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

[smooth]

I agree that Monero has a very steep emission curve. I think this is the only weakness of Monero and is the only chance another coin (like QCN) might overtake it.
Otherwise I think Monero is doing everything right and has the best community / developer team of all cryptonote currencies.

Nobody really knows what the "right" emission curve should be or if it even matters that much. Monero certainly doesn't have a crazy dumb emission curve like some shitcoins that nevertheless gained some popularity but will remain nameless. I thought it should be a bit slower, but not too much slower. Possibly QCN might be too slow. It seems good now but with the low base, but the inflation rate will stay very high for a very long time.

Anyway, I'm guessing that within reason it doesn't matter that much and other factors are more important.

[drawingthesun]

I agree that Monero has a very steep emission curve. I think this is the only weakness of Monero and is the only chance another coin (like QCN) might overtake it.
Otherwise I think Monero is doing everything right and has the best community / developer team of all cryptonote currencies.

No, i'm against the idea of reducing emission.

There is no way QCN could take over MRO. QCN dev is a scumbag who tried to steal Monero brand, he made an ANN about relaunching Monero, of course people against him and he had to delete that thread. This is Google cache of that thread:
http://webcache.googleusercontent.com/search?q=cache:7skSDxQ_yX0J:https://bitcointalk.org/index.php%3Ftopic%3D599580.0%3Ball+&cd=3&ct=clnk

QCN can never go big with that dev, MRO is leading the development of all CryptoNote coin.

Oh wow I never saw that before.

Anyway, I'm guessing that within reason it doesn't matter that much and other factors are more important.

I am hoping that is the case.

[smooth]

What would people say if the emission curve was changed?

So we never change the number of total eventual coins, but the emission is tweaked slightly?

For example, if Monero had two minute blocks instead of one minutes blocks, but kept the reward the same, so that we essentially get half the release per year?

This would likely be accused of being an instamine (i.e. giving the people involved in the first month twice the number of coins, then shutting the door on everyone else).

We tried to propose some other ways of making this change early on, and it came reasonably close to happening, but it is much harder to do now.

I don't think  you can rule out that changes may
Because MRO has first mover advantage and a bigger development team we should be leading volume, hashpower and price by far, yet QCN is catching on (Has about 30% of our volume, price and hashpower) just because they do not have to endure 2.5% inflation per day.

QCN has a high inflation rate per day as well, in fact it might be higher. This is more a function of the age of the coin than anything else, and will drop rapidly over time. So as I say with respect to solo mining, just be patient and it will work out. Seeking instant gratification rarely ends well.

[nakaone]

I agree that Monero has a very steep emission curve. I think this is the only weakness of Monero and is the only chance another coin (like QCN) might overtake it.
Otherwise I think Monero is doing everything right and has the best community / developer team of all cryptonote currencies.

Nobody really knows what the "right" emission curve should be or if it even matters that much. Monero certainly doesn't have a crazy dumb emission curve like some shitcoins that nevertheless gained some popularity but will remain nameless. I thought it should be a bit slower, but not too much slower. Possibly QCN might be too slow. It seems good now but with the low base, but the inflation rate will stay very high for a very long time.

Anyway, I'm guessing that within reason it doesn't matter that much and other factors are more important.

I think it is probably the only real "weakness" of this project, and its vulnerability.

Wouldn't it be more helpful to have a blocktime of 2 minutes?

[smooth]

I agree that Monero has a very steep emission curve. I think this is the only weakness of Monero and is the only chance another coin (like QCN) might overtake it.
Otherwise I think Monero is doing everything right and has the best community / developer team of all cryptonote currencies.

Nobody really knows what the "right" emission curve should be or if it even matters that much. Monero certainly doesn't have a crazy dumb emission curve like some shitcoins that nevertheless gained some popularity but will remain nameless. I thought it should be a bit slower, but not too much slower. Possibly QCN might be too slow. It seems good now but with the low base, but the inflation rate will stay very high for a very long time.

Anyway, I'm guessing that within reason it doesn't matter that much and other factors are more important.

I think it is probably the only real "weakness" of this project, and its vulnerability.

Wouldn't it be more helpful to have a blocktime of 2 minutes?

Yes a block time of two minutes is much better (but to avoid changing the emission curve or effective difficulty would have twice the reward per block) and I really want to see that happen. It is somewhat complicated by being a hard fork but we still will probably do it.

[hughjays77]

Whether I use GUI Cryptonote Wallet or the or bitmonerod/simplewallet option I seem to be encountering the same error:
===============================================
bitmonero wallet v0.8.8.1.1(0.1-g3b887de)
Opened wallet: 49WvyyMLqgAVV1do5VEXvmVySr2mp9NHNJukGAc7WioH51RRSMFwTV91H2JajzAHtvUjsm6ytrA8S4f 7Ehcj44XQTKDVHHn
Starting refresh...
Error: refresh failed: daemon is busy. Please try later. Blocks received: 0
===========================================================
The Deamon seems to be working and eventually the error message goes away but I am sure Im not updating the blocks[based on memory Im updated to about 56900] and because of this I cannot see my recent withdrawal from Poloniex. It has been confirmed sent


Here is what the wallet log is saying:

Refresh done, blocks received: 0
balance: 295.350000000000, unlocked balance: 295.350000000000
[wallet 49Wvyy]:         amount          spent   global index                                 tx id
       1.000000000000     F             2485   <c2fbbce7ed97c8c3dccdb126d4f3615c877431b45ee51f2f3ccd747c0db12418>
      50.000000000000     F              516   <dbdb57cb4eb2ac26203fd4e3e0ed5bf8507033cd5ec6781f3c64a88cb50a7664>
       0.050000000000     F            10331   <488a3c1f7c196b4634355a64ee1b197dd0c221d6c8e440b9c843ca8f99b0d1c1>
       0.300000000000     F             8583   <488a3c1f7c196b4634355a64ee1b197dd0c221d6c8e440b9c843ca8f99b0d1c1>
       4.000000000000     F             1347   <488a3c1f7c196b4634355a64ee1b197dd0c221d6c8e440b9c843ca8f99b0d1c1>
      40.000000000000     F              220   <11c2169a7ce4014c8c604287207eb85b17dbaaea56288f46a77812ffa923cabc>
     200.000000000000     F              894   <11c2169a7ce4014c8c604287207eb85b17dbaaea56288f46a77812ffa923cabc>
[wallet 49Wvyy]: Starting refresh...


withdrawal from Poloniex

MRO   86.327   49WvyyMLqgAVV1do5VEXvmVySr2mp9NHNJukGAc7WioH51RRSMFwTV91H2JajzAHtvUjsm6ytrA8S4f 7Ehcj44XQTKDVHHn   2014-05-26 18:34:32   COMPLETE: e9c0fa7b1bb190b19226ef8cafda7ee91d5d0ba432848b6203236a161a67bb87
                                                                

[AlexGR]

How many BTCs are required to buy daily production at current rates?

[TTM]

Whether I use GUI Cryptonote Wallet or the or bitmonerod/simplewallet option I seem to be encountering the same error:

The Deamon seems to be working and eventually the error message goes away but I am sure Im not updating the blocks[based on memory Im updated to about 56900] and because of this I cannot see my recent withdrawal from Poloniex. It has been confirmed sent
                                                                

You need to make sure that daemon is synced with the network before refreshing the wallet.

Withdrawal on Poloniex seems to have problem, sometime you need to ask support guys to do manual withdrawal. Make sure that the status of your withdrawal on Polo is not "COMPLETE: ERROR", this mean your withdrawal got stuck.

[mr_random]

I would like to see the block time changed to 2 minutes (less orphans) but keep the block reward the same (so the total number of coins produced is the same, but 50% less each day).

That is just my opinion.

Another alternative could be a block reward like Peercoin/clones, which decreases as hashrate increases.

[aeiry82]

I would like to see the block time changed to 2 minutes (less orphans) but keep the block reward the same (so the total number of coins produced is the same, but 50% less each day).

That is just my opinion.

Another alternative could be a block reward like Peercoin/clones, which decreases as hashrate increases.

I would vote for 2 minute block time with twice the reward as well.

[smooth]

Error: refresh failed: daemon is busy. Please try later. Blocks received: 0

Type save in the daemon window. Wait for it to finish saving. Go back to wallet and try again.

[hughjays77]

Thanks for the response. I know about the Poloniex problem and that has been rectified on my account. I have done past withdrawals. I updated my question with the proof the withdrawal is complete on their end. How do I know if my Deamon is synced or not ? Here is an piece of my Deamon log - 2 minutes ago:

2(0)/60726(2)      state_synchronizing      250                
[OUT]50.16.164.128:18080 9cae30aee21c751a    48106875(2)/270918(31)   state_synchronizing      1357                
[OUT]198.74.231.92:18080 c52cd81e2738e59a    40442628(0)/250027(12)   state_synchronizing      1324                
[OUT]125.132.31.214:180806bde05ac86e00ae3    5990378(0)/27560(95)     state_synchronizing      263                
[OUT]54.209.18.233:18080 1be243fad2742d15    47731929(0)/278259(12)   state_synchronizing      1339                
 [INC]54.201.8.251:36290 9cae30aee21c751a    16002476(172)/74645(134) state_synchronizing      493                
[OUT]86.182.195.3:18080  2522e24676d77467    171213(12)/12744214(11)  state_normal             1178                
[OUT]80.233.216.170:1808029d2fbbe3acbfb16    4418797(0)/33769(31)     state_synchronizing      204  








 

Whether I use GUI Cryptonote Wallet or the or bitmonerod/simplewallet option I seem to be encountering the same error:

The Deamon seems to be working and eventually the error message goes away but I am sure Im not updating the blocks[based on memory Im updated to about 56900] and because of this I cannot see my recent withdrawal from Poloniex. It has been confirmed sent
                                                                

You need to make sure that daemon is synced with the network before refreshing the wallet.

Withdrawal on Poloniex seems to have problem, sometime you need to ask support guys to do manual withdrawal. Make sure that the status of your withdrawal on Polo is not "COMPLETE: ERROR", this mean your withdrawal got stuck.

[Spekulatius]

Please keep the 1 minute blocks! Else Monero wont have a chance to compete with other coins for mainstream adoption. It's simply to slow for every day transactions. Any coin that shall be used in daily live has to beat the "Starbucks challenge", that is: Buy your coffee and settle the payment before you walk out the door. No merchant will accept a payment that requires him to wait minutes for settlement when credit cards or cash do that in seconds. If you argue that 1 minute blocks result in too many orphanes and are thus unfavorable for miners, I ask you to rethink your priorities when it's most crucial to design a friendly experience for the users instead of the miners that will stay regardless.

On the issue of emission schedule, Im also in favor of a flatter curve. 87% in 4 years is not much time. Most likely thats when cryptos really catch on. We should think middle- long term instead of short term gains if we want this one to succeed and also provide a reliable Bitcoin-like source of revenue. I'd be happy to halve emission per block while keeping block times intact for the greater good.

[mr_random]

Please keep the 1 minute blocks! Else Monero wont have a chance to compete with other coins for mainstream adoption. It's simply to slow for every day transactions. Any coin that shall be used in daily live has to beat the "Starbucks challenge", that is: Buy your coffee and settle the payment before you walk out the door. No merchant will accept a payment that requires him to wait minutes for settlement when credit cards or cash do that in seconds. If you argue that 1 minute blocks result in too many orphanes and are thus unfavorable for miners, I ask you to rethink your priorities when it's most crucial to design a friendly experience for the users instead of the miners that will stay regardless.

On the issue of emission schedule, Im also in favor of a flatter curve. 87% in 4 years is not much time. Most likely thats when cryptos really catch on. We should think middle- long term instead of short term gains if we want this one to succeed and also provide a reliable Bitcoin-like source of revenue. I'd be happy to halve emission per block while keeping block times intact for the greater good.

Reminder - Bitcoin has 10 minute blocks.

[sorryforthat]

Please keep the 1 minute blocks! Else Monero wont have a chance to compete with other coins for mainstream adoption. It's simply to slow for every day transactions. Any coin that shall be used in daily live has to beat the "Starbucks challenge", that is: Buy your coffee and settle the payment before you walk out the door. No merchant will accept a payment that requires him to wait minutes for settlement when credit cards or cash do that in seconds. If you argue that 1 minute blocks result in too many orphanes and are thus unfavorable for miners, I ask you to rethink your priorities when it's most crucial to design a friendly experience for the users instead of the miners that will stay regardless.

On the issue of emission schedule, Im also in favor of a flatter curve. 87% in 4 years is not much time. Most likely thats when cryptos really catch on. We should think middle- long term instead of short term gains if we want this one to succeed and also provide a reliable Bitcoin-like source of revenue. I'd be happy to halve emission per block while keeping block times intact for the greater good.

Reminder - Bitcoin has 10 minute blocks.

and confirmation isnt all too quick

[emontmon]

Please keep the 1 minute blocks! Else Monero wont have a chance to compete with other coins for mainstream adoption. It's simply to slow for every day transactions. Any coin that shall be used in daily live has to beat the "Starbucks challenge", that is: Buy your coffee and settle the payment before you walk out the door. No merchant will accept a payment that requires him to wait minutes for settlement when credit cards or cash do that in seconds. If you argue that 1 minute blocks result in too many orphanes and are thus unfavorable for miners, I ask you to rethink your priorities when it's most crucial to design a friendly experience for the users instead of the miners that will stay regardless.

On the issue of emission schedule, Im also in favor of a flatter curve. 87% in 4 years is not much time. Most likely thats when cryptos really catch on. We should think middle- long term instead of short term gains if we want this one to succeed and also provide a reliable Bitcoin-like source of revenue. I'd be happy to halve emission per block while keeping block times intact for the greater good.

in real world....
1 minute is no different than two minutes. anything longer than 10 seconds seems like a long time and the average person will not be able to differentiate the difference.

as it is, people complain about finding a block every 2 days, then every 3 days then impossibly long at 5 days. no matter what, as long as people do not get instant gratification they will complain. thus 1 minute is no different from 2 minutes. but for technical purposes, mining and efficiency decreasing wasted energy (via work on orphans), 2 minutes is much better.

[neuroMode]

Can Cryptonote coins fork?

[sorryforthat]

Can Cryptonote coins fork?

You are posting that question on a forked coin

[othe]

Can Cryptonote coins fork?

You are posting that question on a forked coin

He doesnt mean it that way, he meant if the network can fork - so we have multiple blockchains.


The short answer is yes, that can always happen - like it can on bitcoin, but as we don't incorporate some central nodes or other weird stuff its more unlikely to happen...

[neuroMode]

Can Cryptonote coins fork?

You are posting that question on a forked coin

He doesnt mean it that way, he meant if the network can fork - so we have multiple blockchains.


The short answer is yes, that can always happen - like it can on blockchain, but as we dont incorporate some central nodes or other weird stuff its more unlikely to happen...

Yes, thanks. I was just wondering because Cryptonote coins advertise being 'double-spend proof' and wanted to know if this was because however magical way the blockchain might be set up that nobody can fork it.

But ok, thanks