Topic: [XMR] Monero Speculation - page 1183. (Read 3314350 times)

The only reason I can see to hold bitcoin is that Bitcoin becomes the global megaledger of the power elite that it is slowly becoming and somehow the integrity of the network is maintained, meaning that they will let you spend your coins. Unfortunately, to become this ledger requires massive hashpower, which is unfortunately centralized in a small handful of places. This centralization, of course, can bend to the whims of whoever feels like bending it. Here's a good example of a bitcoin mining conglomerate doing something..... interesting. http://www.financemagnates.com/cryptocurrency/education-centre/bitfury-fights-anonymity-on-the-bitcoin-blockchain-in-the-name-of-security/ . Basically, I don't see how bitcoin remains out of the control of the elite. It has the possibility of creating a new financial elite (those controlling the network), but even those elite can be swayed by the old money. THe problem is fungibility, and in my mind there's just too much of a probability that the existing Bitcoin network will be co-opted by the powers that be towards their ends. If they manage to do this and maintain "openness" of bitcoin (as in, all bitcoin are good), then holding bitcoin makes sense. But it is incredibly easy for anyone.... ANYONE... to deem that your bitcoin are not worth the same as my bitcoin, because of their history.

To their credit, bitcoin is attempting to improve things, but IMO you just can't turn a Model T into a Model S.

I have projected and continue to project a bitcoin future where the mining cartels are also exchanges and become the new banks. One such mining firm has already made inroads into this concept, by reducing the fees for transactions made from their online wallet service. If you control 30% of the hashrate, you can cram whatever you want into the blockchain - you don't need to satisfy the minimum relay fee.

So the problems with bitcoin are 2 fold - fungibility, which could be addressed in some fashion, and mining centralization, which is tragedy of the unregulated commons gone rampant. To get a sense, the network hashrate of bitcoin is 1,612 million GH/s. THe hashrate of p2pool, which can be used as a surrogate for a metric of how many people actually care about decentralization in bitcoinland, is 1.6 million Gh/s.

So 0.09%

I'm not banking on 0.09% of the network. Literally.

Monero has the upper hand on fungibility, but centralization is something that will require constant tending.

I'm not sure what you mean?

It was a genuine question

Didn't you find anything better ? am I smelling fear ??

Has anyone considered that the ''hacker'' who took all that ETC may consider moving it through or storing it in XMR especially with the recent hype?

I think his coins become available on the 2nd Sept if I remember correctly, would be a great way to make it look like a ton of DNM money is flowing through XMR following the 1st Sept start of deposits on Alphabay causing another surge in price.

This would be ideal as poloniex being the only large volume exchange for monero trading is quite bothersome.

Not really. If you chose to use a small % of your total stash to market make with it shouldn't be that risky.

OK, apologies...my bad.

It still doesn't make that sentence coherent though

That's a very good point smooth. The only metric I was talking about was hash-rate - not who owns the hashrate.

Quite surprised that BTC-E.com still does not support Monero, seems like a perfect match.

The consolidation continues. I am inclined to see 0.008-0.0085 as a short term resistance now. Unless we get there in 2 days, this is confirmed, and the 0.01 double top is confirmed as well (2014,2016).

If we resume the grinding slide that I am forecasting, it may take months to reach the target 0.0042. And of course there is never a guarantee that it is reached. If great news come, it is likely to throw the grind scenario out of the window.

Market making is riskier than usual at the moment. tough to do profitably when the price tends to leave ranges behind at the drop of a hat 

The people of Monero should provide the volume in Bitsquare. The last time I have seen it there was nothing happening in the exchange. Hiring market makers to accommodate people from the darkmarket selling and buying XMR might be a good idea. It will also help start the market activity in Bitsquare with XMR as the "star" currency making it become in the center of attraction again. I hope the Monero whales will have a long term game plan like that.

http://BitSquare.io

decentralized xmr <-> btc

Won't be long. The countdown has started. (No inside info here, just stating the obvious.)


I don't agree (largely echoing sammy007's comment). The more centralized the mining with the more barriers to entry, the less efficient a mining network is in converting raw hash rate into real security. Raw energy burn is only a small part of the equation. It is more accurate to say that it is difficult to compare the security of the two because they are quite dissimilar in nature.

Monero's security in practice is quite significant. Someone on reddit asked about building a 500kh/sec mine. That would require about 500 or more devices (higher-end GPUs or CPUs) and still only be about 2% of the network hash rate (which will likely rise significantly if this repricing is sustained). Already and for some time Monero's network has ranked among the largest supercomputers and with the repricing may soon surpass all supercomputers. There is no "easy" attack on Monero's hash rate possible or likely.

This is quite a development among sellers. I would have thought that they would switch slowly to XMR instead of doing it right away.

I have a question. Let us say I am a seller in the darknet. I now hold XMR in my wallet and would like to cash out some into BTC. So I transfer some to Shapeshift. Will my transactions be traced by snoopers online?

What would be a secure, anonymous way to trade XMR to BTC online?

"ONLY ACCEPTING XMR AT THE MOMENT"

 

*economic singularity intensifies*

To be fair it is XMR/TUSD

The more I study this sentence the less it makes sense.
Perhaps by "no" do you mean "a" - in which case, you do realise that Polo already has a XMR/USD market. 

Can you explain why it makes a difference for the dollar price of a monero, whether it is being 'cashed out' to dollars or bitcoins?

I do not endorse it but there is a clear incentive, especially in the DNM sector, that merchants keep their profits in XMR. That actually does lift the price of a monero.

Like i stated earlier, to see 1000BTC chipping in for buying, some buywalls ranging from 100BTC to 500BTC on polo at 0,008 and then suddenly drop...
Well, in my opinion, that is not natural growth, this smells and tastes like manipulation from a single entity.
If the DNM adopt XMR, which they already do, i suppose there would not be this behaviour in buying XMR.
Besides, until we have no market for turning XMR in $ or €, the cashout probably will still be in BTC, which does not lift the price of XMR a little bit.

We will see in December which range we are dealing with