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

[iSkyCastle]

How would you compare Monero to Prix?

[1713489780]

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[cbcbct]

"XMR-Stak 2.3.0 - The PoWs They Are a-Changin' - released!"

https://www.reddit.com/r/Monero/comments/874ovk/xmrstak_230_the_pows_they_are_achangin_released/

Thank you for the news. Changes in PoW. It will be nice to have breaking changes for Monero. We will soon beat Ethereum to stay above them in crypto ranking system.

[visdude]

It is fascinating that this thread is to nearly 2000 pages and yet is not considered the go-to place for monero news/updates.  So, I guess this is all grain-of-salt territory.  But I digress...

The point of this post isn't for FUD although it may seem as such.  I've been into XMR since 2014 but don't currently HODL any real position.  I would but am more of a new coin enthusiast and just fascinated with all the opportunity exploding in the cryptocurrency world.  

I think it is important to acknowledge the good work of Monero devs to continue ASIC resistance.  This is really a good thing.  However... yes, here it comes... I can't help but also acknowledge the ongoing risks with such a reality.  This new frontier of ever-changing algorithms will be interesting.  Very interesting to say the very least.  Let's consider:

1.  The algo change has been pushed back to June.  Meanwhile, ASIC miners equating to 200 conventional miners have hit the streets costing 1/200 the cost of a conventional miner and consuming even less energy.  

2.  It will be interesting to watch the price movement in the next few months as we await the algo change.  Will people wisely HODL their ASIC mined Monero or will they dump to ROI?  Maybe both.

3.  And this is where I'll stop my brainstorm... Security.  We are already pushed back several months for development concerns of changing the XMR algorithm.  Now, will this happen again in the future?  Will we have to endure further security risks inherent with more algorithm changes?  Will the new algorithm be better?  Will it be worse?  Why?

Hmmm... that last piece is the one that really has me concerned.  And to assign blame, yes... I would look at ASIC producers.  However, it developers also have to be prepared for this reality.

If the PoW change will be successful without a hitch (and I have confidence in the devs to make it so), it will then become a deterrence (more than anything else) as such implementation could then be repeated as necessary or established as a routine. In fact, I personally think that subsequent/further PoW changes will not be necessary as far as future ASIC threat is concerned. I don't think the usual suspects would gamble when the genie will have been out of the bottle.

Edit: I think PoW change will become a paradigm in the crypto space after Monero's (successful) fork.

[Whtwabbit]

"1.  The algo change has been pushed back to June."

What is this algo change in June you speak of?

[grendel25]

It is fascinating that this thread is to nearly 2000 pages and yet is not considered the go-to place for monero news/updates.  So, I guess this is all grain-of-salt territory.  But I digress...

The point of this post isn't for FUD although it may seem as such.  I've been into XMR since 2014 but don't currently HODL any real position.  I would but am more of a new coin enthusiast and just fascinated with all the opportunity exploding in the cryptocurrency world.  

I think it is important to acknowledge the good work of Monero devs to continue ASIC resistance.  This is really a good thing.  However... yes, here it comes... I can't help but also acknowledge the ongoing risks with such a reality.  This new frontier of ever-changing algorithms will be interesting.  Very interesting to say the very least.  Let's consider:

1.  The algo change has been pushed back to June.  Meanwhile, ASIC miners equating to 200 conventional miners have hit the streets costing 1/200 the cost of a conventional miner and consuming even less energy.  

2.  It will be interesting to watch the price movement in the next few months as we await the algo change.  Will people wisely HODL their ASIC mined Monero or will they dump to ROI?  Maybe both.

3.  And this is where I'll stop my brainstorm... Security.  We are already pushed back several months for development concerns of changing the XMR algorithm.  Now, will this happen again in the future?  Will we have to endure further security risks inherent with more algorithm changes?  Will the new algorithm be better?  Will it be worse?  Why?

Hmmm... that last piece is the one that really has me concerned.  And to assign blame, yes... I would look at ASIC producers.  However, it developers also have to be prepared for this reality.

If the PoW change will be successful without a hitch (and I have confidence in the devs to make it so), it will then become a deterrence (more than anything else) as such implementation could then be repeated as necessary or established as a routine. In fact, I personally think that subsequent/further PoW changes will not be necessary as far as future ASIC threat is concerned. I don't think the usual suspects would gamble when the genie will have been out of the bottle.

Edit: I think PoW change will become a paradigm in the crypto space after Monero's (successful) fork.

I think you're right about this part of the scenario.  I highly doubt ASIC producers would further risk production costs for one-off algo changes. 

This is an interesting turn of events.  In a way, it is good that the ASIC producers have done this because it forces originality in the coin algorithm.  But I'm sure downsides such as development risks come along with that.  But as far as price action goes... It may just be the next few months that really suck for XMR HODL'ers... of course true HODL'ers don't care about such things lol. 

It's really an interesting situation.  I mean, a lot can still happen.  But, I'm in the camp that sees this as a temporary setback for XMR.  But a lot can happen in 30-60 days.

[visdude]

It is fascinating that this thread is to nearly 2000 pages and yet is not considered the go-to place for monero news/updates.  So, I guess this is all grain-of-salt territory.  But I digress...

The point of this post isn't for FUD although it may seem as such.  I've been into XMR since 2014 but don't currently HODL any real position.  I would but am more of a new coin enthusiast and just fascinated with all the opportunity exploding in the cryptocurrency world.  

I think it is important to acknowledge the good work of Monero devs to continue ASIC resistance.  This is really a good thing.  However... yes, here it comes... I can't help but also acknowledge the ongoing risks with such a reality.  This new frontier of ever-changing algorithms will be interesting.  Very interesting to say the very least.  Let's consider:

1.  The algo change has been pushed back to June.  Meanwhile, ASIC miners equating to 200 conventional miners have hit the streets costing 1/200 the cost of a conventional miner and consuming even less energy.  

2.  It will be interesting to watch the price movement in the next few months as we await the algo change.  Will people wisely HODL their ASIC mined Monero or will they dump to ROI?  Maybe both.

3.  And this is where I'll stop my brainstorm... Security.  We are already pushed back several months for development concerns of changing the XMR algorithm.  Now, will this happen again in the future?  Will we have to endure further security risks inherent with more algorithm changes?  Will the new algorithm be better?  Will it be worse?  Why?

Hmmm... that last piece is the one that really has me concerned.  And to assign blame, yes... I would look at ASIC producers.  However, it developers also have to be prepared for this reality.

If the PoW change will be successful without a hitch (and I have confidence in the devs to make it so), it will then become a deterrence (more than anything else) as such implementation could then be repeated as necessary or established as a routine. In fact, I personally think that subsequent/further PoW changes will not be necessary as far as future ASIC threat is concerned. I don't think the usual suspects would gamble when the genie will have been out of the bottle.

Edit: I think PoW change will become a paradigm in the crypto space after Monero's (successful) fork.

I think you're right about this part of the scenario.  I highly doubt ASIC producers would further risk production costs for one-off algo changes.  

This is an interesting turn of events.  In a way, it is good that the ASIC producers have done this because it forces originality in the coin algorithm.  But I'm sure downsides such as development risks come along with that.  But as far as price action goes... It may just be the next few months that really suck for XMR HODL'ers... of course true HODL'ers don't care about such things lol.  

It's really an interesting situation.  I mean, a lot can still happen.  But, I'm in the camp that sees this as a temporary setback for XMR.  But a lot can happen in 30-60 days.

I wonder how significant is the threat of FPGAs though since they are programmable.

There are always risks involved in any endeavor, most especially in the realm as complex as cryptocurrency development. But no risk, no reward/innovation.

Prices come and go. It's market-driven and still very speculative at this point in time. If the HF affects it at all, it'll be temporary as always. In fact, if the HF will be successful, it'll only excite the speculators. But such is for another thread.

[ctya]

"XMR-Stak 2.3.0 - The PoWs They Are a-Changin' - released!"

https://www.reddit.com/r/Monero/comments/874ovk/xmrstak_230_the_pows_they_are_achangin_released/

Just dropping by to say this update to xmrstak supports the upcoming fork automatically, and it works well!

[Vikhy]

When is the asic resistance fork update expected?

[tranquynhtien]

"XMR-Stak 2.3.0 - The PoWs They Are a-Changin' - released!"

https://www.reddit.com/r/Monero/comments/874ovk/xmrstak_230_the_pows_they_are_achangin_released/

What are purposes of the upcoming changes?
To control difficulty fluctuations better with new difficulty adjustments algorithm.
To avoid terrible rise in Monero difficulty due to sudden explosions of total hashrates in Monero network.
To make Monero network more stable.
 
I hope the coming changes will bring us good results for the project, it's miners, its network, it's price. Thanks.

[Arysum]

We are strong believers in Monero and impressed by the team and the developments of the platform!
Therefor XMR is going to be listed on Arysum.

Do not miss the launch
https://bitcointalk.org/index.php?topic=3200977.0

[Globb0]

I think you're right about this part of the scenario.  I highly doubt ASIC producers would further risk production costs for one-off algo changes. 

I don't think it changes the model.

ASICS is about front running and making it in a certain time frame. Before everyone catches up and return drops.

ROI must be calculated.

In a way killing all competition leaves a sweet opportunity for someone brave, if they can make enough hay while the sun is shining? they will be happy

[dEBRUYNE]

"XMR-Stak 2.3.0 - The PoWs They Are a-Changin' - released!"

https://www.reddit.com/r/Monero/comments/874ovk/xmrstak_230_the_pows_they_are_achangin_released/

What are purposes of the upcoming changes?
To control difficulty fluctuations better with new difficulty adjustments algorithm.
To avoid terrible rise in Monero difficulty due to sudden explosions of total hashrates in Monero network.
To make Monero network more stable.
 
I hope the coming changes will bring us good results for the project, it's miners, its network, it's price. Thanks.

Predominantly that the miner switches smoothly to the tweaked PoW algorithm (i.e. CryptoNight variant v1).

[Arysum]

Predominantly that the miner switches smoothly to the tweaked PoW algorithm (i.e. CryptoNight variant v1).

Got it, thank you very much for your information about algorithm switching.

We will monitor our nodes closely for any anomalies.

[Nathan047]

How would you compare Monero to Prix?

You mean Pivx? That's kind of apples to oranges if you ask me.

Pivx has InstantX, Darksend, and Masternodes; Monero has Ring Signatures.

[kosaet]

I believe PoW modify will become the paradigm within the crypto area after Monero's fork.

[visdude]

I believe PoW modify will become the paradigm within the crypto area after Monero's fork.

You just plagiarized me. I already stated exactly the same thing a few posts above.

[visdude]

I think you're right about this part of the scenario.  I highly doubt ASIC producers would further risk production costs for one-off algo changes. 

I don't think it changes the model.

ASICS is about front running and making it in a certain time frame. Before everyone catches up and return drops.

ROI must be calculated.

In a way killing all competition leaves a sweet opportunity for someone brave, if they can make enough hay while the sun is shining? they will be happy

Then that brave someone would be a fool blinded by extreme greed. He/she is gonna lose big time in such a gamble. Reportedly, it takes at least 5 months to design, tape out and deliver ASIC chips; and the devs already declared that PoW will be modified at every scheduled 6-months fork thereafter (the deterrent).

[Psychobitch]

If or when a asic company does produce a asic miner, they will be the first to mine with it before dumping the used hardware it onto unsuspecting or greedy buyers.

I personally think the hard fork is a good deterrent but it does not solve the real problem. The supply will only stop when the buying stop. They namely bitmain will be back with a bunch of new asic very soon, because that is just the company modus operandi.

The main reason people buy the X3, was because they calculated they could out mine the existing gpu miners and make a huge profit with a fast return on roi. When the fork does occur, there is no real loss for bitmain as they have already used those device 3 months ago to mine and blamed it on botnets. They sold a fair share of the x3 miner, and seeing as how they are willing to reduce their price to $3000, cost of production should be even lower.

But still I do give credits to the monero dev team for standing up and protecting their network and doing whats right for the community.

[visdude]

If or when a asic company does produce a asic miner, they will be the first to mine with it before dumping the used hardware it onto unsuspecting or greedy buyers.

I personally think the hard fork is a good deterrent but it does not solve the real problem. The supply will only stop when the buying stop. They namely bitmain will be back with a bunch of new asic very soon, because that is just the company modus operandi.

The main reason people buy the X3, was because they calculated they could out mine the existing gpu miners and make a huge profit with a fast return on roi. When the fork does occur, there is no real loss for bitmain as they have already used those device 3 months ago to mine and blamed it on botnets. They sold a fair share of the x3 miner, and seeing as how they are willing to reduce their price to $3000, cost of production should be even lower.

But still I do give credits to the monero dev team for standing up and protecting their network and doing whats right for the community.

Then that brave someone would be a fool blinded by extreme greed. He/she is gonna lose big time in such a gamble. Reportedly, it takes at least 5 months to design, tape out and deliver ASIC chips; and the devs already declared that PoW will be modified at every scheduled 6-months fork thereafter (the deterrent).

I had to quote myself just in case you had missed my post which is just right before yours.

Assuming that they'd still be produced, how could such ASIC miners mine XMRs moving forward? If people would still buy them for the purpose of mining XMRs, then such greed-induced stupidity is on them and not on the Monero community.

[Riptide_NVN]

I have 2.5.1 xmrig now which is supposed to be ready for the fork.

Will there be an updated wallet released on April 6th @ getmonero.org?

I want to start mining monero after the fork.  Thank you