Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency - page 393. (Read 4671575 times)

The discovery of an exploitable spurious issuance or double-spend attack.  It happened once it bitcoin, a few years back.  Now it has happened once in the cryptonote universe, including Monero.  The discovery of such an exploit by talented but unscrupulous persons could have destroyed most of the value in Bitcoin, in the first instance, or that of Monero in the second.  In both cases I think the discovery has reduced, rather than increased the likelihood of such a future event, but it does highlight the possibility, and it would be good to have a principled argument for a numerical approximate probability, for rational decision-making.

Bitcoin replaces central banking ($21 trillion in assets).

Litecoin replaces retail banking ($12 trillion in FDIC).

Monero replaces private banking ($15 trillion in AUM).

 

What is the what that will possibly happen?

I think you completely omit the crucial importance of ownership privacy.  With out it, your loved ones are in constant danger of kidnapping, powerful and ruthless people can target you for milking, and you are disadvantaged in every negotiation.

It's always nice to find points of agreement.


That is an excellent question, albeit complex to model.  I shall try to develop a model for this, since it is, I think, a very useful technique to develop.  The most closely analogous defect in Bitcoin was a singular event.  That analogy can be used as a prior.


I claim XMR is much less risky than Bitcoin. Bitcoin governance and political risk is many times higher.

I urge people to hold at least 10% of their assets in diversified high quality crypto, primarily xmr and btc, in that order.  The upside potential of XMR is more than 60x the upside potential of BTC.  But for high net worth individuals I think the value of the opaque chain is much higher, as a store of value, modulo the volatility issue. In the long run, wealthy people should hold a majority of their liquidity in Monero. A provably correct implementation would facilitate that.

With all do respect I can not believe what I reading (has every one forgotten why the invention of bitcoin was a stroke of genius ? aka trust-less)
, fungibility is obviously a nice feature but it does not trump, trust-less nature of transparant blockchains.  Truth be told fungibility in fiat currency is close to non-existing, well at least for the digital part of it. You have chosen to trust a dev team and open-source code they make.  You can how ever have a respectable level of fungibility via mixing, and you can keep on mixing until your satisfied with it.

And now that it actually have been proven that it can happen, shouldn't that mean more and more people should start waking up to the fact.

And yes ofcourse it may be possible for transparant crypto's to become broken, but once this happens thanks to the transparancy everyone immidiatally notice it has happend. That the whole point and reason why transparency is needed. Unless your doing something very illegal and you want to make sure you don't get caught, you should use opaque blockchain, but the best way to use it would be as payment tunnel.

At any-rate Monero is doing the best job of all the crypto-note coins, and its obviously ridicules that the coin getting surpassed by Bytecoin.

Question1:
How high a probability do you think it has that will happen again ?

Question2:
How much of your investment portfolio should be invested in this type of (even more risky) crypto investment  in comparison to other crypto currency's?

As to Monero's more recent sea worthiness...  there is a reason the Zcash leadership is only attacking xmr=>2016.  RingCT solves the problems they are trying to socially capitalize on.

Monero is the opaque blockchain to beat. Just as Bitcoin in the transparent blockchain to beat.

The quality of the design and implementation of the critical core function of liquidity storage and transmission is where Monero truly shines.  While the implementation still needs polishing and on-going review - which can never truly end, in any case - I consider it to be adequate, such that I can recommend Monero to friends and family, so long as their use case is tolerant of the volatility inherent in such a new asset. 

I did not think so 18 months ago. Then  I was willing to hold it and advocate it to cryptocurrency users and finance sophisticates, but not to "normals".  Even now usability factors prevent me from recommending it for general transactional use by the technically naive, although buy-and-hold investing I can and do recommend - a double-digit percentage in crypto, with Monero at the top of the risk/reward table.

Looking forward:  A better Android experience would make it competitive as walking-around money. Intrinsic multisig - as opposed to a multisig wrapper - and a 1.0 gui would make it a robust competitor for the role of global digital currency in a post- central banking future. (My own pet speculation is that counterparty failure chains in the imminent deflationary/hyperinflationary cycle will spell the end of Nixon's experimental debt-based monetary system, in the principal developed economies.)

I must say, I greatly underestimated the practical and market value of RingCT.  I had not fully appreciated how leaky the boat was before RingCT, but I certainly do appreciate how sea-worthy it is today.

so i have studied anonymous cryptocurrencies quite intensiveley and i come to conclusion that Monero is the best one out there. I have made differences with Dash coins and other Cryptonote Coins and Monero is superiour vs. all of these. If you want detail infos or have questions, pm me, if you have an other opinion.

I support Monero because I believe fungibility (i.e. privacy) is an essential quality for a currency. Enabling fungibility for cryptocurrency is a great technical challenge. Monero is currently doing it pretty well, and we think the math behind it is not broken. But no one can *guarantee* anything. It's always possible at any moment that some clever malicious individual discovers a flaw and exploits it and screws up the whole system. That's why it's extremely important that MRL continues researching and reviewing to discover possible threats quicker than any malicious individuals on the planet. And we're fortunate that it happened this time.

If you don't care about fungibility and don't want the fear that comes with an opaque blockchain, then you'd be happy with transparent blockchains like bitcoin. But even then, no one can guarantee that the cryptography behind it can never be broken. For example, it's only a belief that the elliptic curve discrete log problem (ECDLP) cannot be solved within a feasible period of time.

I bought my first 20 XMR today - happy me 

For price talk, please use this thread:

https://bitcointalksearch.org/topic/xmr-monero-speculation-753252

There's somewhat of an unofficial roadmap here:

https://www.reddit.com/r/Monero/comments/64cxrm/looking_for_more_info/dg16k31/

Both questions are not answered to my satisifation

For starters
1) My personal counter argument not to invest in non-transparent coins has always been because, the chance of such event event could exist, do I have been attacked for saying it, I have now been proven right. Monero dodge major bullet, and props for them for figuring it out on time, but why would not happen again and again and again.  Espically because everybody ensured me that it could NOT happen at all, and I was simply a troll by make such a claim which now has been proven right  

2) I am not going into the code for various reasons, I would like a little bit more to go on that just trust us. I would like to see a decent blog post or something

Nice push to new ATH in USD terms and broke the $500,000,000 market cap barrier today.  Things are are looking up for Monero, and for crypto in general as it passes $70 billion market cap.

Can someone point me to the roadmap of 2017?

Please vote for Monero here:

https://twitter.com/bobbyclee/status/865851769116475392

The current version of the code checks for occurrences of the exploit starting with the genesis block.

If you sync from scratch using any recent version (or use blockchain_import without --verify off) and it doesn't fail then you can be sure it was never exploited.

How do we know the devs caught it before it was exploited?

1. In one sense, this is very important. It shows the high level of scrutiny and study that goes into Monero by professionals. It gives an even bigger confidence boost to Monero's tech. In another sense, the bug was caught before anything happened, so in a way "there's nothing to see here," but the fact that the devs caught it before it was exploited is a big deal. I think it's a big deal in a good way, but it seems the market responded either neutrally or slightly positively to the news.

2. The notice did detail how it was confirmed that there haven't been any exploits. The details are at a high level but a person comfortable with code can confirm the veracity of all in the notice.

https://getmonero.org/2017/05/17/disclosure-of-a-major-bug-in-cryptonote-based-currencies.html

Two question

1) Why did the Monero price not get affected ?



2) How did they confirm that its never been exploited ? Any more details on that ?