Money has three functions: unit of account, medium of exchange and store of value. A good currency must do all three well, not just one. A fixed cap scarcity model is not the ideal scarcity model in my opinion. It's not similar to gold, it's actually stronger than gold's scarcity, gold does not have a cap in its supply, unless you are talking about mass of the earth. Both Primecoin and PPCoin employ a scarcity model more closely resembling gold. No fixed cap in supply, but scarce nonetheless. In my opinion, a fixed cap scarcity model is too strong that necessarily sacrifices other functions of the system in the long run, for example, premature weakening of security, or uncompetitive transaction cost. Things are unveiling fast. Three years from now with another halving bitcoin would no longer be the most secure cryptocurrency against 51% attacks. This is because security is measured by network mining income for pure proof-of-work currencies, and by which measure bitcoin network is losing its share at a fast pace. http://coinchoose.com/charts.phpTake your pick then, prospects of less security and shrinking market share with a 'comforting' cap hoping for a better value gain, or a more realistic scarcity model with better long term security? |
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Weekly Update #51 - Primecoin difficulty rises this week and reaches 9.7, following performance improvements in the new release version hp9 of mikaelh.
- Primecoin records as of this week stand at: 12-primes: 99-digit bi-twin (#111414), 11-primes: 140 digit Cunningham chain of first kind (#95569), 10-primes: 138-digit bi-twin (#85429). There have been now three 12-primes seen in the block chain. At this rate we probably would see the first 13-primes this year.
- mtrlt's opencl miner appears to be close to private beta.
- Crypto Street (a new exchange) is considering adding XPM support.
- Vitalik from Bitcoin Magazine interviewed me on ppcointalk.
Have fun! |
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Weekly Update #50 - Primecoin v0.1.2 is released. Users can now use the new listprimerecords to check the most up-to-date records inside the network. A new performance metric chainsperday is introduced to help performance tuning.
- mikaelh joins primecoin core dev team. Mikael's work with his high performance releases has been top notch and will share responsibilities with me in future development and maintenance of primecoin. (announcement: https://bitcointalk.org/index.php?topic=266329.0)
- mtrlt has made further progress on his opencl miner. (https://bitcointalk.org/index.php?topic=258540.0)
- ypool is gaining momentum with peak block rate of the week reaching 25% of the network.
- Primecoin difficulty dropped to 9.2 earlier in the week and has been climbing up steadily.
- DailyBit.net is accepting primecoin payment. (https://bitcointalk.org/index.php?topic=267068.0)
- PPCoin v0.4 development resumes this week. Tentative target release date in early September.
Have fun! |
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Thanks Dirk nice to see you here  I am still adding command to help ease your work of updating the records. Best Regards! |
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mikael's hp build should have better mining performance. If you are already using it you can continue to follow his hp updates.
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In v0.1.2 release: - Miner performance improvement. This release includes several miner performance improvements, which have also been incorporated into several miners on the market. The official client is not expected to be competitive with market solutions, so serious miners should explore the current best performing miners on the market.
- chainsperday estimate is included in getmininginfo output. This stat is experimental so it should not be taken as an accurate estimate of prime chain rate of the miner.
- listprimerecords command for users to check all record primechains in Primecoin network.
- Miscellaneous gui and bug fixes.
This release is not mandatory. Upgrade Instructions: - Backup wallet and take note of balance.
- Uninstall previous version.
- Set up the new version v0.1.2.
- Start up primecoin and check wallet balance.
Contributors to the release: David L. Unger geeknik joebauers mikaelh Sunny King Cheers! Update: Windows+Linux builds ready at https://sourceforge.net/projects/primecoin/files/ |
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I am happy to announce that mikaelh has agreed to join the Primecoin core development team and share responsibilities with me for future development and maintenance of Primecoin network.
It is well known that Mikael's high performance edition of primecoin client now accounts for a majority of solo mining market in primecoin network. Since primecoin's release, Mikael has been working diligently to improve on miner performance with a proven track record. There is no doubt his work has already established reputation in the market and demonstrated his capability. It is my honor to have Mikael join me in primecoin core development team, let's all cheer for his excellent work and looking forward to his future contributions!
Cheers!
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I have finally managed to update the record book properly with the help of new command listprimerecords. So check it out! v0.1.2 should be out soon so you can all check them yourself more easily. Jens has updated his world record list now Primecoin officially owns 3 world records 10-primes, 11-primes, 12-primes for simultaneous primes! Thanks Jens |
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Are you going to improve mining efficiency at all in the next release build?
There are some performance improvements in v0.1.2, those are already published in the repo. Although the built-in miner is not expected to be competitive against market offered solutions, I think those improvements would also be incorporated into some of the available miners soon. The other feature of v0.1.2 is a new 'chainsperday' stat for getmininginfo. It is a better metric for tuning miner performance. |
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Now listprimerecords shows an 'ismine' field which indicates whether you are the miner of it.
It would be included in v0.1.2 release build soon!
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Does it tell you if the blocks are yours?
Not yet, but it will be added later. |
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FYI I just pushed a new command 'listprimerecords' to repo for checking the records.
This gives primecoin internal records, by length (simultaneous primes) or by type.
To find records of simultaneous 10-primes:
listprimerecords 10
To find records of a given type:
listprimerecords 11 1CC
listprimerecords 11 2CC
listprimerecords 10 TWN
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FYI I have added a chainsperday stat to 'getmininginfo' earlier in the repo, it's probably not accurate but is useful for relative performance comparisons. This is different from mikaelh's 5ch/h as it's a model of the real chains.
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Weekly Update #49 - Primecoin has made a lot of progress in 3 weeks. I am so happy with the level of development support accross the cryptocurrency community. So here I would like to thank all for your hardworking in something we believe is a worthwhile cause!
- Primecoin network has claimed the 10-prime, 11-prime and 12-prime world records in simultaneous primes, on top of the Cunningham chain records and bi-twin chain records we hold. The simultaneous prime records count prime tuplets and arithmetic progressions in addition to prime chains. On this record GIMPS currently holds the 1-prime (single prime) record, while primecoin now holds three!
- On the development front, v0.1.2 release should be ready soon with additional miner improvements and other features. Users of mikaelh's version should continue to watch his builds as I think his build would remain the best performance builds for a while. mikaelh is an excellent developer and has earned the trust of the community. Meanwhile both gpu projects are still under development by mtrlt and primedigger.
- Starting next week I would resume ppcoin v0.4 development. I would make some announcement later on regarding the plan.
- Crypto-Trade now supports XPM/USD and XPM/PPC trading pairs. To have exchange support of direct XPM/PPC trading is part of our strategic goals. Thanks neotrix and team for the support!
- Due to the recent volatility in xpm trading I am obligated to once again remind investors of the high risk associated with cryptocurrency investment. Please invest only what you can afford to lose, thanks!
Have fun! |
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I was planning to add the log to my swatch config and alert me if something was found... I am thinking that if the code is based off bitcoin et al, then the logged entry is likely to be similar?
You could watch for 'Probable prime chain found' in debug.log, that means you mined a block on your node. |
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It's possible as I pointed out in my ppcoin design paper. However you need to have proper incentives to reach reasonable level of security. Just transaction fees are not good.
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wait wait.. if the bastard moved 120k trc and sold half of them on BTER, how did they disappear? aren't they on the account of the people who bought them? or just HIS coins he was unable to sell disappeared?
1st, it wasn't a 51% attack, but a time warp attack. The fix TRC made to their client (by my understanding) was supposed to invalidate all the time-warped blocks, meaning all the coins this person exploited vanished once the block chain hit the 175000 block. Therefore, any coins he mined and sent elsewhere should have vanished at block 175000 (which they seem to have from the OP). The current TRC blockchain is at block 175040 while the old client chain (that someone is still mining) thinks the current blockchain it at 175460. If you were still using the old client, those coins would still be there. This sounds like a serious 51% doublespending attack on bter. Note the original time warp requires 51% attack as a basis. |
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XPM/PPC pair had been added on crypto-trade.com
Thanks so much for the excellent support of xpm and ppc trading from crypto-trade |
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