Unveiling the truth over the major Monero scam

[rikkejohn]

A few gems about the special features that I have heard so much about.

What's your baseline for comparison? Oh that's right - all the other cryptocurrencies that can inherit all the work and broad testing that's gone into Bitcoin over the past 5.5 years. Makes perfect sense, carry on then.

My baseline is that people want things to work when they buy them. When you take a product to market, you ensure it can do basic things. If you don't you are asking your customers to trust that you will solve the challenges faced.

You seem to think that XMR can be the biggest pile of shit but is excused all its technical deficiencies because it's a different type of crypto to the glut we already have.

That is a bullshit way of thinking, and demonstrates very low expectation, naivety or yet another attempt at deflection.

[1715547494]

1715547494

[othe]

We don´t have customers, we don´t sell a product - we are a FOSS project.

Read and understand this:

“Do not treat the core development team as if we were a commercial company that sold you a software library. That is not how open source works; if you are making a profit using the software, you are expected to help develop, debug, test, and review it.” - Gavin Andresen

[iCEBREAKER]

Who cares if a botnet mines Monero? 99% of all coins have for sure been mined by botnets. Even bitcoin.
I'd say the botnet operators are smart and knows how to make money, that's why they mine it.

I don't care who mines my Monero any more than I care who mines my gold and silver.

[smooth]

Who cares if a botnet mines Monero? 99% of all coins have for sure been mined by botnets. Even bitcoin.
I'd say the botnet operators are smart and knows how to make money, that's why they mine it.

I don't care who mines my Monero any more than I care who mines my gold and silver.

You don't understand. Monero's trades volumes are artificial because botnet, therefore scam. The hypothesis is accepted by Cheesus and Hexah agreed. That's proof enough for me.

[Dotto]

real scam aka Bytecoin

/end thread

[iCEBREAKER]

Who cares if a botnet mines Monero? 99% of all coins have for sure been mined by botnets. Even bitcoin.
I'd say the botnet operators are smart and knows how to make money, that's why they mine it.

I don't care who mines my Monero any more than I care who mines my gold and silver.

You don't understand. Monero's trades volumes are artificial because botnet, therefore scam. The hypothesis is accepted by Cheesus and Hexah agreed. That's proof enough for me.

So Cheesus thinks coins mined by botnets are like blood diamonds mined in war zones?  Oh noez, Conflict Coins!1!!

I guess we need to have a whitelist of coins which were mined by the 'right' people and certified kosher by the high priests of the temple, right Cheesus?     Who needs the low friction produced by fungibility anyway?   

[XMRFanboy]

Dead thread, all points easily disproved above. Move along people.

Monero is the most well-organized pump job I've ever seen. Not only do they have an army of devs and paid fanboys spamming monero 24/7 but they also have the backing on an entire EXCHANGE to help coordinate and strengthen their pumps! (Poloniex, if there was any question).

Monero represents the essence of greed and stupidity in the crypto community and although it is one of the more sophisticated scams / Ponzi schemes I have encountered here, it is still a scam / Ponzi nontheless.

THINK ABOUT IT: Does ANYBODY care about Monero except for the flaming fanboys and Poloniex? NO!!!

 - NO real-world application
 - NO desire to integrate into day-to-day finances
 - NO long-term plan or evidence the dev team plans on being around even more than 1 year from now.

Ponzi scheme?  I really don't think so.  I do agree with several of the other points here.

Does ANYBODY care about Monero except for the flaming fanboys and Poloniex? No.  Most of the XMR market is being supported by Polo and the massive amount of fanboys there.  Lets look at some real proof.

#   Source   Pair   Volume (24h)   Price   Volume (%)   Updated
1    Poloniex   XMR/BTC    $ 105,033   $ 2.02    60.54 %    Recently
2    hitbtc      XMR/BTC    $ 42,393   $ 2.02    24.44 %    Recently
3    MintPal   XMR/BTC    $ 10,438   $ 2.02    6.02 %    Recently
4    Bittrex   XMR/BTC    $ 8,755   $ 2.02    5.05 %    Recently
5    BTER      XMR/BTC    $ 3,885   $ 1.97    2.24 %    Recently
6    Melotic   XMR/BTC    $ 2,210   $ 2.05    1.27 %    Recently
7    BTER      XMR/CNY    $ 770   $ 2.00    0.44 %    Recently
8    Bittrex   XMR/BC    $ 0   $ 2.13    0.00 %    Recently

The majority of the other exchanges could careless about XMR.  The majority of their vol comes from arbitraging the markets.  When Polo goes up you generally have enough time to buy cheaper on the other exchanges.  When polo drops, you can work it the other direction.

Monero is the most well-organized pump job I've ever seen...  Quite possibly yes.  Most of the recent XMR pumping has been spear headed from rpietila and his minions.  On a daily basis there is an overflow if XMR cheerleading, talks of XMR over taking BTC, wild price predictions, and price manipulations. 

rpietila has commented several times about the massive amounts of XMR he controls.  I've seen estimates as high as 10% of the current supply.  I don't think its that high but its high enough that the XMR devs told him he needs to down play his holdings and influence on the market.  How well does that sit with you?  I don't think devs should have any say over what some says or does with their coins.

rpietila's has tried to make several price predictions for XMR and has been wrong in many ways.  On the last XMR pumps, rpietila burst on the scene and proclaimed he had done some amazing analysis and predicted XMR would hit .0065-.0068.  His followers went into panic buying mode.  Price went to the 530s but the real buy support wasn't there.  All his minions got dumped on and drove the price into the 380s.

After the market dropped from that .0065 prediction, rpietila came back to the troll box and called for XMR hitting .005.  Again the buying started.  They tried hard to get it there.  There were some really large buy walls trying to keep the price up.  Fake "buy support" was over 600 total btc on the books at one point.  There were fake walls for 80 and 100 btc down low on the the books with smaller walls up higher.  In the end, it topped out in the 480s and then the dumping ensued.

After these manipulators finished dumping their coins on these fanboy followers, the walls were removed and the price fell to the 300s.  At some point during this drop, rpietila's awesome analytic process told him that XMR would never go under 300 again.  Walls were made.  Dumps happened and shortly after that XMR went to 290s.

So 3 of his recent predictions were wrong.  He lead people into buying the coins they were dumping and they thanked him for it.  Everyone said, "oh its great we get cheap coins at 400+.  Anything under .1 is cheap."


Lets take a look some comments:

http://cryptocointools.com/troll-log/?msg=&user=rpietila&submit=Filter
http://cryptocointools.com/troll-log/?msg=monero&user=&submit=Filter
http://cryptocointools.com/troll-log/?msg=xmt&user=&submit=Filter

These are just recent comments from the log.
21 hours ago   rpietila   "I am trying to prop it up by fixing 1 drk = 1 xmr"
7 hours ago    rpietila   "I am thinking of a huge buy"
7 hours ago    rpietila   "when I unleash my btc, it will make a 1 month high"

Some nice LOL comments from the fanboys
15 hours ago   TrueCryptonaire   Buying Risto's puts is not a good move since Monero will basically go up and if 0.01 is a bargain, what is 0.0035?
15 hours ago   TrueCryptonaire   But when Risto's friends start to hoarding moneros, you cannot even imagine how high it will go.
15 hours ago   TrueCryptonaire   I see very realistically monero hitting even 1000+ USD

15 hours ago   TrueCryptonaire   ant84, this type of coin actually might be the final crypto...
15 hours ago   TrueCryptonaire   ant84, Yup. I see Risto's prediction of replacing gold a realistic long term.

9 hours ago    TrueCryptonaire   It takes some time for corporations and individuals adopt it but eventually the whole world will be speaking the gospel of Monero.
9 hours ago    TrueCryptonaire   It is virtually impossible that Monero will not go pass 1000 USD.
9 hours ago    TrueCryptonaire   Monero could actually replace the gold bullion in the store of value.

9 hours ago    TrueCryptonaire   greenmon, Monero has the wealthy elite backing - no wealthy person ever mentions bbr.
9 hours ago    TrueCryptonaire   maqa71, Risto told he can find easily buyers for 50 k moneros weekly from his contacts.

1 hour ago     fatboy1   aminorex, do you see monero taking over BTC? And, do u have a time frame? I hold both!
1 hour ago     aminorex   my most optimistic estimate for xmr is btc parity in late 2017. MOST optimistic

24 hours ago   Snail     toretto, XMR's big pumps will come with db complete and official GUI, i can see monero pumping to a billion usd at somepoint

8 hours ago   presstab   Thanks to David Latapie, part of the Monero core team, for helping get HyperStake added to polo today

[fluffypony]

rpietila has commented several times about the massive amounts of XMR he controls.  I've seen estimates as high as 10% of the current supply.  I don't think its that high but its high enough that the XMR devs told him he needs to down play his holdings and influence on the market.  How well does that sit with you?  I don't think devs should have any say over what some says or does with their coins.

Sorry when did we say that? Citation, please.

[smooth]

Does ANYBODY care about Monero except for the flaming fanboys and Poloniex? No.  Most of the XMR market is being supported by Polo and the massive amount of fanboys there.  Lets look at some real proof.

#   Source   Pair   Volume (24h)   Price   Volume (%)   Updated
1    Poloniex   XMR/BTC    $ 105,033   $ 2.02    60.54 %    Recently
2    hitbtc      XMR/BTC    $ 42,393   $ 2.02    24.44 %    Recently

This is totally in line with most other coins. See https://coinmarketcap.com/currencies/volume/24-hour/

In fact the Polo share for XMR is LOWER than the dominant exchange share for BSTX (69%), DOGE (68%), Greenbacks (81%), Stellar (76%) and I excluded a bunch of coins in the top 12 that have only one exchange. Furthermore I didn't feel like writing up the rest of the top 20 but every single one with the exception of #19 (PPC at 56%) has either a higher dominant exchange share or is only traded on one exchange.

So thank you for disproving your own point. Compared to other coins XMR is widely traded and most of the market is not being supported on one exchange.

[fluffypony]

My baseline is that people want things to work when they buy them. When you take a product to market, you ensure it can do basic things. If you don't you are asking your customers to trust that you will solve the challenges faced.

You seem to think that XMR can be the biggest pile of shit but is excused all its technical deficiencies because it's a different type of crypto to the glut we already have.

That is a bullshit way of thinking, and demonstrates very low expectation, naivety or yet another attempt at deflection.

We had no control over the launch of Monero. We inherited a steaming pile of horse manure by chance and circumstance. We are a completely unfunded open-source project that relies on community donations to get anything done. We had no premine, no instamine, no ninjamine, no fake blockchain. We are not a company. We are not a startup. All of the members of the core team and the contributors have to have jobs or do work of their own in order to live. Monero does not pay us salaries or remunerate us in any way. We work entirely, absolutely, completely for free and at-will.

Again: other cryptocurrencies forked from Bitcoin do not have this uphill battle, because they don't inherit a steaming pile of horse manure. They inherit a well built machine with 6599 github commits spanning 5.5 years. They inherit a wealth of freely available software that can be trivially modified to work with their newly forked cryptocurrency (Electrum, MultiBit, CoinPunk, VanityGen, BitcoinJS). They can add a logo, tweak some values, and "release" something that took them a day or two. For us to do the equivalent of any of these projects would require weeks or months of effort developing from scratch.

So please name the people that have bought Monero. No no - not bought the cryptocurrency created by miners (of which group the core team does not belong), I mean bought the Monero software from the Monero core team. Because I fully understand if those people want the software they've bought to "just work". The rest are using a freely available open-source software that is being continuously and incrementally improved.

You treat us like a company with funding when you use phrases like "take a product to market", or calling our users "customers" when they are not. Your argument demonstrates stupidity the likes of which I have not previously encountered on Bitcointalk. You are clearly intelligent in that you can express your viewpoint in a coherent and sound manner, but that you conflate funded software development with the nature of open-source development is mind-blowing. It is an underlying stupidity that I do not think can be helped or reasoned with. I do not mean this as an ad hominem attack, but as an unfortunate statement of fact. If you are interested in correcting your fundamentally flawed thinking, I suggest starting with the Wikipedia article on Open-Source Software Development as a very soft introduction, and then reading Eric S. Raymond's seminal papers on the matter, The Cathedral and the Bazaar and Homesteading the Noosphere. I trust that at some point in the future when you have come to your senses, so to speak, we can pick up this conversation and continue it based on our mutual rational thinking, observation, and logic.

[rpietila]

rpietila has commented several times about the massive amounts of XMR he controls.  I've seen estimates as high as 10% of the current supply.  I don't think its that high but its high enough that the XMR devs told him he needs to down play his holdings and influence on the market.  How well does that sit with you?  I don't think devs should have any say over what some says or does with their coins.

Sorry when did we say that? Citation, please.

Also if you have "seen" estimates of anyone, not just me, owning 300,000+ monero, I'd be interested in the link  

[XMRFanboy]

fuds n' stuff

I couldn't contain myself.

cats are assholes

Let's keep the thread bumped, Monero isn't doing official PR yet.

After these manipulators finished dumping their coins on these fanboy followers, the walls were removed and the price fell to the 300s.  At some point during this drop, rpietila's awesome analytic process told him that XMR would never go under 300 again.  Walls were made.  Dumps happened and shortly after that XMR went to 290s.

OMG it went to the high 290s for a few minutes, he was totally wrong  

I don't know who you are, but you are pretty much the most entertaining poster I have ever seen on BTT. Please keep going.

That is it?  That is all you got from all of this?  Just one thing?  Sure XMR didn't stay under for weeks but it was there off and on over 2 days.  Get your shit straight so you don look like an idiot.

[XMRFanboy]

rpietila has commented several times about the massive amounts of XMR he controls.  I've seen estimates as high as 10% of the current supply.  I don't think its that high but its high enough that the XMR devs told him he needs to down play his holdings and influence on the market.  How well does that sit with you?  I don't think devs should have any say over what some says or does with their coins.

Sorry when did we say that? Citation, please.

rpietila said that in the troll box.  There was plenty of people online to see it.  I'm sure there are others that can prove this statement.

[farfiman]

rpietila said that in the troll box.  There was plenty of people online to see it.  I'm sure there are others that can prove this statement.

Thats why they call it that 

[rpietila]

I've seen estimates as high as 10% of the current supply.

rpietila said that in the troll box.  There was plenty of people online to see it.  I'm sure there are others that can prove this statement.

I have repeatedly told that "at this price I could buy them all". Why did you not choose that as a basis of scandal?

"rpietila probably owns all XMR" 

[kbm]

I've seen estimates as high as 10% of the current supply.

rpietila said that in the troll box.  There was plenty of people online to see it.  I'm sure there are others that can prove this statement.

I have repeatedly told that "at this price I could buy them all". Why did you not choose that as a basis of scandal?

"rpietila probably owns all XMR" 

..is it true?

Hypothesis accepted!

[Johnny Mnemonic]

You treat us like a company with funding when you use phrases like "take a product to market", or calling our users "customers" when they are not. Your argument demonstrates stupidity the likes of which I have not previously encountered on Bitcointalk. You are clearly intelligent in that you can express your viewpoint in a coherent and sound manner, but that you conflate funded software development with the nature of open-source development is mind-blowing. It is an underlying stupidity that I do not think can be helped or reasoned with. I do not mean this as an ad hominem attack, but as an unfortunate statement of fact. If you are interested in correcting your fundamentally flawed thinking, I suggest starting with the Wikipedia article on Open-Source Software Development as a very soft introduction, and then reading Eric S. Raymond's seminal papers on the matter, The Cathedral and the Bazaar and Homesteading the Noosphere. I trust that at some point in the future when you have come to your senses, so to speak, we can pick up this conversation and continue it based on our mutual rational thinking, observation, and logic.

Rikkejohn and other drama queens on this thread: FluffyPony is a nice person who, in the above statement, is politely trying to tell you that the XMR devs don't owe you shit. I'm astounded that he continues to patiently respond to this nonsense, because the fact is that Monero software is FREE. Your suggestions and concerns are welcome but your self-entitled bitching is not.

[XMRFanboy]

Does ANYBODY care about Monero except for the flaming fanboys and Poloniex? No.  Most of the XMR market is being supported by Polo and the massive amount of fanboys there.  Lets look at some real proof.

#   Source   Pair   Volume (24h)   Price   Volume (%)   Updated
1    Poloniex   XMR/BTC    $ 105,033   $ 2.02    60.54 %    Recently
2    hitbtc      XMR/BTC    $ 42,393   $ 2.02    24.44 %    Recently
3    MintPal   XMR/BTC    $ 10,438   $ 2.02    6.02 %    Recently
4    Bittrex   XMR/BTC    $ 8,755   $ 2.02    5.05 %    Recently
5    BTER      XMR/BTC    $ 3,885   $ 1.97    2.24 %    Recently
6    Melotic   XMR/BTC    $ 2,210   $ 2.05    1.27 %    Recently
7    BTER      XMR/CNY    $ 770   $ 2.00    0.44 %    Recently
8    Bittrex   XMR/BC    $ 0   $ 2.13    0.00 %    Recently

This is totally in line with most other coins. See https://coinmarketcap.com/currencies/volume/24-hour/

In fact the Polo share for XMR is LOWER than the dominant exchange share for BSTX (69%), DOGE (68%), Greenbacks (81%), Stellar (76%) and I excluded a bunch of coins in the top 12 that have only one exchange. Furthermore I didn't feel like writing up the rest of the top 20 but every single one with the exception of #19 (PPC at 56%) has either a higher dominant exchange share or is only traded on one exchange.

So thank you for disproving your own point. Compared to other coins XMR is widely traded and most of the market is not being supported on one exchange.

Does ANYBODY care about Monero except for the flaming fanboys and Poloniex?  The answer to that is no.  If there was a wider range of support for XMR OUTSIDE of Polo, you'd see those exchanges having a much higher volume.  For weeks XMR has been the #1 volume maker for Polo.  Without it, the volume on Polo would have been next to nothing.  Show me another high ranking coin that has more volume on Poloniex than any other exchange.  I don't think there is one.  Polo has controlled the XMR market ever since it was added there.  If XMR was that great it should have high volume on at least MP and Bittrex.

Look at BTSX, BTCD, DOGE, DRK, and several other.  Each of those coins have more combine volume than XMR and every one of them earns that volume on better exchanges.  Those coins have a much larger support base than XMR.  If XMR was as widely supported as you want to believe, we'd see these kinds of volumes on these better exchanges.

"So thank you for disproving your own point."  Umm, no.  You are trying to muddy the water with a comparison of percents and ignoring the question/statement. 

"Compared to other coins XMR is widely traded and most of the market is not being supported on one exchange."  WRONG again.  The last time I checked, 60.54% IS greater than 50% therefore XMR IS being supported on one exchange.  That may change with HitBtc coming up but we'll see.

[smooth]

If there was a wider range of support for XMR OUTSIDE of Polo, you'd see those exchanges having a much higher volume.  For weeks XMR has been the #1 volume maker for Polo.  Without it, the volume on Polo would have been next to nothing.  Show me another high ranking coin that has more volume on Poloniex than any other exchange.  I don't think there is one.  Polo has controlled the XMR market ever since it was added there.

I frankly don't understand your obsession with Polo. Polo did the work to integrate the different cryptonote API before the other exchanges  and for quite a while it was the only major exchange. The nature of the exchange business is that people want to trade where there is the most liquidity, so this is naturally self-reinforcing, and trading tends to stay concentrated wherever it already is (absent some catastrophic failure forcing a move). That is why most of the coins have a dominant exchange, as I demonstrated (and most of them are more concentrated on their dominant exchange than XMR). It pretty much has to be Polo for XMR because Polo got established first and hasn't had a catastrophic failure. I fail to see how which exchange happens to be dominant for a particular coin even matters.

[XMRFanboy]

I've seen estimates as high as 10% of the current supply.

rpietila said that in the troll box.  There was plenty of people online to see it.  I'm sure there are others that can prove this statement.

I have repeatedly told that "at this price I could buy them all". Why did you not choose that as a basis of scandal?

"rpietila probably owns all XMR"  

rpietila, YOU ARE CHANGING QUOTES!  The above quote is being misrepresented by rpietila!


This is the correct quote.

rpietila has commented several times about the massive amounts of XMR he controls.  I've seen estimates as high as 10% of the current supply.  I don't think its that high but its high enough that the XMR devs told him he needs to down play his holdings and influence on the market.  How well does that sit with you?  I don't think devs should have any say over what some says or does with their coins.

Sorry when did we say that? Citation, please.

rpietila said that in the troll box.  There was plenty of people online to see it.  I'm sure there are others that can prove this statement.

Now to answer your question...

I have repeatedly told that "at this price I could buy them all". Why did you not choose that as a basis of scandal?

"rpietila probably owns all XMR"  

Why?  Because there is a difference between putting words in someone's mouth vs being a tool troll.