rpietila Altcoin Observer

[dunchy]

Anybody read this post about Darkcoin before?  Yea, we all know it was instamined/premined, but the amount of detail this guy put into his Darkcoin instamine analysis and the amount of coins that went to so few people is mind boggling.  It really does look like it was done at a level rivaling that of scamcoins like Stackcoin.

https://bitcointalk.org/index.php?topic=560138.msg7541076#msg7541076

Thanks r0ach, great insight!

Really no need to waste time writing the same arguments again and again,  each time I see a DRK spamming shill showing up, I'll just throw this link.

[1714111965]

1714111965

[aminorex]

I'm almost out of fiat this week.  XMR appears to be reversing off the 23.6 fib just in time.

My theory:  This month, difficulty was quite low the first 2 weeks.  All those low difficulty coins were sold to pay AWS bills, hookers and blow.  All the coins which remain are high difficulty coins.  They will not be sold cheaply.

Mining supply dominates XMR heavily because emission is front-loaded.  That means supply is higher now than it ever will be in the future.  These are the cheap coins, right here, right now.  

When the gui comes out, dumb money will start to flow in.

[slapper]

Anybody read this post about Darkcoin before?  Yea, we all know it was instamined/premined, but the amount of detail this guy put into his Darkcoin instamine analysis and the amount of coins that went to so few people is mind boggling.  It really does look like it was done at a level rivaling that of scamcoins like Stackcoin.

https://bitcointalk.org/index.php?topic=560138.msg7541076#msg7541076

You are one of the reasons why Stackcoins happen. I was trying to resist quoting you, posting a retort, or generally expressing my frustration, but I gave in.

Look, we get it. Instamine happened. There is NO denying it. However post instamine events have levelled the playing field. This is being mentioned again and again and again. But pricks like you just want to annoy yourself and want the whole world to share the annoyance with you. We get it, but we don't want to participate for a multitude of reasons that is not fathomable to you or your kind.

Evan has changed the landscape of altcoins post sCrypt ASICs:

*x11 for months has been the main PoW. Yes the whole point of these altcoins is pointlessness, but they realized that this algo at least kept some part of their hardware investments going.
*Anon wannabe coins springing out of nowhere. All of them not even realizing what the non-transparent blockchain should look like and what is it that the next challenge that cryptos want to fix. It at least brought Monero to limelight and people found out a VERY big broken piece in Bitcoin.
*Difficulty retargetting in the wake of multipools. DGW was unabashedly copied/pasted.
*Proof of Service where nodes need to be recognized and compensated. Yes this will be the next big wave of cloning.
*Fancy terms mimicking and flattering Darksend or MasterNodes like "NiteSend", "SuperSend", "CloakSend", "XNodes" and what not. NONE of these are improvements and the real scams and NEVER get called out for that. Everyone just wants to jump in for the pumps and resulting bitcoins.
* Yet to be announced anonymity enhancement sets for the simple fear of spawning more phonetic clones.

Evan put his name out there, interviewed with media outlets, wrote a whitepaper which is admittedly unfinished, set out his intentions for Darkcoin in clear and has been working tirelessly for months brining the non-transparent blockchain needs to limelight.

And yet no one calls for the real scammers like Stackcoin, Edgecoin, SharexCoins and tons of other scam coins. And Evan is the scammer?

Evan has spawned a multimillion crypto-economy that is growing by the day as more people are recognizing and accepting the need and the want for non-transparent blockchain. Indirectly he has produced even bigger economy due to Darkcoin coming to limelight.

And that is why Evan's worldwide fame is growing by the day. And you are an internet troll who when he dies, even the family will say "Good Fucking Riddance".

[HardwarePal]

Lurker and first time poster here and glad to have read some views of people in the longterm BTC investor circles.

I would like to throw out some of my views as I have mostly played around in the altcoin market and have analysed slightly the conditions of a "successful" altcoin from a miners perspective to a traders one.

The critic is solely mine and opinionated , I dont want to start any kind of troll war of some sorts in a respective thread.

The POS/Anon fad and hype is one of the most common amongst the altcoins with some examples below of why some people invest :

Silk Coin : "Nice" GUI Wallet
XC : Cut Supply During POW - Xnodes Anon Feature - Dev
Crypt : Whitepaper - Mindfox Anon Dev - Low Supply -P2P Anon
*DRK : Longterm Development - Anon - Masternodes - Preannouncements - Fanboyism
BC : Multipool - DEV - Community
Doge : Community
*Monero :   Charts - Algo - Well Known Devs Involved - Hero Members - Ringsignatures  - New Algo - Non Bitcoin based
Cloak : Logo Contest - Anon
Cinni : Messaging - Anon
Veri   : POS Interest - SMS - Promotions - Veribit
Voot   :VootMarket - Supply Cut
Minerals : Fair Distribution
Myriad : Multiple Algorithms to mine  the coin
RZR : TOR Anon

All the coins have one purpose (as per devs and community) to get to a level or surpass LTC and maybe BTC with their innovations sometime in the future. (Moon as they call it)

Something that is clearly visible in the altcoin world is miners and traders "jumping" from coin to coin from XYZCoin -> BTC -> Fiat.

Everything in the altcoin world evolves around promised features- preannouncements and annoucements (buy on the rumour sell on the news theory for traders)

Pump and dump groups multiply the effect but then leave the coin to die after taking profits. Altcoiners have a very small timeframe for long term investments and are usual emotionally affected by the price.

The current market is slightly different these past few weeks due to the uncertainty of the price of BTC (Silk Road auction) and the summer slow down season.

*DRK is slightly different to other alts due to being one of the first so called anon coins (P&D , preannouncements etc etc are still visible with a slightly higher effect aswell as prolonged timeframe)

*XMR got me fascinated crossposting below from Monero thread

I think people should read a few of these from the start to finish then decide if XMR-Monero is a good investement:


Monero ANN : https : https://bitcointalk.org/index.php?topic=583449.0

Shortlist :

Missives 1 - https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497
Missives 2 - https://bitcointalk.org/index.php?topic=583449.msg7241339#msg7241339
Missives 3 - https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715


Monero Economy : https://bitcointalk.org/index.php?topic=597878.0
Open Source Pool Bounty : https://bitcointalk.org/index.php?topic=589533.0
Wolf's XMR/BCN/MNT Miner : https://bitcointalk.org/index.php?topic=632724.0 (Cant find the link for Lucas Jones)
Bounty for Open-Sourced XMR/Cryptonight GPU Miner : https://bitcointalk.org/index.php?topic=656841.0
Bytecoin [BCN] vs MONERO [XMR] : https://bitcointalk.org/index.php?topic=665950.0

Then go through the peoples profiles that are involved in XMR :
Tacotime : https://bitcointalk.org/index.php?action=profile;u=19270
rpietela : https://bitcointalk.org/index.php?action=profile;u=68520
aminorex : https://bitcointalk.org/index.php?action=profile;u=148855
David Latapie : https://bitcointalk.org/index.php?action=profile;u=81999
GreekBitcoin : https://bitcointalk.org/index.php?action=profile;u=26690

Theres one more link if someone can post about the Collaboration Code Review from Github on all the fixes and tweaks to the code

That is just off the top of my head, we all know that Cryptonote coins are fairly young and there will be issues but nothing imo that is worrying.

Haters going to hate ..

With current mining difficulty anything under 0.005BTC is a bargain, even though the emission curve will have a shortterm effect on the price.

The shortterm affect might rapidly change when the GUI wallet is released causing panic buys after understanding the technology and effort behind Monero with a tenfold difficulty rise and new investors.

Positions : 40% BTC - 30 % XMR - 15% DRK - 15% Altcoins (Or as I call them Shitcoins)  

Edited - ringnodes changed to ringsignatures

[bangersdad]

And Evan is the scammer?

simple answer is: YES!

[darlidada]

With current mining difficulty anything under 0.005BTC is a bargain, even though the emission curve will have a shortterm effect on the price.

The shortterm affect might rapidly change when the GUI wallet is released causing panic buys after understanding the technology and effort behind Monero with a tenfold difficulty rise and new investors.

Positions : 40% BTC - 30 % XMR - 15% DRK - 15% Altcoins (Or as I call them Shitcoins)  

Either miners are selling coins from the beginning of the month, either they've have a HR > 1200. At 750M diff, they arent selling below 0.0037 - it would mean a HR of 1650. But from what I remember, yesterday Diff was also 750M. So if my memory is good, you must be right.

[aminorex]

*Monero :   ... Ringnodes ...

You may be thinking of Verisign.  Ring signatures are used in XMR.  There is an important distinction.  In my view, admittedly extreme, a distinction similar to that between life and death.

[binaryFate]

With current mining difficulty anything under 0.005BTC is a bargain, even though the emission curve will have a shortterm effect on the price.

The shortterm affect might rapidly change when the GUI wallet is released causing panic buys after understanding the technology and effort behind Monero with a tenfold difficulty rise and new investors.

Positions : 40% BTC - 30 % XMR - 15% DRK - 15% Altcoins (Or as I call them Shitcoins)  

Either miners are selling coins from the beginning of the month, either they've have a HR > 1200. At 750M diff, they arent selling below 0.0037 - it would mean a HR of 1650. But from what I remember, yesterday Diff was also 750M. So if my memory is good, you must be right.

This assumes miners all pay for their electricity/hardware. Some people mine for free (server admins, bot nets - even if for them there is actually a little cost). I will not try to estimate the ratio of the global hash rate that is done for free, but I believe even if it is a small part, it can shift the price a lot compared to what it should be in theory if everybody was paying to mine and was acting rationnally. Especially in period of low buy support.
I am not sure thus that if we do not see something along the lines of the theoretical price (aminorex formula), it is because of old coins. The distinction is important, because old coins will be all sold out soon, while in the case of coins mined for free it will remain a continuous process (free mining dedicated to XMR might increase together with the hashrate/price).




BTW, I am really happy to read all the smart posts of members here who decided to invest into XMR. I am exactly in the same boat: I have followed altcoins since a long time but never trusted any of them to invest anything more than pocket money for the fun. I dislike a lot all the P&D, the "marketing" around new alts, the short-term greediness behind their design, and the uselessness of most of their technology. I was always surprised, and frustrated, that litecoin was so big with nothing that was fundamentally differentiating it from bitcoin. The whole altcoin stuff just didn't make sense to me, during the last 1.5 year.

But then I've found XMR, and I love what I've found. I'm in for the long-term, and I'm happy to share the ride with all of you who chose to invest for sound and well-thought reasons. Pleasure reading you.

[HardwarePal]

*Monero :   ... Ringnodes ...

You may be thinking of Verisign.  Ring signatures are used in XMR.  There is an important distinction.  In my view, admittedly extreme, a distinction similar to that between life and death.

Edited my initial post sorry for the typo.

Decentralised and trustless is the whole point of anonymity, which is not apparent in any other coins ATM other than Cryptonote based ones.

[aminorex]

I typo'ed as well:  s/VeriSign/VeriSend/

[dga]

The data geeks reading this thread might enjoy Zer0sum's plot of the (adjusted) relative prices of XMR, BBR, a composite of the other cryptonotes, and BTC

https://bitcointalk.org/index.php?topic=577267.msg7556101#msg7556101

I agree with his general conclusion - there are two cryptonotes where the interesting action is, and the rest are pretty much uninteresting from both a technical innovation standpoint and a financial one, except for short-term bump chasing.  The market behavior of the two interesting ones is, thus far, strongly correlated.

[statdude]

Monero btc hero whales (if they actually exist):
Now would be a good time to throw up some buy walls- even if at low levels - to show some support for YOUR coin and keep things positive in the mind of average joe investors! Let's keep the price stable as possible!

[aminorex]

Monero btc hero whales (if they actually exist):
Now would be a good time to throw up some buy walls- even if at low levels - to show some support for YOUR coin and keep things positive in the mind of average joe investors! Let's keep the price stable as possible!

Things don't work that way.  You buy the coin because it offers value.  If you waste your energy on a futile manipulation, you have no power when it could make a difference.

Instead buy because it is crazy cheap.

Me, I hit my limit for the week with a buy at 0035.  Next week I may want more.

[cAPSLOCK]

Monero btc hero whales (if they actually exist):
Now would be a good time to throw up some buy walls- even if at low levels - to show some support for YOUR coin and keep things positive in the mind of average joe investors! Let's keep the price stable as possible!

Things don't work that way.  You buy the coin because it offers value.  If you waste your energy on a futile manipulation, you have no power when it could make a difference.

Instead buy because it is crazy cheap.

Me, I hit my limit for the week with a buy at 0035.  Next week I may want more.

Excellent catch at .0035.  I had to fight the urge to sell all the way down, but also bought a bit more at .0041.  It's funny how irrational some of my kneejerk reactions are. It is fortunate I was able to make a decent (i think) buy.

[cmason22]

Where can I buy Monero?

[smooth]

Where can I buy Monero?

Poloniex, bittrex, bter or mintpal.

[cAPSLOCK]

Where can I buy Monero?

poloniex.com
mintpal.com
bter.com
bittrex.com

Individuals here.

Look at the op:
https://bitcointalk.org/index.php?topic=583449.0;topicseen

[cmason22]

i'll user BTER, as I have an account there.

thanks!

also, and PLEASE don't interpret as FUD, but looking at the bigger picture / lifetime chart of xmr, it doesn't seem insane to imagine it could decline some more.  all the "alt" coins seem to do the long slow "death" after initial spikes.   it appears that xmr is currently about 300% higher than its low.

this thread is amazing and has convinced me to invest a bit in xmr.  seems like a rare case of coin that might really have a future.

[cAPSLOCK]

i'll user BTER, as I have an account there.

thanks!

also, and PLEASE don't interpret as FUD, but looking at the bigger picture / lifetime chart of xmr, it doesn't seem insane to imagine it could decline some more.  all the "alt" coins seem to do the long slow "death" after initial spikes.   it appears that xmr is currently about 300% higher than its low.

this thread is amazing and has convinced me to invest a bit in xmr.  seems like a rare case of coin that might really have a future.

One caveat.  Bter charges 1% on withdrawals.  This is exorbitant unless dealing with very small amounts in my opinion. 

[cmason22]

which would be your recommended exchange?

also, have people been safely transacting directly?  that's something else i'd consider if there are some references etc.

thanks again.