Fundamental Analyst: 90% of Smaller Crypto Projects Will Result in Complete Loss

As the crypto market begins to pick up steam once again, Bitcoin has stabilized and been on a slow and steady climb, and traders everywhere are rejoicing over the apparent alt season that is upon us.
However, before crypto investors begin to celebrate the beginnings of the next bull run, one fundamental-focused crypto analyst believes that the vast majority of cryptocurrencies in the market will result in “complete loss” for investors, who are essentially playing the role of venture capitalists by funding projects with little to no use case or real world traction.
Crypto Investing is No Get Rich Scheme, Assume 90% Failure Rate
A self-proclaimed fundamental analysis-oriented crypto trader has taken to Twitter to express his concerns in investing in smaller crypto projects, comparing crypto investors to venture capitalists who invest in startups with an impossibly high rate of failure.

Failure can be a gradual process, or a sudden one, failure can be complete or partial, but assuming that 90% of your investments in smaller crypto projects will result in a complete loss is a pretty realistic starting point.
— Wolf of Qtrade.io (@cryptic_monk) March 18, 2019

The trader’s concerns are less about investing in cryptocurrencies, even the smaller projects he warns could result in “complete loss,” and more about the fact that uninformed cryptocurrency investors don’t appear to understand the risk to reward ratio in investing in cryptocurrency projects. He claims small crypto projects are unproven, often have tiny teams, and are more akin to startups.

The most common crypto project (by numbers) consists of a relatively small core team, say, one really dedicated person up to maybe 25 core team members, a few hardcore fans, and a somewhat larger, loosely attached community consisting mostly of hopeful "investors".
— Wolf of Qtrade.io (@cryptic_monk) March 18, 2019

“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.
Related Reading | Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us
Any investment in projects of this scope should consider the funds to be venture capital. While this opens up a “highly specialized investment field previously only available to a closed group,” where investors have a shot at investing in the next Facebook, most “early stage startups fail” for a number of reasons.
Only Bitcoin, Ethereum, and Monero Have “Traction,” Should Make Up Core Crypto Exposure
With crypto assets being such a risky investment, why are so many confident in putting their capital into the emerging market class? While some of it may be due to general inexperience in retail investors that have flocked to crypto as an asset class, there’s no denying that “there’s a realistic chance that somewhere in the 10% of the projects that survive” lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment.

Only very few projects, maybe only Bitcoin, Ethereum and Monero have something that could be called real-world traction. These are the only available "blue chips", and the only ones that you should really consider core hedges of your crypto exposure.
— Wolf of Qtrade.io (@cryptic_monk) March 18, 2019

But even less risky than “buying into that 90%/10% game” and hoping to find a moonshot, the analyst suggests that any crypto investor’s core exposure should be tied to Bitcoin, Ethereum, and Monero, which he says has “real-world traction.”
Related Reading | Fundamentals Grow While Bitcoin Price Stagnates, Where Does BTC Go From Here?
Overall, his thoughts are in line with most of the crypto community, which recommend investing only what one can afford to lose, and to build their portfolio around high-cap coins such as Bitcoin and Ethereum.
Featured image from Shutterstock
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Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

Coinspeaker
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

Continue reading at Coinspeaker
Source: CoinSpeaker

Monero [XMR] Records 5% Higher With Tor Project Preferred Donation in XMR

Monero is on a quick race to record new volume – at the moment, Monero or XMR token surged 5% higher within 24 hours. The increasing volume can directly connect to its latest adoption by a non-profit organization called Tor Project.
Monero (XMR) Available for Donation
As per the reports, XMR cryptocurrency is added to the Tor project to accept the donation in the form of XMR token. Being a non-profit organization, the Tor project develops technologies for open-source privacy and anonymity. Per the reports, the project is already supporting other cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), ZCash (ZEC), Augur (REP), Dash (DASH), Stellar Lumens (XLM), Litecoin (LTC). Upon XMR listing, the Tor project now supports nine cryptocurrencies in total.

You can now donate various cryptocurrencies to support @torproject! #bitcoin #litecoin #DASH #Ethereum #augur #Zcash #xmr #StellarLumens https://t.co/AQn7choEIt
— Sarah Stevenson (@elkakai) March 18, 2019

Since XMR is famously known as privacy coin, its demand across the industry that requires discretion is booming. As such a redditor stated that;
“If you are going to donate to privacy oriented projects then you should do it with Monero unless you want to end up on yet another list.”
Reports further shared Tor Project’s insights of leaving Bitpay, a crypto payment platform and launching their own private wallets. Parting from Bitpay for its donation process, the firm is reportedly reviewing lightning network as well.

Now that we have the direct wallets, we’ll phase out Bitpay if people aren’t using it.
— Sarah Stevenson (@elkakai) March 18, 2019

XMR Records 5% Gain
Following the move, XMR has quickly jumped to $56 value against the US dollar and sits comfortably on the 13th spot. Consequently, it holds a gain of 5.03% within a couple of hours and enjoys the average market cap of $949,582,938.

Founded in the year 2014, Monero is often considered as a privacy-centric project. In similar regards, Weiss rating’s recent poll revealed Monero is the preferred privacy coin in comparison to Zcash and Dash. On March 18, Weiss ratings’ poll result revealed Monero grabbed first preference as privacy coin with 54% votes, Zcash with 27% and Dash with 19%.

#Monero is making encouraging price moves, which #privacycoin do you favor?Pick one, or add yours in the comment section below!#Zcash #Dash #ZEC #XMR
— Weiss Ratings (@WeissRatings) March 18, 2019

So-called, PrivacyCoin is hugely used among confidential transactions – subsequently, Monero’s increased awareness can be spotted in the Porn industry as a means of payment. This is due to the fact that privacy Coin’s transactions cannot be traced and as a result of increased demand, many porn websites have started accepting XMR as a payment to many subscribers on their sites.
What do you think about XMR’s increasing adoption? share your thoughts with us.
The post Monero [XMR] Records 5% Higher With Tor Project Preferred Donation in XMR appeared first on Coingape.
Source: CoinGape

Monero [XMR] trading pairs with Binance Coin [BNB] and Tether [USDT] announced on Binance

The Changpeng Zhao led Binance has been on the uptrend, with the company launching several products and locking in on several new partnerships. Taking the requests from several users in the cryptocurrency space, Binance has decided to take another step forward by adding Monero [XMR] trading pairs to its fold. On March 14, the cryptocurrency exchange announced:
“#Binance Adds $XMR / $BNB and $XMR / $USDT Trading Pairs Binance will open trading for XMR/BNB and XMR/USDT trading pairs at 2019/03/15 4:00 AM (UTC).”
The announcement also created a small price hike for Monero, which gave a boost to the fans of the privacy-oriented cryptocurrency. The Binance listing came on the back of Monero’s latest hard fork which had made a huge splash in the world of cryptocurrencies.
The hard fork was aimed to bring some changes to the dynamic block size algorithm in order to fix a spam-bloating attack, a big bang attack, and to make sure scaling in for the short run and long run occurs properly. Monero’s blog post stated:
“Note that there technically will be two hard forks (i.e. one on approximately the 9th of March and one on the approximately the 10th of March). This provides a grace period on the network where transactions in the transaction pool that still use the v1 transaction format are allowed to be included in a block by miners.”
Post the hard fork, Monero also witnessed a massive drop in hash rate, which mainly affected ASIC miners. A report by Paper Blockchain stated that the figure was more than 80%. A Redditor, Bittabet commented:
“My real concern is just that instead of FPGA designers and ASIC farms controlling mining you just have hackers with botnets controlling the entirety of the network every time the algo changes. I’m not convinced that this is safer or more secure.”
The post Monero [XMR] trading pairs with Binance Coin [BNB] and Tether [USDT] announced on Binance appeared first on AMBCrypto.
Source: AMB Crypto

Binance Now Supports Two New Monero [XMR] Trading Pairs

Binance Exchange announced the addition of two new trading pairs to its exchange: XMR/BNB and XMR/USDT today. The trading of the pairs will begin on 2019/03/15 4:00 AM (UTC).
Binance has already listed a multitude of cryptocurrencies on its exchange platform. The two new trading pairs will be listed in addition to XMR/BTC and XMR/ETH pairs that are already available on the exchange. Monero’s USP is privacy induced via fungibility and anonymity; it is the most popular privacy-focused cryptocurrency.
Increased Interoperability and Decentralization
The total market capitalization of XMR on 14th March 2019 is around $880 million. While the 8th and 9th ranked by total market capitalization, Binance (BNB) and USDT Tether respectively have a cap of more than 2 billion dollars each.
Hence, trading pair inclusion is likely to be beneficial for all the three cryptocurrencies. The ‘tokenization’ of Exchanges through IEO (Initial Exchange Offerings) and the interoperability of cryptocurrencies will create a more favorable niche for cryptocurrency adoption.
The world’s largest exchange, Binance has lately released a plethora of products to facilitate the growth of cryptocurrencies. Binance was the first exchange platforms to open the floodgates of limitations on cryptocurrency listing and restriction of a new customer base.
Binance (BNB) cryptocurrency, Binance Decentralized Exchange and Trust Wallet together constitute the recipe of an entirely secure DEX. Morero aligns perfectly with their vision as it is one of the most decentralized cryptocurrency.
The post Binance Now Supports Two New Monero [XMR] Trading Pairs appeared first on Coingape.
Source: CoinGape

Monero [XMR] hashrate witnesses massive drop after hard fork

Monero [XMR], the thirteenth largest cryptocurrency by market cap, was in the headlines ever since news about its first hard fork this year broke out. The upgrade was successfully completed towards the end of last week, March 9, 2019 and March 10, 2019.
The hard fork proposed four changes, with a key upgrade pertaining Monero’s Proof of Work algorithm. The change aimed at severing application-specific Integrated Circuit mining as it blocks it from engaging in the network. The other changes pertain to dynamic block size algorithm, which would fix the big bang attack, and also ensure scaling. Addition of dummy encrypted payment ID to each transaction and simplifying amount commits were also included in this upgrade.
According to data presented by 2miners, Monero’s hashrate witnessed a significant drop since the upgrade, especially affecting ASIC miners. A report by PaperBlockchain stated that the number was more than 80%.
Source: 2miners
Monero went through a similar upgrade last year to curb ASIC mining on its network. This upgrade showed similar results, with several members in the community proclaiming that it had won its “first battle” against the ASICs.
Bittabet, a redditor said,
“My real concern is just that instead of FPGA designers and ASIC farms controlling mining you just have hackers with botnets controlling the entirety of the network every time the algo changes. I’m not convinced that this is safer or more secure.”
The Redditor further added that constant change in algorithm would result in hackers taking advantage of the changes to use botnets and dump the coins, even if it compromised the network. He said,
“Goes against normal miner incentives where they’re heavily incentivized to protect the network because they’ve invested all this time and money on hardware that literally just mines that one crypto and where miners tend to be heavy hodlers and want to protect the value.”
Moreover, according to a Reddit thread by ilheoi, 95% of the privacy coin’s hashrate was controlled by Botnets, FPGA, and ASICs. The Reddit user further stated,
“think about this 95% of the network was being mined by people who were prob either not paying for electricity or getting maybe 50x as fast hashrates as those with rigs that cost the same amount to setup as an FPGA costs to buy. 4k rig v 4k fpga and fpga mining nearly 50x faster.”
Source: Reddit
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Source: AMB Crypto

Monero [XMR] gears up for hard fork scheduled for today

Monero [XMR], the thirteenth largest cryptocurrency in the market, is a few hours from its first hard fork this year. The upgrade is scheduled to occur on block #1788000 later today. At press time, Monero’s block height was 178,7800.
According to the main Reddit thread, the hard fork is going to introduce four key changes. The upgrade is going to bring some changes to the dynamic block size algorithm in order to fix big bang attack, a spam-bloating attack, and ensure scaling in for the short-run and long-run.
Big bang attack | Source: Github
Short-term scalability and long-term scalability
The second update concerns Monero network’s mining algorithm, which is said to bring down ASIC mining. The team stated,
“Second, a third PoW tweak (CryptoNight-R) to curb the ASICs currently present on the network and further preserve ASIC resistance. As a result, miners will have to update their miners (i.e. mining software) as well.”
The network’s constant mining algorithm updates resulted in several ASIC mining pools incurring losses. Coinhive, a cryptocurrency mining platform, cited this upcoming hard fork as one of the reasons they shut down operations on March 8. The drop in XMR’s price during the crypto-winter was another reason that contributed to the mining platform shutting down.
The third update introduced via this hard fork will be “a dummy encrypted payment ID,” which will be added to each transaction. This update aims at improving transaction homogeneity. The fourth update would simplify amount commits by “shrinking the size of amount encodings and using deterministic masks.”
The Reddit post read,
“Note that there technically will be two hard forks (i.e. one on approximately the 9th of March and one on the approximately the 10th of March). This provides a grace period on the network where transactions in the transaction pool that still use the v1 transaction format are allowed to be included in a block by miners.”
Monero team has asked users, services, pool operators, merchants, and exchanges to upgrade to the newer versions, CLI v0.14.0.0 Boron Butterfly or GUI v0.14.0.0 Boron Butterfly, which were released earlier this week. These new versions make sure that all the clients are ready for both the hard forks.
The post Monero [XMR] gears up for hard fork scheduled for today appeared first on AMBCrypto.
Source: AMB Crypto

French Finance Committee: Ban on Anonymous Cryptocurrencies Appropriate

In a report published earlier today, the Finance Committee of France’s National Assembly has stated that it would be appropriate to ban all cryptocurrencies focused on providing greater anonymity to the user. The committee went on the write that such cryptocurrencies posed heightened risk of various financial crimes.
The rest of the report was not at all damning to the wider blockchain and cryptocurrency space. It states that greater understanding of the technology and the ways it is being applied were required by regulators.
Could France Ban Anonymous Cryptocurrency?
As part of the report published today focusing on blockchain technology and its application in cryptocurrency, the president of the Finance Committee of France’s National Assembly has stated that it would be appropriate to ban all cryptocurrencies that enhance privacy for the user.
As reported by Forbes, Éric Woerth writes in the introduction to the document:
“It would also have been appropriate to propose a ban on the dissemination and trade in [cryptocurrencies built] to ensure complete anonymity by preventing any identification procedure by design… This is the case for a certain number of [cryptocurrencies] whose purpose is to bypass any possibility of identifying the holders. To date, regulation has not gone that far.”
Woerth makes it unclear how far such a ban on anonymity-focused cryptos would extend. He makes no differentiation between those that are private by default, such as Monero, and those that feature optional privacy. As highlighted by the Winklevoss twins listing Zcash at Gemini last year, such coins are largely thought to be more palatable for financial regulators.
Could France’s National Assembly try to ban privacy coins?
Also as part of the introduction to the document, Woerth states some of the issues presented by the rise in cryptocurrency use. These include: money laundering, tax evasion, and fraud, as well as threats to the environment posed by mining. Later in the report, the committee does note that cash remains the most common method for financing criminal activity.
France Not Hostile to All Crypto
Despite a clear distaste for privacy-enhancing cryptocurrencies and their potential connection to criminal activity, the report does not take a hostile approach to the rest of cryptocurrency and blockchain technology – only aspects that seek to hinder law enforcement’s ability to police financial crimes.
Wroeth goes on to comment on the importance of understanding and differentiating between different applications of the technology:
“The distinction between the different uses of [cryptocurrencies] must continue, to establish a finer and more precise regulation protector of the general interest, as well as the private interest of the entrepreneurs of this domain.”
The report concludes by stating that greater efforts should be made to regulate crypto’s on-ramps and advocates the forming of an international regulatory framework.
 
Related Reading: France’s Yellow Vest Bank Run: Could it be Bullish for Bitcoin?
Featured Images from Shutterstock.
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Monero [XMR] has made vast improvements in terms of privacy and code over the years, says core developer

Riccardo Spagni aka fluffypony, the lead maintainer of Monero – a leading privacy coin and co-founder of Tari Labs, spoke about the privacy currency, during an interview with Naomi Brockwell. He also spoke about the five important privacy aspects that set Monero apart from other privacy currencies in the space.
The core developer spoke about how long he has been a part of the project. He stated that he has been a part of the privacy-oriented cryptocurrency since its inception and was also one of the first miners. Spagni went on to say that he was a part of a seven member team that forked the “codebase when the guy that created it ended up being a gigantic douche nozzle.”
This was followed by the developer speaking about the changes that were made in the code and the changes implemented by him. He said:
“Obviously, since then, we’ve implemented many things. So, you know, Monero is now almost five years old and over the course Monero’s history, we’ve made rapid and vast improvements to Monero’s privacy compared to the relatively weak privacy it had at the beginning and then just usability”
He further stated that there were changes made to the code and that the initial code of Monero was “really bad” in terms of modularity, adding that it has also “vastly improved” since then.
Spagni also elucidated the five important aspects of privacy that Monero focuses on and its key difference from other privacy coins. The five aspects as laid down by fluffypony are:

Focus on hiding where the transaction is being sent by a user with the use of dual key stealth address
Focus on hiding where the transaction is coming from with the use of ring signatures
Values are hidden, ensuring that others can’t see the amount involved as Monero has implemented Confidential Transactions protocol
Monero uses methods that obscure the IP address that first broadcasts a transaction
Privacy is default for the cryptocurrency; users can opt-out of privacy if required

At the beginning of the interview, fluffypony stated:
“I always encourage people to use Monero. It’s not designed to be an investment, its designed to be used as a currency, as a medium of exchange, as a store of value. That’s what people should be doing.”
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Source: AMB Crypto

Monero is a permission-less network, can’t control who uses it, says lead developer

Riccardo Spagni, a core developer of Monero, the privacy-oriented cryptocurrency, spoke about the reason why he got involved with Monero, during an interview with Naomi Brockwell. He also spoke about one of the most common conceptions surrounding the privacy coin.
Fluffypony, as Spagni is popularly known, stated that there were two main aspects that influenced his decision to join. First, Monero was not one of those cryptocurrencies that were based on Bitcoin’s code and second, the coin’s main focus was privacy.
Following this, the core developer spoke about how the cryptocurrency was one of the most favored choices by the hackers, and the black market for stealth mining to obscure transactions. For this, he said:
“Well, the thing is my personal feelings aside because they were largely irrelevant, Monero is a permissionless network you can’t control who uses it and you shouldn’t control who uses it. The biggest issue that we have with being painted into a corner like that, who decides what is good and bad”
Furthermore, he spoke about Monero’s future development. He stated that Monero is constantly striving to improve the privacy of the system for the users, adding that even scalability is one of the main focuses at present. He said:
“I think that’s [privacy] very important and obviously scalability is a big focus as well the Monero research lab and the Monero developers are very excited about things like MimbleWimble and seeing how it can be applied to Monero.”
He went on to say:
“The Stanford blockchain conference that just happened, lots of exciting things were spoken about and discussed new research that people have put out so these are all things that that the community and that the developers look at and that the researchers look at and go is this something that can be applied to Monero and perhaps it can but you know the aim is just to constantly improve that and make Monero as private as possible.”
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Source: AMB Crypto

How The Demise of a Crypto Scourge Will Benefit The Industry

The prolonged crypto bear market has hit a number of high profile companies such as Bitmain and ConsenSys but even the purveyors of the world’s most popular mining malware have felt the squeeze. The notorious Coinhive mining service is shutting down as it is no longer economically viable.
Illicit Monero Mining No Longer Profitable
In a blog post (that may not be accessible if your antivirus program blocks it), the company said that the service used to mine Monero via user’s web browsers was no longer viable and is being shut down. The browser mining service will be terminated on March 8 and users have been advised to cash out their XMR stashes. The plunge in Monero prices has been blamed for the closure; one XMR costs $50 today whereas it was priced at over $450 at all-time high.
Monero prices Jan 2018 to present. Coinmarketcap.com
Monero has always been the hackers and scammers number one choice due to its multiple features to enhance anonymity such as ring signatures. According to PC Mag the developers have also been adjusting the protocol to make XMR harder to mine. Coinhive stated;
“The drop in hash rate (over 50 percent) after the last Monero hard fork hit us hard. This and the announced hard fork and algorithm update of the Monero network on March 9 has lead us to the conclusion that we need to discontinue Coinhive.”
Back in 2017 Coinhive was launched as a method for webmasters to generate a little extra revenue by running scripts that consumes resources from user’s machines to mine XMR while they are accessing the site. During the boom it exploded like a virus across the net and became the world’s most popular mining malware as hackers would inject it into websites they had hijacked. The code infiltrated browser plugins, YouTube ads and even some of the largest messenger platforms online.
Coinhive Profited From Criminal Activity
Coinhive did very little to prevent malicious activity using its software and actually profited from it byt taking 30% of all crypto mined using its scripts. It has been estimated that as much as 5% of the total supply of Monero has been lost to cyber-criminals via malware such as Coinhive. During 2018 alone there was a 4,000 percent increase in mining malware with the majority flowing into Monero.
According to a more recent study last month Coinhive was still top of the ‘most wanted’ list of damaging malware;
“Cryptominers remain prevalent, once again filling the top 4 positions in the index and Coinhive maintaining its place at the top of the list. Damaging, multi-purpose malware forms are still prevalent, with half of all malware forms in the top ten currently able to download further malware to infected machines and distribute a variety of threats,” it stated.
As prices continue to decline, crypto-jacking and malware will follow suit due to profitability concerns. The demise of Coinhive is good news for the time being however when markets turn around again a tsunami of crypto malware is likely to return with a vengeance.
Image from Shutterstock
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Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.
The protocol was initially introduced to solve the scaling and privacy problems in Bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.
More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.
During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:
“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”
This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:
“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.
The post Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling appeared first on AMBCrypto.
Source: AMB Crypto

Another Hard Fork Coming for Monero [XMR]? Analysis says ASIC Dominates Monero Hashrate

According to the latest analysis, Monero, the privacy-focused cryptocurrency which is known for using ring signatures to obfuscate the actual sender of a transaction is dominated by ASICs, and if it is indeed correct, Monero community would have to make a decision, once more.
In the analysis performed by MoneroCrusher, a pseudo-anonymous user suggests that 85 percent of the Monero network is mined through ASICs. The author notes that nonce distribution due to some reason was not chosen in a random fashion as it should be, a random number between 0 and 2^32.

“Once the April fork kicked in you can instantly see the hashrate dropping dramatically and the thick white stripes gone instantaneously. Thus we can conclude that the thick white stripes were nonces picked by pre-fork specialized hardware or in simpler terms: ASICs.”
Now, the author says on the basis of the analysis, the ASICs did not choose nones randomly rather intentionally tried to conceal them by selecting the pattern that existed before ASIC. But with ASICs dominating the Monero mining, it became obvious that a large number of blocks were producing a distinct pattern.
ASIC Manufacturers Got Smart
Back in April, last year, Monero had a hard fork and implemented a new algorithm to prevent ASIC domination. At that time, the hashrate dropped dramatically and ASIC domination could be seen but within a few days the hashrate went up again to about 480 Megahashes per second.
Moving to June, the author says, specialized hardware came online again that was barely noticeable.
“There’s a “wall” of suddenly increased randomness, meaning that the ASIC manufacturers had learned from past mistakes and implemented random nonce picking. The thing is that in its decentralized, “natural” state, the nonce picking in the Monero network isn’t that random.”
As ASICs became more dominated as evident from the “over-randomness” and GPU miners left for more profitable networks.
In December, there has been a sudden increase of nonces in the sub 1.342*10⁹ area while other areas decreased dramatically meaning small mining operations get shut off, “while all the network hashrate centralizes in the hands of the ASIC owner(s).”
“At the time of writing the network hashrate has increased to 810 Mh/s or 255% since the first signs of the ASICs at the end of December 2018, or approximately 40 days ago.”
The author concludes that “the current network hashrate likely consists of 85.2% ASICs (5400 ASIC machines) and some die-hard GPU miners and botnets.”
Although Monero is determined to remain ASIC resistant, many in the crypto space say the fight against ASIC miners won’t last long. ASIC may be inevitable and if they do have the 85 percent of the network hash rate, Monero community has to decide, if it will yet again go for the hard fork route.
The post Another Hard Fork Coming for Monero [XMR]? Analysis says ASIC Dominates Monero Hashrate appeared first on Coingape.
Source: CoinGape

Monero [XMR] is designed to be a privacy preserving currency, says Riccardo Spagni

Riccardo Spagni aka FluffyPony, the lead developer of Monero and the CTO of Tari, spoke about Monero and its privacy protocol, in an interview with Forbes.
Spagni has always been a well-known advocate of the privacy coin and privacy itself, with the developer even remarking that privacy is a “basic human right” on several occasions. More so, during an interview with WhatBitcoinDid, FluffyPony revealed that the privacy aspect of the cryptocurrency was one of the main reasons that lead him to choose it over Bitcoin [BTC].
Here, he stated that the coin was doing something “concrete for privacy” and that the coin has pushed forth the privacy barrier. Apart from the privacy aspect, Spagni also stated that he went over to the Monero side because the coin was not based on the Bitcoin codebase.
Speaking with Forbes, Spagni continued to stand by his beliefs pertaining to privacy. He said:
“I’m a big advocate for personal privacy. I think that it should be a basic human right. The way all our data has just sort of been splurged online through hacks and compromises and malware and sometimes our own stupidity, we’re in a situation where privacy-preserving projects are a necessity”
Along with contributing to the development of the privacy coin, FluffyPony has also talked about the need for a privacy-preserving protocol for Bitcoin, wherein he had stated that privacy is the one factor setting Bitcoin and Monero apart. He had also stated that if there was an implementation for preserving privacy on Bitcoin, then it would be an “excellent feat of engineering.”
In order to push the privacy aspect of Monero ahead by implementing Tari protocol as a sidechain of Monero, Tari will also be implementing MimbleWimble protocol, introduced to solve the privacy and scalability problems of Bitcoin.
To add on, the lead developer also opined on auditing Monero’s transactions. He said:
“Monero is auditable. You can take the view key and you can give it to a third-party auditor or the IRS. Since the view key feature is cryptographically linked to your wallet, there’s a guarantee no one can manipulate or hide certain transactions associated with the wallet address”
Apart from this, during the recent interview, Spagni also opined whether Monero is an investment or not. He said:
“Monero’s probably not an investment. It’s designed to be a currency, and in particular it’s designed to be a privacy-preserving currency.”
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Source: AMB Crypto

Monero [XMR] isn’t an Investment – Use it as Currency, Project Lead Riccardo Spagni Advised

Those who consider Monero (XMR) as an investment, may change their opinion following the discussion of Monero developer with Forbes, Media. Riccardo Spagni, who is working as Developer for Monero claims that ‘it is not an investment but a currency’.
Use it as Currency, Not Investment
“Monero’s probably not an investment. It’s designed to be a currency, and in particular, it’s designed to be a privacy-preserving currency.” Said Spagni
According to Spagni, XMR is not designed as an investment vehicle rather a currency integrated with specific privacy features. Spagni is contributing his best effort to Monero since its early days. For him, Monero is more than a digital asset – expressing his sentiment, he says;
“I’m a big advocate for personal privacy,” “I think that it should be a basic human right. The way all our data has just sort of been splurged online through hacks and compromises and malware and sometimes our own stupidity, we’re in a situation where privacy-preserving projects are a necessity.”
Stance on Privacy and ICO
Unlike parties involved in Bitcoin transactions can view the private keys on the blockchain, Monero is quite more privacy-centric, he said. Such action is stiffer in Monero. In fact, he explains that various methods have been employed to assure the security of transactions. Few of those methods are one-time stealth addresses, ring signatures, and ring confidential transactions.
Although privacy in Monero is at its core, Spagni adds that auditing of Monero transactions can be possible without even spending funds. One can do that by using ‘view key’ and giving it to the third-party auditor or the IRS. Besides privacy, the developer also discussed ICO. Spagni is also contributing to an event ticketing company, Tari as the Chief Technology Officer. Speaking to Forbes spokesperson on ‘ICO related question’ for Tari platform, he says;
My problem with ICOs is not the act of selling targets, it’s that it’s being done in an environment where there is a lot of murkiness both from a regulatory and an ethical perspective.
Taking a stance against ICO, Spagni further notes in a Reddit announcement that;
“I’ll slay you where you stand.,”
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Source: CoinGape