Mike / bigreddmachine

Host of the '17 Monero Monitor podcast, exploring the Bitcoin & Monero space. | /u/bigreddmachine

[Mike / bigreddmachine @MoneroMonitor]

For those of you new to all this, just a reminder... #Bitcoin #Ethereum #Dogecoin etc. Be safe out there. https://t.co/oFtNfR0M8F

[Mike / bigreddmachine @MoneroMonitor]

@zooko @BenDiFrancesco If you need a guy to lead up some new Alliances, @fluffypony is your man!

[Mike / bigreddmachine @MoneroMonitor]

@Frances_Coppola OTOH, you don't need the PIN to use the seed... So if the seed is stolen, goodbye coins.

[Mike / bigreddmachine @MoneroMonitor]

@Frances_Coppola If your hardware wallet is stolen, hopefully you've used a PIN to encrypt it and that buys you some time to transfer your coins out of the wallet using your recovery seed. But you don't need the seed to use the hardware wallet... Just the PIN.

[Mike / bigreddmachine @MoneroMonitor]

@owocki Real, imaginary(, and complex)

[Mike / bigreddmachine @MoneroMonitor]

@binaryFate @brucewagner @fluffypony At least we know what we should name the next piece of Monero software infrastructure.

[KC🗽 @the__misfit]

damn @fluffypony really murdered someone in broad daylight just like that... i heard he got homicide looking all over for him now

[Mike / bigreddmachine @MoneroMonitor]

@zooko I tracked this down further to its source and found that a "payment" is any non-zero tx output.

[Mike / bigreddmachine @MoneroMonitor]

@the__misfit Ahh sorry, just realized you asked for *good* vocals lol

[Mike / bigreddmachine @MoneroMonitor]

@CameronRuggles @bitinfocharts Yeah, I tagged them so maybe they'd steal the idea ;)

[Mike / bigreddmachine @MoneroMonitor]

@john_r365 @cankerwort_ The shorter the block interval (2 mins for XMR) the bigger advantage even a few seconds gives. 6 seconds is a ~5% advantage (simplified example)

[Mike / bigreddmachine @MoneroMonitor]

@john_r365 @cankerwort_ All other miners will need to verify the block before mining on top of it. So if the miner packs their block, that adds extra txs for the competition to verify before they can mine. Which means the miner has a few extra seconds head start.

[Mike / bigreddmachine @MoneroMonitor]

@john_r365 @cankerwort_ Arguably, there is a very small fee that a miner should require, such that the added time/cost/risk to them for including that tx in the block is covered. This is super miniscule though, and the anti-spam "minimum fee to relay" setting more than covers that

[Mike / bigreddmachine @MoneroMonitor]

@cankerwort_ @john_r365 Tend to agree fees should be a bit higher, maybe ~5¢? However, fees aren't really a consensus thing right now. The core implementation won't relay txs with fees below a certain level, but miners can mine any tx they want. If blocks aren't at the min adj cap level, it's kinda moot