Miners are an insane expense best avoided entirely.

Creating garbage whose only value is to miners amounts to deliberately creating inefficient markets to scam consumers.

Mining is SUPPOSED to be unprofitable.

Only the folk who can make electricity the most efficiently and secure blockchains with that electricity most efficiently should be able to eke out a bare existence, everyone else SHOULD be squeezed out, so that mining costs the actual users of the currency as little as possible.

Scams created purely for the purpose of trying to make inefficient out-dated idiots money is a scam, might as well just be honest and put them on welfare/foodstamps instead.

Its like deliberately screwing up the streets and roads to try to make horse-and-buggy still useable so buggy-whip makers can stay profitable...

-MarkM-

So multiple algorithms is simply deliberate inefficiency.

That is so stupid.

Basically scam people into paying out good money for deliberate inefficiency.

Oh gosh the market is too efficient, people who cannot generate electricity efficiently/cheaply are being squeezed out, gosh lets make the consumer pay through the nose to subsidize inefficient electricity generation.

What a scam.

-MarkM-

The only reason miners profit on new garbage coins is by scamming idiots into paying good money for them.

Thus the mining becomes a scam.

The original poster makes it clear it is all about scamming money out of people, not about providing a secure blockchain.

So this thread is basically about how best to scam people, not about making a secure currency at all.

Miners are an evil best avoided entirely. For proof of work blockchains they are unfortunately necessary.

Mining is intended by design to tend toward no profit.

Only the most efficient generators of electricity should be able to afford to mine, if others can then the market is screwed up, it has not reached efficiency.

This thread basically proposes deliberate creation of deliberately inefficient markets so as to scam money from consumers by profiting from the deliberate inefficiency of the proposed markets.

Basically the plan is efficient markets advantage consumers so lets say screw market efficiency and create yet another new market deliberately designed to at least temporarily be inefficient so we can at least temporarily screw the consumers, scamming them into paying for the deliberate inefficiency of the markets we create...

-MarkM-

GPU is more and more stupid to use at all, as more and more consumer computers have onboard GPUs of one kind or another so the GPU realm is more and more for botnets.

Also the people easily swayed by memes are more likely to have GPU/CPU than ASIC so as long as only CPU or GPU can be used to mine a coin it will probably remain insanely vulnerable because its miners are not committed, they will fly away at the drop of a stupid meme.

So basically to make a new coin get ASICs made for a new algorithm then launch a coin to use that algorithm. AFTER the ASICs are ready to ship or preferrably have the blockchain launch the same moment that all the Walmarts and futureshops and source stores and so on open the sale of the ASIC units, so people can queue up at such stores camping out waiting for the midnight when the new ASIC will be available in the stores and the key to unlock the miner code / blockchain will be released...

Better yet just don't use blockchain, blockchains are insanely expensive to secure. Use the highest difficulty/hashrate existign coins if you must use a blockchain coin, for anything new forget blockchains trying to secure them is insanely expsensive. Clone ripple or next or whatever instead.

But mostly we just don't need new coins, we need new projects that make existing coins useful.

-MarkM-

Blockchains are insanely expensive to secure.

Starting a new blockchain using scrypt is utterly insane, especially since DOGE came along and showed how much scrypt hashing power can be whipped up almost overnight just by a stupid meme. Had a "PWN the blockchains" meme been used instead of a stupid animal meme that would have PWNd even litecoin, so we saw that even litecoin was not secure. Maybe if litecoin and DOGE used merged mining so their hashing power could be added up instead of cancelling each other out there might be a chance for a secure scrypt chain, or maybe if the vast majority of the KnC scrypt ASICs when they come out all support just one of those two chains there might be a chance for an scrypt chain that is secure, but until then basically scrypt is an insecure algorithm, the worst choice available for any new coins.

So basically who-ever came up with Aurora was an imbecile as well as possibly being a scammer.

Scamming people into "investing" into a known-insecure blockchain is pretty much a scam, or at best criminal negligence / fiscal irresponsibility.

-MarkM-

The exchange was vulnerable to the most famous obvious and well known idiotic attack, SQL injection.

That alone proves the thing is built by a total moron who doesn't know the first thing about web+SQL systems regardless of what language such systems happen to be coded in.

-MarkM-

This coin seems to be broken, the log is full of "ERROR: mempool transaction missing input" messages, and even re-starting it with -reindex and -rescan it just gets those same messages. Balance has gone to zero somehow too instead of any stake happening.

-MarkM-

It is a highly insecure blockchain, easy to attack. Bad idea to leave any wealth in it all that would do would be make it more worthwhile to attack.

-MarkM-

Yeah these assymetric systems are apparently really great for time-warpers.

They can get the difficulty low really fast, so as to insta-mine lots more coins really soon, then back down really fast to do it again, pow it is great for them.

-MarkM-

Check its hash power. Way more than Aurora's I expect.

Insecure blockchains are stupid, its like a bank without a vault, planning to keep people's money in a wet paper bag labelled "free money".

-MarkM-

7000 satoshis might not be selling at a loss at all, my lowball buy offers got accepted down to 6500 and below, so 7000 is above my highest buy price.

My sell prices start way up above 15000 satoshis but that is just me, anyone, even a bot, who sat fiddling around below 7000 could have accumulated lots of coins and be a thin hard wall player instead of a column of offers player, they might basically be planning to sell all those at 7000 then put the resulting bitcoin back on the buy side as offers to buy for less than 7000.

Maybe too they want to show anyone who does want to get into IXCoin that there is plenty available at a pretty good price. I won't pay that much because my buys were already taken up to much lower prices than that and I don't plan to build them back up that high if I can help it; I still hope to buy more at lower prices than that. But how much did you pay Vlad for large lumps in the past? Maybe 7000 satoshis is a good price compared to what you paid for such large quantities in the past?

-MarkM-

Seems an abuse of the term developer. Usually they are far far from being developers. If they were developers they could develop something actually useful, probably useful to a lot of currencies/coins, way more useful than yet antoher garbage crapcoin they do not have enough hardware to secure nor, usually, any actual intent or even desire to secure it.

If you are a developer pick a secure coin and develop stuff for it. All the secure coins can also make use of it. There is no need for more coin types just for more actual things developed which actually make coins useful.

For example you could develop a secure exchange system, in which no-one's balance can be changed without their own private keys on their own machine signing off agreement with the change of their balance, like Open Transactions does.

-MarkM-

Quite likely it is the other way around, scammers raking in huge fortunes on insane scams and using bitcoin to cash out to fiat since their scamcoins usually do not trade directly with fiat. So whatever coin (probably bitcoin and/or litecoin) they use to cash out their ill-gotten gains to fiat gets its prices suppressed as they don't much care about getting a good price, its faster to clone more scams than it is to wait to get a "good price" for whatever you use to do your cashing-out through...

-MarkM-

Buy hardware to mine the damn thing with, it is an insanely insecure blockchain, just sitting there waiting to be PWNd.

If you cannot even be bothered to secure the damn blockchain it is criminal to suggest people put their money into it, its like a bank offering to keep people's money in the gutter in a wet paper bag labelled "FREE CASH!"

-MarkM-

More coins is a horrible idea unless they choose very good coins and also get rid of the accumulated garbage coins they still have such as worldcoin and digitalcoin both of which have such insanely pathetic hashrates that they are ridiculously insecure blockchains.

Would be nice of they would fill out the SHA256 merged mined family though sicne those seem well able to maintain good high hash rates once they are on an exchange thus merged mining pools have reason to include them in their merge.

-MarkM-

Some coins are already trading again, including, strangely, someone offering high price for litecoins.

-MarkM-

It is up again now.

The claim apparently is that any new deposits won't be confiscated?

So if anyone uploads some new BTC, LTC etc tradign could begin again.

If they don't though there won't be anyone to sell to...

-MarkM-

They said ahead of time it would go down for half an hour to run the frozen balances stuff so maybe it will come back up soon with the freezing done and all buy orders denominated in the frozen coin types cancelled.

-MarkM-

Its not a matter of "some" are scams, its a matter of it being blatantly obvious from scratch that the so called devs cannot afford to secure a blockchain so the whole thing is a scam from the start, scamming people into throwing money into a wet paper bag for any idiot with a few botnets or datacentres or whatever to PWN at will.

At least wait for a coin to be number two in mining power of its type or something, like when DOGE came along and made it clear that even litecoin might be too insecure to be reasonable and all the others (worldcoin, feathercoin, and on and on and on) so insanely insecure that conning people into buying them is basically criminal negligence or deliberate scam.

-MarkM-

Cryptsy has always been a scam-exchange from the start, their entire business model is to support and profit from scams, of course they will scam you every way they can, it is what they do. If they haven't simply walked off with your money yet it is simply because they are raking in so much by adding more and more new scams right now so for the moment adding more scams is more profitable than walking off with the loot. That they are more than willing to participate in support and perpetuate scams though has been clear from the start, basically the only reason anyone uses them is from hoping to getin on the scams and get out fast enough to come out ahead.

Bear in mind too that at some point no matter how many more millions of bucks you might stand to make by continuing to work hard, one can reach a point where no longer working starts to look good even if you only have so many billions saved up so far from your scams so far...

-MarkM-