[XMR] Monero Speculation

[iCEBREAKER]

Sorry, I still dont understand. The comparison does not make any sense for me. Why compare monerodice with masternodes? You should be comparing monerodice, a gambling site, with corresponding gambling sites in dash.

We're comparing the number of non-circulating interest-accruing coins invested in sinks, whether that sink is a masternode or monerodice's bankroll.

The number of XMR in CK and Polo's lending market should be included as well.

[rpietila]

Do you think it is good to have a high velocity for money or not?

[iCEBREAKER]

with masternodes people keep their private keys in cold storage under their control, so is a form of trust-less investment

In theory, yes.  In practice, no.

Pooled masternodes are now a thing, as are masternode hosting services.

Those TTPs stack additional risk on that already incurred by using indubitably compromised VPS providers like Amazon and DigitalOcean.

Of course those practices are fated to inevitably end in tears and learning of valuable (ie expensive) lessons about the dangers of greed and security in obscurity.   

[iCEBREAKER]

Do you think it is good to have a high velocity for money or not?

Beyond a non-committal response like 'maybe' I can't give you a solid answer to an empirical question predicated on a stunningly normative loaded term like "good."   

We only observe velocity-outcome correlations in the rear-view mirror.  Planning on the basis of assuming causation is like trying to squeeze water (not that it's stopped Krugman and Bernanke from building careers on the practice).

[owm123]

with masternodes people keep their private keys in cold storage under their control, so is a form of trust-less investment

In theory, yes.  In practice, no.

Pooled masternodes are now a thing, as are masternode hosting services.

Those TTPs stack additional risk on that already incurred by using indubitably compromised VPS providers like Amazon and DigitalOcean.

Of course those practices are fated to inevitably end in tears and learning of valuable (ie expensive) lessons about the dangers of greed and security in obscurity.   

The hole idea of master nodes is flawed, simply because you cant do mixing on your side, i.e. client side. Its similar to a secure email. People use and thrust secure email providers (e.g. tutanota or protonmail to name a few) because they do client-side encryption.  In other words, an encryption is done on your computer, without anyone else involved. Can you imagine a private and anonymous email provider doing encryption on server side or using some "master email client" on a strangers computer? Who would use such an email service? The same goes for masternodes. If you cant do mixing on a client side, forget it.

[smoothie]

with masternodes people keep their private keys in cold storage under their control, so is a form of trust-less investment

In theory, yes.  In practice, no.

Pooled masternodes are now a thing, as are masternode hosting services.

Those TTPs stack additional risk on that already incurred by using indubitably compromised VPS providers like Amazon and DigitalOcean.

Of course those practices are fated to inevitably end in tears and learning of valuable (ie expensive) lessons about the dangers of greed and security in obscurity.   

The hole idea of master nodes is flawed, simply because you cant do mixing on your side, i.e. client side. Its similar to a secure email. People use and thrust secure email providers (e.g. tutanota or protonmail to name a few) because they do client-side encryption.  In other words, an encryption is done on your computer, without anyone else involved. Can you imagine a private and anonymous email provider doing encryption on server side or using some "master email client" on a strangers computer? Who would use such an email service? The same goes for masternodes. If you cant do mixing on a client side, forget it.

I presume you mean the "private and anonymous email provider" encrypting on a 3rd party's computer/server?

[iCEBREAKER]

Can you imagine a private and anonymous email provider doing encryption on server side or using some "master email client" on a strangers computer? Who would use such an email service? The same goes for masternodes. If you cant do mixing on a client side, forget it.

I know it's unbelievable, but people who are stupid enough to use such services actually exist.   

The good news is that Monero is offering them a legitimate alternative to such bad crypto and snake oil.

The great news is that their overvalued market cap will continue to be siphoned off by our undervalued one.

[smooth]

The hole idea of master nodes is flawed, simply because you cant do mixing on your side

I agree with you for mixing -- that was a dumb idea from the start -- but don't forget that masternodes are being used for other things where the concept might in some way be less stupid.

The one difference with masternodes though is with masternodes people keep their private keys in cold storage under their control

True but remember you don't need nodes at all to offer interest on the blockchain with some sort of deposit and reward system. XDN has that implemented now. I'm not sure that transferring wealth from people who actively transact to people who let their coins sit and do nothing serves any useful purpose, but it can be done.

[owm123]

The hole idea of master nodes is flawed, simply because you cant do mixing on your side

I agree with you for mixing -- that was a dumb idea from the start -- but don't forget that masternodes are being used for other things where the concept might in some way be less stupid.

Maybe masternides are good for other things, I don't know.  But main aim of dash is to provide private and anonymous payments for its users. If the masternodes pose a risk of one's privacy and anonymity,  and I believe so because you need a third party involved to ensure it,  then there is not much sense for using dash, at least for me and other people concerned with privacy and anonymity.

[owm123]

with masternodes people keep their private keys in cold storage under their control, so is a form of trust-less investment

In theory, yes.  In practice, no.

Pooled masternodes are now a thing, as are masternode hosting services.

Those TTPs stack additional risk on that already incurred by using indubitably compromised VPS providers like Amazon and DigitalOcean.

Of course those practices are fated to inevitably end in tears and learning of valuable (ie expensive) lessons about the dangers of greed and security in obscurity.   

The hole idea of master nodes is flawed, simply because you cant do mixing on your side, i.e. client side. Its similar to a secure email. People use and thrust secure email providers (e.g. tutanota or protonmail to name a few) because they do client-side encryption.  In other words, an encryption is done on your computer, without anyone else involved. Can you imagine a private and anonymous email provider doing encryption on server side or using some "master email client" on a strangers computer? Who would use such an email service? The same goes for masternodes. If you cant do mixing on a client side, forget it.

I presume you mean the "private and anonymous email provider" encrypting on a 3rd party's computer/server?

Yes off course :-) The idea of masternodes in dash seems like using secure email with encryption done by a third party. It's exactly opposite what would usually people who care about privacy want.

[Hueristic]

The hole idea of master nodes is flawed, simply because you cant do mixing on your side

I agree with you for mixing -- that was a dump idea from the start -- but don't forget that masternodes are being used for other things where the concept might in some way be less stupid.

The one difference with masternodes though is with masternodes people keep their private keys in cold storage under their control

True but remember you don't need nodes at all to offer interest on the blockchain with some sort of deposit and reward system. XDN has that implemented now. I'm not sure that transferring wealth from people who actively transact to people who let their coins sit and do nothing serves any useful purpose, but it can be done.

I thought the original post was more descriptive. was too lazy to grab the keyboard and ask if it was Freudian last night.

[dEBRUYNE]

My take is that the price of Monero will be driven by the long term fundamentals rather than by traders who buy and sell, at a profit or loss, on a 10% spread.

The first indicator will be the market response to the updated official tagged binaries when they come out.

Weird if it happened the same week CK is officially released. What is the estimate on the binaries?

The timetable is here: https://forum.getmonero.org/4/academic-and-technical/303/a-formal-approach-towards-better-hard-fork-management

We'll have to wait a little longer though:
http://fpaste.org/268812/44257030/

"10:13 <@fluffypony> no, we're currently in review-hardfork-code-so-we-dont-break-everything-mode"

I'm still not clear on this.

So the hardfork code is not quite ready.  Does it need to be ready for the new binaries to be released?


Please see below

Yes it has to be ready before the new binaries will be released. It is ready though, it only needs to be reviewed (which I think MoneroMooo is doing). My guess is that it won't take that long, but you never know! Soon™

Furthermore, read the last line -> < moneromooo> I've not looked at this since last weekend though. I have minor extra changes, and I guess I will PR that tomorrow. :-)

https://github.com/monero-project/bitmonero/pull/405

I have no idea if this finalizes the "review" though, but at least it's progress :-P

[smooth]

Public service announcement: don't deposit coins on Cryptsy Theftsy unless you want 0.5% of your coins skimmed by the crooks there.

[dEBRUYNE]

Public service announcement: don't deposit coins on Cryptsy Theftsy unless you want 0.5% of your coins skimmed by the crooks there.

Reference:

https://www.reddit.com/r/Bitcoin/comments/3lnipw/cryptsy_increases_withdrawal_fees_to_05_with_zero/

Today, without any prior notice, Cryptsy increased its withdrawal fees to 0.5% of your withdrawal plus 0.001BTC (https://www.cryptsy.com/pages/fees). The previous withdrawal fees were 0.001BTC. They have removed trading fees at the same time, which were previously 0.25%. Even taking into account the removal of trading fees, many customers will still be worse off under the new fee policy. For example, I had a significant amount of bitcoin stored in the exchange for trading. Now I cannot withdraw this without paying 0.5% to Cryptsy. By increasing withdrawal fees with no advance notice to users, Cryptsy has effectively just stolen 0.5% of deposits in the exchange.

When Bitfinex changed their fee policy recently, they gave people almost 2 weeks prior notice of the change. Cryptsy on the other hand gave people zero notice. This is extremely unprofessional, and I recommend staying well away from this exchange.

[r0ach]

Public service announcement: don't deposit coins on Cryptsy Theftsy unless you want 0.5% of your coins skimmed by the crooks there.

When VTC was added to Cryptsy when it hit 0.02 or so, Cryptsy added the coin, accepted deposits, froze wallets, dumped on market high, then bought back low haha.

[whap]

crypto-erotic

You just triggered my darkest instincts haha! I have never witnessed a slight sexual emotion combined with crypto, thank you for this brainf***ing experience AP!
I'm a fan now.

[smooth]

Code:

[color=red]

Tsk, Tsk

[americanpegasus]

Code:

[color=red]

Tsk, Tsk

You know you loved it.  Possibly the single greatest piece of Monero advertising ever created, even if it was a little risqué.  
  
If you're reading this and  want to see it, (edit: scroll down a little where I repost it without the offensive red text  ).

[generalizethis]

Code:

[color=red]

Tsk, Tsk

You know you loved it.  Possibly the single greatest piece of Monero advertising ever created, even if it was a little risqué.  
  
If you want to see it, go check out the Pegabull Perpetual Permapump Topic.

Shouldn't that type be black, Smooth? Beautiful, view-key optional black...  

[smooth]

Code:

[color=red]

Tsk, Tsk

You know you loved it.  Possibly the single greatest piece of Monero advertising ever created, even if it was a little risqué. 
 
If you're reading this and  want to see it, go check out the Pegabull Perpetual Permapump Topic.

Nothing wrong with the post (as long as the thread isn't taken over by such posts), just the use of red text.

On a previous occasion like that you reposted without the red which was fine.