Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency - page 1668. (Read 4671953 times)

Provide your estimates then, since I can't see a mistake in mine.

Do you really think that a botnet is just a mining gear? And rape is just a form of sex, right? Anyway, I'm pretty sure that botnet owners don't hold the coins they've mined as there are risks associated with the waiting game and you might have used your botnet for other purposes instead.

And I'm not trying to troll, but do you operate a botnet yourself?



Could you also ask why botnet owners choose XMR over BCN (as it seems we're off the route with smooth)?

So it looks like there has been a good amount of coin dumping today across several exchanges.  Either some profit taking or the botnet owner is taking funds when he can.

Hi, Fellow Miners,

At http://pool.cryptoescrow.eu we have some important news for you:

1) We have upgraded our server to a more powerful one - please
check if your miners are reconnected.

2) We have lowered minimum payout from 0.5XMR to 0.2XMR, because of
requests we received from you.

3) Claymore GPU miners were updated to version 5. If you are mining
on a GPU this will give you a significant increase in hashrate.
50% increase on 6xxx cards with "-a 3" mode
Check BCT talk thread: https://bitcointalksearch.org/topic/claymores-cryptonote-amd-gpu-miner-v113-638915
Download link: https://mega.co.nz/#F!e4JVEAIJ!l1iF4z10fMyJzY5-LnyC2A


If you are not mining with us now, quick connection code:

I agree with you. The important distinction is not really between botnets and anything else, it is between professional, commercial-scale miners, using whatever equipment they are using (including botnets) and everyone else (mostly small scale hobby miners or people who enable mining in the wallet because they are already running the wallet so they might as well).

All professional, commercial-scale miners will sell most of what they mine, and they will generally mine the most profitable coin or coins (at least, 100% of the truly professional ones will).

Even then, what matters is not so much whether the miners sell, it is the balance between buyers and sellers. If there are enough investors who would rather buy from professional miners than mine (often because it isn't their expertise or interest), the price will still go up. There is nothing wrong with specialization and therefore trade; it is part of any modern successful economy.

Buy at 320K sat...

Happens after every time I buy.  Sorry

Over 15k adding MP dumps and Polo dumps in last 10 minutes...

Speaking of which 6k coins just got dumped.

All this fuss about botnets seems to assume that if they werent mining XMR then all the remaining miners would be holding 90% of their coins and so the price would go up. Of course it would be ideal if everyone else was holding onto their coins and the price spiked up, so I could then sell some of my holding for a nice profit, but the world doesnt work like that.

Assume that the price will reach equilibrium when 80-90% of coins mined each day are sold within 48hrs, for the price to rise it needs more investors willing to buy those coins.

Check the bounty thread.

What hapenned?

[/quote]

maybe your post got deleted because it was completely useless, and likely untruthful.

"this coin is full of shit and dead now" - not going to waste key strokes responding to that
"i lost every fucking coin in my wallet someone spent those, can't use them anymore" - This is obviously your fault. You either gave your keys file and password to someone, or got hacked, likely with keylogger. This is by no means fault of xmr and could just as easily happened with any other currency.
"move on, don't lose your time and money" - awww, I would ask you to sell me your xmr, but someone already got them =)


Really though, I think you are lying.

All this fuss over 1.6 Monero of dust payments? As I understand it Bitcoin suffers from the same issue and before the min tx amount was introduced into Bitcoin dust payments clogged up Bitcoin too.

Anyways, I happy with all the progress being made. Thanks.

Yes, that is exactly what I considered.


Your estimates are incorrect, by a wide margin.

I have no idea why the difficulty of XMR is so much higher than BCN (and others), but it is. Apparently people want to mine XMR because they like the mascot or something, because it has nothing to do with relative profitability, monetary costs, opportunity costs, or any other economic considerations.

I actually consider this healthy for XMR, as commercial miners (whether they are using a botnet or any other equipment -- in case it is not clear I consider a botnet to be just another form of mining gear) motivated by immediate economics are more likely to sell, while miners who do so for non-economics reasons might be mining and holding, or just mining without really thinking about economics. Apparently XMR has a lot of these.

Don't forget that XMR has twice the number of BCN blocks per day (due to lower time between blocks). So you have to consider daily emission rate adjusted for hash rate (difficulty) and denominated in dollars of course.

This results in XMR generating more revenue for the miners (around 10% increase according to my estimates). And Bytecoin exchange rate was even lower that it is now (6 satoshi vs. 8 satoshi). With 6 satoshi for BCN, XMR was a perfect target for botnet miners with 45% higher revenue than from BCN.

Except this is false. The emission rate adjusted for hash rate (difficulty) is higher than XMR, not lower.

That is exactly what I've been trying to tell you. And as there are botnets in XMR (see above), it is obviously lucrative to botnet mine it. Just have a look at the price of other CryptoNote coins (except for Bytecoin, which is unprofitable for botnets due to lower emission rate).

I'm not saying that XMR is doomed to go down. What I've mentioned was that there are more downward forces at the moment, so the price is unlikely to go up in the next few months.

Happen to know how fast those are?

If so, they are apparently losing money over not mining BCN or something else, since XMR is hardly the most profitable coin to mine right now (and rarely is, outside of a few periods during price spikes). Why they would do that I have no idea. I guess running a botnet does not require an economics or accounting degree. Shrug.

In terms of economic decision making,  opportunity costs are usually equivalent to monetary costs. If you can rent your botnet out for $X per day (or do something else with it to earn $X), then it makes no economic sense to mine <$X per day of anything, you are better off renting it out. This has exactly the same effect on decision making as monetary costs of $X/day. More than $X of mining, you mine, less, you don't.

Logically the argument of not having to earn a margin just doesn't make sense, as described above. There is revenue level below which it makes no sense to mine, above which it does make sense to mine. This applies to every botnet and every other type of mining equipment.

This also applies to BCN or any other coin (at least the ones with mining, but especially CPU+GPU coins with limited captive investment). Yes BCN has lower rewards (proportionate to coin supply at least) but it also has much lower difficulty, so you can mine proportionately more of it with the same equipment (botnet or anything else).

Honestly I don't really see much difference between XMR's price action any just about every other coin. It goes down when nothing is going on (and coins which have nothing going on for a long period of time eventually go down to near zero). When there is some sort of development that sparks speculative interest, it goes up. Look across the spectrum of hundreds of coins and you see almost exactly the same pattern. Who mines or whether they are a botnet or not doesn't really seem to matter much.