Happy New Year everyone.

Here is to a good Smiley Year!

Well, this is my first time:-) Wouldn't you need to ensure that everyone moved over to the new source? What happens if a large miner decides not to?

Just the holidays: I think I mentioned earlier that we wouldn't do any programming changes before that. Also, for my own part I really don't like any quick-fixes; I would much rather think this carefully through and implement only longer-term changes.

But I have a simple question for those of you who have done this before: How do you get everyone to move to the new version?

Yeah 

Actually we were down to 1 block per 24 hrs and we would never have gotten out of that one.

Thanks.

The difficulty schedule was for it to be recalculated every 3600 blocks, which was supposed to happen every 5 days under "normal" circumstances. It has now taken so long to generate the most recent blccks that we should see a reduction in difficulty by a factor of 4 whenever we get through the current 3600.

We've managed to add some hashes so we should get the difficulty down in a day or two. In the meantime the hashrate is already up and should increase more over the next several hours; so we should also be seeing faster confirmations today.

We'll see what we can do. It's going to be difficult to do anything major before the holidays though, especially as we don't really want a quick-fix...

On our part we will start any and all miners we have access to, but that is probably just a drop in the bucket. We would really appreciate any help we can get in order to complete the round until the next reduction in difficulty.

This is related to the dump also of course: the low price presumably makes it infeasible to mine, from a pure economic point of view. So we should try to point out that SMLY are available at a very low price at the moment.

Done, we'll see how this goes. I can't get anywhere with their market - has anyone else had any success?

I was actually referring to the wallets on coins-e: Has anyone been able to buy/sell SMLY on coins-e?

Cool, thank you.

Is there a problem with the wallets, though? I tried to create a new wallet but nothing seemed to happen.

OK, thanks - we're looking into this.

Yes, the difficulty has been jumping up and down by a factor of 4 as a heavy-duty miner comes in or leaves again. This was foreseeable when we saw the initial interest after launch and the difficulty spiked from 0.008 to 16. We had been hoping for a smooth transition downwards when we saw that the difficulty started to decline to 5, but a sudden burst of mining threw it back up to 30 where it is stuck now.

Any suggestions from you experienced folks?

Hi

Thanks for the kind words. Actually I'm not panicking.  We have been expecting this for some time 

It's really just a question of finding the best way forward: I had not quite anticipated that the price could go all the way down to one Satoshi -- nor had I realised that there was an absolute lower bound (10^-8  BTC) on the unit price in the market. It is perfectly reasonable that a few buyers are not ready to pay a lot of BTC for 100-250 million SMLY being dumped (at a price which we would like). In combination this means that the initial miners can not get rid of their coins on the SMLY-BTC market. It would be much better if the price could fluctuate around (and below) this price so that the price could drop to a level where buyers with a slightly longer-term view would pick up the SMLY.

So we're stuck for now, unless there is a move to e.g. the SMLY-DOGE market at https://c-cex.com/?p=smly-doge - if only while the dump gets resolved.

I don't expect this to be more than just this one dump: The difficulty is now high enough that SMLY are being generated a bit too slowly so it seems to have caught up with the mining performance.

We are on c-cex...

I've tried both but you're right, it is worth another try.

In the meantime, there is now traffic on the SMLY-DOGE market but none on the SMLY-BTC market. Since there is clearly a considerable push by early miners to sell their coins, this could be a means to an end.

The SMLY seems to be valued at about 1 satoshi at the moment. In terms of BTC, this is so small that it seems quite difficult to work with the SMLY-BTC market.

There are a few SMLY markets on c-cex: One of them is the SMLY-DOGE market.

Since the total number of SMLY is of the same order as DOGE and the DOGE is valued much lower than BTC, it may be easier to find an appropriate valuation on the SMLY-DOGE market than on the SMLY-BTC market.

From ccex: Voting round finished. Winner is SmileyCoin

Thank you!

Voting is now also ongoing at https://www.coins-e.com/