Monero FUD/Negativity Thread (Honest Discourse)

[rdnkjdi]

I wish i would make $200 a day.

Do you have a pool?  I'd be interested in the expenses ... I would imagine for the top ones it's at least half of the daily intake.

[rdnkjdi]

I'm not going to post this as a main thread.  But I was just sent a message with a pastebin link.  Possibly after somebody read this.

http://pastebin.com/prBGYR37

I have NO IDEA if this is legit or not.  It's just ... what it is (created today, from a new account, etc)

[mr.coinstrader]

OMG !!!
some random guy on the internet said to sell cheap Monero

[rdnkjdi]

OMG !!!
some random guy on the internet said to sell cheap Monero

haha yup.  pretty much the extent of the proof.  I'm saving that gif...

[smooth]

7 - Blockchain bloat

Nobody cares except the trolls.

I care.  And I have money in it.  I love the way shills just sluff concerns off as "only things the trolls care about".  Let me explain why I care.  If a bitcoin codebase - say dark comes along and impliments ring signatures.  Then the cost per transaction is much less as the cost for storage is much less.  As the cost to store all of the transactions are less.

Simply no. If another blockchain implements ring signatures it will then have a bigger blockchain and the same cost per transaction.

I'm going to come back to this thread when I have time because I think it is quality and I also like the aminorex's idea of a supporter writing a FUD list. For now just that above correction.

[rdnkjdi]

7 - Blockchain bloat

Nobody cares except the trolls.

I care.  And I have money in it.  I love the way shills just sluff concerns off as "only things the trolls care about".  Let me explain why I care.  If a bitcoin codebase - say dark comes along and impliments ring signatures.  Then the cost per transaction is much less as the cost for storage is much less.  As the cost to store all of the transactions are less.

Simply no. If another blockchain implements ring signatures it will then have a bigger blockchain and the same cost per transaction.

I'm going to come back to this thread when I have time because I think it is quality and I also like the aminorex's idea of a supporter writing a FUD list. For now just that above correction.

Awesome - I'll modify the OP.  I admit I don't have a full understanding.  I will buy back in after BCX's deadline.  Until then ... I'm solo mining.

[rdnkjdi]

Great, I just hope you dont buy back at loss.

I likely will.  but the risk is much greater than what most people are giving it credit for.

at least right now

[smooth]

but the risk is much greater than what most people are giving it credit for.

Nice FUD..at least on topic for the thread for once!

[rdnkjdi]

but the risk is much greater than what most people are giving it credit for.

Nice FUD..at least on topic for the thread for once!

the silver lining on this cloud is that as far as I'm concerned any PoW coin worth anything has to eventually go thru bcx.  He will only likely do this once with any credibility.  and the coin will be stronger on the other side.

i like the 72 hour deadline for something to happen more than the vague "I could kill it but have no interest in it" - at least there is some resolve and deadlines associated with this threat.

[Strigori]

Great, I just hope you dont buy back at loss.

I likely will.  but the risk is much greater than what most people are giving it credit for.

at least right now

I have to agree. If this attack is successful than Monero is dead. Hope not. It's a nice coin otherwise.

[rdnkjdi]

I am crossposting this.

The weakness here in my opinion really wasn't that we didn't have enough hashpower but that

1 - The hashpower was centralized at three points of failure.  This is the pool problem which even bitcoin hasn't solved.  This is a technical issue IMO that still needs to be worked out - litecoin made some strides with P2P (AFAIK this isn't supported in crytponote yet).  I'm NOT suggesting this needs to be added.  Devs already have too much on their plate.  Poor guys.

2 - The financial interest of the pools AFAIK are just the fees they collect from the miners.  Which I estimated to not be more than $200ish a day.  So really you have $600 a day in incentives as the gatekeepers to protecting a $5 mil market cap.  Bitcoin is slightly ahead in this area as the pools have larger incentives (cloud mining, etc).

This opens attack vectors that have nothing to do with how much mining power the coin has.  It would probably be more secure with half the hashrate solo mining.

The added attack vectors (that I can think of) are

DDoS the pools
Hack the pools
Bribe the pools
Quietly buy the pools

[Nullu]

I am crossposting this.

The weakness here in my opinion really wasn't that we didn't have enough hashpower but that

1 - The hashpower was centralized at three points of failure.  This is the pool problem which even bitcoin hasn't solved.  This is a technical issue IMO that still needs to be worked out - litecoin made some strides with P2P (AFAIK this isn't supported in crytponote yet).  I'm NOT suggesting this needs to be added.  Devs already have too much on their plate.  Poor guys.

2 - The financial interest of the pools AFAIK are just the fees they collect from the miners.  Which I estimated to not be more than $200ish a day.  So really you have $600 a day in incentives as the gatekeepers to protecting a $5 mil market cap.  Bitcoin is slightly ahead in this area as the pools have larger incentives (cloud mining, etc).

This opens attack vectors that have nothing to do with how much mining power the coin has.  It would probably be more secure with half the hashrate solo mining.

The added attack vectors (that I can think of) are

DDoS the pools
Hack the pools
Bribe the pools
Quietly buy the pools

This isn't a flaw with Monero, though. It's a flaw in using pools to distribute hashpower, and Monero along with 99% of altcoins is vulnerable to this. Pools centralise hashpower.

[rdnkjdi]

This isn't a flaw with Monero, though. It's a flaw in using pools to distribute hashpower, and Monero along with 99% of altcoins is vulnerable to this. Pools centralise hashpower.

It's still a weakness.  Especially for a smaller coin where pools small financial incentives.

Look.  I'm rooting for Monero - I have money in it.  But I'm not blind to negativity.  In fact it's largely the way I approach the world.  I hope together the Monero community & team can knock the downsides out one at a time.

[mr.coinstrader]

OMG !!!
some random guy on the internet said to sell cheap Monero

haha yup.  pretty much the extent of the proof.  I'm saving that gif...