It's a confirmed scam?  Hmm, well I guess I am glad I didn't manage to purchase any coins yet.  Just cancelled my buy order until I can confirm myself.

BTC went through this exact same cycle when the ASIC's hit. 

Everyone rushed in to buy multi 1000$ machines, thinking they would make a killing, instead the difficulty shot through the roof, and they all needed to dump every coin they mined to make their ROI back.  Once things settle down with the ASIC's coming in and forever changing LTC, things should begin to rise again.  Although due to the low value of LTC, and the price of the big ASIC's, I would expect it to be a longer turn-around time for this to occur.   I would hold for the longterm, or sell if you can't handle the idea of waiting a year or more.

You / your store would need a huge bankroll to try to get this idea to float.  Or are you planning on pre-mining 100% of the coins, and selling them at 1 Euro to others, where they in turn could use them for 1 Euro at your store?

The problem, if you do it the regular PoW way, is say the rewards are even super low (IE 1 coin per block).  And say you have approx 300 blocks per day (About a 5 minute block time).  If everyone was mining the coins, and just selling them to your store, you would have to have a bankroll to cough up 300 Euros a day, and get nothing in return aside from some coins that people may/may not buy back from you.  With a huge enough wallet, I am sure you could keep it going until they caught on, but most small businesses would fail before this ever took off.  And even if it did take off, you would personally lose alot of money, as the only way you could break even would be if you sold every single coin back, and if that was somehow possible, you would have only broke even for all this work/risk. 

This isn't the case if the coin is a 100% premine, but almost no one buys into heavily pre-mined coins.

Well it doesn't prevent Botnets.  What it does is massively limit the amount of money a botnet operator can make, which in turn would probably get them to turn to easier targets, or not even bother.  If your botnet can pull in $5000 a day, it makes sense to do it.  If on the other hand your botnet makes $0.25 a day, it would not be worth the time/money to set one up. 

Litecoin's original "Main feature" might be gone, but the new main feature is it's one of only 2 coins that are really traded as a currency (IE there are many merchants starting to accept LTC as currency).  Until IXC actually has volume and is actually used somewhere, all the hashrate in the world won't help IXC overtake LTC.  Also one could argue that LTC is far more secure than IXC and even BTC atm, as the entire security of either coin is in the hands of a single pool owner.  Sure GHash.IO are trusted, but putting the security of an entire currency in the hands of 1 group really defeats the purpose.

Also, even though GHash.IO is a trusted company, the security of both coins (BTC and IXC) are also in the fate that GHash.IO can withstand any attacks, or possibly someone working from within that might have a different agenda (IE stealing the coins or possibly to destroy the credibility of cryptocurrency as a whole).  When BTC Guild had all the power they purposely cut their profits (Pushed people out), in order to restore balance to BTC.  It's funny the company that people "Trust" isn't doing the same. 

Just to let you know I have BTC, LTC and IXC.  I'm not someone pushing for "My" coin.  I want a bunch of coins to make it.  Just telling it how I see it.

Well with a block tax, you really wouldn't need to lock half of it, since it's not a lump sum payment.  But yeah a block tax of 0.5% or less would totally work as well. 

But personally I think the best idea so far has been the Transaction fee tax.  It is a very small payment, and the dev only gets paid if the coin goes big and is being used.  If the dev can really push the coin, they could make a fortune (More than they are now with a big premine), but without alot of work, or if they leave early and let the coin die, they basically make nothing.

I know that would get me pounding the pavement trying to get vendors/exchanges to accept your coin. 

Well the benefits aren't theoretical.  The benefits of PoS is Power saving/eco friendly.  I don't know if they are proven in the real world yet to keep a coin secure, but they are definitely proven to take a coin that takes thousands/millions of Kilowatts of power to secure them and take that down to pretty much no electricity at all.

But the recent trend for using PoS is a sideways way of keeping Scrypt coins from being overtaken by ASICs, and not for the true reason behind it.

Lol, if you remember a few of my older posts, I had mentioned I was getting sick of all the alt coins popping up and then being forgotten by the devs or worse.  And the fact your coin is probably the most hated coin here, and that you should have been gone a long time ago, but you had the fortitude to keep marching on.   And that I was thinking of jumping.  Well I have been mining MTC with a few of my miners ever since.  Trading MTC is a bit rough with the volume being so low, but maybe this will kick start it a bit.

Believe it or not, I even pop on your website and read the forums.  I never registered though, as I figured it might give you a heart attack.

I don't have enough MTC for a ticket on the yacht, lol, but I am floating somewhere in the Atlantic on the pirate ship MTC.

Ok this is finally something from you all that looks interesting.  Congrats.  I really hope it gets the volume of MTC to go up.  It's hard trying to sell my MTC atm    lol

While Kokojie is correct regarding Viruses/botnets.  The problem people have with ASIC mining, and the reason their is a push for coins to be ASIC resistant also has to be weighed in.

PoW in itself is just a simplistic game.  If a coins network hash rate is 1 Mh/s from having 1000 machines mining it, it is not more secure if you have 1 Gh/s and have only 3 machines mining it.  The security of a coin comes from how dispersed it's mining is, and how many machines ($$$) it would take to overthrow it.  With GPU mining you can get literally millions of people joining in with what they already have, or for a fairly low cost.  Which keeps the coin very secure.  Someone would require millions of Video cards to attack it. 

With ASIC's, its more of a nuclear arms race.  First it's $500 to get into the game, then $1000, then $10,000.  Who knows the next generation might require $100,000 to get into the game.    Each time it jumps, more and more people get pushed out, and the more it turns into Corporations trying to outmine each other.  (First of all I thought cryptocurrencies were made to go against corporations/banks/big business LMAO).  Second of all, as things keep ramping up, eventually all the power will be in the hands of a handful of corporations, and the actual network security (Might be measured in some astronomical hashrate) won't actually be all that secure. 

The best/most secure coin possible would be to have an algorithm that is ASIC minable, but enforce that no one is to manufacture an ASIC beyond the $500 limit.  Kind of like how sports teams are bound to a pay cap, even if they could pay a lot more and make a super team.  This would make it very secure, as the hash rate would be spread out to possibly millions of people, would be the most energy efficient, and be a good deterrent for Botnets/viruses.  But we all know greed would get in the way, and that will never happen.

The only way to make an algorithm un-ASIC minable is to ensure only a handful of coins are using the algorithm, and that the value of the coins using that algorithm are not worth enough for people to put in the time \ money into building an ASIC.

ASIC's are simplistic in nature.  They aren't supercomputers, or anything of the sort.  The name says it is.  Application Specific.  They are built for 1 thing and 1 thing only.  Where as a computer is designed to do millions of different functions, but the mining software is getting it to do a certain task.  

Unless you have millions of dollars at your disposal, you can't "make" an ASIC.  You can buy an already made ASIC chip (for SHA-256 or now Scrypt) and build yourself a miner with it.   The ASIC chip is built in a way that it can only do 1 pre-programmed calculation.  Which is what makes it so fast.  

Think of it kind of like if you ever watched the show "How is it made".  A computer would be a designing a robotic arm and programming it to do a pile of various moves to pick up a sticker and place it on a box (slow).  An ASIC would be like having a sticker wheel, where all it does all day is spin around and place a sticker in the same spot every rotation.  (Super fast).  

But once that job is finished, the sticker wheel can not be used to do another task.  It's a sticker wheel.   It can't even be used to put stickers on a different type of package, or to put stickers in a different location on the box.  

The robotic arm can run another program and put stickers anywhere else on the box, a different type of package, or even do a task totally unrelated.  

There are many exchanges where you can go USD > LTC.  But if you are on Cryptsy, you can trade USD > LTC, DOGE, FTC, DRK or BTC.  Which is at least a few options.

And a few coins are working at getting their own exchanges going.  WDC almost had it with the Sharmbeck foundation, which self combusted days before launch.  And word on the street is Maxcoin will be going this way soon as well.


It's not about BTC being the only coin that you can trade for cash.  It's that the trading volume is high enough to make it worth the time for someone or some company to make an exchange (and go through all the red tape) to do it.  Which is why it's nice to see bigger (altcoin) exchanges like Cryptsy following suite.  Occasionally (very rare) a coins developers go the extra mile and try to put something together like this for their own coin.  Or at least an auction house that takes their coin.  But like I said it is very rare for a coin developer to do much work on their coin.  And oddly even difficult to get them to even be bothered with posting on the forums after a few weeks after launch (Possibly after they sell the pre-mine as soon as their coin hits the first exchange)  

Man are you are a freaking idiot. 

First, there is no Gene that has been confirmed to be related to Tourette syndrome.  And second, Tourette syndrome has nothing to do with a brain to mouth filter.  And even if this was the case, the 'tic' would not go from mouth to typing words on a keyboard. 

And lastly having Tourette syndrome does NOT allow you to do anything you want and get away with it.  Although I do think sometimes that you have syndrome all to your own.  Maybe you should do an actual study on yourself so you can have the first medically diagnosed fully genetic case of  Vlad Syndrome

Nope network difficulty and price have nothing to do with each other.  Price is based on how many people are buying, and how many are selling at the current time.  And how badly either side want coins or wants to dump them.  With all the $10,000+ mining machines out there right now, people are trying to get them paid off, so in turn they will sell their coins as soon as they get them, this will drive the price down. 

Another huge factor which is related is watching the world news.  Everytime bad news for a coin comes up, the price will fall because people will be dumping their coins.  If you watch, everytime China announces they are banning BTC, the price plummets.  Everytime they say they will accept it, the price jumps.  Same with every other coins.  When Sharmbeck (A not even open operating company collapsed under itself) fell, it took the price of WDC with it. 

Network difficulty/hash rate only effects the amount a miner can mine with their equipment.  It has nothing to do with the investors, which are the true reason a coin has value.

For the initial part, should just be (Total coins that will be generated) / (Block reward) X (Block Time)

Are you asking if Gridseed is a trusty company or if minereu is.

If asking if Gridseed is, I would say yes, as I purchased 2 of them.  And they work as promised.  I have never used minereu, so can't say anything about them.  I personally use http://www.gawminers.com/ and can say they ship out very quickly, and have a good reputation.  For that price, I would almost suggest something like this.  Since it will give you a bit more mining power for your money. 

Yeah the KNC's are going to destroy everything, but my question is, how many are actually going to be sold??  I have no doubt that LTC difficulty is going to go through the roof, and will no longer be able to be mined by small/mid level miners, but there are enough different coins out there, that there more that likely won't be a few KNC's (or even 1) sitting on them.  The profits are def not going to be there though in the short term, so I wouldn't be thinking of the miner paying for itself quickly (or possibly ever).  So as others were saying, the safe bet is buying coin now and not mining them. 

The reasons the POS coins are so popular right now as it is the only way devs have of fighting the incoming ASIC's.  Soon the majority of coins will be X11 or some other algorithm, as there will no longer be coins spread out for the everyday miners, as the people that purchase the $10,000+ machines will be the ones owning all the coins, while the average person will be forced to turn off their scrypt miners, much like they have been forced out of the SHA-256 mining game.  

If you notice all the POS coins are hitting hard before the big ASIC's come out.  Once they are shipping, the POS coins will probably slow to a halt as another trend picks up.  

Also POS coins are very popular with the tree huggers, as there is no constant waste of huge amounts of power being drained to keep the game going.  This is the reason it was created in the first place.  The trying an idea to stay 1 step ahead of the ASIC's was just a secondary side effect.

I myself have some Gridseeds to play around with, so I won't say I am an ASIC hater, but I do know the effect scrypt going ASIC's will do in the long run, look at BTC.  Going from a widely distributed model to one where soon only big businesses will be able to make any profit from mining.  The exact thing BTC was trying to fight all along.  

You will never be able to make this list, because aside from a very few devs, most of them create a sock puppet name, and name themselves after the coin they want to represent.  The same dev could be behind 5 coins but no one would ever know.

Another dead coin is Baconbits.  I deleted my wallet some time ago, but I think there are probably a few people left with some bacon in their computer.

Coin was pre-mined supposedly for giveaways and advertising.  No one seemed to mind that.  I think it was 2% or something like that.

Coin launched hard, as was nailed by Multipool.  Coin came in with low difficulty and retargeted every 800 blocks or so.  Blocks we being found in the tenths of a second rather than the 1 minute they were supposed to be found in.  Then the multipools stopped once the difficulty ramped up a bit.  Leaving the coin with a 3 hour block time, which later turned into about a 1 day block time.  I had a few people get together and ask the dev if we mined through to the retarget, would he pay us some of the pre-mine to compensate for it.  He said sure, but never ended up paying a single piece, instead wanting to keep it all so he could dump it once it got on an exchange. 

It didn't make it that far, as the miners left after he wouldn't let go of any of the rewards. 

OMG.    LMAO

Finally.  I think I could get behind a coin like this with a marketing campaign like that.