$ (XMR) Monero

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CrunkLord420 said:
Diversifying into alts is kinda like gambling, more than regular trading. Most of them are directly tied to the price of BTC, and often behave like trading BTC at 2x leverage. I basically tell people "you can't diversify into alts". You're just buying a variety waiting for one to 2-4x to sell it. We also just had a mini-alt season, so that 2-4x's already happened.

Note that XMR is the exception to the rule, where it's BTC valuation is generally unaffected by price movements in BTC/USD. During this entire bull run on BTC, XMR is acting as if nothing is happening.

I don't think today is a good day to buy alts.
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Alright, cool, cool. I'll keep going and see what I can get out of mining.
 
I use the official command line client, mainly out of habit since the GUI version didn't exist when I started mining XMR. If you use the GUI wallet it will provide you the option of using a SPV-style connection, where you don't need to download the whole chain, which is 71GB these days. There may be security trade-offs by using someone else's node but I haven't looked into it.

I'm bearish on multi-coins wallets, I frankly don't trust them for a variety of technical reasons. But I also don't hold anything off-exchange except for XMR and BTC (where I use a Ledger Nano+Electrum).

Monero in particular is a "weird" coin (as in, it's not just a simple fork of bitcoin), and because of that it gives a lot of developers issues when it comes to supporting it. There's also scheduled hard-forks where new features are added. This is the reason why I'd recommend avoiding multi-coins wallets.
 
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Alex Poulos said:
Is it much better than a Trezor? You can use the Trezor model T as password manager and U2F authentification device, I like that.
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At a technical level the Ledger is somewhat more secure, it uses a secondary "secure chip" (ST31) to store the private key in combination with a non-secure chip (which controls the screen, buttons) where Trezor only has the single unsecure chip. This is only a concern if you're worried about physical access. The main security benefit to a hardware wallet is ensuring the private key is never on your computer, physical access is a whole 'nother game and can always be rubber hose attacked.

https://blog.gridplus.io/hardware-wallet-vulnerabilities-f20688361b88?gi=637dec0f431f
 
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SoapQueen1 said:
Not sure where to post this, how long will a computer's components last running at 100% for mining?
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GPUs can wear out quick from what I understand. If you plan to game on the same PC and don't want to replace the GPU very soon, do a seperate machine.
 
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James Smith said:
Not sure where to post this, how long will a computer's components last running at 100% for mining?
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Sorry to necro this.
I've had the same hardware I purchased from 2017-2018 running at full capacity without issue. Occasionally I do have to manually reboot. All open air cases lots of fans pushing the heat off etc.
 
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Ahriman said:
Redpill me a bit more on Monero. So far I only opened a Binance wallet, is that good enough to get me started?
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(Jumping this over from the BTC thread)
I'm actually just using the official Monero wallet: https://www.getmonero.org/downloads/
I like to mine on MoneroOcean because it operates as a sort of mini-exchange and lets you mine sub-basement shitcoins and get paid in Monero.
Depending on where you are I believe you may not be able to use Monero on Binance or other exchanges.

The reasons I'm a fan are:
- The feds seem to be genuinely unable to break Monero's privacy so far
- The algorithm is specifically designed to favor CPU architecture, so the market doesn't get swamped by Chinese electricity thieves running ASICs.
 
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Kosher Dill said:
(Jumping this over from the BTC thread)
I'm actually just using the official Monero wallet: https://www.getmonero.org/downloads/
I like to mine on MoneroOcean because it operates as a sort of mini-exchange and lets you mine sub-basement shitcoins and get paid in Monero.
Depending on where you are I believe you may not be able to use Monero on Binance or other exchanges.

The reasons I'm a fan are:
- The feds seem to be genuinely unable to break Monero's privacy so far
- The algorithm is specifically designed to favor CPU architecture, so the market doesn't get swamped by Chinese electricity thieves running ASICs.
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Cool, thanks a ton!
 
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This guy explains how to mine Monero on Linux.


Pretty insightful. I have an old dual-core rig laying around, I'll look into setting it up with Linux Mint and leave it running for a few couple weeks, and see how that works.
 
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Hitting MH and not H in Monero is critical after the last patch. Find a cheap GPU and upgrade the CPU to more cores--you can dual mine with a setup like this.
 
Shovel Mech Pilot said:
Can someone explain in very simple terms what makes Monero more anonymous than Bitcoin?
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The short answer is "that's how the math was designed to work out".
Every transaction is from and to a unique one-time address, and it's impossible (so far) to tell which users participated in a transaction. Also, unlike Bitcoin, you can't just look at the blockchain and see the balance of any account.
 
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world of shit said:
Why are you wanting to get into Monero? Are you wanting to invest?
As much as I'm an advocate for privacy and privacy based currency, you're not going to make money on Monero.
Gov hates privacy coins, and will crush them in the dirt. For things to pump they have to be on exchanges, and privacy coins are being delisted left and right.

However, mining Monero is awesome, since you can do cpu mining.
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Ahriman said:
I think it's time for me to get into crypto and considering what I've seen so far, along with his argument for going Monero, I'd say it's fairly reasonable.

As for making money, it's too early to tell. For now I'll just leave an old rig crunching and see what comes out of it.
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Moving over to the XMR thread again like someone else did prior, but for what it's worth as far as le $$$ is concerned, Monero has already been listed as one of the tokens in the running for Grayscale to provide an investment trust for.
grayscale-1.jpg
In fact, the trust itself had apparently already been registered a month prior to this, on top of the fact that they already provide a Zcash (ZEC) trust, which is also a "privacy coin" as it were.
20210302_012142.jpg
 
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