Topic: [XMR] Monero - A secure, private, untraceable cryptocurrency - page 934. (Read 4670673 times)

Smooth, you've received a solid commendation from Anonymint  


It seems to me that Monero has the best team of any altcoin.

I backed it for the same reason. They've got a little GUI Linux OS running on it already, so I think Tails will be fine.

Per-kb isn't really the issue. The impact of any defined fee structure will drift over time away from what was intended as exchange rates and purchasing power change. There's no way around this without some way to dynamically set the fee based on current value and nothing satisfactory exists in that domain.

There seemed to be some confusion on that thread about per-kb and a percentage of value. I didn't read the whole thing so I don't know the context.

In any case, Monero does not rely on transaction fees to incentivize (honest) mining, and we don't expect transaction fees to be particularly profitable for miners. (By contrast, Bitcoin not only expects this but relies on it to encourage people to mine at all once block rewards are gone.)

The goal of the fees in Monero is to serve as an anti-spam measure and also to incentivize miners to include the transactions in their blocks rather than mine empty blocks.

As far as "overly" high, that is subjective of course. Since we have ring signatures and larger transactions, the natural cost of transactions is higher and the fees will likely follow that, but you get what you pay for (trustless decentralized mixing).

EDIT: typo

Will a per-kb transaction fee result in overly high transaction fees over time? Question raised on reddit:

http://www.reddit.com/r/Bitcoin/comments/35azxk/screw_the_hard_limit_lets_change_the_block_size/cr39v39?context=3

Yea, I figure with the USB port I can just throw on some extra GBs if I want to run a full node. I really just like Pocket CHIP accessory for it that turns it into a small portable computer with wifi, that is the main selling point to me.
Do you think this little guy could run TAILS on it?

One issue with the CHIP is integrated 4 GB storage instead of an SD socket like RPi 2. That will be a challenge for running a node, although using it to run a wallet connected to a remote node should be fine. It does have one USB port so a USB flash drive is an option. Overall the RPi 2 is going to be a better option here (though more expensive).

I read the comments, and apparently if you want the HDMI output option, you will be waiting for the device until May 2016.
I think that feature will be worth it so I might just wait for the kickstarter campaign to finish and buy one when they launch the consumer model.
Hopefully the price remains about the same.

The bitseed is less powerful than a RPi2 (2 cores vs. 4 cores). It does have packaging for a hard drive though.

EDIT: Not sure if the v2 is different from the original. I don't see specs for it anywhere.

Should be sufficient. The processor is single core but slightly more advanced than each of the cores on a RPi 2. I don't foresee any problems running a Monero node or wallet or lightweight model node/client on one of these.

This looks amazing. Is 512mb of RAM enough to run a full XMR node? I am considering picking up one of the pocket C.H.I.Ps

Just stepped on it. Yes, thinking about backing it.

The pocket C.H.I.P looks to be quite awesome. I want one.

Did you back the project, bigj?

Yeah, the motivation to share the info about bitseed was 2-fold:

1. Obviously, increasing the number of nodes running monero == great! However, seeing that it would mostly be us (the ones in this community) running these monero-bitseeds, most of us already run a node... so... no blatant advantage here.

2. Putting ourselves on the bitseed website. The way I understand the website, if you go through the effort of purchasing 100 units, they will then officially offer a bitseed variant for your cryptocurrency for single order purchases. So people would hear about bitseed, go "yeah I wanna help decentralize the network woopeee!!" Then they'd go to the website, and see bitseed for bitcoin, bitseed for monero, and go "whats this monero thing?"

( as an aside, they would then google monero and get getmonero.org as their first result, which is good. If they find the empty User Guide page, not so good. Anybody got time to do this? )

So I guess my point is for 12k we get some type of exposure. Expensive, yah. Is the core software too early in the game for plopping into hardware like this? Perhaps. Is this something we wait until MRL 4 gets implemented? Perhaps. I imagine these devices are geared towards the "bitcoin is great, but I don't want to deal with it." so they buy a bitseed and plug it in and then they feel good about contributing to the revolution. My point is we couldn't count on this demographic to upgrade the software (unless there was a really easy way to do it)

Ah - I didn't realise it was a RPi II inside the BitSeed. Oh well.

Could this 'pocket RPi' become useful for Monero?! Looks like a chance for a Monero pocket wallet (look at the 49$ option):

https://www.kickstarter.com/projects/1598272670/chip-the-worlds-first-9-computer

FWIW, I agree with your conclusion for now. If you want a node right now, a cheap low power Intel is the way to go.

The rpi2 is slow, but also very cheap. With a 32 GB SD card you can have a complete system for around 65 USD including case and PSU, or slightly more if you want to bump up the storage to 64 or 128 GB, maybe even a bit less if you shop around. The power usage is literally next to nothing <5W.

Despite the current low performance I believe the rpi2 will make a decent Monero node. There is a lot of headroom for improvement. For example, the CPU is quad core but is mostly being used in a single threaded mode for Monero currently. Plus of course various other (very significant) optimizations (including db and others) that are being looked at and worked on.

Just to make the point: I do like the RPi2 very much! Actually I'm happily using one as ftp and ip-cam server. Did try Monero on it... way too slow!! I would even claim the RPi is too slow for anything based on PoW. Bitshares' DPOS might work, but that's another story.

So, why bother with slow hardware if you can have something >10x faster (not to mention memory and disk space and software) for virtually the same price and similar wattage/running costs.

Don't get me wrong, Bitseed's offer/product is pretty cool, but it does not suit the purpose well (Monero, PoW node) when compared to an Intel based solution. As little server it will be awesome for sure.

If we group buy @ 100 units then it comes down to $120 each, which is somewhat more attractive, although I doubt we'd be able to do so before May 10 (for the free 250gb hard drive upgrade) so the units would have 160gb drives.

I'm torn, I actually think it might be quite cool, and I'd be in for 10 units, but whether we can drum up enough support to hit 100 units I dunno.

This might be a job for the FFS (forum funding system)...which, if all goes well, we're deploying tonight:)

Mh, not convinced that the pricing is good. I believe it is a better deal to assemble a little server/node box yourself (it is like assembling Lego):

60$ System-on-Chip / Intel Celeron J1800 @ 2x2.41GHz / Mini-ITX (e.g., fan-less)
30$ 2x2GB S0-DDR3 memory (or 60$ for 2x4GB)
30$ Harddisk >300GB (for noise reduction, consider a >100GB ssd at 50$)
40$ Mini-ITX box (fan-less)
-----
160$ total

After building the box, put Ubuntu on (or Windows) and run Monero, done.
Btw, the RPi2 is way slower then any such machine! For 50-100$ more you even get a 1150-socket cpu based mini-system (with fan).

ADD1: Such systems run at 10-30W at wall. Ok, that is a little more than Bitseed's 10W, but who cares (it is still <5$/month).
ADD2: Of course, you can run different clients on the assembled machine at the same time (monero, bitcoin, bitshares, ... whatever).