rpietila Altcoin Observer

[digicoin]

XMR rally is so nice. DRK is up too. It looks like people is bored with BTC price movements

[tacotime]

Zoidberg put together a starting presentation about the improvements Boolberry has made to transaction anonymity:

http://www.slideshare.net/boolberry/boolberry-solves-cryptonoteflaws-37055246

It's nice - I hadn't quite grasped it well before, and this made the issue much more clear.

Monero devs already made those improvements. See the below quote.

Whats up with this?
http://www.slideshare.net/boolberry/boolberry-solves-cryptonoteflaws-37055246

It refers to a well known privacy issue on CN coins. We've had a fix for this in the development for weeks now after corresponding with a Bitcoin core devs that should be more effective than the solution for Boolberry, we're just waiting until the core of the software is more mature before we roll it out.

Just curious, can you(or someone) point me where exactly in sources did they fix it ?
May be i miss something, but as i konw they have the same core as bytecoin and didn't made a hardfork yet.

See last few replies -- celestio misspoke.

Ok.
So, you going to make hard-fork in XMR to fix this ?

We may simply softfork as we will likely go with a different solution than for Boolberry. However, there are other faulty components of cryptonote that will likely later require a hard fork.

[Este Nuno]

The CryptoNote team is behind Bytecoin, right?

Is there any animosity between the original CN people and XMR/BBR teams?

Or did they just plow a bunch of money into their forks in order to ride the wave?

[digicoin]

The CryptoNote team is behind Bytecoin, right?

No. CryptoNote team has their own reference implementation named CryptoNoteCoin which is developed for education only. CryptoNote team said they did not join force with a development team that developed a premined coin for profit

[Este Nuno]

The CryptoNote team is behind Bytecoin, right?

No. CryptoNote team has their own reference implementation named CryptoNoteCoin which is developed for education only. CryptoNote team said they did not join force with a development team that developed a premined coin for profit

Hmm. Interesting. I would have thought that they would have been involved with Bytecoin since it was the first CN coin, right?

They did all that work inventing this novel technology and haven't made any obvious attempt to gain from it yet?

[Brilliantrocket]

The CryptoNote team is behind Bytecoin, right?

No. CryptoNote team has their own reference implementation named CryptoNoteCoin which is developed for education only. CryptoNote team said they did not join force with a development team that developed a premined coin for profit

Hmm. Interesting. I would have thought that they would have been involved with Bytecoin since it was the first CN coin, right?

They did all that work inventing this novel technology and haven't made any obvious attempt to gain from it yet?

Such altruists.

[darlidada]

It's all very rudimentary so i dont know what's its worth but I've analyzed the relationship between the latest 2 tops and the latest 2 bottoms:

T1 = first top = 8 mbtc
T2 = second top = 10 mbtc
B1 = first bottom = 1.75 mbtc
B2 = second bottom = 2.3 mbtc

When poloniex appeared, we went from 8 to 1.75, meaning the priced decreased by 4.57. Then we went from 1.75 to 10, meaning the price increased by 5.71.

Then we went from 10 to 2.3, meaning the price decreased by 4.34.

If history repeats itself, we should have an increase from 2.3 by a multiplier around 5.71 for a price of 13

I suspect it'll be a little bit lower as the market seems more and more aware of XMR technological prowess but also of its high emission rate which we could find proof in the little decrease of the multiplier between B1-T1 and B2-T2

[smooth]

The CryptoNote team is behind Bytecoin, right?

No. CryptoNote team has their own reference implementation named CryptoNoteCoin which is developed for education only. CryptoNote team said they did not join force with a development team that developed a premined coin for profit

So in truth it can only be said that they claim not to be behind it. But without any independent evidence or verification we don't really know anything about what happened there. Thankfully the community has moved on to Monero from that whole shady scene.

[Brilliantrocket]

My question is, why would they make so massive a screw up? They could have done at least a token announcement somewhere and then no one could yell "premine!". It wouldn't have affected the number of coins they got by much, there weren't nearly as many people into crypto around 2 years ago.

[smooth]

My question is, why would they make so massive a screw up? They could have done at least a token announcement somewhere and then no one could yell "premine!". It wouldn't have affected the number of coins they got by much, there weren't nearly as many people into crypto around 2 years ago.

Because maybe not everything happened as claimed?

Anyway it doesn't matter. Monero is the clear leader of the group now, and is soon to be well established among the second tier of cryptocoins (first tier of altcoins). It doesn't share the murky history, doesn't have a premine/ninjamine, etc. Time to leave the past behind.

[superresistant]

If history repeats itself, we should have an increase from 2.3 by a multiplier around 5.71 for a price of 13
I suspect it'll be a little bit lower as the market seems more and more aware of XMR technological prowess but also of its high emission rate which we could find proof in the little decrease of the multiplier between B1-T1 and B2-T2

Between now and 13 seems very encouraging.
We'll see.

[rpietila]

Monero is the clear leader of the group now, and is soon to be well established among the second tier of cryptocoins (first tier of altcoins).

I happen to know more large and astute bitcoin holders than most of us. It is unbelievable that 75% of the people that I am talking about (holders of 1,000-100,000 BTC) are between "curious" to "very positive" towards Monero, even though the same guys generally don't own any altcoins (the small volume makes it difficult to own them anyway and guys of this caliber usually see where there is value and where there is not).

[aminorex]

We are getting close to the xmr price/difficulty level where spot instances can profitably mine. If that happens a lot of hash can be brought online quickly with nothing but a credit card - perhaps as much as 10 mhps. This dilutes the rest of the miners, so that if the new miners hoard then  supply declines, such that price rises.  If someone with a lot of confidence were willing to take the risk (and given the degree of support between 45 and 50 the downside risk holding time is probably less than 40 days - they might actually be able to accumulate at a discount with a large enough cloud mine, within a day or two.  I won't attempt it, mostly because I am too streched already.

[Este Nuno]

My question is, why would they make so massive a screw up? They could have done at least a token announcement somewhere and then no one could yell "premine!". It wouldn't have affected the number of coins they got by much, there weren't nearly as many people into crypto around 2 years ago.

Two years ago? Are you thinking of Maria's Bytecoin?

[Neo.op]

We are getting close to the xmr price/difficulty level where spot instances can profitably mine. If that happens a lot of hash can be brought online quickly with nothing but a credit card - perhaps as much as 10 mhps. This dilutes the rest of the miners, so that if the new miners hoard then  supply declines, such that price rises.  If someone with a lot of confidence were willing to take the risk (and given the degree of support between 45 and 50 the downside risk holding time is probably less than 40 days - they might actually be able to accumulate at a discount with a large enough cloud mine, within a day or two.  I won't attempt it, mostly because I am too streched already.

just wondering which miner are you referring to? cause the gpu miners for CN are not that gud. cpu mining is just too painful on spots.

[Este Nuno]

We are getting close to the xmr price/difficulty level where spot instances can profitably mine. If that happens a lot of hash can be brought online quickly with nothing but a credit card - perhaps as much as 10 mhps. This dilutes the rest of the miners, so that if the new miners hoard then  supply declines, such that price rises.  If someone with a lot of confidence were willing to take the risk (and given the degree of support between 45 and 50 the downside risk holding time is probably less than 40 days - they might actually be able to accumulate at a discount with a large enough cloud mine, within a day or two.  I won't attempt it, mostly because I am too streched already.

just wondering which miner are you referring to? cause the gpu miners for CN are not that gud. cpu mining is just too painful on spots.

What do you mean by painful when using spots? Isn't it just a simple matter of whether it's profitable to spin up as many as you can afford or not?

[Neo.op]

We are getting close to the xmr price/difficulty level where spot instances can profitably mine. If that happens a lot of hash can be brought online quickly with nothing but a credit card - perhaps as much as 10 mhps. This dilutes the rest of the miners, so that if the new miners hoard then  supply declines, such that price rises.  If someone with a lot of confidence were willing to take the risk (and given the degree of support between 45 and 50 the downside risk holding time is probably less than 40 days - they might actually be able to accumulate at a discount with a large enough cloud mine, within a day or two.  I won't attempt it, mostly because I am too streched already.

just wondering which miner are you referring to? cause the gpu miners for CN are not that gud. cpu mining is just too painful on spots.

What do you mean by painful when using spots? Isn't it just a simple matter of whether it's profitable to spin up as many as you can afford or not?

what I meant is spots require too much monitoring -- price and availability-wise because once it becomes apparent about the mining profitability, everyone jumps the gun. just too many whipsaws is what I have felt.

And still I am confused about the first statement - 10mhs gives you 24 XMR as per the calculator located here:
https://minergate.com/calc
which really might not be a good bet.

[aminorex]

And still I am confused about the first statement - 10mhs gives you 24 XMR as per the calculator located here:
https://minergate.com/calc
which really might not be a good bet.

Actually about 8000 xmr/diem.  10/28 share of 15.5/minute.
If you ever tried to buy 8000 xmr on an exchange you would understand the attraction of the idea instantly.

[Este Nuno]

We are getting close to the xmr price/difficulty level where spot instances can profitably mine. If that happens a lot of hash can be brought online quickly with nothing but a credit card - perhaps as much as 10 mhps. This dilutes the rest of the miners, so that if the new miners hoard then  supply declines, such that price rises.  If someone with a lot of confidence were willing to take the risk (and given the degree of support between 45 and 50 the downside risk holding time is probably less than 40 days - they might actually be able to accumulate at a discount with a large enough cloud mine, within a day or two.  I won't attempt it, mostly because I am too streched already.

just wondering which miner are you referring to? cause the gpu miners for CN are not that gud. cpu mining is just too painful on spots.

What do you mean by painful when using spots? Isn't it just a simple matter of whether it's profitable to spin up as many as you can afford or not?

what I meant is spots require too much monitoring -- price and availability-wise because once it becomes apparent about the mining profitability, everyone jumps the gun. just too many whipsaws is what I have felt.

And still I am confused about the first statement - 10mhs gives you 24 XMR as per the calculator located here:
https://minergate.com/calc
which really might not be a good bet.

Ah. I see what you mean about the process being painful now.

And still I am confused about the first statement - 10mhs gives you 24 XMR as per the calculator located here:
https://minergate.com/calc
which really might not be a good bet.

Actually about 8000 xmr/diem.  10/28 share of 15.5/minute.
If you ever tried to buy 8000 xmr on an exchange you would understand the attraction of the idea instantly.

If someone were to choose to do this to accumulate and hold XMR instead of buying it then yeah we should see some upward pressure. I see your point.

[dreamspark]

We are getting close to the xmr price/difficulty level where spot instances can profitably mine. If that happens a lot of hash can be brought online quickly with nothing but a credit card - perhaps as much as 10 mhps. This dilutes the rest of the miners, so that if the new miners hoard then  supply declines, such that price rises.  If someone with a lot of confidence were willing to take the risk (and given the degree of support between 45 and 50 the downside risk holding time is probably less than 40 days - they might actually be able to accumulate at a discount with a large enough cloud mine, within a day or two.  I won't attempt it, mostly because I am too streched already.

I need to redo some of my numbers in regards to profitability (there are some newer miners appearing that are quicker) but I think with the diff increase and price decrease 0.005+ to 0.004+ it isn't profitable to mine ec2 again. I have some scripts that will fire up more instances quickly if needed but to be honest I dont see it being worth it in the near future from a profitability pov.

Yes its not particuarly easy to buy 8k but if your patient there is. Ive managed to accrue a decent number more in the last few days by just letting people dump. The daily volume is enough so that buying that many could be done without too much slippage. Just gotta hope no whales are trying the same at the same time