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It already works like this more or less in ppcoin.
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Selling FRC in 10K lot
@0.0001 BTC (1BTC for 10K FRC)
@0.5 PPC (5K PPC for 10K FRC)
PM me if interested.
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PPC explorer seems down to me.
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Two changes are included in this release:
1) Fix a major vulnerability that I communicated to the terracoin dev (I will disclose this once the update is complete)
2) Increase averaging window from 30 blocks (1 hour) to 720 blocks (1 day) to fix the difficulty oscillation exploit
thats not a fix LOL!!!! thats worse. what TRC need's is average from 720 blocks but with a retarget being done everyt 30 blocks. I hope that is the change not simply change from 30/30 to 720/720. because that is a way to see some real oscilation - not only automated, but also manual jumping would be easy so oscilation would go haywire. Yes, retargeting period is still 30 blocks, only the averaging window is now 720 blocks. |
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Nice. CoiledCoin is the only one, of the coins that got a lot of attention, missing that I noticed. Added coiledcoin. Thanks! |
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Two changes are included in this release:
1) Fix a major vulnerability that I communicated to the terracoin dev (I will disclose this once the update is complete)
2) Increase averaging window from 30 blocks (1 hour) to 720 blocks (1 day) to fix the difficulty oscillation exploit
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About early adoption, according to you if I invest in Apple stock today I am still an early adopter. It's pointless debating it, because it's a matter of opinion what is early. All we can say for sure is, getting in at 50 cents is a hell of a lot earlier than getting in for 88 dollars. Let's asume the high point of bitcoins and litecoins will be one thousand dollars. What sounds better, a 1,000% return on investment or a 20,000% return on investment? (mental maths there so approximate figures)
I don't disagree with this sentiment, but you need to keep in mind that litecoin has 4x cap of bitcoin so the 50 cents is really $2 if you want to compare it to bitcoin and judge which one is a better value in the long run. |
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Who is the maintainer of bbq right now? markm?
Who runs the websites?
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It's a copycat of litecoin and was 51% attacked by litecoin fans presumably at its launch.
1 minute block, 1 hour difficulty adjustment
42 coins per block.
4.2 billion coins cap.
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Very good presentation. I especially like your selection of altcoins to present. If I were to do a presentation on altcoins I would likely select the same set and give more weight to ripple just like you did. Merchants won't accept them because it adds overhead and friction. In fact, a lot of merchants won't work with Bitcoin directly but rather will work through a mediator such as BitPay. BitPay might indeed integrate some alts, but still they can't add every alt in the world - it adds complication to an already complicated process, and every feature needs to be considered in terms of ROI. The only way they will accept alts is if the alts gain enough market share ... it's a bootstrapping problem that was solved by Bitcoin through being the first decentralized crypto currency, but so far no alt has shown a clear path to achieve market share.
It's hard to say, I think altcoins would have their chances in the market, the events in the last month demonstrated it. Lolcust probably is kicking himself these days for giving up so easily in the face of competition from coblee, first forking a copycat of tenebrix called fairbrix then launch another semi-copycat that is the litecoin of today. I can understand that he was sort of demoralized by the two-fanged attack. But still, if he persisted who's to say tenebrix would not have a chance? So I think being persistent and nurturing your creation is important. |
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To mint proof-of-stake blocks, you just leave the wallet running (ppcoin-qt or ppcoind) and be patient. No need to run server mode for ppcoin-qt, but if you use wallet encryption, it would be handy in server mode because currently you need to unlock wallet on command line in order to mint. See FAQ for more on wallet encryption. https://github.com/ppcoin/ppcoin/wiki/FAQIf you power off your computer daily that's fine. To maximize the chance to mint I would recommend running the wallet whenever you power on the computer. |
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You are welcome Balthazar. Please note block chain re-download is required for this upgrade to function properly. ppcoin is not affected by this issue which is introduced by p2pool support for novacoin. |
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The problem is mainly in transaction times... as this gets worse it could slow to one block an hour and take forever to confirm. This would effectively halt the chain if it became severe enough, as no one can transfer their coins to anyone else in a reasonable amount of time.
You need to hard code a fix for the difficulty algorithm if you want to correct this.
It's not that bad as the jump is capped at 4x I think. |
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I'm not saying that you couldn't be right regarding having this exploited by a miner or pool that regularly jumped back and forth, although I think the effect is much more pronounced right now because the hash rate is relatively so low so relatively few large miners jumping on really makes big waves. When the rate is (hopefully) might higher and the number of miners much larger, I'm would hope that this effect won't be so pronounced.
When the hash rate was low hundreds I didn't notice this. Look rabbit, I think it is already being exploited by some big miners, that's why it's jumping 3x back and forth consistently. And there would be more of them joining the force. I highly doubt this problem is now going to go away by itself as there can only be more and more people catching onto this, including the medium and small miners, as the profit motivation is quite large. Both ppcoin and devcoin adjust faster and smoother than litecoin, the extreme and naive approach of terracoin is not a better solution. |
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...
Will these be pre-mined? If so, how many?
Well let's get some help with the numbers, please: Time is money. What you call mining is 'ticking'. 1a) Start with the unix time-stamp and divide by 60 (one Timecoin/minute), and the number is way too high (more than 21 Million) 1b) My OP mentioned creation of new coins for over 3 more years, since I'd adjusted the numbers/ideas a bit and was working with 1/minute and ~92% already exist. 2) Start with the unix time-stamp and divide by 3600 (one Timecoin/hour), and the number is very low (too low for an epic Genesis Block Party) and the creation of new coins takes at least 2,000 years.** **Unless I made an error calculatingSo one question is how many should exist at the start?Another would be 1/hour seems to add value (through scarcity) but who has 2,000 to watch the project grow? 1/minute cheapens the units, and the whole idea is to capture the value of time. Any thoughts? Well sounds like your 'time is money' is just marketing gimmick, instead of premint all money supply and be done with it like ripple does, you would continuously mint 1 coin per minute and give it to yourself, and then ask us about whether this triviality should be done per minute or per hour? LOL. Could you actually talk about how your system is supposed to be unique instead, like how it's supposed to be decentralized and not needing any proof-of-work?  |
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This is a positive feature that responds quickly and accurately to market forces. What sense does being stuck with some other miners difficulty make after they have left the chain? The real abuse of difficulty comes when someone with large hash power jumps on a chain like LTC or BTC where the retarget is measured in many days. For the first number of days their immense hash power gets to abuse the low difficulty and mine an extraordinary amount of coins. When the difficulty FINALLY gets around to adjusting, they jump off, leaving everyone else to suffer the higher difficulty for a long period of time while they wait around for it to retarget, when the larger miner jumps back on and abuses it for another stretch of time.
With TRC large miners get only a short window of opportunity to abuse low difficulty, and small miners only have to suffer a brief period of time after large miners jump off the chain.
It's more fair, more responsive and more egalitarian. Free market in action.
Wow okay rabbit I guess you are really a die-hard fan that has to defend every bug of terracoin as a feature. It's a short windows yeah but it comes every hour so if you add them up suddenly it's not so short any more. I am sure large miners can afford to tweak their programs to only mine terracoin every other 30 blocks, while the smaller miners suffer. Maybe someone can start a pool to take advantage of this, just to show how ridiculous it is to claim this as a feature. |
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