MoneroV Delays Snapshot Date, Sell-Off Pushes Monero Prices Down

March 15, 2018

For unknown reasons, the MoneroV community has rolled back the hard fork snapshot date to April 30.

Monero (XMR) may live in a constant pre-fork expectation, as the MoneroV project has voted itself more leeway with a new snapshot date. Just days before the announced March 14 hard fork, the project seemed to be unprepared.

And while the prices of Monero rose in expectation of the fork, the recent market selling wiped out the gains, pushing XMR to $217.03. The deep losses may have hurt those with expectations of an even bigger run up in expectation of the fork.

At this point, speculators may be more interested in the natural pump effect in the days leading to a fork, and not in the actual new digital asset. In the case of most forked coins, the price sinks to low levels. The Monero community has a low opinion of the fork, much like the Litecoin community viewed the Litecoin Cash hard fork.

The biggest problem for forks and new projects are exchanges. And while Bitcoin Cash was quickly and widely adopted, later forks had more troubles. One of the latest, Bitcoin Private, is still relying only on Nanex, with listings on other exchanges for now close to impossible.

Using shady exchanges that often have withdrawal problems has been a problem for other forks, such as Bitcoin Diamond. It is always better to wait and split coins in a wallet, than go on an exchange to trade the new asset immediately. This may lead to the loss of the original asset.

The usage of exchanges or other services around forks has also been seen as a danger to privacy, especially in the case of Monero.

Monero ASIC?

Capitalizing on Monero’s popularity, there have been rumors of a Monero ASIC. In this case, it is a machine mining the CryptoNote algorithm. However, Monero changes its precise mining approach often, making those machines non-viable.

At this point, the popularity of Monero leads to attempts to mine it on any hardware available, even illegally.

Source: Read Full Article