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

[nanard]

The developer of Monero is David Latapie, a french "multi forker" (he also developed mintcoin).

http://whois.domaintools.com/monero.cc
http://whois.domaintools.com/mintcoin.cc

Mintcoin.cc is now made anonymous by obscure WhoisGuard company from Panama...

Well... no future except pump and dump (I own a bunch of this coin but I'm realist).

Actually I control the domain name, David merely registered it. The site is hosted on my servers. David is part of the core Monero team, but he is not the only one. In the next few days we will try make things a little more transparent in terms of who the core team is and so on, it's all been a little bit rushed since it went up on Poloniex, and we're reacting and reeling.

I didn't want to discredite you guys. Just say what I think is the truth. For the moment this is just a fork, may be time will prove me wrong.

[1715301968]

1715301968

[1715301968]

1715301968

[fluffypony]

The developer of Monero is David Latapie, a french "multi forker" (he also developed mintcoin).

http://whois.domaintools.com/monero.cc
http://whois.domaintools.com/mintcoin.cc

Mintcoin.cc is now made anonymous by obscure WhoisGuard company from Panama...

Well... no future except pump and dump (I own a bunch of this coin but I'm realist).

Actually I control the domain name, David merely registered it. The site is hosted on my servers. David is part of the core Monero team, but he is not the only one. In the next few days we will try make things a little more transparent in terms of who the core team is and so on, it's all been a little bit rushed since it went up on Poloniex, and we're reacting and reeling.

I didn't want to discredite you guys. Just say what I think is the truth. For the moment this is just a fork, may be time will prove me wrong.

Absolutely - the best thing to do is wait and see. If you're bullish on Monero then you'll hold, if you're not you'll sell on an uptick and move on to another coin. Either way, I wish you all the best in your endeavours.

[eizh]

This is just reality dude : I bought a bunch of this coin (0.0037) and I'm ready to sell them as soon as I feel it.

In the strange, strange world we live in, the fork has 2.2 million H/s while the non-fork has 180k H/s.

Maybe there's more to it.

Either way, enjoy your profit.

[nanard]

I didn't want to discredite you guys. Just say what I think is the truth. For the moment this is just a fork, may be time will prove me wrong.

In the strange, strange world we live in, the fork has 2.2 million H/s while the non-fork has 180k H/s.

Maybe there's more to it.

Either way, enjoy your profit.

Well well...

Download bytecoin and monero source code here :
https://github.com/amjuarez/bytecoin
https://github.com/monero-project/bitmonero

Then start by looking diff on files then look inside what changed in these files  

Then talk your technical skills with me.

Give me the source code of Microsoft Office (1000 x bigger source code) and I promise you to fork it with some useless improvements within weeks.

[Ivan166]

Russian thread updated. Long live, Monero!

[smooth]

Then start by looking diff on files then look inside what changed in these files  

Then talk your technical skills with me.

Your missing the point. The purpose of the fork was not to make technical changes. It was:

1. To cleanly launch the coin without an 80% hidden premine and an insanely fast reward curve that will release 96% of the coins in 4 years. (By comparison bitcoin released 50% in 4 years, and people complain about early adopters.) After that, what? 

2. To create a coin with active, engaged, community based leadership as opposed to some secret cabal hidden away doing nobody-knows-what with 80% of the coins.

The developers of Monero (and Bitmonero before it) did not have any special premine or any special access ability mine a huge amount of coins. The difficulty adjustment algorithm on this coin does not allow for any ridiculous instamine after release either -- the difficulty adjusts every single block. In fact to this day, only about 5% of the coins have been mined, and it is FAR from the case that developers or very early adopters have been the only ones mining. In fact I doubt we account for 10% of it at this point.

That said, if you really prefer BCN, it is over here. No harm no foul.

[Coindgr]

Noob question:

After all the coins are mined, probalbly no one will be mining. How will transactions occur without blocks being generated? This applies also to bitcoin and a lot of other coins

[fluffypony]

Noob question:

After all the coins are mined, probalbly no one will be mining. How will transactions occur without blocks being generated? This applies also to bitcoin and a lot of other coins

The block reward approaches zero but never reaches it. However, once cumulative fees exceed the block reward miners will mine for fees only. For Bitcoin this is expected around 2060.

[monero]

Breaking news: Monero is now available on Bittrex!

You can find the market here, and the original post has been updated with this.


- Updated by fluffypony

[ifightformerkel]

We are on Bittrex

https://www.bittrex.com/Market/Index?MarketName=BTC-MRO

[nanard]

Then start by looking diff on files then look inside what changed in these files  

Then talk your technical skills with me.

Your missing the point. The purpose of the fork was not to make technical changes. It was:

1. To cleanly launch the coin without an 80% hidden premine and an insanely fast reward curve that will release 96% of the coins in 4 years. (By comparison bitcoin released 50% in 4 years, and people complain about early adopters.) After that, what?  

2. To create a coin with active, engaged, community based leadership as opposed to some secret cabal hidden away doing nobody-knows-what with 80% of the coins.

The developers of Monero (and Bitmonero before it) did not have any special premine or any special access ability mine a huge amount of coins. The difficulty adjustment algorithm on this coin does not allow for any ridiculous instamine after release either -- the difficulty adjusts every single block. In fact to this day, only about 5% of the coins have been mined, and it is FAR from the case that developers or very early adopters have been the only ones mining. In fact I doubt we account for 10% of it at this point.

That said, if you really prefer BCN, it is over here. No harm no foul.

You're right, this coin is fair, this is why I'm on. And you're wrong when you think I want to FUD or troll. Crypto-currencies need truth and trust. Too many scammers, liars, thieves... These are not things of no consequence, people put their money in. So they must know exactly what they bet on.

I maintain that this coin is just a fork with almost technically nothing more than bytecoin. This is just the reality.

As things stand at the present this coin has no more future than most of altcoins just because most of these coins (in fact all of them) add no improvements to what Bitcoin needs.

Who really cares traceability (Bitcoin is already an anonymous coin) ? If you do illegal things you should change your mind or ask real maffioso to help you.

We can talk about others so-called improvements of other altcoins :
- better confirmation time : even with 30s block time the real confirmation take several minutes, so can't compete with Visa Card;
- PoS : better than PoW for energy saving but worse for volume increasing transactions (as it is implemented today);
- difficulty regulation algorithms : useless when total hashrate is huge.

[AlexGR]

In fact to this day, only about 5% of the coins have been mined, and it is FAR from the case that developers or very early adopters have been the only ones mining.

This is a bit damning for future price really. How can the market absorb another 20 times the coin supply at current prices?

- It would either require 50mn USD (100mn USD if MRO price doubled or 200mn USD if price went up 4x)
- Or price would have to drop significantly so that the new MROs can be absorbed at much lower prices

As it is right now it is not sustainable, inflation-wise / price-wise. Investors would quickly lose money on their investment as the coin is debased. Alternatively, they'd rather go with a BCN clone that doesn't have this type of "weakness".

My suggestion is a reduction in the number of coins or altering of the reward curve.

[smooth]

I maintain that this coin is just a fork with almost technically nothing more than bytecoin. This is just the reality.

You don't have to "maintain" it, since it has always been advertised as such, from the very first post on the original thread. No one has attempted to mislead as to the purpose of the fork or the content of the fork. Over time I'm sure the coins will diverge in technical ways to some extent (as they have already, a bit), but that was not the purpose of the fork. The actual purpose was explained in my previous reply.

As things stand at the present this coin has no more future than most of altcoins just because most of these coins (in fact all of them) add no improvements to what Bitcoin needs.

Here's where you make no sense. Cryptonote coins, and therefore Monero, make enormous improvements in the area of privacy. I don't want people snooping around my personal financial affairs, and it is very difficult (if even possible) to prevent that with Bitcoin. I think I have never posted a bitcoin address (although at times it would be convenient to do so), because I don't want anonymous people on the Internet tracing that address to snoop around in my finances. It is bad enough that people who pay me get an address of mine, and can therefore snoop around, although I do take some precautions. It is quite easy to prevent all of this with Cryptonote coins, requiring no special care or effort on the part of the user.

Who really cares traceability (Bitcoin is already an anonymous coin) ? If you do illegal things you should change your mind or ask real maffioso to help you.

I happen to care and it has nothing to do with illegality. I simply value my personal privacy, especially when it comes to finances. I don't post my bank statements and other financial records on the Internet. Do you?

But you are certainly within your rights to not care, in which case I essentially agree, Monero has little to offer you.

We can talk about others so-called improvements of other altcoins :
- better confirmation time : even with 30s block the real confirmation take several minutes, so can't compete with Visa Card;
- PoS : better than PoW for energy saving but worst for volume increasing transactions;
- difficulty algorithms regulation : useless when total hashrate is huge.

Most of these are off topic unless you have specific suggestions to implement in MRO (or better yet code changes to submit).

[fluffypony]

In fact to this day, only about 5% of the coins have been mined, and it is FAR from the case that developers or very early adopters have been the only ones mining.

This is a bit damning for future price really. How can the market absorb another 20 times the coin supply at current prices?

- It would either require 50mn USD (100mn USD if MRO price doubled or 200mn USD if price went up 4x)
- Or price would have to drop significantly so that the new MROs can be absorbed at much lower prices

As it is right now it is not sustainable, inflation-wise / price-wise. Investors would quickly lose money on their investment as the coin is debased. Alternatively, they'd rather go with a BCN clone that doesn't have this type of "weakness".

My suggestion is a reduction in the number of coins or altering of the reward curve.

Just to be clear - by direct comparison with Darkcoin, whose values you have tirelessly espoused in this thread, almost 5% of all Darkcoins that will ever be created were mined in the first 8 hours of the coins launch.

[smooth]

In fact to this day, only about 5% of the coins have been mined, and it is FAR from the case that developers or very early adopters have been the only ones mining.

This is a bit damning for future price really. How can the market absorb another 20 times the coin supply at current prices?

Over the next 8 or so years (the period when most of the coins will be mined numerically)? I have no idea, and neither do you.  8 years ago Bitcoin didn't even exist.

[coine_smithe]

In fact to this day, only about 5% of the coins have been mined, and it is FAR from the case that developers or very early adopters have been the only ones mining.

This is a bit damning for future price really. How can the market absorb another 20 times the coin supply at current prices?

- It would either require 50mn USD (100mn USD if MRO price doubled or 200mn USD if price went up 4x)
- Or price would have to drop significantly so that the new MROs can be absorbed at much lower prices

As it is right now it is not sustainable, inflation-wise / price-wise. Investors would quickly lose money on their investment as the coin is debased. Alternatively, they'd rather go with a BCN clone that doesn't have this type of "weakness".

My suggestion is a reduction in the number of coins or altering of the reward curve.

You're forgetting that the market for this coin is potentially massive. Also the Bitcoin/Altcoin market is set to grow by leaps and bounds this year. What seems like a huge market cap right now for Litecoin for example might be normal for top 10 coins soon.

[polecrab]

You're right, this coin is fair, this is why I'm on. And you're wrong when you think I want to FUD or troll. Crypto-currencies need truth and trust. Too many scammers, liars, thieves... These are not things of no consequence, people put their money in. So they must know exactly what they bet on.

I maintain that this coin is just a fork with almost technically nothing more than bytecoin. This is just the reality.

As things stand at the present this coin has no more future than most of altcoins just because most of these coins (in fact all of them) add no improvements to what Bitcoin needs.

Who really cares traceability (Bitcoin is already an anonymous coin) ? If you do illegal things you should change your mind or ask real maffioso to help you.

We can talk about others so-called improvements of other altcoins :
- better confirmation time : even with 30s block time the real confirmation take several minutes, so can't compete with Visa Card;
- PoS : better than PoW for energy saving but worse for volume increasing transactions (as it is implemented today);
- difficulty regulation algorithms : useless when total hashrate is huge.

This coin does not need to be innovative, it has the best chance of any to replace Darkcoin. The other difficulties you mention apply to any current coin. We are not interested in making a system that can be used by criminals. Nor is Darkcoin, the government/NSA have all the transactions as an open book for any of these public currencies. What we are interested in is a legitimate amount of personal privacy. There is no reason my purchases should be traceable to my ex-wife or bank manager without my permission, as they are with Bitcoin.

Darkcoin is doomed as it relies on trusted servers that can be exposed either by break ins to master nodes, or by government action. This coin is the best so far to use a reliable technology for privacy. It has some birth pains, as have all coins that make it. It does not need to be technologically innovative compared to the source it forked from, it just needs to be fairer. The original devs messed up their chance. This is like a community grab of Bytecoin.

[AlexGR]

You're forgetting that the market for this coin is potentially massive. Also the Bitcoin/Altcoin market is set to grow by leaps and bounds this year. What seems like a huge market cap right now for Litecoin for example might be normal for top 10 coins soon.

Actually I don't. A price increase of Bitcoin would require much more fiat to preserve (let alone increase) price levels of MRO. This is basic finance of supply/demand.

Over the next 8 or so years (the period when most of the coins will be mined numerically)? I have no idea, and neither do you.  8 years ago Bitcoin didn't even exist.

What we do know is the inflation curve and the fiat or fiat equivalent to absorb daily supply. Even in current prices the demands are significant.

Just to be clear - by direct comparison with Darkcoin, whose values you have tirelessly espoused in this thread, almost 5% of all Darkcoins that will ever be created were mined in the first 8 hours of the coins launch.

That actually had a positive side-effect for further inflation / debasement. Right now DRK requires something like 72 BTC per day to buy all new darkcoins vs 604 BTC of Litecoin. The difference is massive.

MRO will require insane amounts of BTCs if it hits anything like the levels of DRK price. This means price stagnation, community bitching about price, negative feedback loop, frustration, clones with "we solved the issue of inflation that kept MRO price down" competing in the same BCN-clone space, people jumping ship etc.

I don't think the community would object with a change towards a less inflating or scarcer coin.

note: My personal philosophy regarding cryptos is heavily against strong inflation.

[AlexGR]

This coin does not need to be innovative, it has the best chance of any to replace Darkcoin. The other difficulties you mention apply to any current coin. We are not interested in making a system that can be used by criminals. Nor is Darkcoin, the government/NSA have all the transactions as an open book for any of these public currencies. What we are interested in is a legitimate amount of personal privacy. There is no reason my purchases should be traceable to my ex-wife or bank manager without my permission, as they are with Bitcoin.

Darkcoin is doomed as it relies on trusted servers that can be exposed either by break ins to master nodes, or by government action.

At this stage, neither BCN / BCN-clones or DRK can claim to be NSA-proof by themselves, without following best practices regarding anonymity etc etc. They are private for all intents and purposes for everything except NSA action.

We are talking about 99% anonymity and we are waiting, as users, for the extra 1% that will lock governments (actually the US government which has the big resources - not any government) out. That 1% is the big evolution that must be done.

[cisahasa]

at what hashrates you guys are mining this?
my Hash Rate: 103.33 H/sec, am i wasting my time or should i keep mining this slow?