by gmaxwell for Bitcoin, not by or for Monero. Its concepts were incorporated along with ring signatures by shen to create RingCT, which we then deployed (in January 2017). So it is quite inaccurate to say that those considering adopting CT in Bitcoin are going to be adopting something from Monero. It is accurate to say the Monero is the first coin to actually deploy a CT-based system on a significant scale.

2. Bitcoin (and Litecoin) are only proposing to use CT, not RingCT, which means it will only hide amounts. Go look at a Bitcoin chain explorer and cover up the amounts. Everything else about the transaction (sender, recipient) will still visible as-is. Obviously that is a lot less privacy than Monero, but still an improvement over what Bitcoin does now.

3. As far as tx size, that is a significant obstacle for BTC since even with this new, more-efficient CT it would still increase typical tx size (and all that comes with that such as fees) by a significant factor, maybe 2-3x. I suspect there will be significant difficulty gaining consensus to do this, or if it is done it won't be used much and will therefore suffer also from chain analysis and fungibility issues (as do all optional privacy systems). In the short term LTC has less of an issue there since it is much less used and has no shortage of chain space and much lower fees. But longer term LTC would run into the same problems.

Thanks for writing this down, in layman's terms. I understand the implications better now.

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[Hueristic]

@Smooth, can you explain how effective this would be on BTC?

1. The report itself is quite misleading. Confidential Transactions was initially invented by gmaxwell for Bitcoin, not by or for Monero. Its concepts were incorporated along with ring signatures by shen to create RingCT, which we then deployed (in January 2017). So it is quite inaccurate to say that those considering adopting CT in Bitcoin are going to be adopting something from Monero. It is accurate to say the Monero is the first coin to actually deploy a CT-based system on a significant scale.

2. Bitcoin (and Litecoin) are only proposing to use CT, not RingCT, which means it will only hide amounts. Go look at a Bitcoin chain explorer and cover up the amounts. Everything else about the transaction (sender, recipient) will still visible as-is. Obviously that is a lot less privacy than Monero, but still an improvement over what Bitcoin does now.

3. As far as tx size, that is a significant obstacle for BTC since even with this new, more-efficient CT it would still increase typical tx size (and all that comes with that such as fees) by a significant factor, maybe 2-3x. I suspect there will be significant difficulty gaining consensus to do this, or if it is done it won't be used much and will therefore suffer also from chain analysis and fungibility issues (as do all optional privacy systems). In the short term LTC has less of an issue there since it is much less used and has no shortage of chain space and much lower fees. But longer term LTC would run into the same problems.

Thanks as usual for the clear and concise explanation.
I hate my memory these days, once you said it I remembered Gmaxwell had proposed it as that had been mentioned in this thread when it was first discussed.

[Coindgr]

I believe Monero is slowly growing in traction and getting ready for another big pump I hope very soon it will reach $200. Current price is still very low as compare with it's competitor market than it has more superior tech and potentially it has room of growth to get more better position in coming days.
Infact it is still the best privacy coin maybe the only real privacy coin 

I never really understood why other coins (competitor) got a higher price, I believe XMR failed in the marketing somewhere.

[Globb0]

Was willy bot a marketing tool ?

[Franticcrypto]

Interesting coin, been a hodler for a while, but I can agree with the above comments that as far as marketing is concerned that improvements can be made

[BldSwtTrs]

How can we check the balance of our cold storage?

I try with this http://xmr.llcoins.net/checktx.html but I get this message:

Failed to get transaction data! Perhaps MoneroBlocks is down?

[LoveKamil]

Hi! when Monero will be added multi-signature?

[garytheasshole]

Hi! when Monero will be added multi-signature?

Soon™

[bitebits]

Hi! when Monero will be added multi-signature?

Soon™

Not just soon, it lost the DO NOT MERGE tag two weeks ago. These guys doing such great work, not just for the value of Monero but for the safety and financial sovereignty of its users. Absolutely amazing, looking forward using it on the mainnet.

https://github.com/monero-project/monero/pull/2134#issuecomment-333191925

and

https://themerkle.com/moneros-multisignature-implementation-officially-enters-testing-phase/
https://www.reddit.com/r/Monero/comments/7ajdaj/the_multisig_branch_just_lost_its_do_not_merge_tag/

[rebal15]

Any help if it is possible to mine monero with "Alienware AW15R3-7376SLV-PUS 15.6" Gaming Laptop (7th Generation Intel Core i7, 16GB RAM, 128SSD + 1 TB HDD, Silver) VR Ready with NVIDIA GTX 1070" and the approximate Hashing Power with GPU mining.

I will use the laptop at work during 6h/1day so I am not paying electricity cost. is it possible to pay back the laptop during 3 to 6 months.

Thank you

[Hueristic]

Any help if it is possible to mine monero with "Alienware AW15R3-7376SLV-PUS 15.6" Gaming Laptop (7th Generation Intel Core i7, 16GB RAM, 128SSD + 1 TB HDD, Silver) VR Ready with NVIDIA GTX 1070" and the approximate Hashing Power with GPU mining.

I will use the laptop at work during 6h/1day so I am not paying electricity cost. is it possible to pay back the laptop during 3 to 6 months.

Thank you

ROI in 6 months, I highly doubt that.

[garytheasshole]

Any help if it is possible to mine monero with "Alienware AW15R3-7376SLV-PUS 15.6" Gaming Laptop (7th Generation Intel Core i7, 16GB RAM, 128SSD + 1 TB HDD, Silver) VR Ready with NVIDIA GTX 1070" and the approximate Hashing Power with GPU mining.

I will use the laptop at work during 6h/1day so I am not paying electricity cost. is it possible to pay back the laptop during 3 to 6 months.

Thank you

ROI in 6 months, I highly doubt that.

I highly doubt he'll ROI in 6 years.

[Globb0]

Any help if it is possible to mine monero with "Alienware AW15R3-7376SLV-PUS 15.6" Gaming Laptop (7th Generation Intel Core i7, 16GB RAM, 128SSD + 1 TB HDD, Silver) VR Ready with NVIDIA GTX 1070" and the approximate Hashing Power with GPU mining.

I will use the laptop at work during 6h/1day so I am not paying electricity cost. is it possible to pay back the laptop during 3 to 6 months.

Thank you

ROI in 6 months, I highly doubt that.

I highly doubt he'll ROI in 6 years.

Wait, he is also planning to steal the laptop so he just needs ROI on his disguise. How long to ROI on a moustache and monocle?

[underscored31]

I have been a monero holder for a while, and it seems really undervalued. Anyone having privacy concerns should find interest in it.

[dEBRUYNE]

How can we check the balance of our cold storage?

I try with this http://xmr.llcoins.net/checktx.html but I get this message:

Failed to get transaction data! Perhaps MoneroBlocks is down?

You can use either of these guides to verify that your transaction correctly arrived at your cold storage address:

https://monero.stackexchange.com/questions/6137/how-do-i-as-a-recipient-verify-that-my-transaction-actually-arrived (useful if you withdraw from an exchange to your cold wallet)

https://monero.stackexchange.com/questions/6134/how-do-i-as-a-sender-verify-that-my-transaction-actually-arrived (useful if you used the GUI/CLI to send funds to your cold wallet)

However, if you want to set up a proper view wallet (which also monitors outgoing transactions), see step 1 to 6 from here:

https://monero.stackexchange.com/questions/2868/is-there-any-way-to-construct-a-transaction-manually/2916

[rebal15]

Any help if it is possible to mine monero with "Alienware AW15R3-7376SLV-PUS 15.6" Gaming Laptop (7th Generation Intel Core i7, 16GB RAM, 128SSD + 1 TB HDD, Silver) VR Ready with NVIDIA GTX 1070" and the approximate Hashing Power with GPU mining.

I will use the laptop at work during 6h/1day so I am not paying electricity cost. is it possible to pay back the laptop during 3 to 6 months.

Thank you

ROI in 6 months, I highly doubt that.

I highly doubt he'll ROI in 6 years.

Wait, he is also planning to steal the laptop so he just needs ROI on his disguise. How long to ROI on a moustache and monocle?

How old are you Globb0?

[Kloeaf]

Hi ! Why the price of monero grow fast these days ? do you know people ? i dont see a big news ..

[Anon136]

Hi ! Why the price of monero grow fast these days ? do you know people ? i dont see a big news ..

The only thing preventing monero from being the dominant darknet currency was a lack of multisig. Multisig is particularly important for darknet transactions and particularly tricky for monero to implement. Fortunately despite the difficulty our amazing devs are preparing to push multisig support out onto the main net very soon. As stated a few posts above. Not just soon(tm) actually soon. This is very very big news. It's starting to be priced in but I do not think the implications of it are anywhere near all the way priced in. Monero is soon going to be the first cryptocurrency to see significant real world use since bitcoin.

[Kloeaf]

Thank you for these explanations very clear, it makes me clearly want to ask what I can on before it goes up too high ..
Do you know if users of darknet sites today use more monero or bitcoin?

[Anon136]

Thank you for these explanations very clear, it makes me clearly want to ask what I can on before it goes up too high ..
Do you know if users of darknet sites today use more monero or bitcoin?

This is good fodder for speculation. I'm going to move the conversation over there and lets see if anyone has any idea over there.