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Primecoin is useful as more than just a currency though, as said before, hobbyists will still use it even after the pump and dumpers have left.
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Primecoin is not useless. It allows people to find longer Cunningham chains. It's an interesting pastime -- more interesting , say, than collecting bottle caps. Even if cryptocurrencies cease to exist, hobbists can run primecoin-qt to find prime chains and be happy if one of them claims to be the human who first finds a record length Cunningham chain, and with a cool block address, time-stamped in the blockchain no less, to prove it. Primecoin is already a success in breaking CC length records. https://bitcointalk.org/index.php?topic=253409.0 It is useful already. Whether you care about it or not is irrelevant. That's debateable. I'm sure there are world records for climbing the highest tree or eating the biggest cake in like 30 min. That doesn't make those records or actions useful. Really, Cunningham chain's aren't that useful and I'm sure 95% of the miners don't care about the CC. Like it or not, Primecoin gives a chance to make HUGE profits to people with access to a few CPU's/Servers, and it's thanks to those CC/Primecoin believers that they can sell their mined coins at that high a price. I am one of them. The only reason I'm still running a primecoin node is BECAUSE I believe in the proof of work it uses. |
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Primecoin is not useless. It allows people to find longer Cunningham chains. It's an interesting pastime -- more interesting , say, than collecting bottle caps. Even if cryptocurrencies cease to exist, hobbists can run primecoin-qt to find prime chains and be happy if one of them claims to be the human who first finds a record length Cunningham chain, and with a cool block address, time-stamped in the blockchain no less, to prove it. Primecoin is already a success in breaking CC length records. https://bitcointalk.org/index.php?topic=253409.0 It is useful already. Whether you care about it or not is irrelevant. The real question is... what can we do with those long CCs. What use and value do they have? From what ive been told is you can use those CCs to build stronger algorithms. We can prove or disprove existing conjectures on the nature and distribution of prime numbers. |
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I'd pretty much tell them, basically, it's a way to help discover the nature of primes, and earn a few dollars doing so.
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I don't understand why people think that a currency should have a cap on it's total supply, are economies a fixed size?
I think the desire for a supply cap stems from early investors wanting to ensure that their hordes are ever increasing in value, ie. completely greed driven.
The population of the planet is growing, and so is the size of the economy, so the currency needs to also grow with the economy.
Lets look at this: if btc is used by 1/10th of the population.. there isn't enough coins so that everyone would own just 1 of it, even if all of them were mined.. so XPM might actually be better off without a cap? Exactly, any coin without a set cap will do better in the long run than a capped coin. |
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I don't understand why people think that a currency should have a cap on it's total supply, are economies a fixed size?
I think the desire for a supply cap stems from early investors wanting to ensure that their hordes are ever increasing in value, ie. completely greed driven.
The population of the planet is growing, and so is the size of the economy, so the currency needs to also grow with the economy.
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Is Gox even worth it anymore?
They're less than 50% of the btc volume now.
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The unspent outputs only take up ~250MB, the entire history of the currency will always be growing faster and faster, you don't need the entire history though.
There's no need to split the chain.
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If you make a good coin, people will gladly donate to you.
Don't just make a coin to pump and dump via premine or other methods of obtaining coins.
The project will require lots of coins to run and I don't really want to spent all the btc buying coins when they could be spent adding services as I have said the vote is what will decide it the fairest way of doing it Or you could just release the service and let people who mine run it. Open source is very important. some of the services I have plans for wouldn't work open source the ones that would work like that will be  I can't think of any service that can't work if copies of it can pop up to prevent a monopoly. |
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If you make a good coin, people will gladly donate to you.
Don't just make a coin to pump and dump via premine or other methods of obtaining coins.
The project will require lots of coins to run and I don't really want to spent all the btc buying coins when they could be spent adding services as I have said the vote is what will decide it the fairest way of doing it Or you could just release the service and let people who mine run it. Open source is very important. |
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If you make a good coin, people will gladly donate to you.
Don't just make a coin to pump and dump via premine or other methods of obtaining coins.
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Difficulty is on the rise, somebody has a GPU miner.
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Pretty sure that the GPU miner for Primecoin won't be any faster. It's finding prime numbers, using basic arithmetic. This is what CPUs excel at.
That's still theory, Litecoin at the beginning also was thought to be exclusive to CPU only. Well, I really don't see how a GPU would possibly be faster at that type of math, but OK. An amd 7970 has 2048 cores that can all do arithmetic, a core i7 has 4-6 hyperthreaded cores. The 7970 wins by a long shot when is comes to just doing arithmatic. As far as I understand the weakness of gpu's is that they cannot handle code that has to make if else decisions well. Bitcoin hashing is just basic arithmatic as well. Offloading the primality checking to a GPU should be easy though. |
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ypool is basically finding all the blocks at this point.
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You're the type of person who wants your website to buy you a new car but you won't pay your web designer what you pay your mechanic. The end.
I'll pay my web designer only if the site they produce me is of good quality. |
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So the difficulty has been ~9.2x for over a week now.
Where will GPU mining take us?
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It shouldn't be too hard, just in the implementation, create a consensus of when the fork occurs (block height wise) and the wallet software does so accordingly.
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