Privacy Cryptocurrencies… Checking Out Monero (XMR)
Privacy cryptocurrencies are one of the spaces I like most in the cryptosphere. Privacy is a basic right. More governments than ever are banning cash. So I think when the mainstream catches on to cryptocurrencies, they’ll want to own some cryptos that offer privacy.
The biggest one, a top 10 coin with a $1.3 billion market cap, is Monero (XMR).
A little history, Monero was a fork of Bytecoin, which was the first implementation of CryptoNote.
The development is led by Ricardo Spagni, aka Fluffy Pony, David Latapie, and five other anonymous developers. Definitely follow Fluffy Pony on Twitter. He’s funny is and currently on Barry Silbert’s s**t list… and he wears it like a badge of honor.
Monero has some unique features. One is dynamic scalability. It basically means the Monero blockchain does not have a pre-set limit on the size of its blocks.
It’s also ASIC-resistant. That means you don’t need specialized computer hardware to mine Monero. It can be done, but Monero has made it so it’s not worth the cost. You can mine Monero with a CPU or GPU.
The way it stays private is through the use of multiple keys and a technology called ring signatures. Basically, each transaction creates both multiple sending and receiving addresses and transaction amounts. And that makes it so it’s impossible to figure who sent what to whom and for how much.
As you can see from the chart above Monero is having a nice year. The most recent pop in price happened when it got added to South Korean exchange Bithumb. That’s one of the biggest and it caused XMR to triple in price.
As of right now it has given a lot of that back. But I expect if it got to around $60 some buying would come in.
I read somewhere Monero passes the exchange test. That where you can’t trace a transaction from an exchange to the user’s wallet. An important feature in my opinion. What’s cool though is that LocalMonero is coming. So maybe you can just buy some from a friendly neighbor.
What do you think of Monero?
For more on cryptos follow me @g-dubs and on SteemFollower
Yes @g-hubs, I attended our local bitcoin meetup in Chiang Mai on Thursday evening, and there was definitely some strong interest around Monero, from guys that are serious (5yrs) trading the markets..
That's some very good on the ground news to hear. From everything I hear XMR is the top dog. Thanks for reporting from Thailand.
No probs, thanks for your insights.. :-)
Monero Is nice coin to have ur post is great. Since cryptocurrency was made from people for the people monero is the great thing anonymity ASIC resistant everyone need privacy so thats why i predit great things for monero .
Thanks!
A really good piece here @g-dubs - I've up-voted and followed. I only recently heard about Monero and it's something I've began to take much notice of. As the chart shows. Its' been very successful and has benefits to offer. I think you'd like my Steemit Series 'Crypto Nights', which discusses the hottest topics of the week in the world of Cryptocurrencies. Next week, I plan to talk about Monero, but this week we focussed on Ethereum. Check it out! would love to hear your thoughts on it.
Video is uploaded now. Thought I'd share it with you directly. Would love to hear your thoughts, comments and questions.
Couldn't of put it any better myself @taskmaster4450 - I was only speaking to @alexmavor about this last week and how we should begin uploading our content to D-Tube.
As promised here is the link to our latest post. Would love to hear your thoughts, comments and questions you may have.
https://steemit.com/ethereum/@alexmavor/time-to-believe-the-hype-what-is-ethereum-and-is-it-ready-for-eos-crypto-nights-episode-3
Thanks @antonburton, I'll check it out for sure.
Monero has always been one of those cryptos that I keep hearing about without looking into. So thanks for the article (for once an article on Steemit with elaboration...!). Just a quick question - aside from its focus on anonymity, is there anything else that might explain its success?
It's mostly the anonymity but its team is well-regarded too. Fluffy Pony is the man.
IMO, Monero is what Bitcoin wanted to be when it grew up - in fact, what the general public believes Bitcoin to be describes Monero much more accurately, since Bitcoin is not anonymous or untraceable. Furthermore, Monero is the only privacy-centric cryptocurrency with a fair distribution that actually delivers on its promises, without trusted setups (ZCash) or opt-in privacy (Dash, PIVX).
I do have mixed feelings with regards to ASIC resistance, however. While it does lower the barrier to mining considerably, in the process it hands botnet owners a significant reward, since they can mine on hardware they don't own burning electricity they don't pay for.
Thanks for commenting, that's an interesting point on ASIC mining I hadn't considered before. Following you now.
Thank for sharing,, i like post you
Thanks!
Thanks for the explanation! Great post :) I definitely don't think enough people (myself included) know enough about private coins like this one and Dash. Thanks!
Dash they say isn't the most private although it does have privacy features. I still like DASH as a payment coin. PIVX is one that forked from DASH and it's said is more secure. I plan on writing about PIVX soon. Thanks for reading!
dash isn't very private anymore. Pivx and Zcoin are more involved in this sector, both have great potential.
Upvoted & RESTEEMED!
SSSSSSSSSSSSSSSSMOKIN'!
great post g-dubs! keep it up! and thanks again for following!
monero is great coin
i heared that piratebay used a java script to make there users mine monero while they are using the site without there knowledge