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

[ol92]

not just monero but all cryptonote coins are at risk.

How do you know?

[DemocraticRepublicOfDave]

Ho hum.

BTC has suffered from many attacks and bugs in the past (fork of March 2013) and survived.

This sort of thing is to be expected for a young currency with a new algo and codebase.

Currently we have an attack.  From this the details will be discovered, and code patched to mitigate against this attack vector in the future.  Also once the attack is understood it may also lead to the discovery of other attack vectors, and the patching of those also.  This is good for the long term future of the coin.

If XMR is to be adopted as people in this thread believe then we can expect to experience similar events in the future as well.

Cheers

Dave

[Peter Todd]

Lets keep the record straight: Bitcoin v1.0 had significantly better code quality than Cryptonote does from what I've seen; I just checked and there weren't any goto statements in the codebase. Cleaning up this mess isn't going to be easy, although it certainly is doable.

I'd strongly suggest taking the good part of Cryptonote - the ring signatures - and porting them over to the Satoshi codebase. Monero could be re-released based on that much better codebase and the UTXO set ported over at the same time so all coin owners on the old system were coin owners on the new system.

what about the bug that created billions of BTC?

All new systems have bugs; based on the code I've looked at I fully expect we'll find an order of magnitude or three more serious bugs in the Cryptonote codebase than we found in the Bitcoin codebase.

Besides, by re-using the Bitcoin codebase you get the benefit of all the bugs that have been fixed over the past few years.

[Kuriso]

Looks like HitBTC just froze the deposits/withdraws and posted a warning

[ShroomsKit_Disgrace]

omg XMR is doomed!

[ShroomsKit_Disgrace]

omg XMR is doomed!

My investments.... 

[nioc]

Lets keep the record straight: Bitcoin v1.0 had significantly better code quality than Cryptonote does from what I've seen; I just checked and there weren't any goto statements in the codebase. Cleaning up this mess isn't going to be easy, although it certainly is doable.

I'd strongly suggest taking the good part of Cryptonote - the ring signatures - and porting them over to the Satoshi codebase. Monero could be re-released based on that much better codebase and the UTXO set ported over at the same time so all coin owners on the old system were coin owners on the new system.

what about the bug that created billions of BTC?

All new systems have bugs; based on the code I've looked at I fully expect we'll find an order of magnitude or three more serious bugs in the Cryptonote codebase than we found in the Bitcoin codebase.

Besides, by re-using the Bitcoin codebase you get the benefit of all the bugs that have been fixed over the past few years.

Are you offering help

There are other things besides ring signatures that are good and I have no idea how compatible they are.  As always, tradeoffs.

[btcney]

Should have bought Boolberry instead, lol 

[Peter Todd]

All new systems have bugs; based on the code I've looked at I fully expect we'll find an order of magnitude or three more serious bugs in the Cryptonote codebase than we found in the Bitcoin codebase.

Besides, by re-using the Bitcoin codebase you get the benefit of all the bugs that have been fixed over the past few years.

Are you offering help

Not quite - I've been hired as an advisor.

There are other things besides ring signatures that are good and I have no idea how compatible they are.  As always, tradeoffs.

I can't think of anything in Monero that would be fundementally incompatible with the Bitcoin codebase, although you'd certainly need to write some code. One good thing is that there's been a lot of recent work on the Bitcoin codebase to make it significantly more modular, to that reusing it for altcoins is easier than it used to be.

[nioc]

not just monero but all cryptonote coins are at risk.

How do you know?

did you read TacoTimes' preliminary explanation?  It seems that the issue is with the cryptonote protocol that all cryptonote coins share.

However let's wait and see what happens.  Most of us are speculating from a position of ignorance.  

[nikola384]

It looks like Mintpal and HitBTC are both still actively trading as well as withdraws and deposits are open.

Trading I can't do anything about. We've tried to contact those exchanges but haven't been able to.

However, I strongly recommend that you do not attempt to do deposits or withdraws

The block chain is a mess right now and there is no way to know what would happen to your coins.

Do not engage in any transactions at this time

I got in touch with freeworm and he says he froze XMR at bter
Let me know when it is all clear to resume

James

Signed:
James, the concerned, helpful helper!

[nioc]

All new systems have bugs; based on the code I've looked at I fully expect we'll find an order of magnitude or three more serious bugs in the Cryptonote codebase than we found in the Bitcoin codebase.

Besides, by re-using the Bitcoin codebase you get the benefit of all the bugs that have been fixed over the past few years.

Are you offering help

Not quite - I've been hired as an advisor.

There are other things besides ring signatures that are good and I have no idea how compatible they are.  As always, tradeoffs.

I can't think of anything in Monero that would be fundementally incompatible with the Bitcoin codebase, although you'd certainly need to write some code. One good thing is that there's been a lot of recent work on the Bitcoin codebase to make it significantly more modular, to that reusing it for altcoins is easier than it used to be.

Thank you Peter.

[drawingthesun]

https://twitter.com/petertoddbtc/status/507427225927708672   uhhh ohhh

So what? The code base is brand new and needs work. Every Monero investor should know this.

Bitcoin was crap as a stack of cards at one point, it even had freaking goto loops in the code.

Lets keep the record straight: Bitcoin v1.0 had significantly better code quality than Cryptonote does from what I've seen; I just checked and there weren't any goto statements in the codebase. Cleaning up this mess isn't going to be easy, although it certainly is doable.

I'd strongly suggest taking the good part of Cryptonote - the ring signatures - and porting them over to the Satoshi codebase. Monero could be re-released based on that much better codebase and the UTXO set ported over at the same time so all coin owners on the old system were coin owners on the new system.

Fair enough, however there was at one point a goto in bitcoin code, https://github.com/bitcoin/bitcoin/pull/2733/files

[stealth923]

And this is why adoption for cryptonote is at least 5 years behind bitcoin API.....all you hero shills love talking it up....

its untested - no business in their right mind would accept this technology when flaws like this exist.

Back to the drawing board...maybe you can look at the bloat / scalability issue while you are at it!

[Peter Todd]

Fair enough, however there was at one point a goto in bitcoin code, https://github.com/bitcoin/bitcoin/pull/2733/files

That's a proposed pull-req - it was never merged into the Bitcoin Core codebase. (in part because of the goto)

[Labteck]

which are the cryptonote coins doomed?

[drawingthesun]

Fair enough, however there was at one point a goto in bitcoin code, https://github.com/bitcoin/bitcoin/pull/2733/files

That's a proposed pull-req - it was never merged into the Bitcoin Core codebase. (in part because of the goto)

Ah thanks for the correction, I remember this coming up in a "bitcoin code is bad" discussion last year or something and thought the goto was in the code.

Thanks Peter.

[smooth]

Yes, create a new wallet, preferably on an offline computer, write down the seed words it gives you, and write down the public address it gives you. That is your paper wallet. Send to the wallet using the public address. Use the seed words to access the coins from it by creating a new online wallet with the '--restore-deterministic' option.

Wow, great explanation! Though I knew about the deterministic option, I somehow thought that XMR has no such thing as paper wallet.
Now... let's push my luck.. and is there any way to actually know how much is on a paper wallet without restoring it and going online? (my guess is "no", but I already guessed wrong once).

There will be using the view key, but not implemented yet.

[Peter Todd]

Ah thanks for the correction, I remember this coming up in a "bitcoin code is bad" discussion last year or something and thought the goto was in the code.

Thanks Peter.

I just checked, and there is one "goto err" used in EC_KEY_regenerate_key() in the current codebase. But regardless, the Cryptonote codebase is far worse. For one thing, writing it in C with pointer arithmetic is just nuts.

[klee]

Ah thanks for the correction, I remember this coming up in a "bitcoin code is bad" discussion last year or something and thought the goto was in the code.

Thanks Peter.

I just checked, and there is one "goto err" used in EC_KEY_regenerate_key() in the current codebase. But regardless, the Cryptonote codebase is far worse. For one thing, writing it in C with pointer arithmetic is just nuts.

Can you check BBR too? I know your time is super precious but...