So, not the smallest chance to mine anything, right? I'd be happy if I could mine one block. It'd be exiting, I've never mined one (except for the Litecoin testnet, of course). You can never know, it would massively depend on network luck so I'd say you'd still have a chance to mine a block indeed. It would just be more a matter of latency than a matter of hashrate. Also after the first diff increase it will probably be easier to catch up with the chain too, because the diff adjustment is much steeper than in SC. |
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Please explain how one computer can run the whole chain? Ok, maybe I misphrased that, all I meant was that at that difficulty, with only one computer on the network you'd already be able to find blocks at the target speed of one block every 2.5 minutes. |
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Will we have any chance to download the blockchain and start mining if it takes us a couple of minutes to start, then? Or will it happen like with SC2 (you never get a chance because your boxe can get to the current block fast enough to ever start mining)? I'd say probably like SC 2 after 6-12 hours.  |
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This is really the first time I've read up on SolidCoin so apologies for the daft questions but:
1) How does CoinHunter get SC1.2M every year forever? Does it not stop when the 'security wallets' have released all their coins?
2) Does each of the 12 or so Trusted Nodes pay CoinHunter money? (I.e. he gets this 12 times over)
3) Can the Trusted Nodes money be spent like ordinary SolidCoins once transferred over to CoinHunter's wallet?
4) Does he really get 10% of everything that's mined (SC1.9M)?
5) If the Trusted Nodes monies can be transferred to CoinHunter's wallet, doesn't this mean the SolidCoin economy is massively larger than SC18.9M? 1) I don't think the security wallets release any coins more than what they generate. 2) no 3) probably - I think they can just spend money by themselves indeed 4) I'm sure he gets 5% (that's what I read a while ago on solidcointalk). Not too sure about the other 5%, that's new for me too. 5) Yeah, the 18.9M limit was in SC 1. In SC 2 there's no limit on the total amount of coins. |
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The difficulty is not too low. I'm sticking with Tenebrix difficulty, which starts at 0.00024414.
1 khash/s will find a block every 17.5 minutes. You can do the math for your own machine. I don't think this is too low. It pretty much means that one single computer can run the whole chain at its target speed of 1 block every 2.5minutes. Of course it's too low...  |
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What if you guess the starting difficulty and are wrong? Then you get no early adopters at all and your chain is completely stillborn. Expect 4 megahash, get 30 kilohash. Then six months until the first still vastly overinflated retarget. Then maybe program more frequent retargets, at least it the earliest blocks. So you can indeed start at a difficulty that's way too low but fix that mistake before 100k coins are given away to 30 people between 3am and 3:10am. I'm not saying you need to aim for the exact hashrate, just don't pick anything ridiculously low like it happened in SC2. Currency hopping is the new pool hopping. I find it funny that less than a day now separates "early adopters" from "late adopters" in many people's eyes. When 2 months worth of coins get mined within the first day, this explains that, I guess... When you join a chain say a week after it launched, and mine nothing during a whole day because there's no pool and soloing is too hard (or you mine 2 coins in a pool), and then you see a few day0-day1 posts about the client glitching with 5-10k mined coins in it, you go "mkay, I'll just try something else". |
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Mkay... maybe forget what I said then... Although my main concern about this is that he's saying he already gave away millions of coins to SC fanboys. This leaves me with a tough choice about how to call this ccurrency: TaxCoin? RSFriendsCoin? RSClubCoin? FanCoin? So many things to choose from...
ScamCoin is my favorite, I'm pushing for CH to receive the scammer label after this obvious bait-and-switch. Yeah but that's too generic and overused IMO. |
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Here Question, for CoinHunter. Who runs the trusted peers? Are they all yours?
I have control of one of the accounts currently, I'm not sure if I will end up with any, just for now it's easier this way. I won't say how many are in the wild yet but we are increasing the presence on the network of them. The people I'm giving them to are ardent SC supporters, who have families, assets and things to lose if they do anything inappropriate with it, combined with having excellent knowledge about system running. Mkay... maybe forget what I said then... Although my main concern about this is that he's saying he already gave away millions of coins to SC fanboys. This leaves me with a tough choice about how to call this ccurrency: TaxCoin? RSFriendsCoin? RSClubCoin? FanCoin? GiveawayCoin? So many things to choose from... |
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I'm inclined to ask you to wait for a day or so so we can get an established chain going. Difficulty initially will be low enough that no one would benefit from using a pool anyway. This hopefully will change quickly.
That's already the plan. Just wanted to make sure it wasn't needed/wanted because of the time of the switch over. I have not released the address to the pool so even though I'll have my miners pointed at it, no one else will be able to use it yet. I think that is for the best. Others may disagree. I think what would be for the best would be to start with a not ridiculously low difficulty... So that people wouldn't join just for mining a quick stash during the first days then leave for the next new ccurrency launch and sit on their Litecoin stash expecting it will eventually be worth something when hypothetical late adopters will join and do the promoting job while mining at 1000 times the starting difficulty. |
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Agreed. Threatening the lives of people involved with SC *is* in poor taste.
However, CH opened up this door himself when he made threats upon the SC 'super-node' holders. "They're people with families, assets, things to lose...."
It was a joke, and I did see CoinHunters comment you quoted above in the original context. I'm pretty sure he was talking about legal action, not some kind of criminal punishment! He is a scammer not a mobster. Legal action? Really? Legal action? That was the impression I got. I'm not trying to defend him and I never said he wasn't a delusional nutcase. If he can't pay lawyers he can't pay contract killers either so don't worry about his threats, legal or otherwise. Jeez... you guys have too much imagination  I think all he meant was that the super-node holders with a million of SC couldn't afford to lose them. I'm not sure this is right though... On a side note, where are you quoting the sentence I underlined from? Can't find it as is in this thread nor in the whitepaper. |
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Why do some people repeat that BTX hacked or exploited SC2 in any way? He failed with 51% attack. He says he bought a lot of EC2 instances to drive blockrate up. Eh yeah, usual behavior if global blockrate is high, diff is low and retargeting algo has a raise limit. The only thing that could be true is, that he mined some SC2, he said some hundreds of thousands, but hasn't shown any proof yet. So everything was working as the protocol intended.
I think another explanation is that the mining looked so screwed up at the beginning that he thought he messed it up. While it was in fact a design. Designed to be screwed up during the first day. Who could have guessed? |
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Nice increase on my Phenom 2 X4 955 too: from 1.5khs to 1.7khs per core with the amdfam10-sse4a build |
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Is adding daemon=1 necessary? Mine runs perfectly fine with just server=1 Mine too. I'm getting rich on the testnet lol |
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So far this looks the most uncontroversial of CPU coins.... No premining, no crazy inflation (although I must say something like a 1% inflation once "all coins" are mined would have gotten my vote), no tax, a scheduled launch (even though it's not really at an awesome time). If the starting difficulty is high enough to prevent the few earliest miners from getting a massive stash and the chain from growing so fast that late miners won't even be able to mine because they spend their time waiting for the chain to download (cf SC2), then there won't be much negative stuff to say about it... |
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You forgot "ccurrency that places extortion right in the blockchain" Woops, sorry, I can't believe I forgot that one. ...Too ...many...records ...at the same time ... Does ...not ...compute |
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Voting has closed, Litecoin will be launched at Thursday Oct 13, 03:00 GMT
If you are in the US, that's 8pm pacific and 11pm eastern on Wednesday Oct 12. That's less than 24 hours away!
Make sure you have updated your binaries.
Sucks to be Europe. But well, that's still better than millions of premined coins and I had to get up at 5:45am UTC+2 anyway... might as well make it 5 I guess... Also, I hope that the starting difficulty won't be ridiculously low. |
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Wow. 13 million coins "post-premined". New records:
- ccurrency with the most premined coins
- ccurrency with the most unannounced premined coins (by unannounced I mean announced after launch)
- first ccurrency with post-premined coins
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Make parity with Bitcoin as it is getting inflated at quite the same rate. 7200 BTC every day being pumped in and price falling way low. Yes, that is success. If BTC is a failure and SC a success, why are you selling 3097 SolidCoins for 30.7 BTC? |
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Yeah great gift. 99% of all generations were invalid for the first hours anyway. There were lots of invalid blocks, but only because valid blocks (thus valid SCs) were being created so fast. I think the difficulty was started too low. On this we agree. |
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And why start difficulty at 8 instead of, say, 1000? Well, gifts for all fanboys 24/7 on IRC ready to start mining from second 0.
You can't at the same time say you're spreading early coins amongst "thousands" of early adopters and be surprised that a difficulty of 8 gives super fast blocks.
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