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

[Hueristic]

Sorry folks, monero is done for, recovery from this will be an exercise in futility.  I was in and out awhile back, glad I didn't dive back in.  Bail now.

I have been out for awhile now and see this as the perfect time to get back in. Just waiting for the floor. So you guys keep working hard because your making me money.

[generalizethis]

Sorry folks, monero is done for, recovery from this will be an exercise in futility.  I was in and out awhile back, glad I didn't dive back in.  Bail now.

Thank you for the discounted XMR,  

[jwinterm]

For anyone who would like to help support network over next few days, or is just interested/curious, I put together detailed instructions on how to do cpu+gpu mining on AWS. Posted on the Monero mining thread here:

https://bitcointalk.org/index.php?topic=653467.msg8919354#msg8919354

Thanks to oda.krell for giving me some impetus to write it up

[smooth]

For anyone who would like to help support network over next few days

Or longer!

[smooth]

Cross posting excellent suggestion how to solo mine directly to the developer donation address to both help secure the network and support the project financially.

Please do this!

Now that we are approaching the First Day of Fall 2014 (The Autumnal Equinox) in the Northern Hemisphere (September 23 at 02:59 UTC) http://www.almanac.com/content/first-day-fall-autumnal-equinox here is a suggestion to help the Monero project while helping to stay warm this fall and winter.

After starting bitmonerod (bitmonerod.exe for Windows users) enter:

Code:

start_mining 46BeWrHpwXmHDpDEUmZBWZfoQpdc6HaERCNmx1pEYL2rAcuwufPN9rXHHtyUA4QVy66qeFQkn6sfK8aHYjA3jk3o1Bv16em 3

So what does this do. In addition to providing some warmth during the fall and winter, it adds some extra mining hashpower to help secure the Monero network, every little amount helps, while sending any found XMR to the development fund as a donation. Let us spread some warmth during this fall and winter.

Technical note: The number 3 refers to the number of mining threads. I set mine to one less than the number of virtual processors in my CPU (4 for an Intel i5). To learn more about mining Monero please visit https://bitcointalk.org/index.php?topic=653467.

[arielbit]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

[Hueristic]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

Troll agenda is obvious. Unfortunately for them this community is above the curve.

I need some good predictions for the floor to get back in. What do you guys think?

[David Latapie]

Hey Stormia! Glad to see you here!

[Hueristic]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

Troll agenda is obvious. Unfortunately for them this community is above the curve.

I need some good predictions for the floor to get back in. What do you guys think?

Its not touching 0029 and bellow ever again

I'm a little lower than that right now but I can always raise it. As this so called "death spiral deadline" comes closer I will snipe what I can I think.

I have much more faith in XMR DEVS than these retarded trolls.

BTW if you want to get rid of them all you have to do is go into their flavor of the day coin and point out some truths.

[nioc]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

Troll agenda is obvious. Unfortunately for them this community is above the curve.

I need some good predictions for the floor to get back in. What do you guys think?

At the top of the first post IIT is the link to the speculation thread.  Price has been steady today with people speculating that it might go down as we get closer to the deadline.  Others have speculated that the panic sellers have already sold.  Good luck.

[smooth]

For what do you anticipate the potential $250k reserve being needed, and couldn't that be covered by the ongoing mining tax?

An ongoing 1% at current prices (future prices who knows, but downside price risk is there if there are fiat-denominated ongoing costs) only raises about 10K USD per month. This amount declines due to reduced mining by about 4% per month (i.e. quite significant after say six months).

That is barely enough for one full time developer, not counting costs for infrastructure, experts, unexpected, etc. Of course there will still be donations, T-shirt sales, whatever MEW comes up with, etc. So I'm not saying it can't work, but it is definitely not so much relative to anticipated costs that the question shouldn't be asked.

[ArticMine]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

Troll agenda is obvious. Unfortunately for them this community is above the curve.

I need some good predictions for the floor to get back in. What do you guys think?

I would decide on how much XBT to invest and then cost average over the next 24 hours or so. One can also monitor the trolls and when the trolling peaks then buy. I have observed a correlation between the intensity of the trolling and the price. I would also keep a close eye for developer announcements that could also impact the price.  This is likely to be a tumultuous couple of days so it is best to keep a cool head and stick to a system rather than try to time the bottom.

One thing is also possible. If the attack fails or is cancelled than there is a very significant chance that XMR/XBT will spike in a buying panic. One does not want to get caught short if this happens.

[iCEBREAKER]

For what do you anticipate the potential $250k reserve being needed, and couldn't that be covered by the ongoing mining tax?

An ongoing 1% at current prices (future prices who knows, but downside price risk is there if there are fiat-denominated ongoing costs) only raises about 10K USD per month. This amount declines due to reduced mining by about 4% per month (i.e. quite significant after say six months).

That is barely enough for one full time developer, not counting costs for infrastructure, experts, unexpected, etc. Of course there will still be donations, T-shirt sales, whatever MEW comes up with, etc. So I'm not saying it can't work, but it is definitely not so much relative to anticipated costs that the question shouldn't be asked.

Ah, good point about the declining mining reward.  That's what I needed to justify the larger bootstrap.

Just to throw it out there, what about a 2% mining tax instead of a 2% bootstrap?

$10k/month seems like plenty of cash to burn.  We'll need a rough monthly budget to justify it:

$6k - full time dev
$2k - half time dev
$1k - infrastructure
$1k - experts

What's the response to the obligatory "But But Bitcoin doesn't pay its core devs" objection?  At what point should Monero be self-sufficient?

Cheers,

~~iCEBREAKER~~

[Hueristic]

maybe the trolls are testing if xmr is bcx proof, testing if the devs are very good, testing the community, and getting the price low before investing a lot of money aka MEGA PUMP 

Troll agenda is obvious. Unfortunately for them this community is above the curve.

I need some good predictions for the floor to get back in. What do you guys think?

I would decide on how much XBT to invest and then cost average over the next 24 hours or so. One can also monitor the trolls and when the trolling peaks then buy. I have observed a correlation between the intensity of the trolling and the price. I would also keep a close eye for developer announcements that could also impact the price.  This is likely to be a tumultuous couple of days so it is best to keep a cool head and stick to a system rather than try to time the bottom.

One thing is also possible. If the attack fails or is cancelled than there is a very significant chance that XMR/XBT will spike in a buying panic. One does not want to get caught short if this happens.

thx Man.

[smooth]

Just to throw it out there, what about a 2% mining tax instead of a 2% bootstrap?

Quite possibly, especially if there is a better method for crowdfunding or donations or something for specific targeted projects beyond the initial bootstrap. I think we're getting to the level of detail where we'd need to work out a real budget, which would require more involvement than just you and me. That may or may not be a pointless exercise, since it is isn't clear there is anyone other than the two of us even open to considering the whole approach.

$10k/month seems like plenty of cash to burn.

I'll quote tacotime since he has more experience with the current market for hiring qualified crypto developers. Please read to the end and note that 21K USD/month is the low end of his annual budget estimate.

It's kind of sad... Monero has attracted some of the smartest minds I've seen in cryptocurrencies and cryptography, but we don't have enough money to pay to developed even 1/4 of the things we need to. It costs about $100-150 an hour to contract a decent programmer to hack (and please don't start on the value of third world programmers, if you're talking about that you've probably never used them), or $800-1200 a day. I would estimate that ByteCoin put in about a half million USD to get their project off the ground, which is probably why they've been trolling us so hard. But, the fact of the matter is, we're either paying out of pocket or (like me) working completely for free.

Monero is about a lot more than pumping and dumping -- it uses many of the features that have been desired from core devs over time like privacy and faster/more secure EdDSA (which uses Schnorr signatures). But there are major, major architectural overhauls to the core code that need to be done to give it even a fraction of the usability of BTC, and I fear we won't be able to afford that. I suspect we need at least 0.25-0.50M USD per year to keep things moving along smoothly, and we're not getting close to $21K USD a month in donations.

[saddambitcoin]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

edit: ~saddam~

[smooth]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

Good question. I have never seen an answer to this. GPU mining is only set up for pools? Perhaps we'll get a better answer.

Meanwhile, put it on a smaller pool, with a backup pool configured.

Also, don't forget to solo mine on your CPUs as well.

Thanks for the support!

[cAPSLOCK]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

Good question. I have never seen an answer to this. GPU mining is only set up for pools? Perhaps we'll get a better answer.

Meanwhile, put it on a smaller pool, with a backup pool configured.

Also, don't forget to solo mine on your CPUs as well.

Thanks for the support!

I do believe gpu mining has been a pool only thing in the past and I think it still may be.  I know some folks have set up their own pool to mine "solo".

[nioc]

i have 1 GPU, how do i solo mine with it? usually i connect to moneropool.org.

i know it does not mean much but its a solid 315 h/s

Good question. I have never seen an answer to this. GPU mining is only set up for pools? Perhaps we'll get a better answer.

Meanwhile, put it on a smaller pool, with a backup pool configured.

Also, don't forget to solo mine on your CPUs as well.

Thanks for the support!

Moneropool.org is a small pool.  Moneropool.com is the big one

ETA:  Looks like I'm mistaken, there is no moneropool.org, I thought there was.

[5w00p]

Daemon activity, is it odd or normal?