|
Definitely want to see Burst integrated into this!
|
|
|
|
We currently have significantly more the security on the network dollar-wise than we have market cap  This about it, we have 14,000 TB on the network according to: http://burstcoin.eu/charts/estimated-network-sizeIf every TB = $30, 14,000TB * $30/TB = $420,000 Our market-cap is currently $300,000 Let's see a proof of stake coin do that! |
|
|
|
Everyone did a great job voting on the Alt Foundation thing for Burst, think we can get some votes over at Bter to get them to add Burst? Basically as long as you've traded and are holding on to any BTC on their site you can vote for free once per hour. https://bter.com/votingAlso, please vote on Cryptsy: https://www.cryptsy.com/coinvotes |
|
|
|
Hi
Is there another HDD mining coin similar BURST?
Nope, not yet HDD mining is a business where the first-mover coin has a giant advantage, as plotting is power and time expensive, so for a miner to move to some other coin, it would take a much higher ROI on the other coin than on burst. So i think developers are having second thoughts launching new HDD mining coins cause they know burst have this very big first mover advantage. Much more profitable just to buy a pile of burst, then spend time improving it. Good point, at this stage, Burst has never been cheaper, so why would you create a competing coin instead of just buying in and helping out the cause? Please keep dumping miners! The longer we have low prices the more people who can make a real difference in the long run we can get invested! I thought miners were just any computer with hard drive space and you don't need a super computer just storage space to spare? I have 10TB of unused space that I will slowly fill, but just have an average computer at best? Is it worth it for me to do this? Any calculator? If you have to buy the storage space.. at this point probably not worth it, just directly use that money to buy Burst. But if you have already existing storage, then why not? It's basically free money!! |
|
|
|
Hi
Is there another HDD mining coin similar BURST?
Nope, not yet HDD mining is a business where the first-mover coin has a giant advantage, as plotting is power and time expensive, so for a miner to move to some other coin, it would take a much higher ROI on the other coin than on burst. So i think developers are having second thoughts launching new HDD mining coins cause they know burst have this very big first mover advantage. Much more profitable just to buy a pile of burst, then spend time improving it. Good point, at this stage, Burst has never been cheaper, so why would you create a competing coin instead of just buying in and helping out the cause? Please keep dumping miners! The longer we have low prices the more people who can make a real difference in the long run we can get invested! |
|
|
|
You're assuming that burst stays at the same price.. I really think that once a few key projects are finished.. Burst > $0.01 At which point, granted there will be more miners but it'll quickly pay for itself. Like playing the lottery... Fact is Burst doesn't have volume right now and it doesn't seem to be growing (besides network hash rate, which isn't a good thing). The only reason the price is at what it is is because miners are all holding hands and not selling. That is pretty impressive in a crypto by virtue alone, but doesn't mean the price will rise. There are prospects of price boom, but no evidence. The cost to mine only the equipment, because mining is efficient, without wasting energy. Maybe can reach 500 The community seems excited, this topic has surpassed 1,000 pages  I have been writing a very in depth analysis of Proof of Capacity.. and you have to trust me.. but $0.01 is very reasonable when you really look closely at the advantages of POC vs POW and POS. It's going to be a little bit until it's actually ready to publish. Partially because I want to make sure it's very ready to present to the outside world and partially because I want to wait until I have time to sink some more money into Burst out of my next pay check or two. Speaking of which.. donating to the wallet in my sig will help me reach the goal I'm trying to hit before I release this paper.. hint hint  |
|
|
|
You're assuming that burst stays at the same price.. I really think that once a few key projects are finished.. Burst > $0.01 At which point, granted there will be more miners but it'll quickly pay for itself. Just throwing something out there that just now popped in my head...
Wouldnt it have been wiser to make the block target time greater than 4mins? This would allow for HDD's lasting longer and lower power consumption....
Not sure of the downfalls tho....
True.. though 4 minutes is already a pretty good trade off in that regard. On the flip side, longer blocks mean more time to confirm transactions.. and arguably shorter blocks have increased security. Personally I'd bump block times down to 30 seconds. |
|
|
|
Just updated Script Generator for plotter : V1.0.1-added Linux version -added binaries for linux and windows under bin sub-folder. Simply download all the files in either windows or linux and put them in same folder For windows launch .exe. For linux, launch run.sh. Or copy the 2 libs in a folder of your Library path and launch the binary file.   EDIT : Link https://github.com/Kurairaito/batch_plot_generatorhmm.. it's not possible to specific which hard drive to plot, is it? Seems like this is only for C: drive? I'd like to plot the 3TB external drive I have.. |
|
|
|
With Burstbank donation, I also would create a new faucet associated with http://burstcoin.frI didn't find any open-source script, I don't know how I can sent Burstcoin from php script. I guess using wallet API sendMoney, but there are so much parameters that I don't understand how it works. Is someone can help me with that ? Thanks. The way I see it is that ASIC proof mining is the best faucet of them all.. still makes sense to have traditional faucets but you know. So, nice to see the new tool, will have to try it out! |
|
|
|
Peercoin is undervalued, for the amount of innovation it brought to the crypto world it deserves a price of at least 0.01BTC+ in my opinion.
And they had some great ideas.. unfortunately Nxt has a better algorithm that allows miners to start mining it with only a 24 hour delay, instead of a long delay required to 'stake' your coins. Also they have the stable coin thing, which is nice but that's about all the really seem to have going for them.. either that or they have more but are not marketing themselves well.. which influences the value of the coin. |
|
|
|
Burst is by far the most undervalued coin... I would explain why by I'm still slowly buying as much as I can afford One small factor is that they are the first and at the moment, only coin that has trustless automated transactions (aka smart contracts) written in a programmable way. You'll understand in the fairly near future. And Magi.. not that undervalued. Let's face it, it isn't ASIC resistant and that's essentially what they are claiming. |
|
|
|
I think the raising of the burst now may be caused by the falling of the bitcoin, every time btc raise , burst fall, the same as the contract
But burst's US price is generally been going UP!! Or has it just stayed at a fairly stable $0.04 each? Still the most undervalued coin ever though |
|
|
|
|
What do you guys think about Burst coin?
Magi may be GPU resistant.. but Burst is also ASIC Proof. So why would I choose Magi over Burst?
|
|
|
|
OK, did it - and quoted some of the following posts here, if you don't mind... Appreciate it Hubus! 13 X is nothing to write home about. 13000x would be! 130x would be somewhat interesting. it's not groundbreaking technology. this comparison isn't that useful, POC has other aspects over POW that are more interesting.
13x means that POW will get better w.r.t. energy usage as ASIC chips get smaller. POW won't because there's no control over HDD. SSD will give it another leap since they use less energy over spinners. but again, when ssd completely replaced spinners POW chips will be much smaller and more energy efficient anyway.
POC vs POW in terms of energy usage is not a "winning" comparison.
Yeah but Bitcoin ASICs are approaching the same limit that CPUs and GPUs are at and won't keep quickly getting more energy efficient or do more calculations per dollar spent on them. Meanwhile memristors and holographic storage is coming out soon.. and lots of different potential technologies coming in the future. Granted ferroelectric transistors also have some potential for CPUs and some other technologies there too. Proof of Capacity energy usage compared to Proof of WorkAssume you go with the above assumption that you connect 50 hard drives to the computer, and each hard drive costs $100 each. That means $5000 worth of hard drives which uses 800 W. Now let's pick a random Bitcoin miner. The TerraMiner IV which to err on Bitcoin's side, let's say it costs $1,000 USD (I can find it on Amazon for $750 - http://www.amazon.com/CoinTerra-Terraminer-Iv/dp/B00JK64DXA but the original price was $1,200) and uses 2.1kW . So $5000 worth of bitcoin miners = $5000 / $1,000 = 5 machines. 5 machines equals 5* 2.1KW worth of energy = 10.5 kW. So POW uses 10.5 kW of electricity for an equivalent investment POC uses .8 kW of electricity. 10.5/0.8 KW = 13.13 times Which means that POW uses 13.13 more energy than POC. Went through and edited the numbers, better? I've got some problems with the numbers, and a bigger problem with something thats been totally overlooked. The assumption that the "average" PC uses 300W has been raised earlier, so I'll skip that - but you have "That means $5000 worth of hard drives which uses 800 W." That indicates a 16W load per drive 24*7. Looking at the specs of the drives I'm using - WD Reds - the spec sheet says 2.5 to 3.3W Idle, 3.3 - 4.5 active. Lets be generous and say that on average given the bursty nature of Burst - 4W average 24 * 7, so the assumed rate is 4x high. So actual PoW/PoC is more like 52 than 13. The bigger issue I have is that you've only looked at cost of running the two competitors - but what about the income difference ? Assuming those 50 HDD's are 3TB drives, we have (based on current difficulty and price) Burst: Income: 150TB = 28,613 Burst/Day = $12.44 /day Cost: 0.2KW/H * 24 H * $0.12 KWH = $0.58 /day Profit/loss:$11.86 / day Bitcoin: Assumes 1.6TH from the Terraminer IV (Based on current difficulty / price - and BTC difficulty is increasing faster than Burst) Income: $3.11 / TH * 8 TH = $24.88 / day Cost: 5 * 2.1 KW/h * 24H * 0.12 KWH = $30.24 Profit/Loss: ($5.36) / day So in PoW, with this particular miner, your ROI is .... Never. You're digging yourself deeper into a hole as soon as you turn it on. With PoC you ROI is "someday" depending on the capacity of the drives, but as long as its at least 150GB/drive - you make a profit and an ROI. H. Excellent points! |
|
|
|
CPU mining is cost effective and may earn high rewards depending on the cryptocurrency you're mining.
With that mentioned, Magi has a fair mining system and is one of the easiest coins to mine.
How does MAGI prevent ASIC/GPU mining? Seems to me like Burst is the more ASIC resistant and energy efficient choice. If it's CPU mined then what prevents ASICs, seems to me like it only means that ASICs rewrote more complicated rules in that scheme. |
|
|
|
A different question: Would some of you Burst-people mind to explain in my thread, how energy-saving your technology proof of capacity (POC) mining is? I would like someone to compare it to POS and POW: "Which is the most environmentally friendly, energy-efficient altcoin?": https://bitcointalk.org/index.php?topic=982957.0For good estimation, we would need a good calculation, of course, and for proof we would need some measurements and extrapolation... But maybe we could get an idea. Thank you. You still need a computer and hard drive running to power Proof of Stake... but let's say that you do add 50 3TB drives to that computer, you could split your plots up across all of these of hard drives, and the only turn on two hard drives at a time per block. With POC2.. you'll only need to turn on 1 hard drives, one that stores signatures, one that stores the current scoop being read. Otherwise, it'd consume 50 * 10 Watts per hard drive. So this equals 500 Watts = 0.5 kW 1 kW*hr costs 12 cents. Meaning 0.5 kWhr costs 0.5 * $0.12 = $0.06/hr $0.06/hr * 24 hr/day * 365 days/yr = $500 of electricity per year In my mind, eventually a device that starts switching drives off and on in my mind could be POC's version of an ASIC. This could bring the power usage down to about 12W total since you'd still have 1 hard drive running continually, plus the device would use some tiny amount of power. Point being, there is definitely financial incentive to create such a device, which would definitely sell to POC mining farms, and once this type of device for connecting these hard drives to the network is being made, I suspect it'll pretty widely used for plugging in a variable number of drives. Back to how much energy POC uses vs POS, and assume an average computer uses 300 Watts, POC uses 500 extra Watts that means that POC uses 800 Watts. 800 W / 300W = approx 2.7 as much energy as POS. So it's reasonable. In other words POC2 uses 270% more energy than Proof of Stake.Proof of Capacity energy usage compared to Proof of WorkAssume you go with the above assumption that you connect 50 hard drives to the computer, and each hard drive costs $100 each. That means $5000 worth of hard drives which uses 800 W. Now let's pick a random Bitcoin miner. The TerraMiner IV which to err on Bitcoin's side, let's say it costs $1,000 USD (I can find it on Amazon for $750 - http://www.amazon.com/CoinTerra-Terraminer-Iv/dp/B00JK64DXA but the original price was $1,200) and uses 2.1kW . So $5000 worth of bitcoin miners = $5000 / $1,000 = 5 machines. 5 machines equals 5* 2.1KW worth of energy = 10.5 kW. So POW uses 10.5 kW of electricity for an equivalent investment POC uses .8 kW of electricity. 10.5/0.8 KW = 13.13 times Which means that POW uses 13.13 more energy than POC.The plus sides and reasons why POC beats POS though that POC is more decentralized, ASIC proof meaning even the little guy can mine, and more secure than POS, etc. And no history key attack potential plus mining is a great way to get new people into crypto currency. You can mine POC with no money spent buying coins first.. once we're doing 100s or 1000s of transactions, it'll be profitable for every day people to connect their extra hard drive space to the Burst network and join the network. Once they have free coins, they are more likely to be long term adopters. And if you need proof regarding the last point that getting miners to join the network will be easier.. go look at Burst's estimated network size: http://burstcoin.eu/charts/estimated-network-sizeIt's barely profitable to mine because people are willing to contribute hard drive space toward earning 'free' coins.. meaning this will be a great way to get people interested in Proof of Capacity currencies in the future because they are ASIC proof. Would like some feedback then I'll go post this over in that thread. Went through and edited the numbers, better? |
|
|
|
|
What do you think about this very simple POS algorithm:
Every block you take the balances of the miners in the last block and have them sign off on the current block.
If 66+% of the miners (measured by stake) sign off on the current block, then the block is accepted.
What issues do you see with this algorithm? Except of course for the Nothing at stake issue where they are signing multiple blocks.
|
|
|
|
Dunno if this is right...but i think this is the blocks mined distribution for the past 2520 blocks.....  Nice! Any chance there is a live version of that graph? |
|
|
|
|
Show Posts
