Monero

TUESDAY 27TH MAY 2014

I set out to find 10 genuinely useful digital currencies to support that might become major players in future commerce and trade.

Disappointingly, it’s difficult just to find 10 altcoins that aren’t blatant premine /instamine/ fastmine pump and dump scams, never mind 10 coins that genuinely improve on bitcoin.

COINS WHICH DO MAKE A GENUINE ATTEMPT:

CATEGORY 1 – ANONYMOUS COINS

The only obvious feature that could improve upon bitcoin is Anonymity > Pseudonymity.

Here’s a closer look at some of the anonymous coins.

1 – Monero

Was forked from Bytecoin, and was not premined.

It uses Greg Mawell endorsed Cryptonote, which is the “ring signature” tech behind bytecoin.

“I wouldn’t be surprised if none of the current implementations of it are around in ten years though: Bitcoin emerged at a surprisingly mature state, the BCN/MRO/FTM stuff isn’t yet anywhere near as mature. But certantly darkcoin is totally uninteresting compared to this stuff. They’re also free of the trusted initialization challenges zerocash has” – Greg Maxwell

 

TUESDAY 1ST JULY 2014

CryptoNote Technology

CryptoNote is an open-source technology that allows the creation of  supposedly anonymous cryptocurrencies.

CryptoNote currency market caps:

Bytecoin $8,201,000

Monero $4,4270,000

Boolberry $470,000

duckNote $67,000

Lee Banfield

 

Tuesday 22nd July 2014

CryptoNote Currencies

CryptoNote is an open-source technology that allows the creation of  supposedly anonymous cryptocurrencies

 

Review of CryptoNote Whitepaper

A mathematician’s review (paid by the Monero team) of the CryptoNote whitepaper and tech. http://monero.cc/downloads/whitepaper_review.pdf

Kristov Atlas

 

CryptoNote Currency Market Caps

Bytecoin

1st July: $8,200,000

21st July: $3,900,000

-52%

 

Monero

1st July: $4,400,000

21st July: $6,500,000

+48%

 

Boolberry

1st July: $470,000

21st July: $260,000

-45%

 

duckNote

1st July:  $67,000

21st July: $112,000

+67%

Lee Banfield

 

Thursday 14th August 2014

Cryptonote Coins

The technically best anon coins (so, CryptoNotes; ie Monero) are really the only interesting alts (cuz Bitcoin will nvr do that) – Dan McArdle

CryptoNote is getting crowded. Now at least 12 coins implementing CryptoNote: https://cryptonote.org/coins/ – Kristov Atlas

 

Monday 29th September 2014

Attack on CryptoNote Coins Threatened. Deadline Passes with No Attack Occuring

In a thread BCX started on September 17  he stated that he had no need or desire to attack Monero, but in the same breath claimed that he had found several specific exploits in CryptoNote (and thus Monero), one of which was a “coin killer”, and that he had the resources and ability to execute the attack at any time.

In the first reply on the same thread, Monero core developer “tacotime” asked of BCX, “Can you disclose this vulnerability privately to us so we can fix it?”, to which BCX never responded directly. As the thread progressed, BCX stopped posting while Monero core developer smooth and well known forum member, TheFascistMind (previously known as Anonymint), began discussing the potential nature of the exploit. 

BCX went on to state that he had successfully sandboxed and tested a “very lethal” Time Warp attack, and claimed it was deployable. He concluded by stating that no one should hold too much in Monero because there are many open vectors for attack.

More speculation from the forums generated yet another rumor that the attack would simply be a 51% attack, concurrent with DDoS (in attempt to take down other pools so the attacker can quickly gain a large portion of the network hashrate, or take down exchanges).

BCX’s postponed deadline has now also passed and no attack has occurred. He stated in the bitcointalk thread that the symptoms of a timewarp attack can take several days to manifest, but the price has held above 0.0033 for several hours now and it is now strongly suspected that this was a scare campaign to acquire cheap coins and no attack is going to occur.

The developers continue to work on medium term fixes so that regardless of if/when the attack happens, they will be ready (innovative checkpointing is the proposal atm).  Also, deposits and withdrawals remain frozen on Poloniex and most major exchanges, however trading is still active and BTC deposits are working properly – Chandler & Adam Wyatt

* BCX had reached his goal. He had planned to bring the XMR price down with his exploit bullshit to buy in as cheaply as possible and got what he wanted – neverminer77

* Hype gets more results than actual attacks sometimes. For me, I view FUD attacks as buying opportunities – generalizethis

 

Thursday 9th October 2014

CryptoNote Coins

EXpress said that he would take Poloniex, a popular crypto-currency exchange, down with a ddos attack – and he successfully did shortly after making the claim. As a result, everyone participating in the discussion and aware of this problem became increasingly worried when he went on to further threaten to perform a 51% attack on Monero last Saturday.

Fortunately for all CryptoNote users, this time it looks like BitcoinEXpress was bluffing. Monero was not attacked and all CryptoNote coins safely live on to prosper for those that would like to use them, without exposing any ring signatures – Barbie Bitcoin

 

Thursday 1st January 2015

A few anonymous coins emerged this year, but have so far failed to gain traction. Monero is one of the more interesting ones, but my hope is that software like Dark Wallet will become popular this year, giving bitcoin users a higher level of privacy.

Even though bitcoin transactions can be traced, the scale of people using it to evade / under-report taxes will strain the government’s resources to accurately assess who “owes” what and to inflict punishment on them.

While transactions can be tracked and (potentially) attached to an individual, obfuscation over what the transaction was actually for will make it impossible for the limited number of government agents to unravel and clear the legal process in a timely and cost effective manner.

While a few high profile token arrests will be made (just as with file sharing) the increasing cost of collecting tax will rise above the revenue that can be reasonably extracted, making aggressive tax collection a losing proposition for the State. – Lee Banfield

 

Monday 6th April 2015

Monero

I probably should get around to finally buying some Monero. xmr.to is a pretty clever service.

We’re going to find out the hard way that Bitcoin will get outcompeted by currencies like Monero and Zerocash if we don’t act to get better anonymity and privacy into Bitcoin itself – Peter Todd

 

Monday 13th April 2015

Monero (XMR)

Shapeshift.io adds Monero support.

With a wallet like mymonero.com loaded with XMR you can use Shapeshift.io again for BTC payments that are anonymous – BitcoinIsLiberty

 

Wednesday 6th May 2015

Buy on Amazon at Discounted Prices: Purse.io Integrates ShapeShift

Spend Tether, Dash, Litecoin, XRP, Monero, CounterParty, NXT & more at Amazon – Erik Voorhees

Supports the following countries: UK, Canada, Germany, Japan, China, France, Italy, Spain, India –ShapeShift.io

 

Sunday 26th July 2015

Monero vs. Dash

DREADz: If you were to buy $100 of one anon coin would you choose Dash or Monero or another I’m not aware of?

Peter Todd: Without a doubt I’d choose Monero over Dash – the latter is snakeoil, the former genuine crypto.

 

Sunday 26th July 2015

OpenAlias

OpenAlias: Interesting side project by Monero – Bitsquare

 

Tuesday 29th March 2016

Monero Up To 8th on Coinmarketcap With $17mill Marketcap

Monero is an independent fallback for Bitcoin that is created in much the same spirit as Bitcoin: an anonymous creator that disappeared after the community took it over, pure PoW with no crazy nonsense like overly complex PoS schemes, an alternate EC curve to Bitcoin’s secp256k1, and specific differences (like the PoW and the minimum block reward) that make Monero more like ‘A Peer-to-Peer Electronic Cash System’ than anything else.

Let me clarify that I am a huge believer in Bitcoin, and I’m not implying at all that Bitcoin will ever fail, but it’s comforting to know that in the event of a major, massively disruptive break in Bitcoin there is something else out there.”

Monero is a truly fungible, truly private cryptocurrency, that is constantly trying to build on and improve its privacy.

The way we view it is simple: one day, somewhere along the line, Monero’s privacy is going to mean life or death for someone. They will be in a highly adversarial environment where an attacker’s ability to track their Monero transactions means their death.

It would be incredibly, incredibly irresponsible and reckless of us to treat our work on Monero’s privacy as anything less critical than that, regardless of who our end users are. I do not want to be responsible for someone’s death, and neither do any of the Monero contributors or the members of the Monero Research Lab or my fellow members of the Monero Core Team. – Riccardo Spagni, Monero Developer

 

Tuesday 29th March 2016

Altcoins Plagued by Scams, Lack of Interest, Insecure Networks

To many people in the Bitcoin community, altcoins are considered nothing more than scams. Part of the reason is that altcoin developers and promoters are often found telling people to purchase an altcoin for their own financial benefit; however, this is not the case for Monero developer Riccardo Spagni.

Spagni holds a relatively pragmatic view on altcoins. The Monero developer has told individuals with limited funds to not buy the altcoin. In fact, he has stated, “The most likely scenario is that Monero fails entirely.”

Many people refer to altcoins as casinos and testnets. When asked for his opinion on this description of the altcoin market, Spagni said:

“The majority are outright scams. There’s no mincing words with this, and I think it’s absolutely disgusting. From obvious premined or instamined scams, to the more subtle mining scams that attempt to hide the premine from block explorers, there are a lot of scams meant to outrightly enrich the creators.”

In addition to the scams in the altcoin market, Spagni also sees Bitcoin clones, “corporate coins” (which are altcoins that have raised funds from investors), and a small number of coins that have something unique to offer. When it comes to those altcoins offering something useful or unique, Spagni claimed, “To fall into that last category is really hard. I’m not even sure Monero falls into it, although I do hope that it can get there.”

In Spagni’s view, the general lack of interest in altcoins and the security issues related to low-hashrate networks are the two main issues with any altcoin right now. Spagni explained:

“Seriously — any of the altcoins with an actual useful feature (like Monero, of course) are plagued by a general lack of interest, and a basically insecure hashing network. A sustained attack against Monero’s proof-of-work network would be expensive, but not expensive enough to stop a motivated attacker. Similarly, with only several hundred high capacity nodes scattered around the world, the cost of an isolation attack against end-user nodes is much lower than with Bitcoin.” – Kyle Torpey

 

Sunday 24th April 2016

Cypherpunk Innovations from Monero

  • Monero’s invention of RingCT, which allows for Greg Maxwell’s Confidential Transactions scheme to work with Monero’s ring signatures, effectively hiding all amounts in Monero transactions
  • Monero’s very recent hard fork, which implemented the findings and recommendations of the Monero Research Lab’s MRL-0004 research bulletin, and vastly improves many of the privacy failures of the original CryptoNote protocol
  • Monero’s hard work on Kovri, a C++ i2p implementation that will hide the originating IP address of transactions on the Monero network.

fluffypony, Monero Developer

 

Saturday 18th June 2016

Monero Market Cap At All-Time High

Market cap now $27million, a 5x return year-to-date.

Cracks top 10 on coinmarket.com.

Lee Banfield

 

Saturday 2nd July 2016

In May 2014 I wrote a report looking to find a few coins that were potentially useful and not scams. I couldn’t find many because of the premined, instamined problem.

Here’s how the coins I analyzed on May 27th 2014 have performed since:

Category 2: Legitimate / Potentially Useful Coins

Monero

May 27th 2014: Market Cap = $2.2mill

July 1st 2016: Market Cap = $19mill

+764%

 

Key Points

  • Bitcoin’s market cap has grown from $7.3 billion to $10.5 billion, an increase of 45%
  • The Monero price has increased significantly
  • The Ripple price has performed surprisingly well
  • Counterparty and Namecoin disappointed

 

NOTABLE CURRENCY COINS

The Dominant Anonymous Coin

Litecoin may be minimally useful as a backup blockchain, but it would make more sense for the number 2 digital currency in the world to be an anonymous coin.

A strong, dominant anonymous coin taking the number 2 spot with litecoin 3rd would seem like a sane world.

Privacy improvements in digital currencies are needed and although I’d prefer it to see it happen in bitcoin, I don’t mind seeing separate currencies working on it too.

Spending bitcoin through mixers is still the most popular way to pay for products on dark markets, but altcoins are accepted on some sites.

At the moment Dash is the most dominant anonymous coin by market cap, and Monero is the most technically advanced.

After years of hype, the anonymous coin Zcash (formerly Zerocoin and Zerocash) is scheduled to be launched on 26th September 2016 (although they have missed all of their previous milestone so further delays wouldn’t be surprising).

 

DREADz: If you were to buy $100 of one anon coin would you choose Dash or Monero or another I’m not aware of?

Peter Todd: Without a doubt I’d choose Monero over Dash – the latter is snakeoil, the former genuine crypto. – Sunday 26th July 2015

 

CryptoNote Coins

CryptoNote is an open-source technology that allows the creation of supposedly anonymous cryptocurrencies.

CryptoNote coins are generally regarded as the most advanced in the privacy area (at least until ZCash is launched).

In July 2014 Bytecoin was number 1 ($8.2mill market cap), almost double the value of 2nd place Monero ($4.4mill market cap).

Over the last couple of years Monero has performed very well compared to the premined Bytecoin scam and is now the number 1 CryptoNote coin with a market cap of $19mill compared to Bytecoin’s $7.4mill.

Unfortunately there are suspicions of scams surrounding many of the CryptoNote coins (although not Monero).

 

 

Monero

May 27th 2014: Market Cap = $2.2mill

July 1st 2016: Market Cap = $19mill

+764%

Monero was forked from Bytecoin. Unlike most CryptoNote coins it was not premined.

Monero is a slightly inflationary currency (below 1%, eventually settling at 0.37%). This is low enough to not be a major concern (and the rate of loss of the currency will probably offset the slight inflation)

Technical innovations include Monero’s invention of RingCT, which allows for Greg Maxwell’s Confidential Transactions scheme to work with Monero’s ring signatures, effectively hiding all amounts in Monero transactions.

I probably should get around to finally buying some Monero. xmr.to is a pretty clever service.

We’re going to find out the hard way that Bitcoin will get outcompeted by currencies like Monero and Zerocash if we don’t act to get better anonymity and privacy into Bitcoin itself – Peter Todd

 

Monero as a Backup Blockchain

Monero is an independent fallback for Bitcoin that is created in much the same spirit as Bitcoin: an anonymous creator that disappeared after the community took it over, pure PoW with no crazy nonsense like overly complex PoS schemes, an alternate EC curve to Bitcoin’s secp256k1, and specific differences (like the PoW and the minimum block reward)

Let me clarify that I am a huge believer in Bitcoin, and I’m not implying at all that Bitcoin will ever fail, but it’s comforting to know that in the event of a major, massively disruptive break in Bitcoin there is something else out there.”

Monero is a truly fungible, truly private cryptocurrency, that is constantly trying to build on and improve its privacy. – Riccardo Spagni, Monero Developer

 

Conclusion

Monero has many flaws and limitations compared to bitcoin like lack of network effect and relative security disadvantages. However, it is the number 1 ranked legitimate anonymous coin in the world.

 

Bytecoin

As the original CryptoNote coin Bytecoin is technically interesting, but disqualified because of the premine scam.

There’s no reason to invest in Bytecoin over Monero.

 

CONCLUSION FOR CURRENCY COINS

Disqualified Coins:

Dash

Bytecoin

DigitalNote

 

Legitimate Coins:

Litecoin

Monero

 

CONCLUSION: SUGGESTED PORTFOLIO ALLOCATION

A) Digital Currency Fund

Bitcoin 99%

Monero 1%

——————-

It really is all about Bitcoin. It’s just phenomenal compared to the alternatives. The opportunity cost of investing in something else is so high.

Monero is a worthy small addition as the most advanced privacy altcoin. Also, look to add a very small amount of Litecoin (smaller than Monero) when the price is historically low.

 

B) Digital Assets / Platform Fund

Counterparty 100%

——————————

This fund is completely separate to the main digital currency fund (and should be much smaller). It’s incredibly speculative and is more like a stock trading account.

 

Altcoin Buying Opportunities

  • Buy at 6 Month Lows
  • Buy at 90% Fall from Previous or All-time high
  • Buy When Bitcoin Dominance Index Strengthens to over 90%

Lee Banfield, July 2016 Report: The Most Legitimate Altcoins

 

 

Friday 30th September 2016

Monero Market Cap Surges Above $100mill

  • More than 20x increase in value year-to-date

It’s been obvious for almost two years that Monero should be a top-5 coin. – Dan McArdle

From what I’ve seen, Monero is the only altcoin with real privacy improvements. – Kyle Torpey

My view on Monero: does offer better privacy, built on some real dev work. Concerns: scalability, security, actual demand, competition. I like that it’s a POW algo. – Tuur Demeester

 

Largest Darknet Market Alphabay Now Supports Monero

  • Darknet Markets Start to Take Notice of Monero 

The dark web has started to embrace Monero, a privacy-conscious alternative to Bitcoin.

First, the operators of SIGAINT, a commonly used dark web email provider, decided to host a full node for Monero light wallets.

Then, an eight-month-old darknet market called Oasis decided to allow vendors to accept Monero.

Finally, Alphabay, the largest darknet market in operation right now, announced the first phase of Monero implementation on their platform.

Image result for monero

Why Monero?

Staff members at Alphabay and Oasis say that customers and vendors have simply demanded the Monero option. “It’s a lot more secure than Bitcoin, especially when it comes to obfuscation,” said an anonymous member of the Alphabay support staff.

“We have received a lot of requests about it; we’ve studied the cryptocurrency, and we’ve decided to implement it,” said an Oasis staff member. “This is what we do when users (both customers and vendors) suggest that we implement or change features.”

The hidden service set up by the operators of SIGAINT includes the following message:

“The SIGAINT operators firmly believe that Monero is the next logical step in Darknet commerce. It solves most of the privacy problems that plague cryptocurrency systems such as Bitcoin.”

Image result for zcash

Why Not Dash or Zcash?

In addition to their reasons for supporting Monero, the SIGAINT operators have reasons not to prefer other options, such as Dash or Zcash.

In the case of Dash, the site operators are wary of possible collusion by that digital currency’s supernodes.

With Zcash, the operators are concerned about the company’s registration in the United States, the fact that mixing is done on an opt-in basis and the possibility of secret inflation initiated by the maintainers of the system

The site operators also claim CoinJoin is not enough to maintain transaction unlinkability in Bitcoin. In a Reddit comment, Bitcoin Core contributor Luke-Jr seemed sympathetic to this viewpoint. “Only a fool would use Bitcoin as it is today for darknet,” he stated.

The push toward Monero on the dark web is a development worth watching, but it’s not the first time a darknet market has accepted an alternative, privacy-conscious digital currency.

Two small markets accepted Dash (then called Darkcoin) in late 2014, but the altcoin was not able to gain any traction on the dark web. Time will tell if things will go differently for Monero. – Kyle Torpey

 

 

Wednesday 19th October 2016

Monero Price Falls 10% After Oasis Exit Scam

The darknet marketplace (DNM) Oasis has gone offline, and many believe the administrators left with the escrow holdings. This includes a rumored 150 BTC and some Monero (XMR) as well.

During the time Oasis went offline, the dark web’s AlphaBay, Hansa and Dream also went down for short periods.

All these marketplaces minus Oasis have since come back online. – Jamie Redman

 

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