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If I can use my einsteinium but the components to build a tesla coil that would be pretty awesome as well.
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Cobra...
You are pretty close to understanding what we are about, and that is appreciated, because it shows the community who developed interest did so with a clear understanding of our approach. I should note, some of the things traditional cryptocurrencies do, we also want to do. We are trying to get some vendors in line, specifically those with a science focus.
We are under the framework of an ethical coin. We are mission focused, and with that part of our mission is being part of the alternative funding framework for science. We are trying to provide some real world benefit, and in many ways help improve the image of CC and introduce people new to the concept. This is not easy work in many ways.
I will be the first to say, this coin is not for everybody. Nonprofit activities which are directly related to the stated purpose of the project are not for everybody, nor are ethical currencies in general, the intended purpose is to build a community around the coin and the goals of the foundation. Ultimately, this is where the concept is different, both we are trying to building a community around that purpose, but also trying to create value around such community and purpose. Much of what needs to be done around this takes time, and works in real world times not in a rapid time warp. This is a somewhat novel concept itself, but also takes on traditional aspects which require work. Building a community can take months, getting everything in place for a nonprofit, takes time, development takes time, negotiating with potential partners...takes time.
Right now there is a great many people chasing the latest scam in terms of short term profits and rapid evaluations, often on hefty pre-mines and questionable IPOs, and a general lack of transparency. Even in the speculative world of CC, right now the market is behaving very irrationally, and short term, often with no real identifiable benefit. We have no intention of following that if all it offers is short term gains for some, and a distraction from our actual goals and mission of the organization and building it. The purpose of being an ethical currency is to provide a different framework of working seperate from this insanity, and to provide some effort to achieve identifiable goals related to the stated purpose. The reality is us, like other ethical coins, is to provide some alternative to the irrational insanity that has come to define much of the market. Those who understand what we are doing see the value in this.
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Make sure you copy and backup wallet.dat.
Also make sure you have the updated wallet.
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Unofficially speaking...
Let me be very clear about this because many people do not understand this.
1. ASICs do not mine more coins total. The coins per block is set, and set by the halving schedule, and the halving sechedule is set by the epoch timeline (every epoch is 25 days). The same number of coins get mined during a given time period one way or another based on that set schedule. The method of how they are mined does not make a bit of difference in terms of the number of coins mined. This means the number of coins on the market is not going to change much one way or another.
2. It doesn't matter if people are mining with GPUs or ASICs, if they are selling them on the market they still end up in the same place.
What ASIC do is they mine more efficiently in terms of power. This was not some huge ASIC farm mining and dumping. We have been paying attention to the network to see whether or not this would be the case, and one has not showed up at all. The network hashrate has kept in a pretty consistent range with a clearly identifiable pools. There has been no large asic farms that have shown up, just the normal set of miners, and one identifiable multipool that occasionally mines EMC2. When the blocks become smaller this efficiency of ASICs eventually becomes a necessity to maintain the network, but they will also likely be mining smaller blocks.
There is a complete lack of understanding by some on this issue. They think that ASICs magically produce more coins within the given schedule, they don't. They think that more coins go on the market, that is not necessarily true at all either. So the irrational conclusion to think this is ASIC mining and dumping causing the drop. Which is not the case at all. Then again, people are not necessarily rational, especially in the crypto community.
The reality is, it is people buying and selling the coin. In this case it might be somebody who bought coins and is now selling at a loss. With that being said, I am going to be putting in a buy order. If they are selling this low, it is time for me to take advantage of their lack of patience. The only way somebody acquired that number of coins is not through mining, but buying them, I should know, I am on the top ten list myself.
This does not justify a change in algorithm at all, and if anything it is people misidentifying the issue.
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Sweet, but the link seems to be broken.  The site is being a bit weird and not always loading. With that being said I finally got to read it, and it is much appreciated. |
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When will a new wallet that includes a fix for the OpenSSL heartbleed bug be available?
The function where the security vulnerability is, is not utilized by the EMC2 wallet. Our developer already evaluated this. (This is not to say there won't be a new wallet in the future.) |
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It seems experiment just tweeted this.
We have been working with them to regularly support coins and finding them a payment service.
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This is for clarification so everybody knows what is going on with the fundraiser if the experiment goal does not get met.
If the experiment goal is not met by the deadline, there is no reason to be concerned. The epoch 2 winner will still get the funding. So rest assured keep donating!
We have already discussed with mend therapeutics that all funds being raised through digital currency will be donated towards their research on affordable diabetes drugs. This includes both the epoch 2 funding award our community voted on, as well as anything raised during the fundraising cycle.
The experiment goal would be wonderful to meet within the deadline, but we want to make clear to anyone who was concerned looking at where we are now. The goal is the goal, both us, mend and experiment are shooting for this to be met within the deadline. Every coin counts!
We aim to be transparent on these matters now and into the future.
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Reminder AMA with our winner today on reddit.com/r/science at 1pm EST!
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The patient, I was wondering will you still be helping us tend to the einsteinium subreddit?
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This is where the AMA is: http://www.reddit.com/r/scienceBy the way, for clarification, we are not hosting it. It's on r/science which is a much bigger venue. |
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Thanks ! It will be nice to put all these information on the website ! I agree with you on that matter. |
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There will be an AMA with our winner on r/science at 1pm on Thursday if anybody is interested.
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Great write up on altcoins, including EMC2. http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coinsEinsteinium Einsteinium is a cryptocurrency that has a scientific Foundation alongside the coin's creation, The Einsteinium Foundation, intended to fund scientific research. They plan to do this by requiring 2.5% of all mined currency to be automatically devoted to the Einsteinium Foundation's coffers. Einsteinium has some bizarre coin mechanisms that make a traditional mining assessment such as we have done here difficult. They use something called “wormhole mechanics”, a gimic really, where a random 180 blocks will be mined at a special 2593 EMC2 coin rate. Coins are currently mined at a rate of 512 coins per block 54). The first round of blocks received 10747 (I know, there are some errors)coins per block. Because of the aforementioned strange methods of altering the mining amounts, we cannot use our traditional method. By looking at screenshots of www.coinmarketcap.com, we can get an idea of how many coins were mined early. The first block shows a date of March 1st, 2014 at 6 pm. The earliest we see EMC2 on the leaderboard is March 19th, showing some 27 million EMC2 created by that point. One day later, on March 20th, we can see a coin increase of around 1.7 million EMC2… The next available screenshot of www.coinmarketcap.com isn't until March 26th… http://i61.tinypic.com/2vjy6c5.png}{{http://i61.tinypic.com/2vjy6c5.png}}What does this tell us? There will be a little less than 300 million EMC2 produced in time. From March 1st to April 11th, 60 million EMC2 were produced. It's hard to tell what this means exactly. Less than 20% of the coins were created in a month. That seems a little bit problematic. It's not an instamine but it kind of feels like a fast mine. Yet, the coin increases it's “wormhole” event probability as the coin's life goes on, which means by the time the end of the coin production phase nears, there will be wormhole events (i.e. blocks equaling a large 2593 EMCs) all the time. This certainly gives back some advantage from the early adopters and benefits late adopters, a commendable position. But wouldn't giving too much advantage to the late comers be just as unhelpful as giving too much advantage to the first adopters? In addition to their scientific foundation, it is hard to say how to categorize this “ethical” currency in relation to its mining practices. All in all, ethical coins should be encouraged. We want the cryptocurrency revolution to be more than just making money. But we need to keep our guard up at all times, even if initial reports show that a certain coin appears to be okay. The person who wrote this will be updating with some corrections. The genesis block which started the coin and established the foundation wallet was slightly different with 10,747 coins. |
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