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Author Topic: [XMR] Monero Speculation  (Read 3168151 times)
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ArticMine
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February 06, 2019, 08:28:42 PM
Merited by Hueristic (1), Bitcoinaire (1)
 #40661

...
I still have some as a hedge, though I was seriously considering dumping them but couldn't pull the trigger back then. I remember when saddam did a similar thing too. So what are your thoughts, will bitcoin get taken over by another coin (monero, bcash?, etc), or the thinking is monero will out preform bitcoin from here on out?

I consider Monero to pose a very serious long term threat to Bitcoin's dominance. This is because of the combination of the adaptive block weight with fungibility. Unlike Ethereum, which nearly dethroned BItcoin in 2017 - 2018 https://coinmarketcap.com/charts/#dominance-percentage, Monero does what Bitcoin was originally designed to do; namely be a cash like digital transactional currency. All it takes is a move in XMR / BTC such as what occurred in 2016 and Bitcoin's dominance is under threat, since the market will be comparing Monero directly with Bitcoin on a technical level. As for Bitcoin Cash and Bitcoin SV these coins cannot compete with Monero on long term scaling let alone on fungibility.

Edit: I would watch out if Monero overtakes either Bitcoin Cash and / or Bitcoin SV in market cap. That could be very interesting. Furthermore there is no need for Monero to break the high of 0.03558 BTC in order to do that.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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Globb0
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February 06, 2019, 08:57:30 PM
 #40662

I have been thinking to, at some point, grab some SV.

Not for any fundamental reasons, more as a hedge against CSW screwing everything up for everyone.   :/  

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February 06, 2019, 09:57:35 PM
 #40663

I have been thinking to, at some point, grab some SV.

Not for any fundamental reasons, more as a hedge against CSW screwing everything up for everyone.   :/  

In the case David Klieman was SN and Craig talked a humongous wallet.dat file out of DK's wife?  And he will dump BTC into the sewer and then buy up so much BSV it goes to 10k?
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February 07, 2019, 08:50:55 AM
 #40664

He so smug he has some secret plan like patenting bitcoin or some crap.

Anyway Im a long time all in Monero

(except for a bit of BTC from my bro MicG)


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February 07, 2019, 10:47:07 AM
 #40665

I heard a rumor a few weeks back (Jan 19th) regarding ASICs on the network - supposedly there was a batch of 5000 miners manufactured for a private Chinese farm that went online just recently. It seems to be pretty feasible after comparing against some analytics done on the nonce ranges of historic blocks:

https://github.com/noncesense-research-lab/nonce_distribution/blob/master/nonce_distribution.ipynb

Conveniently enough, this analysis concludes the miners came online around Jan 9th. Some chit-chat from IRC matches up as well:

Quote
<@solar> i got some confirmation about asics too
<@solar> there's at least 1 group with cnv2 asics, 65nm
<@solar> supposedly a batch of 5000

<sech1> So after a thorough analysis of the winning nonces for blocks 1760000-1765000 I can say this about ASICs that are on the network now:
<sech1> 320 cores (10 chips x 32 cores?)
<sech1> each core processes nonces with 2^22 step - from 0 to ~1.34e9
<sech1> Single core speed is 400 h/s - calculated from the area of spikes (which come with 2^22 step) on winning nonce graph
<sech1> Overall ASIC device speed = 128 kh/s (400*320)
<sech1> Around 4000-4500 ASICs online now

<sech1> M5M400 they do mine on public pools: f2pool, viabtc, poolin - they all submit blocks with winning nonces strictly in ASIC nonce ranges
<sech1> all 3 are Chinese pools ironically
<sech1> so we can just count them in "unknown hashrate" part
<sech1> which leaves only 230 MH/s known
<sech1> and 641 MH/s = almost exactly 5000 * 128 kh/s solar

At the time of this post, network hashrate is 850 MH/s (640 MH/s being 75% unknown), putting us squarely in the danger zone for network-level attacks. This is also a major drain on public pools - with only 230MH/s of "legitimate" miners popular pools are operating at a significant loss, having only 60-70 MH/s on average (e.g. SupportXMR at 0.6% is just below $1300/mo, while their server expenses are approximately $5000/mo). With the next hard fork still a few months out this is a completely unsustainable scenario and will eventually lead to the closure and consolidation of the public pools, not to mention a mass exodus of "legitimate" miners.
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February 07, 2019, 11:42:41 AM
Merited by cAPSLOCK (3)
 #40666

All miners are legitimate miners, what do you think they are buying if they really built this new tech?


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February 07, 2019, 11:57:21 AM
 #40667

I meant "legitimate miners" to mean CPU/GPU miners using publicly available software and commodity hardware. It excludes FPGA and ASIC miners.
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February 07, 2019, 12:32:59 PM
 #40668

XMR and other large coins have lost too much value. Now a new story can be written. One possibility is that bitcoin could go down to $ 2400. And now the rise will begin.


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February 08, 2019, 04:23:46 AM
 #40669

I don't know, why you guys panic. Low prices + hash rate goes up = high prices in the near future
 Wink Cheesy

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February 08, 2019, 07:51:19 AM
 #40670

I don't know, why you guys panic. Low prices + hash rate goes up = high prices in the near future
 Wink Cheesy
I also do not understand this reaction. Now we need to buy more cryptocurrency assets, especially Monero.















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astraleureka
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February 08, 2019, 08:11:57 AM
 #40671

You don't see any negative impact over a single miner controlling 75% of the network? They could attack the chain at any time until the hard fork (2 months away) with ease.
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February 08, 2019, 09:16:21 AM
 #40672

and the second that is revealed all their coins would immediately drop to worthless

Doesn't make sense to me if the truth is that they spent a lot developing a specialist hardware in an incredible short time?




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February 08, 2019, 02:18:09 PM
 #40673

All miners are legitimate miners, what do you think they are buying if they really built this new tech?



And if 75% of the total hash rate is controlled by bad actors, then I'm pretty sure an emergency hard fork to brick those ASIC's is in order...?  I mean the devs already did it once.  I can't see how it can't be done again.

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February 08, 2019, 02:42:02 PM
 #40674

All miners are legitimate miners, what do you think they are buying if they really built this new tech?



And if 75% of the total hash rate is controlled by bad actors, then I'm pretty sure an emergency hard fork to brick those ASIC's is in order...?  I mean the devs already did it once.  I can't see how it can't be done again.

And how do we tell they're bad actors? According to bitcoin logic you can't tell who is using a mining pool, so shouldn't worry about it. Still trying to understand how anyone thinks, "China has some of the cheapest electricity on earth, China has some of the cheapest electronics on earth, mining pools located in China control much of the hash, but we can't assume it's Chinese miners." It's like some people don't know how economies of scale work.

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February 08, 2019, 05:18:16 PM
 #40675

announcement of mimblewimble addon for litecoin has generated a pump ?

https://bitcointalk.org/index.php?topic=178336.msg49645721#msg49645721

it will be rhe same for XMR ??
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February 08, 2019, 05:42:50 PM
 #40676

announcement of mimblewimble addon for litecoin has generated a pump ?

https://bitcointalk.org/index.php?topic=178336.msg49645721#msg49645721

it will be rhe same for XMR ??

I don't see what it would add in functionality or privacy that would make sense.

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February 08, 2019, 07:42:44 PM
 #40677

announcement of mimblewimble addon for litecoin has generated a pump ?

https://bitcointalk.org/index.php?topic=178336.msg49645721#msg49645721

it will be rhe same for XMR ??

I don't see what it would add in functionality or privacy that would make sense.

thank you, I have read that fluffypony wants to put mimblewimble in TARI sidechain of XMR.
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February 08, 2019, 10:09:59 PM
 #40678

Little bit of a pump, looking at it bitcoin too.

Reassuring to see we can still have positive action.


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February 09, 2019, 06:17:22 AM
 #40679



I'm guess the plan with bitcoin is to keep block size unchanged and allow fees to go through the roof, to subsidize miners. Meanwhile, users will have cheap and fast transactions on lightning network. Win/Win?

I'm sure someone has done some projections on how viable that economic model is. It would be interesting to see.

I have seen many arguments here on BCT as why this fee model does not work and none as why it will work. By the way lightning network is not a solution. Just read the Lightning Network paper https://lightning.network/lightning-network-paper.pdf where they talk about 100 MB + blocks to make LN work. In any case I hate to say I told you so, but I sold all my Bitcoin for Monero over this issue with the bulk of the sales completed well over 3 years ago.

Edit: The reason I found out about Monero in the first place is because I was researching this issue in Bitcoin here on BCT in 2014.

I was reading an old thread you were in where Satoshi had commented that the code for bigger blocks would be easy and he gave a simple If then statement to show how easy.

This is the thread. https://bitcointalk.org/index.php?topic=1347.0;all  It is of course the thread that started the blocksize debate in Bitcoin

Yup. Smiley

https://bitcointalk.org/index.php?topic=1347.msg15366#msg15366


spreadshiet



Right!

Shit just got home from casino and furnace shutoff, freezing my ass off!

Quote from: ArticMine
In any case I hate to say I told you so, but I sold all my Bitcoin for Monero over this issue with the bulk of the sales completed well over 3 years ago.


I still have some as a hedge, though I was seriously considering dumping them but couldn't pull the trigger back then. I remember when saddam did a similar thing too. So what are your thoughts, will bitcoin get taken over by another coin (monero, bcash?, etc), or the thinking is monero will out preform bitcoin from here on out?

Bcash. Lol


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elrippos friend
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February 09, 2019, 08:33:14 AM
 #40680

You don't see any negative impact over a single miner controlling 75% of the network? They could attack the chain at any time until the hard fork (2 months away) with ease.

blaablaablaaa  Kiss

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