yay for the good work!
my 0.000042 worth of input:
go for fee only post 7 years (cold turkey rewards)
say 0.042% fixed fee
that makes 42 a store of value (but low transaction) COIN
if it is code able you could waive the fee for payments under 0.0001 [42s]
thus encourage micro payments and the big boys pay the toll.
Thanks for taking a look and comments! 42coin Dev suggested only stretching it out over ~4 years. I think this is makes more sense, the last few years in my previous proposal had 4 satoshi and 2 satoshi coinbase reward. Kind of pointless  hopefully fees will be higher than that. So I changed a few lines in the pull request. Yes fees will continue to support the network after that, good idea and the use them as an excuse for more 42 in the code! Fees need certain minimums based on transaction size in kB to prevent DDOS, which are already in the code (for TX over 500 bytes). Other than that there are no minimum tx fees based on amount of transaction. I didn't mess with fees in this pull request which is just a coinbase reward fix, so, something to think about for the future or take a look yourself and submit a pull request. The only other thing here is I added a file Release.java which is just a simulator for adding up how many coins have been released. |
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 Where is philae?? What happened?? |
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Because there was such an overwhelmingly positive response to my suggestion I went ahead and issued a pull request to master branch at github.com/fortytwo42/42.git Please take a look at my suggested changes: https://github.com/funkshelper/42/commit/66a64695862b6bf570b008e686b91a90e52a41a8For review, as we stand right now we are going to see 42 total coins reached in about 250 days and then we will have more than 42 coins as the rewards keep coming. So long and thanks for all the fish. With my suggested changes we push off the day of 42 coins to 7 years in the future. The reward will slowly drop rather than go cold turkey and who knows, maybe some value will be added to coin in that time as more people are using public currencies. It is more likely the network would survive. |
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[ { "addr" : "182.19.198.161:24242", "services" : "00000001", "lastsend" : 1415633893, "lastrecv" : 1415633904, "conntime" : 1415631782, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467890, "banscore" : 0 }, { "addr" : "54.201.183.106:24242", "services" : "00000001", "lastsend" : 1415633893, "lastrecv" : 1415633905, "conntime" : 1415631788, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467891, "banscore" : 0 }, { "addr" : "71.175.81.45:24242", "services" : "00000001", "lastsend" : 1415633904, "lastrecv" : 1415633917, "conntime" : 1415631795, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467891, "banscore" : 0 }, { "addr" : "86.18.76.197:24242", "services" : "00000001", "lastsend" : 1415633893, "lastrecv" : 1415633904, "conntime" : 1415632325, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467904, "banscore" : 0 }, { "addr" : "72.78.100.13:24242", "services" : "00000001", "lastsend" : 1415633893, "lastrecv" : 1415633904, "conntime" : 1415632331, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467905, "banscore" : 0 }, { "addr" : "188.226.171.134:24242", "services" : "00000001", "lastsend" : 1415633893, "lastrecv" : 1415633904, "conntime" : 1415632576, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467909, "banscore" : 0 }, { "addr" : "76.125.230.79:24242", "services" : "00000001", "lastsend" : 1415633917, "lastrecv" : 1415633871, "conntime" : 1415633801, "version" : 60001, "subver" : "/42:0.7.0/", "inbound" : false, "releasetime" : 0, "startingheight" : 467939, "banscore" : 0 } ] |
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Woodcoin-qt wallet and woodcutter compiled for iOS, aka Apple (?), by stuff0577 If anybody is courageous enough to test this kind of system please let us know if it works! https://mega.co.nz/#!lEVTyBKC!JxdR_4VryjM7IqWeSo3NJ2oJFBlfKBZiYyrPPlnr9CM |
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I heard a report of LOGs going missing.. taking links off until I hear otherwise.
Well I heard back that the LOGs showed up. Restoring links to Coins-E. Please post any further information on dealing with exchanges to this forum, I am not going to be an exchange policeman. Caution is always recommended with any counterparty risk, please don't get goxxed or zhou tonged. |
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Pizza on me Salim, 10k LOG  We just gotta arrange a pizza escrow... |
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UPDATE
Weekly Woodcutting Wisdom
Good moring woodcutters! We have reached a milestone, as block 10,000 was chopped recently. Woodcoin is 2 weeks old. Chopping rewards will be under 100 LOG per block from now on. Next milestone: Block 100,000. When we reach that point rewards will drop under 10 LOG per chop. Then at block 1m, 1 LOG per chop. See how this is going? Currently there are about 4.7m LOG outstanding. The long road to the 27m LOG cap continues.
Some other notable progress this week: website is up, whitepaper is out, chinese translation on bitcointalk is in place, and we are on another exchange.
It appears for now that pure Skein hashing makes for a pretty good CPU coin. With little need for a pool OCminers pool remains down and woodcutters are chopping alone in the forest. Difficulty remains low.
Movement on exchanges is still small as expected, at very low early prices and volumes of a two week old coin. Caution is recommended when taking on counterparty risk. Don't get goxxed or zhou tonged.
It's hard to not also mention we are in month 12 or so of a "bear market" in cryptos. The last bear market lasted 18 months or so beginning in June 2011. It might seem easy to be disappointed in the small number of people trickling out the now open doors of Sauron's prisons. However remember that free folks don't return voluntarily to slavery. The word is slowly getting out and the days of private and counterfeit exchange commodities on middle earth are numbered.
Anything you don't like about the interface? The website? Anything else you want to do with your LOGs? Please continue to bring ideas and criticisms to this forum. Happy chopping.
Baruk Khazad!
Funkenstein the Dwarf
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nice writting
i dont understand why we need this coin
lately i don't understand why we need bitcoin. unless it will replace money. in some point in the future
Hey good questions Salim and thank you. Why do we need money is a good question. If we were better organized we would barter directly for goods and services seemlessly from local to global. However using an exchange commodity (thats what money is) helps to piece things together. The duck tape of society if you will. We need public cryptocurrencies like bitcoin because they are not counterfeitable. So called "fiat" exchange commodities are so broken and insecure it would be laughable if the damage to our societies and our ecosystems from their use was not so horrendous. This is what I meant by the great wizard Satoshi saved us from the reign of the counterfeiters. We need experimental public cryptocurrencies like woodcoin to learn more about cryptocurrency technologies. A diverse ecosystem of public currencies is the future, woodcoin aims to be one of those that lasts. That's my take anyway. Some people think altcoins are for pumping and dumping |
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I am waiting for the whitepaper to comprehend wtf is going on with this coin and how it works, but in the meantime can anybody please tell me how many total coins are in existence at this very moment?  Good morning! Whitepaper, please take a look and let me know what you think: http://www.woodcoin.org/woodcoin.pdfThere are just over 4.5m LOG out at the moment, you can check the plots earler in this thread or in the whitepaper, or check the block explorer: http://www.multifaucet. tk/index.php?blockexplorer=LOG¤cy_info |
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no one even bother making a GPU miner dev... want to send me the premine ? I can destroy it for you unless you sold it cheap already Lol.. hang in there Salim, half the LOG will be released by the year 2300. Release schedule goes to year 300 million. This is week 2. Anyway, one thing I am looking into is creating a burn address. Any pointers? |
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Here's an idea, please comment:
if (nHeight >= 424242+42*42*42) {
nSubsidy = 0.000024*COIN + fees;
}
This by itself would reduce the reward, currently coming every 42 seconds at 0.000042 to 0.000024. This will push back the day of reckoning quite a bit, specifically to block 1359421.
It might seem tough for the miners now, not as bad as a halfing day but close, but this sure seems better to me then just cutting them all off and saying goodbye to 42 coin once we have the 42 coins released in less than a year at block 990382. Also better than just leaving constant reward as is and watching supply of 42coin go slowly up past 42.
This change I recommend would come at block 498330, which will be about 21 days from now, that's when the fork would hit the network.
Rumpey: Blocks are humming along fine as far as I know. I see 8 fully open nodes and close to a GHash of scrypt on the network.
Buckrogers: I know of no other wallets other than those available at github.com/fourtytwo42/42.
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Greetings all altcoiners. The woodcutting community is looking for comments from the larger crypto community. Please take a look at the whitepaper: Woodcoin: A peer to peer electronic currency built for longevity and stability v1.0 Funkenstein the Dwarf http://woodcoin.org/woodcoin.pdfMany thanks in advance -- |
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will look forward to the whitepaper
Thanks for the encouragement I have released v1.0 at http://woodcoin.org/woodcoin.pdfI'll start a new thread to try and get some comments from larger altcoin community. Happy chopping! |
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And I still do not understand how this coin works.
nope Which part is hard to understand? The chopping algo? The reward and money supply curve? The chopping algorithm is proof of work using the Skein hash function by Bruce Schneier et al. This should be easy to understand in analogy with bitcoin uses proof of work using Sha256. The reward curve might be trickier to understand. The motivation for the logarithmic system is that the reward never drops to zero but every block is worth a little bit less than the previous one. This way there is not a problem of eventually having no reward, and there is symmetry over time, rather than periods of equal rewards separated by "halvings". Choppers are always motivated to chop NOW because the reward is always a lot higher now then it will be in the future. This is all accomplished without "runaway" inflation or "indeterminate" inflation which occur with a fixed reward or a reward pegged to hashrate. My apologies, a whitepaper is in the works, e.t.a. one or two days. |
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[...]
Could someone be so kind as to compile that Skeinminer stand-alone for me?
[...]
It won't take that long to get back up to some sort of speed (probably a slow shuffle) and winter is on the way, but man, Visual Studio looks like a 747 cockpit and my brain hurts. Basically I'm starting from scratch, but with knowledge-base and experience.
[...]
Here in the misty mountains we are more likely to ask somebody to decompile something before we will touch it. We take infosec rather seriously after the great wars as ancient long forgetten elven spells still hammer our outward facing tunnels and still worse may lie in the depths of our kernels. It is remarkable for us to see such knowledgeable and courageous wizards as yourselves work on botnet nodes using backdoored programs designed to hide real operatoins. They say even the great wizard who saved middle earth from the reign of the counterfeiters was trained in such an environment. No, getting up to speed for you will be a cinch as you can skip a generation of orcish tech which will surely be forgotten. Oh and by the way, woodcutting diffiulty is at 5.4, solo chopping is still recommended; I don't think you will get significantly more logs with the standalone miner anyway |
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Whats up with that? Why can't I post a link to multifaucet [Suspicious link removed] what is the issue?
Thanks!!
Funkenstein the Dwarf
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