Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency - page 1458. (Read 4671660 times)

Tomewok, its most likely a relative/absolute path error, put the files in the same directory where u start simplewallet from.

open a cmd window, cd into the simplewallet directory and then start simplewallet from the with the wallet u want to open.

By the way, when the transacation fees will get back to normal?

Just please make the fees high enough that the blockchain is not sold out too cheaply. It is possible to lower them when the price rises. The recent decision to up them by 20x did not lead to price crashing.

Do you see it is adopted some where?

So - once I estimated that the whole blockchain (100GB) was for sale for $41k and deemed that too cheap. Now the price is per kB, and it works out to $1 million, a 25-time increase. This sounds indeed much better and while $1M is still very little, the coin's market cap is also small.

It is telling how concentrated the blockchain usage is towards manual transaction that a 20x increase in fees resulted in only 30% reduction in tx. This means that if the blockchain growth will need to be limited in the future, the fees have to be raised really high to compel off-chain activity.

Monero got big and useful much quicker than I expected! As soon as I gave it some time, I now see. Thank you to everyone involved

This wasn't about actual mining just a tiny amount of PoW to earn the right to submit a transaction and discourage spam without paying a fee. Bitmessage does something similar, and some may be unaware that PoW was invented as an anti-spam measure for email.

However, in rpietila's altcoin thread we talked about a billion cell phones mining at night while they are plugged into a charger. That was pretty interesting.

 

So - once I estimated that the whole blockchain (100GB) was for sale for $41k and deemed that too cheap. Now the price is per kB, and it works out to $1 million, a 25-time increase. This sounds indeed much better and while $1M is still very little, the coin's market cap is also small.

It is telling how concentrated the blockchain usage is towards manual transaction that a 20x increase in fees resulted in only 30% reduction in tx. This means that if the blockchain growth will need to be limited in the future, the fees have to be raised really high to compel off-chain activity.

If "you" was singular, I'd like to know many variables first, to start to analyze it:

- number of tx per day
- distribution of the sizes of tx, how much user can affect it
- does mixing factor affect it
- is there any reason to compete for space in 1 block as with Bitcoin
- is there any way the user could/should be able to affect the fee
- how did the recent 20x increase of fee affect tx
- what is the realistic upper limit of blockchain size now, in 1, 2, 3, 4, 5, etc years so that it is still usable
- blockchain prunable to what extent, when?

After these, I proceed to calculate if there is any need to limit the blockchain usage or if the antispam is the only reason for fees. If the limiting is required, then it takes some time to try to develop a "lifespan" for the coin by probably subsidising the fee now so that later Monero is so big that we can face the problem with larger resources. But I won't go into specifics without getting the information first.

ADD: Before even seeing the facts, I would say that there exists the following usage:

- Transfers. These are quite large and not much affected by the fees.
- Payments. These may be small but can be reconfigured such that they happen less often, which would reduce the usage given higher fee.
- Micropayments. These proliferate is the fees are small, and become uneconomic if they are raised. I don't believe there are many micropayment innovations functioning in Monero, and by keeping the fees high there will not be, either. It is a new thing that has not existed before, but seems that Monero blockchain is not the right place for it.
- Spam/Attacks.

If fee is set so high that people are grudging when making a transfer, it is a problem because they sell out of a coin that is too expensive to transact with. If fee is too high for payments, the coin loses economy/services. There were never any micropayments to begin with.

Just to give a rough guide to our thinking on fees, we are currently considering 0.01/2 kb. 0.005 didn't work too well given the way dust is handled (it creates a lot of 0.005 change, although in the future we will probably improve dust handling). So most small transactions (<= 2 kb) would have a fee of 0.01, larger ones of around 20 kb would be close to the current 0.1 and continue to provide the same protection against spamming of large transactions.

For reference, at current prices

0.01 XMR is approx. 0.02 USD
0.0001 BTC is approx. 0.05 USD (common fee per kb used with bitcoin, though there is a range in use)

With this setting, we are about 5x cheaper than Bitcoin per kb. However, Bitcoin has the ability to send some zero-fee tx (though not all wallets support this or do it by default) and we don't. Also the 2 kb increment is larger than Bitcoin's 1 (typical) kb increment, which also increases effective fees somewhat, so 5x is an overestimate.

Don't understand how i can get 0.01 fee cause right now i have to pay 0.1 on any transactions.

Just to give a rough guide to our thinking on fees, we are currently considering 0.01/2 kb. 0.005 didn't work too well given the way dust is handled (it creates a lot of 0.005 change, although in the future we will probably improve dust handling). So most small transactions (<= 2 kb) would have a fee of 0.01, larger ones of around 20 kb would be close to the current 0.1 and continue to provide the same protection against spamming of large transactions.

For reference, at current prices

0.01 XMR is approx. 0.02 USD
0.0001 BTC is approx. 0.05 USD (common fee per kb used with bitcoin, though there is a range in use)

With this setting, we are about 5x cheaper than Bitcoin per kb. However, Bitcoin has the ability to send some zero-fee tx (though not all wallets support this or do it by default) and we don't. Also the 2 kb increment is larger than Bitcoin's 1 (typical) kb increment, which also increases effective fees somewhat, so 5x is an overestimate.

Error: not enough money to transfer, available only 1.700000000000, transaction
amount 1.800000000000 = 1.700000000000 + 0.100000000000 (fee)

Need a XMR shill in Darknet  

Why would you mine on a cellphone? thin clients will only get onboard after some blockchain-level online wallet or lightclient is developed...  

Monero has an exponentially decreasing emission rate:

Let a = 2^-20 * 10^-12, then block reward is R_n = M a (1 - a)ⁿ

thanks smooth! looks like i'm good to go then.. but yeah the block height keeps increasing in those -4 messages...