Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency - page 1968. (Read 4671660 times)

Absolutely absurd.  CPU mined coins are not "fair" in any measurable way.  CPU-only mining results in botnet owners/criminals manipulating the network.  Period.  Your cheap i3 will never get a reasonable portion of the network, because there will be millions of drone computers mining for their masters.  GPU mining levels the field.

Highly unlikely.  This was said about scrypt (which became rapidly GPU mined) - in fact many things ring very similar. The main 'protections' against GPUs and ASICs that are claimed of CryptoNight are related to L3 cache speed and scratchpad size requirements.  Guess what?  The same was said about scrypt...

Actually I don't think a GPU can be faster one-on-one, as the PoW depends heavily on the characteristics of the CPU. If CryptoNight ASICS do become a reality, I believe the GPU mining phase will be skipped entirely.

This is the normal course of events.  I predicted this, and profited by it.  MRO traded off-exchange rose 10x in two weeks, and when it hit the exchange, the initial inflow of fiat pushed it up 4x from there.  By 0.008 the top was obvious, and I sold half of my MRO.  I predicted a bottom at .004 but I was delayed in checking my computer, so I didn't start buying until 0.0027.  I think 0.0026 was the bottom, the end of a slide after one dead-cat bounce.  Now it is reboot time.  The weak hands have shaken out.  The miners who needed liquidity and/or have low long-term confidence in the coin (probably most of them, as miner's have other qualifications) have sold.  I am almost fully loaded again (and in fact have converted some BTC again, since I perceive 0.0026 to be a very very good opportunity).  Thus my actions attest that I think the bottom is in, at the 0.382 fibonnaci retracement level.  If I am wrong however, I will definitely add more (although probably I will recharge BTC from fiat as well, if I spend some on MRO, as I am uncomfortably low on BTC right now) around 0.00128.  I don't expect the next topping level to be lower than 0.0129, and I do not plan to sell any below that unless there is a transient spike, as any low liquidity environment is prone to admit, and I happen to be present for it.  I intend to add to my postion gradually until it meets my long-term goals.

(My conceit is that by smoothing out the volatility spikes, I add a valuable service, which aids in price discovery, and creates the humane reassurances of relative price stability.  Folks don't mind a gradual rise, but large sharp swings creates a kind of justifiable skepticism, and a degree of fear regarding where the price will be when liquidity is required.   "Gradual" is relative to the exchange history, of course.  I definitely find it enjoyable and personally lucrative to provide this service.  Probably I should spend more time writing code, and less time trading and talking.  I am not an MRO code contributor so far.  I am extremely well qualified to be one, however, at least technically.)

I would advise anyone (who is a friend, not an enemy) with discretionary investment funds to allocate a portion to MRO, because the chances are not bad that MRO will become the dominant privacy-enhanced liquidity vehicle of the coming decade, and in my estimation such a vehicle should command a market cap in the range of trillions of USD, once it reaches maximum penetration.  Even a small chance of such an outcome is worthy of attention in any rational portfolio.  On a time-scale of decades, the present price is largely irrelevant to the decision.  If you don't need to spend the money before 2020, then don't think twice about the price, just think about how much you want to lock up over that time (and the costs likely to arise if MRO proved to be the wrong vehicle, and you needed to switch horses) and then enter by dollar cost averaging.  It is truly hard to muck it up if you diligently apply dollar cost averaging.  If that is beneath you, you are a trader and have no need of my advice.

I personally currently aim to hold a long-term position of 8 BTC to 1 MRO, as MRO grows, as well as a short term trading position which is 10% of my crypto and fluctuates between MRO and BTC, in addition to my non-crypto investments (mostly swaps and spreads).  My risk tolerance is higher than most.

Excellent, I'll give it a try and report back in the gui thread.

Anonymous transactions are native to the technology.

Does monero's wallet currently support anonymous transactions?  Or is it in development?

Thanks in advance.

I think there probably will be one and it probably will be faster one-on-one compared to a CPU. Whether it will be faster for the same cost (fixed and/or electricity) remains to be seen. This is *much* more memory bound than scrypt, so the GPU/CPU performance ratio should be worse.

thanks

Will Monero ever have a GPU miner?

CryptoNote is about more than just privacy. It's about freedom. That's the point of egalitarian mining. Live in an oppressive state? Fuck you, government! Anyone with an internet connection can download the miner and receive a fair share of money. What's the point of anonymous transactions if only priviledged individuals can get the coins? What's the point of a fair launch and fair distribution if the rich get disproportionately richer via priviledged mining?

I'm sorry if you have a snazzy GPU farm that you're dieing to take advantage of, but Monero doesn't play favorites. It goes against the entire philosophy of this currency. I'm fairly certain that the developers and other contributing parties agree with me (speak up if you don't). Even if they are unanimously brainwashed into thinking GPU mining is a good idea, I will fight tooth and nail to make sure it never gets implemented. I swear to God, I will haunt this thread for as long as it exists and scare the bejesus out of anyone who dares to come up with some half-brained argument to enable privileged mining.

Here's the spanking new Mining Pool for Monero!

http://www.extremehash.com

https://i.imgur.com/sZCFu4W.jpg

Remember that around 24k coins are being released per day. Absent significant developments over the next few weeks, the price will stagnate or even decline.

Seeing as you capitalize Ring Signatures (tm?), I'm guessing you have no idea it's a cryptographic primitive rather than some proprietary lines of code. O(n) scaling is a property of this group, as a basic Google scholar search will tell you.

I'm really not sure why you feel qualified to comment on what's 'stoneage'. 'Sheer specs' aren't very helpful when you don't understand what you're actually reading.

Whats with the big slide down on polinex are there other exchanges with MRO. Would this be a good chance to buy in now?

I though "competent" dev's would know that I meant the scaling issue would probably fixed by the time it's implemented on a coin not using the cryptonight protocol.

I don't own any darkcoin, I'm just using sheer specs to deliver an argument. So far, Darkcoin is much more promising than a half down, stoneage monero.

Technical illiteracy is fine, but contradiction a few words down the sentence? It's 2014. Even trolling requires minimum standards.

You realize the number of coins is constant? It doesn't increase the supply by having more people mine, it just spreads it out, which is exactly what you want. If the coins go into grandmas wallet, she probably keeps them until she wants to spend them on something (or maybe just keeps them). If they go to some professional or industrial miner they rapidly get sold off to pay for equipment, electricity, etc. The former is much better for the coin value, although that's not really the motivation for it.


Oh, ok. Now I understand why you are here.

Yea, and guess what happens when you get free coins in your wallet just by devoting some of your CPU power to help secure the network?? Drastically lower prices of the coin, as everyone and their grandma would have piles of Monero...which is extremely stupid...

Also, darkcoin's darksend is already anonymous, not a matter of if it will be in the future when it already is...The implementation of Ring Signatures and I2P to Darkcoin are just bonuses to it's anonymity, where the masternodes will be used as incentive to uphold the network, and the I2P and Ring Sigs provide the anonymous aspects(the masternodes/darksend would also still provide anonymous transactions).

Essentially, darkcoin has/will have 3 things, Darksend/Masternodes, Ring Signatures, and I2P.....Perfect anonymity, compared to Monero's horrible scaling with Ring Signatures and it's unknown/botnet raped CryptoNight algorithm.

XMR is the future.

Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one.

I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw).

EVeryone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar.  

The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended)   [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized.

That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have.

We have migrated to the latest pool platform, this will allows many more miners to connect and allow for a higher pool hash rate without causing a substantial load on the server.

also please redirect your miners to mro.extremepool.org instead of extremepool.org for MRO as http://extremepool.org is going to be a landing page where miners can choose from different cryptonote coins to mine.

Thank you for mining with us!