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

[rpietila]

From economical perspective, 100 years of growth at 2% APR is 624% per century. Granted, century is a long time, but also the current system with its wasteful resource acquisition and general footprint on pristine nature, cannot continue 1-2 more centuries with this growth rate.

On the other hand, gold production of about 1.2% (historically higher ~2%) can be regarded as near optimal, because gold has held its value vs. oil in the last decades.

The larger the annual % of your money supply that you spend on mining, then assuming your mining hasn't been destroyed with ASICs as is the case for Bitcoin, then the more new people can come into the coin via mining.

Mining could be the most efficient way to introduce new users to the coin, as it doesn't require AML, KYC, fraudulent exchanges, etc..

Do you want a Mt.Gox and Coinbase driving your coin's adoption, or do you want to get the coins directly to them?

Directly, of course. Show me a coin that is even near this ideal, I have a unicorn for sale. I could set up a miner and earn $20 per month, expending only $30 in electricity, except I couldn't (I can't even delete a file). The economies of the coins need people like me so the way to purchase them with existing stored value must always to be available

I argue that the bolded part falls apart in the equation I = N * A, (inflation = number * average), though. Which is a pity:

To have a coin with manageable inflation, the product of the number of individual miners and their average reward must be contained. Therefore there is no incentive for anyone capable to become a miner, and the ones not capable.. well, they cannot.

Technically and economically astute people have a high minimum transaction cost in their life. $20 per month is not enough. The ones who drool over the idea of receiving $20, are not in the position to get even that If they were, the formula above would take it to $2.

Investors should understand that a larger (reasonable, not pump & dump levels of) debasement is going to drive more adoption and thus avoid the problem that happened to Bitcoin wherein it fell into a log-logistic adoption rate (instead of logistic, as I showed) and this is the reason the price will not be moving up as fast as it had been in the past.

Pump and dump is associated with premine. You cannot pump and dump a coin such as XMR in its present form with a robust inflation of 1.1% per day.

As for the supposed fall in adoption rate, I don't think you have been proven right yet and eagerly wait that the smashing to $5-$10 will get us back to the high end of the exponential(logistic) range channel.

Go for 3 - 10% instead!

Get behind me, Satan!

Going for 10% means 1.1^100 = 13,781 times higher coincount after a century. Even USD has mismanaged its issuance by only 6.5% per year on average for the last century. What differentiates hard currency from soft is that inflation is kept at check.

Even the idea of having double the amount of coins in 100 years is worrisome/preposterous to many. And that is only 0.7% inflation.

This is a really important matter. A 1%-point fail can easily destroy the coin.

You think I haven't been working eh.

See PM.

[fluffypony]

^It's not in the blockchain. Did you sent it with the current version from the OP? If you are using two months old version it's not sent with the right fee.

this is now the third question...


bitmonero wallet v0.8.9.65()
[wallet 48x3TT]: transfer 0 <address> 0.5 bd293b224aae610835121bd2b0b5887e45ada62da4ff3467bfc3f65a42652d21
Money successfully sent, transaction <8baa3bc1d4d98a3c83c5d8872ab26152a280115d8f77823a76333ff6e50463f4>
[wallet 48x3TT]: refresh
Starting refresh...
Refresh done, blocks received: 502                              
balance: 863.279174920000, unlocked balance: 862.932625920000

is the version too new?

No, it's too old (despite the misleading version numbers). You're using a version of Monero that is NOT by us and is not up-to-date with the latest changes. Only use versions of Monero linked in the OP or on the website.

[hitbtc]

Hi! Hitbtc team here.
As you remember, several days ago we launched a new campaign:
Now everyone can send us bug reports or usability improvements.


Thank you for taking a part in this campaign. We now have more than 10 e-mails with different suggestions or reports.
For now all of them are currently under investigation. Once this process is complete, we’ll send out rewards.
But the first rewards have already been transfered!
The campaign is not over, so send your bug reports or usability improvements to pr@hitbtc.com to get your reward:
• 100 XMR for a bug report;
• 50 XMR for any accepted usability improvement.
Get your reward – get in touch with us.

[sammy007]

Hi! Hitbtc team here.
As you remember, several days ago we launched a new campaign:
Now everyone can send us bug reports or usability improvements.


Thank you for taking a part in this campaign. We now have more than 10 e-mails with different suggestions or reports.
For now all of them are currently under investigation. Once this process is complete, we’ll send out rewards.
But the first rewards have already been transfered!
The campaign is not over, so send your bug reports or usability improvements to pr@hitbtc.com to get your reward:
• 100 XMR for a bug report;
• 50 XMR for any accepted usability improvement.
Get your reward – get in touch with us.

I will flood you.

[hitbtc]

I will flood you.

Do this, get rich quick! Send your suggestions or bug reports to PR@hitbtc.com

[Jcw188]

The campaign is not over, so send your bug reports or usability improvements to pr@hitbtc.com to get your reward:
• 100 XMR for a bug report;
• 50 XMR for any accepted usability improvement.
Get your reward – get in touch with us.

Actually got my coins, thanks very much! I hope the improvements make it to implementation - you guys have built something good and it would be cool to see it gain a real edge on the rest.
guys, keep posting suggestions because if they're actually taking notice and doing them then we can get a half decent exchange going here! ..Thanks for the reward again

[RentaMouse]

Tx fees are based on the original money supply.

No additional coin production + lost coins etc would cause exactly that deflation in the supply which would cause inflation on the price (value increase).

It isn't the value issue I have with transaction fees, it is the fact that for transaction fees to exceed marginal costs (i.e. to serve as a funding source for proof-of-work), mining has to be monopolized, and then other problems flow from there. I can't believe that is what Satoshi intended.

I know there is a comment or two from him where he considered the whole mining model to be a bit unfinished, so perhaps he just solved what he could and then moved on.

Indeed, I've yet to see a convincing argument (quite possible I havent looked hard enough) that Bitcoin tx fees will be enough by themselves to fund a sufficiently decentralised mining network, and miners are the only ones who really have an incentive to run full nodes too.

My personal view is that the future usage of Monero will be less about being an alternative to Paypal/credit cards (which would provide a high daily tx volume relative to value), and more about discretely moving wealth (lower tx volume but with higher value), so tx fees only block reward will be comparatively less than what Bitcoin might achieve.

Its possible that other services could be grafted on to Monero mining pools to add value - even with the move to db storage for the blockchain it still has a high storage and processing requirement to maintain a wallet. There has been some discussion already about a "thin wallet" client that relies on a hosted service, perhaps a future evolution might see wallet users paying a small fee to pools/miners for providing that. Or a different sort of merged mining where the network can be utilised as a sort of distributed supercomputer for hire, in addition to block solving work miners can be submitting shares for work on third party computing tasks.

My point is that a perpetual block reward may not be necessary to keep the network secured if some lateral thinking is applied, however "not necessary" doesn't mean it may not be desirable for other reasons.

[openyourmind]

Is there anyone here who is mining XMR only, no other coins? Will it be profitable?

[Quicken]

Is there anyone here who is mining XMR only, no other coins? Will it be profitable?

Yup, but I'm mining to hold. No interest in selling any this year, and probably not 2015 either. I am not sure about short term profitability.

[Shrikez]

Is there anyone here who is mining XMR only, no other coins? Will it be profitable?

I have been mining XMR exclusively for around 6 weeks now. I have yet to sell a single XMR. It is already profitable but you might make more short term with other coins.

I also keep buying more on exchanges when I think the price is right.

[nopedope89]

Hey guys!

I decided to launch special campaign which will give you an opportunity to get 0% PPLNS fee for a month on Minergate.com.

1. Take a photo of your mining rig with a list of paper in front, which is saying “I mine on Minergate using YOUR EQUIPMENT”  (YOUR EQUPMENT – equipment you use for mining)
2. Post photo in Twitter with a message “I earn #user_currency on #cryptonote #miningpool @MinerGate minergate.com”(user_currency – coin you mine)
3. Post a link to your tweet in our topic in Bitcointalk https://bitcointalk.org/index.php?topic=528848.1080
4. PM me with a link to your post and email you use for mining

Hope you will enjoy this little entertainment and waiting for your photos!

[Rinndaranaur]

Does it make any sense to try mining monero with the use of a laptop?

My PC needs repair and I’m thinking of switching to laptop for a while.

[slavo]

should i dump soon ? i would like moar xmr ^^

[thefunkybits]

is this baby going to 0.01? 

[griffinriz]

is this baby going to 0.01? 

Beyond that 

[Vilawil]

Does it make any sense to try mining monero with the use of a laptop?

My PC needs repair and I’m thinking of switching to laptop for a while.

Depends on the laptops specs - mine is pretty weak comparing to my desktop. You won’t get much and most likely it won’t even be enough to pay your electricity bill.

[digitalninja81]

Everybody knows who the main stakeholders are, and if they decide to stir up something funny, nothing will stop them.

[titan86]

Everybody knows who the main stakeholders are, and if they decide to stir up something funny, nothing will stop them.

I won’t be surprised if I wake up once to find monero dead and gone.

[GreekBitcoin]

Everybody knows who the main stakeholders are, and if they decide to stir up something funny, nothing will stop them.

I won’t be surprised if I wake up once to find monero dead and gone.

I wont be suprised if you are already butthurted and you are going to be even more soon.

[celestio]

It's odd that most newbie members have 99% of their post history corresponding about XMR in ways that don't even make sense. Bytecoin sockpuppet accounts, obvious is obvious.