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

[Keyboard-Mash]

But who are you to say there is zero flexibility? Shouldn't the community decide?

I think you're misunderstanding. The implication is that if you rally enough support .. then go and fork the coin. It happened with QCN, and if you think there's enough support for it then by all means follow through. You may not have immediate dev support, but they may come either way

I support sticking with their decision. I worry that the distribution might be a bit on the fast side, actually I think most would agree on that; however, most also seem to be able to live with the decision given the downsides of changing that rule, for this coin, mid-game.

Edit: I'm only talking about the emission curve here, not the block time. I haven't yet formed enough of an opinion to throw total support at it. I would hope that the reward would scale with the block time, though .. in order to maintain the same emission .. regardless of the time that is settled on.

edit 2 : The absolute worst case scenario that can happen with this issue is that we don't achieve 100% penetration. To which I would say that perhaps, 100% isn't necessary. It's pure speculation to say that 100% penetration is needed. Consider Bytecoin, whose main audience is a closed community, if you take their word that they are who they say they are. Albeit we're not privy to it, it's an economy nonetheless. They have an exchange rate, described by their original picture of .001 BCN = .1 BTC. We see its value at a couple satoshis. Though this would fail a fungibility test, they still have an economy according to them .. and are doing just fine from the looks of it. Opposite this, if 100% is required .. then we've only extended the time in which it will be achieved.

[Nekomata]

XMR is the future.

[smooth]

Edit: I'm only talking about the emission curve here, not the block time. I haven't yet formed enough of an opinion to throw total support at it. I would hope that the reward would scale with the block time, though .. in order to maintain the same emission .. regardless of the time that is settled on.

Yes that is exactly right, any change to the block time target would change the reward proportionately. It is even possible the block time could be dynamic, with rewards also scaled dynamically. I don't know that any coin has done that so it probably won't happen here any time soon, as we are really not that bold with new risky experiments, but it is certainly possible to do.

[tacotime]

0.8.8 has been merged with master.

changelog

Code:

- JSON RPC v2.0 compatibility
- JSON RPC over TCP added- Further optimizations
- Fixed a bug with checkpoints behavior
- UI improvements for daemon
- Fixed COIN value (10^12)
- Raised minimum fee to 5 * (10^9)
- Temporary fix for block reward DoS attack

[smooth]

- Raised minimum fee to 5 * (10^9)

I'm not positive but I think this means that if you use an old wallet to send a transaction it will not confirm once the mining nodes are upgraded. Users should upgrade or patch promptly.

[aminorex]

Personally I'm not concerned about the p.v. per monero so much as the volatility.  But really, cutting supply wouldn't do much for volatility unless it were a dynamically adaptive supply, and that is far too experimental for monero.  I'm pretty much a convert to the status quo at this point.  I don't like the vol because I think it harms adoption, but c'mon, there's no real adoption beyond spec and mining, nor will there be until we have some stuff up.  Usabilty in all its aspects.  As long as it remains active in speculators minds, I think that's about all we can really ask until there is more transaction flow.  I do expect some hoarding, by privacy-minded savers, which is some measure of mercy applied to the sin of front-loaded emission, and I'm happy for that.  If there's a lively economy and the vol is still brutal, I can complain then.  Meanwhile, I try to mitigate it and profit from it by trading mean reversions (quite successfully so far -- it's dead easy) and adding demand by gradual accumulation at opportunistic prices.

[tacotime]

- Raised minimum fee to 5 * (10^9)

I'm not positive but I think this means that if you use an old wallet to send a transaction it will not confirm once the mining nodes are upgraded. Users should upgrade or patch promptly.

Yeah, this is the case. Pretty soon you will not be able to submit tx to the network with the old client, as only about 25% or less of miners right now are on the old code.

[monero]

The experimental version just graduated. It is now 0.8.8.8. Grab it on the OP (no OS X binaries yet).

- updated by David Latapie

[AlexGR]

It has been said from the start that this is explicitly not a pump and dump coin. The devs frankly don't spend a lot of time thinking about the short term price action. The market will find an equilibrium and whatever that equilibrium price happens to be, "price times quantity" wlll allow you to hold and/or spend this coin in the desired amount. Whether that is 10 coins at 0.001 or 1 coin at 0.01 makes little real difference.

If you are looking a coin to be pumped up the for short term gains it may well be that DRK or XC are better for you. That won't work long term anyway. Pick any parameters you want, tweak them to game out an advantage as many times you want, but if the coin is not useful it will sooner or later still be worth exactly zero. Likewise if the coin is or becomes useful it will maintain and gain value regardless of the exact parameters, as explained above.

A coin doesn't select if it gets pumped. If it happens it happens. A dev can say "we are not pump and dump" and then have a pumper come onboard and pump it / dump it. The dev's assurance is not meaningful in the sense that he can't control what will happen with buyers. IIRC the XC thread said that in its first page and it got pumped. Was it the dev's fault?

As for the coin gaining traction due to utility, remember that perception plays a role. If someone is to, say, adopt Litecoin or Dogecoin, it's because they are considered "big coins". If you don't reach the "big" status, then adoption is low and use is also very low.

Think like real-life currencies in global commerce. Do you exchange in brazilian money or south african money? No. There is "hard currency" like USD and there is local currency. The local currency is a small market and is therefore irrelevant. That's the analogy that you must have in mind in terms of adoption. There is an ongoing currency competition and the "bigger one", which is accepted the most, is the best store of value compared to shit-currencies-that-inflate-too-much etc etc, is chosen as a tool for trade. To reach the "big" status you must first capture the market and stay there.

[emontmon]

I posted a couple of days ago about whether anyone has thoughts on changing the block reward. There were quite a few replies of which the majority agreed with me in some sense. I only recall 2 people being against it, one being smooth.

If I was in a minority I wouldn't have posted about it again.

I believe I said at the time, my question is for selfish reasons as it's benefits early holders. Clarification at to whether there's any flexibility in changing the coin reward allows me to better decide how to manage my investment.

do not change block reward. please review the thread before comming to you skewed conclusion. there is also an emission thread.

[Jaroco]

Hi, how do i make a transaction? Is address 1 my address or the destination address? what is with the mixin_count? And where do i put the transaction id from poloniex? Please give me an example. Thanks in advance.

[smooth]

Hi, how do i make a transaction? Is address 1 my address or the destination address? what is with the mixin_count? And where do i put the transaction id from poloniex? Please give me an example. Thanks in advance.

The address is the address to which you are sending, not yours. The mixin count determines the sender anonymity of the transaction (if you don't want the transaction traced back to link with your other transactions). If you aren't concerned with that you can use 0, although 1 is generally better. The payment ID goes at the very end, after the amount:

[wallet] transfer mixin destination-address amount payment-ID

[Jaroco]

Hi, how do i make a transaction? Is address 1 my address or the destination address? what is with the mixin_count? And where do i put the transaction id from poloniex? Please give me an example. Thanks in advance.

The address is the address to which you are sending, not yours. The mixin count determines the sender anonymity of the transaction (if you don't want the transaction traced back to link with your other transactions). If you aren't concerned with that you can use 0, although 1 is generally better. The payment ID goes at the very end, after the amount:

[wallet] transfer mixin destination-address amount payment-ID

thanks, that's very kind of you!

[huhliki.k]

Any news about adding monero on mintpal?

[White Lion]

Hi, how do i make a transaction? Is address 1 my address or the destination address? what is with the mixin_count? And where do i put the transaction id from poloniex? Please give me an example. Thanks in advance.

The address is the address to which you are sending, not yours. The mixin count determines the sender anonymity of the transaction (if you don't want the transaction traced back to link with your other transactions). If you aren't concerned with that you can use 0, although 1 is generally better. The payment ID goes at the very end, after the amount:

[wallet] transfer mixin destination-address amount payment-ID

thanks, that's very kind of you!

What do we set as payment ID?

I am going to transfer my coins from my old wallet, to the new wallet as recommended a few posts above.

Do I simple log into the old wallet, and send it to the new wallet address?

What is payment id, can I leave it blank?

Is this correct to use: transfer 2 [myaddress] [# of coins]

[xulescu]

Hi, how do i make a transaction? Is address 1 my address or the destination address? what is with the mixin_count? And where do i put the transaction id from poloniex? Please give me an example. Thanks in advance.

The address is the address to which you are sending, not yours. The mixin count determines the sender anonymity of the transaction (if you don't want the transaction traced back to link with your other transactions). If you aren't concerned with that you can use 0, although 1 is generally better. The payment ID goes at the very end, after the amount:

[wallet] transfer mixin destination-address amount payment-ID

Mix-in is the size of the ring signature (how many past transactions to use to blend your sender's address in?). Use a number from 0 to 99/100. Zero means no hiding, you are the only one signing. One means use another transaction as well to sign the transaction. This makes it possible for you to deny being the sender legally (it wasn't me, i swear. It was the other guy who mixed with me). The CryptoNote whitepaper proves mathematically that nobody can guess, only from reading the blockchain, which one was the actual sender with better than 50% accuracy (meaning you could flip a coin and do no worse). This scales up with the size. If you mix with 99 others nobody can guess it was you with better than 1% accuracy. The downside is a bigger transaction. Right now there is a fixed fee for all transactions but this will change at some point. In practice, a mix-in of 5 is considered reasonable and one of 20 is considered probably sufficient for all future practical purposes. (Please somebody correct my numbers if wrong)

You can mix in layers, say mix once send to yourself mix again send to destination. This multiplies the mixing factors but probably opens up some attack vectors which are not yet well understood such as timing attacks. If you only mix in one layer there are very few avenues to extract any information from the blockchain. In this sense Monero is almost perfectly opaque (pseudonymous and untraceable). Once I2P routing is implemented around august or so then that also becomes true about your IP address.

[Keyboard-Mash]

Any news about adding monero on mintpal?

Last I heard this hasn't changed, the original news was they're going to re-consider it in a couple months .. which was followed by adding Bytecoin for voting to the exchange just looked and I didn't see it on their list .. maybe I remembered wrong? Not sure of the reasons for their decision, but can respect it currently as we're on three other exchanges.

What do we set as payment ID?

I am going to transfer my coins from my old wallet, to the new wallet as recommended a few posts above.

Do I simple log into the old wallet, and send it to the new wallet address?

What is payment id, can I leave it blank?

Is this correct to use: transfer 2 [myaddress] [# of coins]

You don't have to have a payment ID at all unless you're transferring to an exchange. It's used for the exchange to separate your money from someone else's .. because otherwise it's totally anonymous and they don't know who sent what. If that's the case and you are sending to an exchange, add it as follows (your setup is correct otherwise):

transfer 2 [Address you want to send Monero to] [# of coins] [payment ID]

[richwang]

Another Anonymous Currency Based on Ring Signatures(A mature technology),
will beat DarkCoin.

[vokain]

i'm also waitting for a optimized cpu minning tool, it seems that somebody has that version, now it's unfair for vs whice use the old tool~~

Why would you do that when mining with the existing miner is still very profitable? (And I would add does not risk wasting your time mining unspendable coins or other problems, as happened to people using another too-hastily-released mining tool.) Testing is good. Be patient.

I mined with 4x Core i7 3770 for four days straight and didn't find a block. doesn't seem profitable to me. was I just unlucky?

What was your hash rate?  Here's the computation for my i7-4770, which gets roughly 25 hashes/sec (I'm not at it now):

blocks/day = (86400*hashes/sec) / diff

Diff *now* is really high, but yesterday it was around 16,000,000, so:

  86400*25/16000000 = 0.135

Which means that it should find a block every 1/0.135 = 7.4 days.  Your 3770s are probably similar, so with 4 of them, you should find a block every 2 days or so.  You could have been unlucky or maybe I over-estimated the hash rate you were getting.

With diff at 35m, you'll get a block every 4 days.  I'd probably move to a pool, because while you should be getting 4-5 MRO per day from your setup, it'll be very bursty.

Huh? I have an i7-4770K, and I get ~35h/s. And I'm only using 6 threads, so I don't lock up the system if I try to compile something.

The K is a bit faster than the 4770 for this one, based on comparing notes with some other people.  I was guessing from memory - it probably gets more like 29.

my 4770k at 4.7GHz gets like 200-300 H/s on 7 threads
is this due to the upgraded mining software that was released just these past few weeks?

[Keyboard-Mash]

my 4770k at 4.7GHz gets like 200-300 H/s on 7 threads
is this due to the upgraded mining software that was released just these past few weeks?

Yes, actually it's been increasing rapidly with multiple updates the last few weeks.

One of the most recent updates takes advantage of AES acceleration in newer hardware (allowing you to maximize on 4 threads), while I believe the newest one takes advantage of the lightly used threads (not sure of the exact mechanism so if someone knows please correct) and fully maximizes the processor. I'm pretty sure NoodleDoodle/Wolf/LucasJones worked on the AES acceleration, but only saw Wolf talking about further maximization on top of that.