400 XPM is currently 2.15 BTC
Man, you guys are really cheap. This is going to be a tough nut to crack. I thought it would be easy, however it seems that there is one big issue. The developer will have to figure out how to perform big number arithmetic on a GPU. |
|
|
|
|
Mined a couple of 100s last week.
Will be giving 25 coins out while supplies last!
|
|
|
|
So really the coin itself isn't the important/interesting thing here anyway, the module is; people could go ahead and use it with real bitcoins instead of mucking around with some obscure newfangled coin, ormaybe litecoin or devcoin or whatever if bitcoins are considered "too valuable" for use in games...
-MarkM-
Hit the problem on the head. |
|
|
|
So we now have Primecoin which I think is the first coin to have a mining function that has benefits outside the cryptocurrency world. Could we now have a protein folding coin, for example? It will be interesting to see if Primecoin starts a new wave of 'useful coins'; coins that serve a specific purpose. The exciting thing is that in order to help promote a coin that is helping cure a disease, all you have to do is buy and use that coin. The greater the value the more people will mine.  I'm helping out some guy who wants to build a coin where protein folding is rewarded by the coin. |
|
|
|
Crossposting for exposure; If anyone would like to give it a shot, there's an extremely optimized sieve of Eratosthenes implementation here: https://primesieve.googlecode.comFrom the software: The best sieving performance is achieved with a sieve size of your
CPU's L1 data cache size (usually 32 or 64 KB) when sieving < 10^16
and a sieve size of your CPU's L2 cache size above. primesieve uses the segmented sieve of Eratosthenes with wheel factorization, this algorithm has a complexity of O (N log log N) operations and uses O (sqrt N) space.
Segmentation is currently the best known practical improvement to the sieve of Eratosthenes. Instead of sieving the interval [2, n] at once one subdivides the sieve interval into a number of equal sized segments that are then sieved consecutively. Segmentation drops the memory requirement of the sieve of Eratosthenes from O(N) to O(sqrt N). The segment size is usually chosen to fit into the CPU's fast L1 or L2 cache memory which significantly speeds up sieving. A segmented version of the sieve of Eratosthenes was first published by Singleton in 1969 [1], Bays and Hudson in [2] describe the algorithm in more detail. From the source, the sieve size is small (1 * 10^6) by default if I'm interpreting it correctly. I'm wondering if a massively parallel GPU implementation with higher memory bandwidth also benefiting from the reduced memory requirements will see much better performance. Also, primesieve generates the first 50,847,534 primes up to 10^9 in just 0.4 seconds on a single core of an Intel Core i7-920 2.66GHz, this is about 50 times faster than an ordinary C/C++ sieve of Eratosthenes implementation and about 10,000 times faster than trial-division. primesieve outperforms my older ecprime (fastest from 2002 to 2010) by about 30 percent and also substantially outperforms primegen the fastest sieve of Atkin implementation on the web. Here is a list of other fast sieve of Eratosthenes implementations. If the current implementation is the standard C++ one (I haven't looked at it thoroughly but it seems to be), whoever can race to implement this first may benefit immensely. For those interested, there's a CUDA implementation here too: http://www.mersenneforum.org/showthread.php?t=11900The code works with native C++ integers and not CBigNum. Not sure if CBigNumber is needed for Primecoin. How big are the primes anyway? |
|
|
|
Ok... this is to start a brainstorming thread on how to code up a GPU miner for Primecoin. The code in question resides here: https://github.com/primecoin/primecoin/blob/master/src/prime.cppline 341; MineProbablePrimeChain method runs Sieve of Eratosthenes: psieve.reset(new CSieveOfEratosthenes(nMaxSieveSize, block.nBits, block.GetHeaderHash(), bnFixedMultiplier)); then a while loop: while (nCurrent - nStart < 10000 && nCurrent >= nStart && pindexPrev == pindexBest) over 10,000 primes. looking for anything that fulfills this criteria: if (ProbablePrimeChainTest(bnChainOrigin, block.nBits, false, nChainLengthCunningham1, nChainLengthCunningham2, nChainLengthBiTwin)) simple enough! someone should have a GPU implementation by the end of the day today! |
|
|
|
Quite frankly, you 'could' build in a charge to the transaction fees...but that would be a tax and you're not going to get anywhere with that either. You are asking...other people to effectively mint your coin yet pre-mining to give yourself an extreme advantage over others only to hoard the 'wealth' to cash in much later. This is not how money works and is simply against the whole concept of money. Quite frankly, you shouldn't be doing this for profit anyway. Money is about trust and the moment you start putting profit into the equation, you are going to lose that trust.
The only ones that should earn any money out of a coin are miners. Why? Because they're the ones actually doing the work. It may not seem like it if you have invest a couple hundred bitcoins in marketing and so on, but the fact of the matter is, you didn't need to spend that amount, you could have just launched the coin without much fanfare at all, just a post on a forum such as this one. The miners then have to exert or invest energy and time into making more coins to make it more valuable. If you are hoarding coins, then you are artificially inflating the value of the coin, in order to dump it for a larger payout later.
Money isn't about making profit, it is about exchanging wealth. So instead of buying two oxen for twenty six chickens and a coup...which is a logistical nightmare.... you're simply trading two oxen for 15 ixcoin, which so happens to be exchangeable for twenty six chickens and a coup, which if not immediately available at that market, you can travel to another market and get those chickens with very little added expenditure.
At least that's my two cents.
If you're going to premine, feel free, just be prepared to have to exchange it sharpish to encourage trade.
How is it that the miners are the only ones doing all the work?? The fact that a widely successful litecoin had developers begging for support is an indicator of how broken the incentive structure is. Imagine if Google has to beg for funds for every piece of work they had to do. |
|
|
|
Cool stuff.
12X7cZxHQjc59DGPs3jVAMwhA8Ns2qSrRm
Bug report: "Send LTC:" instead of ZTC. Should be an easy fix though!
Sent you a coin from the instawallet. |
|
|
|
|
Is this coin stuck?
How many blocks to re-target?
|
|
|
|
Well, you're presuming the price of bitcoin will stay at $100 or drop while difficulty will go to 100 million.
That's a possibility but I think based on the fact that I'm certain the ETF will get approved (and I seem to be alone on this) that bitcoin will skyrocket later this year and especially next year so now is the time to buy mining rigs cause if I'm right there's gonna be a 1 year wait.
And I also think the ETF is gonna create a craze and push bitcoin past $1,000 by next year but of course that's crazy talk at this point. But everything I know about investing tells me there's a high probability of that happening by next year.
If that happens then the mining rigs I bought will be worth their weight in gold, literally.
You have to take some educated risks if you're gonna make it big and that's what I'm doing. I do realize this is a very high risk at this point as no human on earth thinks Bitcoin will hit $250 next year let alone $1,000.
Good luck.
It's not about taking risks, the point was, you could just buy lots more Bitcoin for the same money right now, instead of waiting for asics to arrive, by which point difficulty is going to skyrocket, which means for the lifetime of your purchased BFL, it would never mine as many bitcoin as if you just use the purchase money to buy bitcoin when the price is low. If bitcoins disappears, your asics are useless, so it's the same as buying bitcoin. I also got into bitcoin just 3 months ago, but I decided to build this, instead:  Reason: - I can still buy bitcoin anytime I want with my litecoin
- I don't waste time waiting for anything while difficulty sky rockets
- If everything bursts, I can still recoup 60% of my investment selling hardware
Nice case... what is it made of? |
|
|
|
OP = Original Post. IE the one you made to start this thread.
Just wondering. Just from your wording about certain things. Are you a programmer? Or do you have much programming experience? Or are you thinking about hiring someone to create the coin for you?
Since you are looking for innovation for your coin. What ways are you things about innovating the coin? Are you planning on doing more then changing the name of Litecoin to your name?? If that's all your doing, how much do you believe you should get for developing the coin? Or are you talking more from the perspective of working/developing the coin to be better accepted in the Fait/banking world as a payment option?
The reason your getting so much negativity is until you can show your different from the 99% of other developers, your categorized in the same group as the rest of them. Many/most don't do enough to not deserve the answer that is leading in your poll.
Since it's your coin, the ball is really in your court. Pay yourself as much or as little as you want. Premine it as a developer fund if you feel like. If you prove your worth it, people will put their trust in you and mine for your coin.
I'm an economist, so I'm different from 99% of the current developers. I have only known about crypto-coins for 3 months now and I'm blown away. People don't realize what they have here. Bitcoin is just an infant and its gonna grow up faster than the dot com boom. All laugh at the Bitcoin ETF application and the pros think they'll never get approved by the US govt but I'm 100% certain they will, and that will change everything. That will be phase 2 - alt coin hyper drive. That will happen next year. I want to get my own coin launched before that happens cause at that point there's gonna be over 300 coins on the market and dozens of new ones per week. This is the final days if you wanna get noticed but I can't program and I'm low on money since I'm not working a regular job right now. But I want to launch a great coin, and that won't be cheap or easy. I agree with you that there will be 100's of new coins. But people have this tunnel vision that all coins will have to be like Bitcoin. I think it will be the other way around, not all coins will be like Bitcoin and Litecoin. In fact, we will see coins were mining is just not available to the public. We've seen the first of that come out in Tradecoin. ZenithCoin is like previous coins with a percentage allocation. I am betting that in the long term, coins with an incentive for developers will eventually win out over pump and dump coins. You are an economist, and clearly you see the lack of incentive for most developers to maintain a coin. Anyway if you are interested in creating a coin, I can do that for you. But first you need a good idea. |
|
|
|
I wouldn't say it's useless. You could always create a transaction to someone (as Akka pointed out, it can be done with Armory), and then email it to them instead of broadcasting it. Then it would be the same as writing a check from your bank checking account -- checks aren't guaranteed to have funds available to them, but if it's lost in the mail or the person moved (i.e. lost their wallet, etc), the coins never left your wallet.
I had even thought about doing something like this in Armory as another kind of payment option.
(1) Recipient gives the user his payment address.
(2) Sender, perhaps at a far later time doesn't know if that address is still valid, etc
(3) Sender creates a signed transaction and emails it to the recipient
(4) Recipient opens it in Armory and it says "This transaction sends 13.24 BTC to Wallet ABC" or "This transaction does not send coins to any wallet you own"
(5) Recipient presses "Broadcast" if they are happy with it. Or replies with "this isn't valid, please use this address instead: ..."
It also makes MitM address swapping attack much less potent, because the person broadcasting is much more capable than the sender, of recognizing whether the transaction goes to their own wallet (edit: okay so this isn't actually true: because if the MitM can swap the addresses, he can probably also intercept the signed transaction and broadcast it himself... maybe only relevant if the tx is sent to the recipient through a different channel). It also means that the recipient must actually act to broadcast the tx, which could be seen as actively acknowledging that payment was accepted.
This is interesting. So as I understand it, a transaction can be created, however, unless it gets into the block chain, the funds aren't actually spent. So this is one way to make a transaction reversible? |
|
|
|
With Armory you can crate a transaction but not broadcast it to the network.
You can then for example save the signed transaction on a usb stick and transport it to any other pc with a Amory client, which then can broadcast it to the network.
There are at least 2 usefull functions for this:
1. Have your BTC in a offline pc that never touches the internet. Transaction are transported "manually" out of the wallet.
2. Keep your BTC in "cold transactions". Instead of having them in Paper Wallets, you can store transactions to the paper wallets and delete the orginal Wallet they came from. With this a thief would have to obtain the paper wallet and the transaction to get the btc.
Thanks. This is the answer I was looking for! |
|
|
|
|
This is definitely on the right track.
The main use of Bitcoin (and alternative currencies like it) is clearly for cross border exchange.
The big question is how to make it happen.
Probably one country at a time.
Providing the appropriate technology to allow people on the street to individually act like money changers.
|
|
|
|
|
I guess other alt-coins don't have this feature.
|
|
|
|
|
Out on vacation.
But keep posting!
|
|
|
|
|
Show Posts
