Monero: Currently Best Value Privacy Cryptocurrency Coin

[tysler]

Hot: Monero's [XMR] value is increasing against Bitcoin [BTC] (not USD)

**I would very much want to also talk about Mark Suckerberg's interrogations on Facebook's privacy and data scrapping at his latest Senator's hearing. But there is more urgent news for crypto-investors: Monero's falling USD prices but increasing value against Bitcoin.

Image source: Wikimedia Commons

Monero latest news with its Hard Forks
I hereby give my support to Monero's core development group for continuing to make mining Monero ASIC-resistant.

What has happened in the past couple of days revolves on the disagreements with Monero's latest Hard Fork. I am referring to the news article titled: "Privacy-Centric Coin XMR Splits Into Four Different Monero Protocols" posted on news.bitcoin.com written by Jamie Redman.

Currently, 5 to 6 groups of developers have opposed Monero's decision to update its mining algorithm and protocol to continue to ensure that Monero is resistant to ASIC-based mining. These developers are doing a Hard Fork based on Monero's last protocol and branch out into MoneroClassic [XCL], Monero_Classic [CXMR], Monero 0 [XMZ], Monero original [XMO]. Yes as you can see from their names, everyone is trying to claim themselves to be the "original" Monero. MoneroV [XMV] is mentioned by an article at cryptocoinspy believed to be created by ASIC-maker, Bitmain.

Why should Monero be ASIC-resistant?
In the world of mining, decentralization is a key concept and Monero's protocol is based on the CryptoNight algorithm, originally ASICs-resistant. This would mean that Monero mining is to be done with CPU or GPUs. However, without constant improvement, the original protocol could be 'learnt' by ASICs devices to adapt. In response to Bitmain's latest release of ASIC Antminer X3 specifically designed to mine Monero, Monero's developers have decided to implement a Hard Fork and alter the protocol to be resistant to the new device.

You might be wondering why should Monero do that? Isn't ASIC devices better since ASICs is an efficient technology and we could benefit from lower transaction fees and faster transaction speeds? But due to ASICs mining on Monero, Monero's hashrate has been going up drastically and thus the network difficulty has also increased tremendously. Large mining equipment makers here are trying to monopolize the mining of Monero by using their devices. Where has all the decentralization talk gone to?

Imagine if 51% of Monero's mining is now controlled by ASICs maker, Bitmain, the next implemented Hard Fork will be solely controlled by Bitmain, and not the original creators of Monero. An iconic Tweet by Monero's twitter account:

Image source: Latest update showing Monero's hashrate dropped by 80% : A hijack by ASICs mining - bitinfocharts.com

The counter-argument is that Monero will continue to be in control of Monero causing a centralization of the development efforts. When is it wrong to have control over your OWN company? This saga is also what is happening to Bitcoin vs. Bitcoin Cash. It is fine to have a clash in ideas and visions, but what we see here could be termed 'crypto-mutiny'.

My advice as a miner and investor of the No. 1 Privacy-based crypto, Monero
I have noticed Monero's recognition as a privacy-based coin is gaining traction. Ever since implementing the latest Hard Fork, ASICs miners seem to have exited Monero (as they are now unable to mine Monero after the new Hard Fork), and XMR/BTC prices are moving up. I checked Monero's global market capitalization remains at 1% (Bitcoin is at 43.8% followed by Ethereum at ~15%), so it is still not going up right now. There is so much more potential now for Monero to push further into higher market dominance in the upcoming months. **Hint: XMR Prices going up...

Image source: coinmarketcap

Image source: Wikimedia Commons - Market Domination as of Oct 2017

It is time to think of divesting into Monero, whether as an investment or for privacy purposes.

-tysler

Leave your comments below. I do want to hear about more counter-arguments and whether Monero has made a right move. Have a good day.

Comments

[sames]

Please note Aisc are not bad in theory and that Monero dev has admitted one day monero will have to accept the fact that asic are for pow. The plan is to keeping hard forking until more companies other than bitmain are making asics.

In theory, Asics are better than Gpu and maybe more decentralized. Asic= consistent hashrate and loyalty to the chain. Asic mean that you are not into only for the money but to help the chain since you can only use the asic for that. In gpu you can switch any time to other gpu coins. Many gpu miners are into only for the money by using nicehash and auto switch pools. Asic are supposed to decentralized by the the fact more than one company are making them.
Right now the problem with Asic is that one company makes them-Bitmain. If Halong mining is one of the few key reason why bitcoin was against changing the algorithm. It might be one of the last test to show if Asic can truly be decentralized in theory.
I kinda like POS(crying out load bitcoin is going to use POS in its sidechain tech . )
But current POS has a flaw who know it could be made better. People are researching them. DPOS does look like one of the best types of POS
Currently POW is better in my opinion.
While yes POW does seems like an energy waste it not. This work is necessary to make the chain secure. In POS, the stakers who owns 10% of the supply will mint 10% of the supply, and won't cost them anything much.
In, POW you have to battle against everything. You have to buy new miners to keep up, pay electricity, cool the machines, buy new ones.

Pos makes it so that 51 attacks are harder bc they are little their investments on the line. Pow is somewhat even harsher. Not only will their rewards lower if 51% attack done, the coin down=machines useless. This is amplified by asic machines which effectively locks the minier rig to mine only that coin.
Pow can be improved even more by making useful mining aka finding primenumbers.

But I am disappointed none of the major crypto use useful mining :(
I hope it will be used one day. Scaling is more important!
And yes I might of copied and pasted some of my posts and comment to make this.

[tysler]

No doubt PoW using ASICs is superior to GPU/CPU mining. Riccardo Spagni addressed the concern to continue allowing small-scale miners to keep Monero's network running rather than allowing large mining rigs to capitalize on mining. The concept is not to allow large companies over-profit, which Google, Facebook and every other company we know today are doing. With that aim, Monero is gaining the support of decentralized mining - in which till today we have not seen any inconsistency in hashrates. I also do agree that AMD and NVIDIA are becoming the dominating players in GPU mining as well.

Loyalty to Monero is derived from the purpose of the coin in terms of privacy, so hopefully, this will continue to give them an edge in the market. I see hard forks as a point of evolution and the branching only helps Monero become a better coin. Whoever survives the next hard fork wins. I don't lose any of my Monero as well.

[rudnicki]

Fuck yeah!
Such a dynamic coin!

[jensm85]

Will this fork stay as xmr ?
I ask this because i did not controll my private key during that fork.

[tysler]

i suggest updating but I am also not sure which private key for a wallet or mining you are referring to. CHeck out some of their latest updates here: https://getmonero.org/2018/03/28/a-scheduled-protocol-upgrade-is-planned-for-April-6-2018-03-28.html

[crypto-toast]

It's certainly a great coin in future for the reasons you have mentioned, but now is it the time to accumulate in my opinion. I do own and will buy more when the chart tells me too. Thanks for the info though!

[mutschi]

Liking your content!! Invested in Monero myself :) hoping they will get on Trezor soon!! Heard they have concrete plans for Ledger by now...

[tysler]

Yes, paper wallet is on the way. I saw them holding a Trezor on their Twitter page:)