Is it possible to destroy Monero (XMR)?

[rpietila]

Why are people pushing the coin this hard when it has this many problems?

My previous long post answers this:

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

Just tell me one example of a coin where the dev is not the largest owner.

I believe it is very good that the coins are not dev pet projects.

"Why is this coin not taking off when so many big names are supporting it"

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

[GreekBitcoin]

Why are people pushing the coin this hard when it has this many problems?  Please PLEASE don't accuse me of being a fudster.  If somebody does that one more time I will lose all confidence in the idea of objective observation.  There are intentional hatred on whatever coin is successful (IMO litecoin gets the most of them).  So I'm not sure there is a concentrated effort on destroying it.  I think the question might be more along the lines of

"Why is this coin not taking off when so many big names are supporting it"

People are pushing this coin because it really is the best option in anonymity/privacy (you name it). Its not only monero. Other CN coins too. The rest is just not relevant as anonymous/private coins. We dont know if something better comes out soon. Zerocoin/Zerocash will come one day and we will see what it has to offer. But for now the other solutions are just not relevant.


This coin is not premined/ninjamined. Its actually one of the most fair distributed coins. Sure some have much more that others. But its like 10 times more fair than other coins. Why? I think 1 block diff retarget helps a lot. Much discussion on that one...Private miners? Yes but the already sold everything. They didnt hold. Noone has too much of it in order to hold it for a while, wait for the price to bubble and then dump it. This is what happened with most other premined/ninjamined coins. The emission is high enough in order for it to be cheap and stay cheap for a while. Monero is not going to go 10x in a month time. At least until emission is slower and a market for it opens and some more whales jump in. Its just not another fast high profit gamble. Though all cryptocoins are gamble of course.

You will soon see ducknote go bubbling. Because emission was extremely fast and noone gave a damn about it. I believe it was on purpose named like this and they never tried to market it even a bit so they can mine the most by themselves. They they will probably remarket it with a better name and do some marketing and everything is fine for a nice pump&dump. Hopefully i will sell my ducknotes 5x if i am fast enough.


As for BBR? I hold BBR too. Its like 10:1 . Thats the odds i give it to succeed better.


Anyway, thats how i see things.  I may be mistaken. Do you own research.

[Viper1]

According to the price history, almost nobody has made any money with it, because the all-time-average price is BTC0.004, and the price today is the same, with very little variation.

Someone had posted this the other day, I think it was in the Monero thread and I'm wondering if there's any truth to it.

http://da-data.blogspot.com.au/2014/08/minting-money-with-monero-and-cpu.html

I am challenging everyone to find a reason what is behind this attack and hate.

I don't know much about the history of Monero but what little I know leads me to believe what Melbustus had to say is a big part of it, especially #1.

[rdnkjdi]

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

Or I have mis-evaluated the situation somehow.  Is the other possibility.  And I think this is the spot people are at with this coin (based on your original post)

[rpietila]

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

Or I have mis-evaluated the situation somehow.  Is the other possibility.  And I think this is the spot people are at with this coin (based on your original post)

I want to be quite frank here. I think Monero is not the best implementation of CN. It also does not have the best emission schedule.

But what it does have is the fairness. If anyone has 10,000 XMR, everyone knows that he has acquired them on equal terms with anyone else. This is very important to many people. There is really no comparison. And even Monero mining was crippled in the beginning, but is sorted out now.

I can buy any coin. But there is no other coin that I could buy and feel good that it is fair.
 

[GreekBitcoin]

As for destroying Monero? Well something seriously better might come out. A huge bug may be found. The team may stop creating what they have promised. Such investments have big risks.

But i am not afraid of FUD and someone who entered poloniex a week ago and posting all day long 'My coin is better'. That's typical of every coin. Bitcoin/litecoin/namecoin was a scam, useless, ponzi, bubble etc.. And that may be true. But not because someone is verbally attacking coins all day long on trollbox/forums...

[windjc]

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

Or I have mis-evaluated the situation somehow.  Is the other possibility.  And I think this is the spot people are at with this coin (based on your original post)

I want to be quite frank here. I think Monero is not the best implementation of CN. It also does not have the best emission schedule.

But what it does have is the fairness. If anyone has 10,000 XMR, everyone knows that he has acquired them on equal terms with anyone else. This is very important to many people. There is really no comparison. And even Monero mining was crippled in the beginning, but is sorted out now.

I can buy any coin. But there is no other coin that I could buy and feel good that it is fair.
 

Why are you so fucking concerned? (scared) You reek of doubt. This entire thread reeks of doubt.

[rpietila]

Go away. I am feeling sorry for you. You know that I forgive you if you just ask.

[rdnkjdi]

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

I want to say this with as much respect as possible.  But how many alt coins have you been involved with?  How many have you seriously taken a close look at?  I've seen you saying you have had no use for alt coins until Monero which leads me to believe you never took a serious look at previous alt coins. 

[rpietila]

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

I want to say this with as much respect as possible.  But how many alt coins have you been involved with?  How many have you seriously taken a close look at?  I've seen you saying you have had no use for alt coins until Monero which leads me to believe you never took a serious look at previous alt coins. 

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

[forzendiablo]

Its under attaché due to busoni being coverów as Owner of it

that guy is right. busoni is behind it so peopel hating poloniex attack it

[rdnkjdi]

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

Interesting question that I don't know the answer to.  Is it possible to know the answer to that question?

Do you think that that one factor - even if true - is enough to make the coin successful?  Or that factor plus technical merit?  I guess in the alt world isn't it kinda difficult to say with authority that a coin is going to be successful?  Is that where the frustration is coming from - that the factors you thought would make a coin successful aren't?

Satoshi has > 1% of bitcoins in existence.  I have no idea how many litecoins Charlie holds and don't know how to check.  Those are the only two coins I view as successes (although I think lite is dying).  So I don't know how you can claim that THAT is what it takes to make an altcoin successful with as much definitive certainty as you seem to have.

[rpietila]

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

Interesting question that I don't know the answer to.  Is it possible to know the answer to that question?

Do you think that that one factor - even if true - is enough to make the coin successful?  Or that factor plus technical merit?

I don't think tech matters much. It should be easy to use, that's all and even that matters only when there are 10M's of users. By then the winner is probably chosen already.

The prospective devs should understand that a successful coin is ultimately the money supply of the world. You cannot premine 30% of the world. The world will not buy it. If you premine, it means to me that the coin is not even designed to have any long-term chance. And it is true. Very few even try.

[kennyP]

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

I want to say this with as much respect as possible.  But how many alt coins have you been involved with?  How many have you seriously taken a close look at?  I've seen you saying you have had no use for alt coins until Monero which leads me to believe you never took a serious look at previous alt coins. 

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

NXT! BCNext does not own any NXT afaik.

NXT started with ~8 whales, a few dolphins, and many big fishes. Very fair launch too, over two months long, very public. As it was the first 'IPO' people didn't see NXT for what it was, but they do now.

NXT launch has all the criteria for fair process, just the outcome people didn't like. Same as bitcoin ... and XMR too

[GreekBitcoin]

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

I want to say this with as much respect as possible.  But how many alt coins have you been involved with?  How many have you seriously taken a close look at?  I've seen you saying you have had no use for alt coins until Monero which leads me to believe you never took a serious look at previous alt coins. 

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

NXT! BCNext does not own any NXT afaik.

NXT started with ~8 whales, a few dolphins, and many big fishes. Very fair launch too, over two months long, very public. As it was the first 'IPO' people didn't see NXT for what it was, but they do now.

NXT launch has all the criteria for fair process, just the outcome people didn't like. Same as bitcoin ... and XMR too

http://kolinevans.wordpress.com/2014/07/31/cryptocurrency-to-cryptocurrency-ipos-are-a-completely-corrupt-deception-the-simple-technical-guide/

That guy thinks otherwise...But i dont have a personal opinion.

[Viper1]

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

No one can really answer your question since we're not sitting in the devs house watching what he's doing.  I do know that 100% of Qora was distributed to something like 150 investors via an IPO.  But for all we know, the dev could have bought in as well.  Frankly, it makes me nervous if a dev doesn't have a sizable stake in their own coin as I don't see them being as married to the long term success of the coin if they don't.

You've gotten a bit off topic here lol

[rdnkjdi]

It's really difficult for me to think of PoW coins and PoS coins in the same way.

Only successful PoS are "smart coins" that can do things.  Not coins of value.  It's really tough for me to even think about NXT and XMR or BBR and compare them.

[kennyP]

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

I want to say this with as much respect as possible.  But how many alt coins have you been involved with?  How many have you seriously taken a close look at?  I've seen you saying you have had no use for alt coins until Monero which leads me to believe you never took a serious look at previous alt coins.  

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

NXT! BCNext does not own any NXT afaik.

NXT started with ~8 whales, a few dolphins, and many big fishes. Very fair launch too, over two months long, very public. As it was the first 'IPO' people didn't see NXT for what it was, but they do now.

NXT launch has all the criteria for fair process, just the outcome people didn't like. Same as bitcoin ... and XMR too

http://kolinevans.wordpress.com/2014/07/31/cryptocurrency-to-cryptocurrency-ipos-are-a-completely-corrupt-deception-the-simple-technical-guide/

That guy thinks otherwise...But i dont have a personal opinion.

Yeah most people think NXT IPO was bad, but IMO it was great, but it can only happen once. No other PoS coin will ever get away with a coin IPO like BCNext had - too many scams now, too oversubscribed so no upward potential for price, not enough whales created who make things happen etc

NXT distribution was an act of genius, and look, it worked. NXT is thriving.

Some things are so crazy they end up working perfectly, and NXT distribution is one of them. Plenty of people will try and find another method for a PoS distro, but none will ever beat NXT. For mine, the NXT distro worked for two reasons:
1- The IPO had enough detail, and BCNext appeared so weird, that it attracted crypto true believers, people interested in innovation, and the legacy of bitcoin. IPO's since attract greedy people, but NXT IPO was almost like a fundraiser for a mad scientist working on a garage project
2- The whales NXT created mostly accepted their roll, and co-operated to get things done. This was a natural consequence flowing from point 1

It was a stroke of genius. Find a core group of people really interested in crypto, and then make them millionaires, but only if they work together to make NXT viable. No other coin could do this now, because everyone wants to think the next IPO will make them rich. The NXT whales didn't join NXT IPO to be rich, but that's what happened. Genius, but a one off, and never to be repeated.

edit: I think NXT is very relevant to monero, same point risto made - fair distribution, enough whales, dev owns small stack

[kennyP]

edit: I think NXT is very relevant to monero, same point risto made - fair distribution, enough whales, dev owns small stack

 

No its not, NXT is the complete opposite of Monero, the markecap is totally BS, someone created 1 Billion of these NXT coins tokens and gave them away to 71 "people" that are probably half the same, we'll never know. After that its fairytale.

Yeah, that's the standard criticism

Probably your point is believed by many, but NXT is still doing well. NXT is a bit like company stock in the platform, so I don't think too many people care now. If the distro 'problem' was going to dent NXT it would have by now.

Point I wanted to make was monero and NXT are both accepted by most people, that's why they're at the top of CMC, not the bottom.

If both still exist in 3 years (which I think they will) you will own both. I'll bet you on that.

[CryptoGretzky]

Fair launch. It is just so precious. And never before happened as well. So that the largest holders are not there by accident (or more likely planning by the dev), but because they wanted to buy a crappy coin at a high price. Monero's history is special.

I can only say that if something should happen, but has not yet happened, there is a good chance that it will happen.

I want to say this with as much respect as possible.  But how many alt coins have you been involved with?  How many have you seriously taken a close look at?  I've seen you saying you have had no use for alt coins until Monero which leads me to believe you never took a serious look at previous alt coins.  

I want to say this with as much respect as possible. Show me a coin where the dev holds less than 1% of the coins in circulation.

Of course I respect the devs, but I have to say that equally important is that the devs respect the whales. The whales make the economy. Economy is the reason why the coin exists. I can support Monero without even having a functioning wallet (wrong OS), because the distribution of coins is right.

And how do you ABSOLUTELY know for certain that the Monero dev have under 1% of the coin?   Do you have proof that the dev have no other address that they mined with at the beginning nor any other friends that mined at launch?