[XMR] Monero Speculation

[smooth]

This is what I imagine when thinking of issues of cryptocurrencies today; the extremely long wait times for transactions to be confirmed... I'm just afraid/excited that there might be a crypto that's about to come out that would essentially revolutionize the transaction speeds and make bitcoin and cryptonote coins both obsolete.

We know how to instant microtransactions well in Bitcoin, without half assed insecure gimmicks. It's called payment channels and is already implemented in the streamium. It is also being generalized into the Lightning network, where people can route instant payments to one another without having a point-to-point channel between them set up first.

The same techniques can be used in any coin that is UXTO based. In due time something like that will come to Monero too.

"Instant payments" are just the latest of the many altcoin fads that have come (and gone) through the scene. Take note of it but don't overreact.

Please forgive the newbness... but what is an UXTO based coin? Also, from what I've read so far in terms of high transaction speeds, there seems to be some hesitance toward it because of the fear of some "orphan blocks" or lost transactions.  As far as I understand it, it's hard for developers of bitcoin to agree on "simple" things like block sizes, so I can't really see them jumping on board with instant payments, but I can see with the work you are doing at AEON and teaming up with XMR, you might implement some of these protocols into both.  Would AEON be a testbed for this type of thing soon, or are you already working on that sort of thing? 

1. UTXO means unspent transaction output. When you receive "coins" on Bitcoin you don't actually received coins, you receive one or more "outputs" each of which has a coin value.

2. With payment channel based methods each individual micropayment does not go on the blockchain. You might get one payment on the blockchain at the end of the month for the net of your payments in and out during the month. But the cryptography and smart contracts being used makes that secure during the time period when it isn't on the blockchain yet.

3. AEON is largely off topic here but yes on the AEON roadmap there is an item to experiment with payment channels.

EDIT: UXTO -> UTXO, thanks binaryFate for pointing out the typo.

[smooth]

One post deleted which contained no on-topic content. Here is the entirety of the post for disclosure.

I speculate a lot of desperation and sadness is going on here. Especially you smooth. You're one of the worst liars I've ever seen.

Edit: "Liar" is too nice a word. Its more like "Charlatan," "Thief" or "Sociopath."

[binaryFate]

[...]
1. UXTO means unspent transaction output. When you receive "coins" on Bitcoin you don't actually received coins, you receive one or more "outputs" each of which has a coin value.
[...]

To complete the explanation: this is actually written "UTXO" https://bitcoin.org/en/glossary/unspent-transaction-output
This tiny mistake comes so often and naturaly (me included) that we should all agree to switch to "UXTO"

[LucyLovesCrypto]

Regarding the implementation and timeline of Monero Confidential Transactions (CT), I spotted the following Q&A on r/monero:

this will cause a moonshot eventually. I hope it does not take years to implement

&

I don't think it will be that long -I have like one bit of unrelated research I need to finish, which hopefully is almost done, and then I should have a couple of free days to spend on it.

It is nice to see Shen putting so much time into CT and his whitepaper and test implementations in mininero.

Definitely will be worth adding once it is fully tested by many on testnet or whatever.

I had no idea this could be done so quickly. Pleasant surprise!

[smooth]

Further off topic drivel from nutadah deleted

[smoothie]

Regarding the implementation and timeline of Monero Confidential Transactions (CT), I spotted the following Q&A on r/monero:

this will cause a moonshot eventually. I hope it does not take years to implement

&

I don't think it will be that long -I have like one bit of unrelated research I need to finish, which hopefully is almost done, and then I should have a couple of free days to spend on it.

It is nice to see Shen putting so much time into CT and his whitepaper and test implementations in mininero.

Definitely will be worth adding once it is fully tested by many on testnet or whatever.

I had no idea this could be done so quickly. Pleasant surprise!

Set your expectations further out in time as I personally think it may take some time for CT to be tested and incorporated via hard fork into monero.

My guess is 1 year from now at least.

[digicoin]

Shen is a student if I read Monero's FAQ correctly. So I think that he can spend more time to implement RingCT faster. I hope that we can fund his development when he is ready. I expect that it would be 4-6 months timeframe

[smooth]

Shen is a student if I read Monero's FAQ correctly. So I think that he can spend more time to implement RingCT faster. I hope that we can fund his development when he is ready.

There is implementation and there is deployment, which are two different things. I could see it getting deployed to testnet much faster than the main network though.

[iCEBREAKER]

Regarding the implementation and timeline of Monero Confidential Transactions (CT), I spotted the following Q&A on r/monero:

this will cause a moonshot eventually. I hope it does not take years to implement

&

I don't think it will be that long -I have like one bit of unrelated research I need to finish, which hopefully is almost done, and then I should have a couple of free days to spend on it.

It is nice to see Shen putting so much time into CT and his whitepaper and test implementations in mininero.

Definitely will be worth adding once it is fully tested by many on testnet or whatever.

I had no idea this could be done so quickly. Pleasant surprise!

Set your expectations further out in time as I personally think it may take some time for CT to be tested and incorporated via hard fork into monero.

My guess is 1 year from now at least.

Yes, the practical constraint for Monero isn't how fast Shen can push the CT envelope, but rather how fast the world's less spry cryptographers can effectively peer review his innovations.

After the ScalingBitcoin stuff is over, it's time for #BTCprivacy workshops.

Can't wait to see Adam, SN, mixles, and Gmax on the same discussion panel.  My brain is not ready!   

[americanpegasus]

Unrelated rant!  Every once in a while you have a moment with a bank that causes you to realize why this stuff matters at all!    
  
I'm having some credit card disputes with my bank, and as a result they put a daily purchase limit on my account, and they refuse to make any changes to my account (or remove the purchase limit) until I settle up with their credit card department.  The hell!?  This means my recent bitcoin buy is going to be turned down, and it's all going to culminate in a big PITA for me.... to spend my money from my paycheck due to a dispute with an entirely different department.    
  
But guess what - in today's world if you want to use digital money, this is your only option.  You have to deal with a bank, and once that check goes into their coffers, it's not your money anymore.  
  
It's theirs, and they're just being kind enough to let you still use it.  
  
Fuck these guys; I can't wait for a world where at least I have a choice.  If I don't want to deal with bank policies and optional reversibility/insurance (which will assuredly be more customer advantageous once we have a real choice) then I will be able to actually spend hard digital money without them.  
  
Pay me my paycheck in Monero already, damnit.

[americanpegasus]

As I have said, http://www.reddit.com/r/dogemarket was a massive success and instrumental in getting a functioning economy for Doge off the ground back in early 2014.  At it's peak there were tens of thousands of subscribers and thousands of dollars whipped back and forth across that subreddit per day.  
  
I think that once the main upgrades are done to core Monero, and the GUI is released (so it becomes user friendly), we will be ready for promotion and the first tenuous steps to establish an online economy.  
  
Keeping this in mind, I've gone ahead and reserved http://www.reddit.com/r/moneromarket (not to be confused with the financial analysis version with an 's' on the end).  My goal would not be to moderate it myself, but rather to find the right individual(s) when the time is right (ideally we could lure over some of the guys from the Doge Market subreddit with a bounty or two; they did amazing, and their CSS has been finely tuned over the past couple of years).  
  
If there comes a time when I feel there is appropriate leadership there, I'll relinquish final control of the subreddit to someone else to avoid conflicts of interest with my main mod job over at /r/monero.

[SmoothCurves]

Unrelated rant!  Every once in a while you have a moment with a bank that causes you to realize why this stuff matters at all!    
  
I'm having some credit card disputes with my bank, and as a result they put a daily purchase limit on my account, and they refuse to make any changes to my account (or remove the purchase limit) until I settle up with their credit card department.  The hell!?  This means my recent bitcoin buy is going to be turned down, and it's all going to culminate in a bit PITA for me.... to spend my money from my paycheck due to a dispute with an entirely different department.    
  
But guess what - in today's world if you want to use digital money, this is your only option.  You have to deal with a bank, and once that check goes into their coffers, it's not your money anymore.  
  
It's theirs, and they're just being kind enough to let you still use it.  
  
Fuck these guys; I can't wait for a world where at least I have a choice.  If I don't want to deal with bank policies and optional reversibility/insurance (which will assuredly be more customer advantageous once we have a real choice) then I will be able to actually spend hard digital money without them.  
  
Pay me my paycheck in Monero already, damnit.

Why do you use a credit card to purchase bitcoin?

[adhitthana]

So since this is a speculation thread ...I'm guessing all technical levels have been taken out except a double bottom. Fib retracements must be long gone

[americanpegasus]

Why do you use a credit card to purchase bitcoin?

This is how I get money from my bank account into Monero savings (bank - Coinbase - Polo - cold storage).  If this keeps up, or if I have many more problems I may attempt to purchase some directly from casual sellers via PayPal, like I used to do in the Dogecoin days.

[XMRpromotions]

Shen is a student if I read Monero's FAQ correctly. So I think that he can spend more time to implement RingCT faster. I hope that we can fund his development when he is ready.

There is implementation and there is deployment, which are two different things. I could see it getting deployed to testnet much faster than the main network though.

I think most of us will be happy to see it in testnet. Once it gets there we know that it is likely to make it to the main network once all the potential bugs are eliminated.

[koryu]

my bids got filled, I think now is the time to accumulate xmr. Are you waiting for sub 0.001?

[dEBRUYNE]

So since this is a speculation thread ...I'm guessing all technical levels have been taken out except a double bottom. Fib retracements must be long gone

We got that trend line as well, see my post from a few days ago:

It would be nice if we could bottom ~0.0013, that's exactly on the following support line. In addition, we also have some support at 0.00131.

The line is still valid currently.

[koryu]

The line is still valid currently.

yes I am also watching this line and put my bids a little bit higher.

it's interesting that the volume on last bottom was kinda low, it increased after the bottom. Btc usually has high volume on bottom with a huge dump.

[obit33]

The line is still valid currently.

yes I am also watching this line and put my bids a little bit higher.

it's interesting that the volume on last bottom was kinda low, it increased after the bottom. Btc usually has high volume on bottom with a huge dump.

same here, would be very nice if we could jump out of the bullish falling wedge and bounce of the long term trendline at the same time:


best regards

[aminorex]

In either case, when timing models indicate a BTC bottom is in, I will then rotate the position (a small trading fraction of my overall holding position) from BTC into XMR.

I don't understand. You sell BTC to buy XMR when BTC is topping, and sell BTC to buy XMR when BTC is bottoming, what's the logic behind that?

Typing inversion error in the second case. That is why I check trades three ways before I commit.