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

[Globb0]

Does it have to be a volcano? I dont think there are any in the UK

[pönde]

There are two threats for the kryptoworld.

1. De-decentralization
When the hardware has to be updated all the time to more powerfull, there will be mostly left those few who have money to invest in. That means less decentralization. The solution is I guess to keep some way or other, mining by low-cost low-prower hardware competitive. ASIC-resistance and PoS-principle could be some of the solutions.

2. Ever expanding blockchain
Loading a full blockchain will take more time. Storing-capasity is not free either. This will decrease the amount of full-nodes. Again less decentralization. The solution could be taking from the existing blockchain all addresses and coins inside them, and copying them to just created new genesis-block. Then lets start the system and forget the old blockchain. Are there any principle-level problem to do this? There are for sure some practical ones, but they can be solved.


Bitcoin has been running now for more than five years, it has 45 000 000 transactions and the blockchain size is now 20GB. Monero just four moths, has about 170 000 transations and has blockchain sized of almost 1GB.

Something must be done. Or we will have a problem.

[smooth]

Monero just four moths, has about 170 000 transations and has blockchain sized of almost 1GB.

Most of that comes from a brief period when pools were generating a huge number of huge transactions to do tiny payouts. At the present time the rate of growth is about 5 MB per day or <2 GB per year. I would show a graph of this but monerochain is down right now.

[fluffypony]

Bitcoin has been running now for more than five years, it has 45 000 000 transactions and the blockchain size is now 20GB. Monero just four moths, has about 170 000 transations and has blockchain sized of almost 1GB.

Something must be done. Or we will have a problem.

We will solve this, or it will be a non-issue, before the blockchain reaches 20gb.

[David Latapie]

Adding to that, I created #monero-ger for all persons capable of speaking german.

#monero-de would make more sense. Principle of least astonishment, ISO 639.

[Anon136]

Say there are 10 dollars in existence. Alice owns 2, bob owns 5, and charlie owns 3. If alice throws her 2 dollars in the volcano, than there are only 8 dollars left in existance. Those 8 dollars are now chasing all of the exact same goods and services in the real economy as the previous 10. That means they will buy 20% more things and are 20% more valuable. A given dollar, all things being equal, has been made 20% more valuable than it was before. Measured in the value of dollars previous to alice throwing her dollars in the volcano, he has become 1 dollar wealthier (5*0.2=1).  Measured in the value of dollars previous to alice throwing her dollars in the volcano charlie has become $0.6 wealthier.

Of course the actual numbers are $1.25 and $0.75 wealthier (for the numbers to add up to $10). Otherwise your example would prove his point and not yours

Yes you are right. 3/8*2=0.75 and 5/8*2=1.25. The point, however, still remains exactly the same.

[smooth]

Worth a look:

"Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero)"

https://bitcointalk.org/index.php?topic=740112.0

[kbm]

Worth a look:

"Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero)"

https://bitcointalk.org/index.php?topic=740112.0

The pdf signatures being so out of whack are the most interesting part of that. I don't think those were looked into so heavily before. It's crazy to see that v1 paper was made after the v2 paper.

[aminorex]

The pdf signatures being so out of whack are the most interesting part of that. I don't think those were looked into so heavily before. It's crazy to see that v1 paper was made after the v2 paper.

Also interesting:  CZ has yet to comment on whether he is Andrei.  Not that it would impugn his code in any way.  As far as I can tell Andrei is quite competent.  Having committed many similar youthful indiscretions, I would not hold the past authorship of a botnet against him.

Is this CZ?  http://krebsonsecurity.com/wp-content/uploads/2012/01/Andrey-Sabelnikov.png

How does the Wild Keccak code compare to epee stylistically?

[MadGhost]

Bitcoin has been running now for more than five years, it has 45 000 000 transactions and the blockchain size is now 20GB. Monero just four moths, has about 170 000 transations and has blockchain sized of almost 1GB.

Something must be done. Or we will have a problem.

We will solve this, or it will be a non-issue, before the blockchain reaches 20gb.

this is not a nonsense that is like the bitcoin as they have the same gbs of blockchain

[meeh]

I guess this would interest you guys as much as the Anoncoin people/fans

https://geti2p.net/en/blog/post/2014/08/15/The-privacy-solutions-project

[kbm]

I guess this would interest you guys as much as the Anoncoin people/fans

https://geti2p.net/en/blog/post/2014/08/15/The-privacy-solutions-project

Damn right it would interest us (at least me ). Thanks for the link meeh!

I'll be in-line waiting to try out the browser bundle for sure .. I didn't even know that was a thing.

[Jhyrachy]

Hi!
Today i was thinking about an old affirmation of the dev about the fixed transaction cost amn how they will implement a "dynamic" fee based on the "weight" in kB of the transaction.
I had an idea, that probably will never work or is totally incorrect, but maybe someone smarter then me will have some usefull inspiration:

Monero is an anoncoin with possible multiple encription layer, you can choose, while sending the transaction, how much you want it to be encripted and, obviusly, more is encripted, more it weight and more it will cost.
I was wondering about an option who let people do not encrypt their transaction and then send it without transaction fee (or with really low fees). Plus, we can use both the current algo plus Proof of Stake; all the client will become node and they'll prioritize these "free" transaction while miners will prioritize encrypted transaction (that with their fees will help ghe network keep running). Client of the PoS, if i recall correctly, will act as a torrent client, sendind and receiving transaction with little power and bandwith consumption, but they'll not receive any payment (or a really small one, like an equal [not proportional] distribution of the low fees).
I think this could be a really good feature!

Please do not kill me for this tought and sorry for my bad English!

[fluffypony]

Hi!
Today i was thinking about an old affirmation of the dev about the fixed transaction cost amn how they will implement a "dynamic" fee based on the "weight" in kB of the transaction.
I had an idea, that probably will never work or is totally incorrect, but maybe someone smarter then me will have some usefull inspiration:

Monero is an anoncoin with possible multiple encription layer, you can choose, while sending the transaction, how much you want it to be encripted and, obviusly, more is encripted, more it weight and more it will cost.
I was wondering about an option who let people do not encrypt their transaction and then send it without transaction fee (or with really low fees). Plus, we can use both the current algo plus Proof of Stake; all the client will become node and they'll prioritize these "free" transaction while miners will prioritize encrypted transaction (that with their fees will help ghe network keep running). Client of the PoS, if i recall correctly, will act as a torrent client, sendind and receiving transaction with little power and bandwith consumption, but they'll not receive any payment (or a really small one, like an equal [not proportional] distribution of the low fees).
I think this could be a really good feature!

Please do not kill me for this tought and sorry for my bad English!

Your English is fine:) Let's take Proof of Stake out the picture, as PoS is flawed in many respects, and that is a discussion for another time. The rest of what you're saying is spot on, and it is both how Monero works and will work in the future. The higher your mixin level, the more signatures you mix with for your transaction. But then your transaction is also physically bigger (in terms of the kb size of your transaction). When we move to per-kb fees, this will mean that the higher your mixin, the higher the privacy (more ring signatures), and the more costly that transaction will be to you.

[thefunkybits]

For those who havent heard yet, we are running a Monero Giveaway!

Learn how you can earn 0.4 XMR here: https://bitcointalk.org/index.php?topic=731365.0

[Quanttek]

Adding to that, I created #monero-ger for all persons capable of speaking german.

#monero-de would make more sense. Principle of least astonishment, ISO 639.

I also choosed the name after the ISO standard, to be exact: 639-2/B. When you look on the international floor , then you see they use exactly this standard: ENG, FRE, SPA, CHI and so one and so forth. Also most german chatrooms or subforums, etc, use -ger, when the plattform, they use, is used internationally

[okidoki]

Hi!
Today i was thinking about an old affirmation of the dev about the fixed transaction cost amn how they will implement a "dynamic" fee based on the "weight" in kB of the transaction.
I had an idea, that probably will never work or is totally incorrect, but maybe someone smarter then me will have some usefull inspiration:

Monero is an anoncoin with possible multiple encription layer, you can choose, while sending the transaction, how much you want it to be encripted and, obviusly, more is encripted, more it weight and more it will cost.
I was wondering about an option who let people do not encrypt their transaction and then send it without transaction fee (or with really low fees). Plus, we can use both the current algo plus Proof of Stake; all the client will become node and they'll prioritize these "free" transaction while miners will prioritize encrypted transaction (that with their fees will help ghe network keep running). Client of the PoS, if i recall correctly, will act as a torrent client, sendind and receiving transaction with little power and bandwith consumption, but they'll not receive any payment (or a really small one, like an equal [not proportional] distribution of the low fees).
I think this could be a really good feature!

Please do not kill me for this tought and sorry for my bad English!

Your English is fine:) Let's take Proof of Stake out the picture, as PoS is flawed in many respects, and that is a discussion for another time. The rest of what you're saying is spot on, and it is both how Monero works and will work in the future. The higher your mixin level, the more signatures you mix with for your transaction. But then your transaction is also physically bigger (in terms of the kb size of your transaction). When we move to per-kb fees, this will mean that the higher your mixin, the higher the privacy (more ring signatures), and the more costly that transaction will be to you.

I do not see why PoS is so flawed... I think PoW is much worse... but no hope is lost as all the currencies can switch from PoW to PoS....

[eizh]

I do not see why PoS is so flawed... I think PoW is much worse... but no hope is lost as all the currencies can switch from PoW to PoS....

A short read:

Distributed Consensus from Proof of Stake is Impossible
https://download.wpsoftware.net/bitcoin/pos.pdf

It works. Until it doesn't.

[kbm]

I do not see why PoS is so flawed... I think PoW is much worse... but no hope is lost as all the currencies can switch from PoW to PoS....

Proof of centralization currencies are all flawed. The more you work to get all the value into your control, the more you're rewarded. Not that that's any different from how things are now .. but in this case leaving $10,000 under my mattress would literally mean that I can have $10,500 next year. Once the work is done .. you can create infinite value (relative to yourself) with no work. Sounds neat .. but isn't how things work. There's no effort there. You're literally agreeing to hand people everything for nothing when it's pretty common knowledge that people don't have everything to give for nothing .. so that makes no sense. It's a neat investment idea, if one were so inclined .. but it just sounds retarded to me. Coupled with a PoW .. then there still might be somehting there.

[Anon136]

Hi!
Today i was thinking about an old affirmation of the dev about the fixed transaction cost amn how they will implement a "dynamic" fee based on the "weight" in kB of the transaction.
I had an idea, that probably will never work or is totally incorrect, but maybe someone smarter then me will have some usefull inspiration:

Monero is an anoncoin with possible multiple encription layer, you can choose, while sending the transaction, how much you want it to be encripted and, obviusly, more is encripted, more it weight and more it will cost.
I was wondering about an option who let people do not encrypt their transaction and then send it without transaction fee (or with really low fees). Plus, we can use both the current algo plus Proof of Stake; all the client will become node and they'll prioritize these "free" transaction while miners will prioritize encrypted transaction (that with their fees will help ghe network keep running). Client of the PoS, if i recall correctly, will act as a torrent client, sendind and receiving transaction with little power and bandwith consumption, but they'll not receive any payment (or a really small one, like an equal [not proportional] distribution of the low fees).
I think this could be a really good feature!

Please do not kill me for this tought and sorry for my bad English!

as PoS is flawed in many respects, and that is a discussion for another time

I would very much like to have that discussion at some other time. If you are talking about nothing at stake than that has been addressed. If it is some other novel new attack vector than i would be very interested.