RE: Bitcoin's Competition, Monero, Is Booming And Has Tripled In Value In The Past Two Weeks
I have been a big fan of Monero for the last year and used to mine it exclusively, but GPU mining Lyra2 and Neoscrypt are currently so much more profitable I had to adjust at some point. I feel like the boom on Monero is a bit unwarranted at this stage. I feel more people are adopting it as an alternative to Bitcoin due to the block size problems. My biggest concern with "untraceable" crypto is that, at least in this case, it is only untraceable if you REALLY know what your doing. Just using the wallet to send and receive is not enough. Ring signatures will ultimately be held just as accountable as Tor traffic, like when individuals get busted by correlation attack by the FBI. I find it alarming that so many people see "untraceable" and jump on the hype train, but Monero has been here, and will be around for a long time. ultimately I'm pleased with the growth, warranted or not.
Clear that for some it been a good horse for enriching themselves recently. But what I think one should ask is what one is investing into ? With Monero , who knows ??
It's probably my most conflicted issue with Monero. They don't want to give away too much about the algo so that one of the independent miner programmers wrecks their unrivaled control of current speed, but at the same time, GPU mining is so inefficient that you basically need to cpu farm or cloud farm Monero to make any profit. You can see from the branches that the algo can be varried in intensity, such as AEON which is still only cpu mineable, and supposedly mobile friendly, although I don't find it practical. I tested on multiple phones and tablets to give them the benefit of the doubt. I will say though, if memory intense, cpu mineable is your thing, check out Verium, less than 24 hours old, solid devs, and has a die hard community. Scrypt^2 is pretty efficient with a modern cpu and basically forces mass decentralization. ASIC won't be an issue, and we spent two weeks with people trying to GPU crack it, good luck :)
well that's sure some detailed info you gave me there. I don't pretend to understand the mining issues , that's a bit our of my depth really !! My problem with Monero is more the people that truly will use it and for what for !! i mean would you want to help develop and actively invest in something which aids say murder hits for mafia sorts or sexual slavery kingpins in the middle east. Its more this i was alluding to in my earlier comment !!