[XMR] Monero Speculation

[Anon136]

People should secure their computers.

Sounds a bit like the classic "she was asking for walking around in that dark ally at night" defense .

Failing that, every bot node that is helping to secure the Monero network is one less that could be used to attack it.

But yea. From a completely self interested perspective, I don't care if they dump. I would rather miners secure the network and dump than not secure the network. It is good for us that this thing is happening and in no way our fault.

[smooth]

People should secure their computers.

Sounds a bit like the classic "she was asking for walking around in that dark ally at night" defense .

I'd tell a sister or female friend to be careful walking around in the dark. Wouldn't you?

I would rather miners secure the network and dump than not secure the network. It is good for us that this thing is happening and in no way our fault.

Achievement unlocked. Blockchain rational thinker.

[cryptimus prime]

The rise of the XMR price is also due to the XMR holders who are not really that much interested selling at these prices. This creates some kind of shortage of supply and is a catalysator of the rising price.

[nanobrain]

I'm not going to pretend to be any expert on mining or blockchains, either politically or technically; however, I do recall reading a long post by anonymint (did he post anything other than long) in which he produced the rationale for XMR mining.  He basically said miners are in it for the cash, except it and make sure you have a coin that does its best to keep mining profitable -- it sounded like common sense to me.

[nanobrain]

The rise of the XMR price is also due to the XMR holders who are not really that much interested selling at these prices. This creates some kind of shortage of supply and is a catalysator of the rising price.

Indeed. 

And why say catalyst when you can say catalysator....you and Aminorex are going to get on like a dwelling ablaze.

[cAPSLOCK]

I think one reason I was beating around the bush a little bit is that I understand that there are differing opinions on the validity of bot net mining.

It's funny I've been thinking about this in light of the new darknet connection to Monero. See, that doesn't bother me in the slightest because everybody is doing what they do eyes wide open. It's like playing poker. When an inexperienced fool sits down at the poker table he does so of his own free will and when he is taken advantage of by people who understand the game it's part of the contract. Everyone there is on equal terms everyone there signed up for the same thing. I see this is analogous to the darknet usage of Monero. I know some people will look at that and think that it has negative ethical implications but on that I am agnostic at worst. My single complaint against the botnet herders is just that they are taking advantage of unknowing people. Literally stealing resources from those who don't know any better and who didn't sit down at the table of their own accord... at least not knowingly.

But this is an old argument.

And I agree that miners are generally bottom feeders in their mindset of mine, dump, rinse, repeat... but I would think botnet herders would be even more so considering their inherent desire to get in and out pretty quick. My comments weren't really meant to bring up this whole discussion as much as they are to point out that there are some people who are going to be inclined to dump the crap out of the coins that they mine while the rest of us look on in horror as the price takes a big tanking. I think understanding it helps one get used to it.

I don't know what percentage of the big drops come from this type of player, but I think they could be as common as the big whales taking profits. It adds to the volatility of the coin. But frankly that gives me a better chance to get in and out of what would normally be a very risky trade and scalp a Bitcoin here and there now and then. My hit rate is much higher than any other time I've tried to do short term trading thanks to the predictable volatility.

[Anon136]

My comments weren't really meant to bring up this whole discussion as much as they are to point out that there are some people who are going to be inclined to dump the crap out of the coins that they mine while the rest of us look on in horror as the price takes a big tanking. I think understanding it helps one get used to it.

Yes I think this is insightful. Duly noted.

[nanobrain]

Looking at BTC charts now I realise that the rise in BTC price of 30+ USD coincided with the XMR correction; so, I don't think it was a major player or miner dumping, simply the connection between the two markets readjusting.

What is interesting is that while BTC is stabilising around $600USD, XMR is now back over .02 (this time yesterday that was a new ATH remember).  So, let's not be glum chaps

[TrueCryptonaire]

The rise of the XMR price is also due to the XMR holders who are not really that much interested selling at these prices. This creates some kind of shortage of supply and is a catalysator of the rising price.

That's true. Mainly the shorters are selling. The Great Wall which probably according to conspiracy theories Donald Trump built behind the scenes of anonymity, was for the purpose of accumulation. Accumulation is done by putting some thin bids under the wall and waite for the shorters to dump into them.
If that scenario is what happened, the shorters need to cover. They wish to find someone who wants to sell even lower. If they are unable to find any greater fool they need to admit they lost and buy higher which put buying pressure and accelerates the growth both with price and adaption.

[cAPSLOCK]

Looking at BTC charts now I realise that the rise in BTC price of 30+ USD coincided with the XMR correction; so, I don't think it was a major player or miner dumping, simply the connection between the two markets readjusting.

What is interesting is that while BTC is stabilising around $600USD, XMR is now back over .02 (this time yesterday that was a new ATH remember).  So, let's not be glum chaps

Indeed so. And another notable reality is while the rest of the alt world is drowning in blood monero is holding in is new range.

Well, the rest of the alt world outside that shitbag of a discredited, broken coin Shadow cash.  Anyone know any reason for that?  Its even wilder than the rise that other shitbag Neos took Yesterday...

[nanobrain]

From
https://bitcointalk.org/index.php?topic=1606568.0

wasn't Shen N. the one who broke the SDC crypto thus de-anonymizing its users/tx?

Last I heard SDC was broken crypto.

I guess the herds in the trollbox will put their funds into anything to turn a quick profit, even something broken.

[TrueCryptonaire]

Can we say the rise of bitcoin was due to the dip of Monero, not the other way around?

Here is why: many people with fiat (wether in darkmarket vendors or normal people) looking for entrance point to Monero. When the price of Monero started to drop they bought bitcoins in order to buy Moneros....?
With these level of volumes who knows.

I give 10 % probability of this view.

[magico]

As I have said a couple times there is a breed of miner associated with Monero who is not particularly interested in the Monero Network itself. They are interested in using as many computers as possible to make as many Monero as possible as fast as possible and then to sell the majority of those also as quickly as possible.

Monero has always had a certain percentage of this breed of miner. The only thing different now is there is more incentive for these sweethearts to help "secure our Network".

Current network rate 31.32MH/s.  Highest I can recall seeing.  Good times.

Right now net hash @ 34.01 MH/s

[Biro Bob]

I'm grateful for this dip. I stuffed myself by selling a chunk for what I thought was a healthy profit at 0.007 (at that time I hadn't heard the news) - Today I bought the ones I sold back and a few more for good measure and took my losses on the chin. If they go down, I'll buy more.  Long term, I think they're a pretty safe bet and I'm happy holding. Day trading is not my style.

[pinky]

Long term, I think they're a pretty safe bet and I'm happy holding.

Long term XMR will go back to 1$.

[TrueCryptonaire]

Long term, I think they're a pretty safe bet and I'm happy holding.

Long term XMR will go back to 1$.

I guess bitcoin can also go to 10 usd.
Obviously anything is possible but I think at this time 1 usd for xmr is very unlikely and the probability of that is less 1-2 %. That requires some very serious bug, otherwise it is heading to the Moon (10 000 + usd). If you want to read where Monero is going, just search for American Pegasus, he has pretty clear vision of the future of XMR.
These 20-30 % dips are heaven sent gifts so take advantage on them. They are like free money out of the holes in the bagholders' bags.

[Furi Bliz]

agreeing that the dumps are good loaded again for the next pump.

[nanobrain]

just search for American Pegasus, he has pretty clear vision of the future of XMR.

https://www.youtube.com/watch?v=iEzNXzZy8e4

While the message is good, his attitude, demeanour and delivery are not exactly endearing to anyone over 18yo.

[Biro Bob]

Long term, I think they're a pretty safe bet and I'm happy holding.

Long term XMR will go back to 1$.

I guess bitcoin can also go to 10 usd.
Obviously anything is possible but I think at this time 1 usd for xmr is very unlikely and the probability of that is less 1-2 %. That requires some very serious bug, otherwise it is heading to the Moon (10 000 + usd). If you want to read where Monero is going, just search for American Pegasus, he has pretty clear vision of the future of XMR.
These 20-30 % dips are heaven sent gifts so take advantage on them. They are like free money out of the holes in the bagholders' bags.

Do you mean this American Pegasus video? https://www.youtube.com/watch?v=iEzNXzZy8e4

[nanobrain]

/snip/

Do you mean this American Pegasus video? https://www.youtube.com/watch?v=iEzNXzZy8e4

The very same.