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

[e-coinomist]

Does anyone here think monero could explode 100 times, during the next bitcoin bubble?

No, due to lack of a next Bitcoin bubble.
Face it, Bitcoin is Altcoin Pump in slow motion, currently on the decline. Joe Average no more mines BTC, nor buys them to the moon.

I've given up dreams of being rich.  My dinner tonight is a peanut butter and jam sandwich.  Though it will contain fine French raspberry jam.

Not richt, but not fat either! ♪ ♪♩ ♩♩♬ Always look on the bright side of live ♬♪ ♪♩♩♩

[smooth]

Nothing (I'll type it again: NOTHING) is anonymous if it happens online. There are allegedly anonymous solutions like Tor or secure VPNs, but if somebody wants to find you (provided he has the resources) he will do so. A word for XMR. Do not post your addresses online, for this is the only address you have. I've seen many people doing so; dood if you don't mind revealing your address, what's the point of using XMR anyway?

This is small misunderstanding. Monero addresses are safe to post online, list in a public directory etc. They don't appear on the blockchain, and the only thing you can do with an address is send coins to it. You can't identify transactions that were sent to the address.

Of course, nothing is ever quite 100%, it is possible there may be bugs or flaws. However, that is the intent of the design.

If you buy your XMR on a centralized exchange, though, and the exchange keeps records of your withdrawals to that address, it could be linked back to your personal information if the exchange's records are ever disclosed.

There are two cases here:

1. The exchange (or other party) knows your identity. In this case it doesn't matter if you use an address that publicly identifies you, as the exchange records include your identity already.

2. The exchange records do not include your identity and you don't want the exchange or anyone with access to the exchange's records to find out your identity. In this case, yes, you should not use the same address is associated with you (either publicly or in the records of some other party whose records might also become available).

I suspect that #2 in the case of centralized exchanges will become increasingly rare and perhaps non-existant, but is worth keeping in mind. And it is definitely valid for other non-exchange parties you may deal with.

[bigj]

Have a look here:

Darkcoin gets a free promotion at ibtimes.co.uk.. however, in the comments below the article Monero is mentioned (and bashed).

http://www.ibtimes.co.uk/darkcoin-perfect-e-cash-cryptocurrency-emerging-dark-web-trump-bitcoin-1472144

[bigj]

Another thought: Would it be possible to implement side chains with Monero technology?

[smooth]

Another thought: Would it be possible to implement side chains with Monero technology?

It is possible to extend Monero to include the facilities necessary for side chains.

[superresistant]

Another thought: Would it be possible to implement side chains with Monero technology?

It is possible to extend Monero to include the facilities necessary for side chains.

And the big difference with Bitcoin is that Monero is anonymous by default.

[bigj]

Another thought: Would it be possible to implement side chains with Monero technology?

It is possible to extend Monero to include the facilities necessary for side chains.

And the big difference with Bitcoin is that Monero is anonymous by default.

Maybe a stupid question, but: Could side chains be used to mitigate scaling issues with a bloating block chain?

[smooth]

Another thought: Would it be possible to implement side chains with Monero technology?

It is possible to extend Monero to include the facilities necessary for side chains.

And the big difference with Bitcoin is that Monero is anonymous by default.

Maybe a stupid question, but: Could side chains be used to mitigate scaling issues with a bloating block chain?

Not a stupid question. It is possible and it is something we've discussed. There are a number of ways this could work, but here is one to think about: You could have multiple side chains just like the original except each with only a fraction of the transactions. In fact it is possible to imagine an almost arbitrary number of these. Some complications arise, but nothing that seems totally infeasible.

Interesting, huh?

[florida.haunted]

Hello, and welcome to our sixteenth Monero Monday Missive!

Major Updates

1. We have made major strides in the initial database implementation (you'll recall from our last Missive that our first implementation will use LMDB), and it is very nearly ready for broader testing. Specifically: the new blockchain is working for most things, but there are bugs with certain aspects of block verification that need to be fixed before it can be more widely tested. If you are particularly intrepid you can already grab it here: https://github.com/tewinget/bitmonero/tree/blockchain and compile it, and thus assist in identifying areas where it breaks down, although such reports are probably best submitted as github issues to tewinget's repository to reduce duplication. Once these and any other major issues have been weeded out the next steps would involve a bit of refactoring, fix cross-platform nigglies, and open it up for general testing.

...SKIPPED...

PS. this Missive has the very great honour of being the first one to be finalised and very nearly posted from the air

- updated by fluffypony

May be late, but I give thanks to Monero devs that they keep new weekly schedule of Monero missive intact. I consider word 'missive' as your 'mission', dear devs!

Sorry I have no time right now to comment the Missive in depth. But I am very optimistic about ongoing progress and about you devs have selected LMDB to be the first Monero's underlying database.

Keep your progress! I am with you by soul!

P.S. Very nice photo from air, fluffypony!

[bigj]

Another thought: Would it be possible to implement side chains with Monero technology?

It is possible to extend Monero to include the facilities necessary for side chains.

And the big difference with Bitcoin is that Monero is anonymous by default.

Maybe a stupid question, but: Could side chains be used to mitigate scaling issues with a bloating block chain?

Not a stupid question. It is possible and it is something we've discussed. There are a number of ways this could work, but here is one to think about: You could have multiple side chains just like the original except each with only a fraction of the transactions. In fact it is possible to imagine an almost arbitrary number of these. Some complications arise, but nothing that seems totally infeasible.

Interesting, huh?

Yes, that sounds extremely important for mass adaption!

With side chains you could create temporary sub chains to store (millions of) transactions without bloating the main chain. Imagine you are a credit card company, you could create a side chain for your business operations on a monthly basis. At the beginning of the month, you create a sub chain, run your (mass) business on that one, and at the end of the month, you simply merge it (its current state) back into the main chain to start all over with the same procedure the next month.

For Monero, that would be a 'HELLO WORLD' event.


ADD: https://coinreport.net/tree-chains-vs-side-chains-controversy-explained

ADD2: Regarding treechains, distributed (over the internet) hash tables might be useful as well...

[babama]

always test things out with small amounts until you get the hang of it.

 i am waiting for new wallet

[Eastwind]

Nothing (I'll type it again: NOTHING) is anonymous if it happens online. There are allegedly anonymous solutions like Tor or secure VPNs, but if somebody wants to find you (provided he has the resources) he will do so. A word for XMR. Do not post your addresses online, for this is the only address you have. I've seen many people doing so; dood if you don't mind revealing your address, what's the point of using XMR anyway?

This is small misunderstanding. Monero addresses are safe to post online, list in a public directory etc. They don't appear on the blockchain, and the only thing you can do with an address is send coins to it. You can't identify transactions that were sent to the address.

Of course, nothing is ever quite 100%, it is possible there may be bugs or flaws. However, that is the intent of the design.

If you buy your XMR on a centralized exchange, though, and the exchange keeps records of your withdrawals to that address, it could be linked back to your personal information if the exchange's records are ever disclosed.

Even though somebody else knows that you own that address, they cannot see what is inside that address. You can send money from that address to another address. That would make it unlinkable.

[smooth]

Nothing (I'll type it again: NOTHING) is anonymous if it happens online. There are allegedly anonymous solutions like Tor or secure VPNs, but if somebody wants to find you (provided he has the resources) he will do so. A word for XMR. Do not post your addresses online, for this is the only address you have. I've seen many people doing so; dood if you don't mind revealing your address, what's the point of using XMR anyway?

This is small misunderstanding. Monero addresses are safe to post online, list in a public directory etc. They don't appear on the blockchain, and the only thing you can do with an address is send coins to it. You can't identify transactions that were sent to the address.

Of course, nothing is ever quite 100%, it is possible there may be bugs or flaws. However, that is the intent of the design.

If you buy your XMR on a centralized exchange, though, and the exchange keeps records of your withdrawals to that address, it could be linked back to your personal information if the exchange's records are ever disclosed.

Even though somebody else knows that you own that address, they cannot see what is inside that address. You can send money from that address to another address. That would make it unlinkable.

Yes that is correct. I think what he meant was something like: If you have your public address on your web site (along with your name) and use that same address for an (otherwise anonymous) exchange, then the exchange account can then be linked to you, not through the blockchain, but through the exchange's own records of your address matching the address on your website.

[Nyterax]

Nothing (I'll type it again: NOTHING) is anonymous if it happens online. There are allegedly anonymous solutions like Tor or secure VPNs, but if somebody wants to find you (provided he has the resources) he will do so. A word for XMR. Do not post your addresses online, for this is the only address you have. I've seen many people doing so; dood if you don't mind revealing your address, what's the point of using XMR anyway?

This is small misunderstanding. Monero addresses are safe to post online, list in a public directory etc. They don't appear on the blockchain, and the only thing you can do with an address is send coins to it. You can't identify transactions that were sent to the address.

Of course, nothing is ever quite 100%, it is possible there may be bugs or flaws. However, that is the intent of the design.

If you buy your XMR on a centralized exchange, though, and the exchange keeps records of your withdrawals to that address, it could be linked back to your personal information if the exchange's records are ever disclosed.

Even though somebody else knows that you own that address, they cannot see what is inside that address. You can send money from that address to another address. That would make it unlinkable.

Yes that is correct. I think what he meant was something like: If you have your public address on your web site (along with your name) and use that same address for an (otherwise anonymous) exchange, then the exchange account can then be linked to you, not through the blockchain, but through the exchange's own records of your address matching the address on your website.

Then that's not the protocol's fault but that of the laziness of the user

[dnaleor]

Does anyone here think monero could explode 100 times, during the next bitcoin bubble?

That depends on the bubble. For now, monero seems to be for the geeks only. I don't see the average user install it manually and operating it from a command line. That does not stop the public from trading it, of course.

Before the next btc bubble Monero will be usable by my fellow drooling masses.

Is btc going to explode 100x?  lol  This May I heard btc was going to be 5k in July.

I've given up dreams of being rich.  My dinner tonight is a peanut butter and jam sandwich.  Though it will contain fine French raspberry jam.

personally, I think BTC x100 is less likely than XMR x100, but that is just me speculating off course

[NeuroticFish]

personally, I think BTC x100 is less likely than XMR x100, but that is just me speculating off course

Yep, that's a very good point. However, if BTC continues the current trend, XMR x100 will mean "only" 75x profit... :-/





On another note, did I miss a missive, or it didn't come at all? (Shouldn't they be every week?)

[dEBRUYNE]

personally, I think BTC x100 is less likely than XMR x100, but that is just me speculating off course

Yep, that's a very good point. However, if BTC continues the current trend, XMR x100 will mean "only" 75x profit... :-/





On another note, did I miss a missive, or it didn't come at all? (Shouldn't they be every week?)

It was delayed for a day, because fluffypony was traveling.

Original post is here

Monero Monday Missives

October 27th, 2014

Hello, and welcome to our sixteenth Monero Monday Missive!

Major Updates

1. We have made major strides in the initial database implementation (you'll recall from our last Missive that our first implementation will use LMDB), and it is very nearly ready for broader testing. Specifically: the new blockchain is working for most things, but there are bugs with certain aspects of block verification that need to be fixed before it can be more widely tested. If you are particularly intrepid you can already grab it here: https://github.com/tewinget/bitmonero/tree/blockchain and compile it, and thus assist in identifying areas where it breaks down, although such reports are probably best submitted as github issues to tewinget's repository to reduce duplication. Once these and any other major issues have been weeded out the next steps would involve a bit of refactoring, fix cross-platform nigglies, and open it up for general testing.

2. The testing of per-kb fees on testnet, too, has gone exceedingly well. We will be adding the functionality to simplewallet (previously it required manual creation) and hope to deploy that for general testing within the next week.

3. Kitware staff, Ben Boeckel in particular, have spent a lot of time completely reworking our CMake build system and bringing it up to best practices. The fruits of those efforts can be seen on the Pull Request currently undergoing testing: https://github.com/monero-project/bitmonero/pull/180 (feel free to checkout this PR if you'd like to test). Now that the build system is starting to come together in its final form, we are hoping to use it to tag and release 0.8.8.5 during the course of next week.

4. In order to more efficiently deal with changes in the on-disk wallet format we are moving away from the old serialised+encrypted .keys format, and have a new format which is effectively encrypted JSON. This change allows us to note the wordlist language in the wallet format (so that the "seed" command can reflect that choice) and allows for cross-platform compatibility of the .keys file, which we are sure is excellent news for anyone that moves wallets between operating systems and architectures. You can test this in PR 179.

5. There have been a constant string of improvements and changes to the forum software to make it more usable and useful. In particular, new comments in a thread are highlighted within that thread. Additionally, unread threads (or threads with new unread comments) are highlighted by having a green dot next to them. Both of these apply to logged in users only. If you haven't visited the forum, you are encouraged to do so: https://forum.monero.cc

Dev Diary

Core: LMDB implementation is rough but nearly working (details above). Worth testing cross-platform, least of all from a build perspective.

Core: since we have already had to perform the rather annoyingly complex task of offloading MoneroPulse checkpoint checks to a separate thread (so as not to tie anything up during checks) we have begun extending this to other parts of the core that could potentially be or currently are pain points. This does not include the flat-file blockchain saving, as that is going to be deprecated with the move to LMDB, so pools will just need to hang on and deal with that nuisance for a little bit longer.

Build: CMake is looking a lot cleaner and easier to grok. It also fixes cross-compile (see: http://www.cmake.org/Wiki/CMake_Cross_Compiling) which means that binaries for all our major supported platforms can be built on a single system.

Account: multilang wordlists are now inherent to the wallet/account, so that RPC and CLI calls that retrieve the mnemonic do so in the correct format. This has, in turn, necessitated moving away from the horrible serialised data format for account data. Since epee's JSON library is beyond redemption, we have opted to use RapidJSON instead (which is headers-only and thus straight in the source tree).

Until next week!

PS. this Missive has the very great honour of being the first one to be finalised and very nearly posted from the air

- updated by fluffypony

[mmortal03]

Even though somebody else knows that you own that address, they cannot see what is inside that address. You can send money from that address to another address. That would make it unlinkable.

Yes that is correct. I think what he meant was something like: If you have your public address on your web site (along with your name) and use that same address for an (otherwise anonymous) exchange, then the exchange account can then be linked to you, not through the blockchain, but through the exchange's own records of your address matching the address on your website.

Then that's not the protocol's fault but that of the laziness of the user

I'm for making software where even the laziest user benefits. This issue may ultimately become a matter of semantics, of course; I don't know the full design trajectory of Monero. All I'm saying is that this component of the reasoning that we have against people reusing addresses in cryptocurrencies still pertains to Monero. While Monero doesn't have the primary issue to avoid, that is, where people are able to check someone's balance and transaction history at any publicly disclosed address, Monero still runs into the problem of someone's identifiable information contained in third party databases being cross referenced, whenever or wherever it is that they've reused their Monero address.

Therefore, it seems that there is still an important usage case for having the software make effortless the management of multiple Monero addresses (or accounts, if you prefer). While Monero seems to get rid of the need to generate and manage a new address for every single transaction, there is still a need to generate and manage new addresses for each privacy case where external cross-referencing might be plausible.

I don't doubt that there are smarter people who have already thought through all of this, but it does seem to be a usage case that hasn't been fully fleshed out from a practical standpoint in the software (and please correct me if I'm wrong). It seems to currently be a clumsy situation to manage multiple Monero accounts. Each requires its own instance of the wallet software to be running, and each requires its own backup mnemonic. All I'm interested in here is achieving the maximum security that we can in the least tedious way possible for users.

[NeuroticFish]

Monero Monday Missives

October 27th, 2014

Thank you very much.

I'm for making software where even the laziest user benefits. [...]

Therefore, it seems that there is still an important usage case for having the software make effortless the management of multiple Monero addresses (or accounts, if you prefer). While Monero seems to get rid of the need to generate and manage a new address for every single transaction, there is still a need to generate and manage new addresses for each privacy case where external cross-referencing might be plausible.

I don't doubt that there are smarter people who have already thought through all of this, but it does seem to be a usage case that hasn't been fully fleshed out from a practical standpoint in the software (and please correct me if I'm wrong). It seems to currently be a clumsy situation to manage multiple Monero accounts. Each requires its own instance of the wallet software to be running, and each requires its own backup mnemonic. All I'm interested in here is achieving the maximum security that we can in the least tedious way possible for users.

For the security issue, I'd say that even if he doesn't change the address, the lazy user has not much to lose. And creating a new wallet now and then is not a hard task.

But managing multiple wallets in one software is a good point and I wish to see the day we will have a wallet software that behaves (at least) like MultiBit or MultiDoge, with all wallets in one program.
(Maybe this goes also as an idea for the guys that worked/work on the current GUI wallets)

[macsga]

Nothing (I'll type it again: NOTHING) is anonymous if it happens online. There are allegedly anonymous solutions like Tor or secure VPNs, but if somebody wants to find you (provided he has the resources) he will do so. A word for XMR. Do not post your addresses online, for this is the only address you have. I've seen many people doing so; dood if you don't mind revealing your address, what's the point of using XMR anyway?

This is small misunderstanding. Monero addresses are safe to post online, list in a public directory etc. They don't appear on the blockchain, and the only thing you can do with an address is send coins to it. You can't identify transactions that were sent to the address.

Of course, nothing is ever quite 100%, it is possible there may be bugs or flaws. However, that is the intent of the design.

If you buy your XMR on a centralized exchange, though, and the exchange keeps records of your withdrawals to that address, it could be linked back to your personal information if the exchange's records are ever disclosed.

Even though somebody else knows that you own that address, they cannot see what is inside that address. You can send money from that address to another address. That would make it unlinkable.

Yes that is correct. I think what he meant was something like: If you have your public address on your web site (along with your name) and use that same address for an (otherwise anonymous) exchange, then the exchange account can then be linked to you, not through the blockchain, but through the exchange's own records of your address matching the address on your website.

Then that's not the protocol's fault but that of the laziness of the user

All the above comments are correct. What I was talking about was about the ability of one specific authority to link your IP with your XMR address. Many people out there (including me for a rather long time) were using their exchange addresses for donations and/or transactions. Like you said, this is a fatal error. Sorry if I was misunderstood.