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:
https://twitter.com/monerocurrency/status/981889366648852480
- monerocurrency
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.