For POS, the coins that we have will generate more coins. Let's say we have 100 coins, how much will that generate in a years time?
It's variable (return is constantly decreasing as with PoW reward), and coins need to be distributed to stake pools to get interest. Your interest will also be dependent on what the stake difficulty is. So, it's impossible to say, it's sort like asking what your return would be on mining if you bought a 3 TH/s miner 6 months from now. But it will be something, and predictable based on the time of your submission to the stake pool. |
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Short newsletter sent out on recent developments. Sorry to accidentally post it to the skycoin chan, wasn't my intention. Regards, tt.
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Sorry to accidentally spam the CHAN on BM with the MC2 newsletter, didn't mean to and am still getting used to how it works. Looking forward to the launch of this one!
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I still would like to translate the whitepaper into Dutch. Tacotime mentioned I should ask ingsoc_ for the file, so I figured I'd ask here now that I think about it. Has the paper been finalized yet?
Yes, you can ask him for it now. There are a few changes that need to be made to the PoS file for it to work that I've realized since then, and the PoW method is not finalized, but it should still be able to stand on its own. The final version will come out with the coin on release. |
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tacotime; please help me with this. I sent you a PM but you are probably very busy to respond to all individual messages. I like GUI Miner a lot because it gives me a high hashrate, not sure if what the front end of GUI Miner displays is accurate and this is what i want to find out once and for all. I will be using CG Watcher do to this. I want troubleshoot some issues I have when running cgminer on its own and I would really appreciate help from someone that knows more how to use cgminer better than me, which won't be too difficult as I really am not good at command line entries as they have to be precisely exact in order to work and one single digit that is wrong will ensure its failure!
So I need to know which API port GUI Miner assigns to the cgminer instances? Anyone here can tell me this so I can connect to cgminer via CG Watcher and get an accurate reading of settings used by GUI Miner, I want to save the settings GUI Miner is using into a profile and then try a few different things to solve my problems. I am using the same settings I used in GUI Miner in standalone cgminer but I do not get the same results, so either cgminer is not as good without a decent front end, or, GUI Miner is reporting more optimistic hashrate and not showing any HW errors even if they are present. REALLY need HELP with this one, PLEASE!
I lso have no clue how to add fail over pools or temp cut off settings, etc, and yes I am aware this has been covered in this very thread but I simply do not understand how or where to add "flags" when no examples are shown to us within a full working profile for GUI Miner. For those that are more familiar with this sort of thing it is childs play for them and for most developers too, but most people are not that so do need tuts. It is easier to do in cgminer itself which is ironic in a way because GUI Miner with a GUI is supposed to make it all straight forward, surely? So I am not as hopeless as it may seem because I do find cgminer easy to configure on its own, to some extent at least. I want to switch to CG Watcher or just use cgminer alone for now until I manage to fix issues with BFG Miner or learn to use SG Miner. It seems none of these miners are perfect or work 100% as I would like them to but I need help in order to determine why this is. I have tuned all my thread-concurrency and intensity settings as much as I can and do get a decent hashrate but there are still some issues I need to fix. Sometimes I get too many rejects while running cgminer without GUI Miner or a few HW errors, even though I use the same settings and also get a lower hashrate. It could be due to several reasons and I won't know until I can better troubleshoot this by connecting to the API or knowing more about how GUI Miner works with its settings that are somewhat opaque or unknown in some areas. With all this said, I would like to support its continued development.
I have tried various API ports to connect t cgminer once GUI Miner is running but CG Watcher simply will not connct to it and I have been told by Justin it should do just fine once we know the API port GUI Miner uses.
GUIminer isn't using an API port, it pulls from the stdout output to console instead You may need to manually enable an apiport in extra flags |
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What's with all the positive hits from virus detection?  cgminer causes this |
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I don't have time to continue developing this -- sorry! CGWatcher may be a better interface if you are having problems with cgminer crashing and needing to be rebooted.
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40,960,000 coins issued through stake tickets is a lot. My opinion is let the demand determine the supply. But it can reach a return on investment if the inflation rate from mining is kept low. These are just my opinions and everyone is free to have their own.
Cunicula was originally in favour of stemming the initial issuance to a period of 10 years. In the paper, it's described as 27 years to 1%, after which the inflation of the supply because to increase exponentially (but slowly), similar to fiat but slower. This will make mining continually attractive, because it does not rely on fees. Mainly it's designed to to supplement Bitcoin as a goto point inbetween that of equity and actual fiat (in response to criticisms like these), and indeed, with the decentralized reserve system, intends to have an in place public oracle system to hold fiat within the chain itself. Time-to-1% inflation (TT1%?) can be tweaked to whatever, so if you guys want a faster distribution, this can be done. Initial issuance must also be tweaked if you want it to stay at a 3%/10y target. It is a delicate issue though; adjusting decreases in inflation so that they occur very rapidly can lead to accusations of a ponzi scheme e.g. protoshares. |
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That's a lot of coins generated per annum. Do you think it's really best to do it this way? Market Cap would be huge in order to get significant traction.
Well, it can be adjusted by an order of magnitude in base 10 if you guys want it to be, e.g. 18,700,697 coins in the first year. This doesn't affect market capitalization against USD or BTC though, just the price per coin. |
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I commend you and completely support this. If you ever need marketing help (which I doubt) I'd be happy to lend my services. Question, if you are able to create it sooner than a year will you release it?
It will be launched as soon as the PoS and "finite mini blockchain" systems are complete and 100% functional. Decentralized reserve system will be an addon that will be launched afterwards in a version update. What's the distribution chart and ETA for the project? See above. Conformal thinks with 2-3 more skilled devs that we can launch in 6 or so months after testing and security audits, with the reserve system launching in about 12 months and receiving the same treatment. |
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Thanks for all the nice words, everyone. I really appreciate them.  It's not exactly a donation, as we do get coins in return for our contributions, maybe he will post the crowdfunding rubic for you guys to see.
Sure, This is what I had going out in the newsletter: Tier Donations (USD) Tickets Coins USD per Coin
1 0 – 250,000 92,160 23,040,000 0.0108506944
2 250,000 – 375,000 40,320 10,080,000 0.01240079365
3 375,000 – 437,500 17,640 4,410,000 0.0141723356
4 437,500 – 500,000 13,720 3,430,000 0.01822157434
Total issued via stake tickets: 40,960,000 To compare, here are the amount of total coins from PoW and PoS combined every year for 10 years: Year Coins
1 187,006,965
2 359,622,322
3 518,953,616
4 666,023,156
5 801,774,578
6 927,078,896
7 1,042,740,095
8 1,149,500,286
9 1,248,044,469
10 1,339,004,928
This image shows the estimated percentage of coins generated through the sales of early stake tickets:  Donations would be first come, first serve, and coins get more expensive as we move past out initial minimum funding. We're capped at $0.5 m USD. Individual contributions are capped at $5k USD. Developer contributions are capped at $10k USD and are removed from what they would be paid (including for myself). These coins are redeemed between years 0-3 in an approximately linear distribution (so that no one donating can immediately dump a mass amount of coins into the market). |
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Mine were B2 yes, purchased during the sale. I originally was going to get a sierra but ended up getting 2 BJs w/o MPP (may have lucked out there)
I saw a few other people then got B2 BJs
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Short versionI'm currently a graduate student who is planning to move into hacking on cryptocurrencies full time. I've been an active member of the community for approximately 3 years now and have conceptualised cryptocurrency ideas through the input of the community on a working project called MC2. I have the backing of Conformal Systems, owners of Coinvoice and creators of btcd, who will provide quality control for code written in the implementation of these ideas. (1) What models work for the community to fund cryptocurrency development and make it worthwhile for you to contribute? One model explored so far is the idea of stake tickets redeemed for coins in the developed cryptocurrency. Are there any others that work better? (2) What do you want to see from a project like this? What kind of engagement do you want to see? What kind of structures should we build to accommodate what's lacking in the community? I will be at the Texas Bitcoin Conference if anyone would like to meet up with me there and discuss things with me, and I'm trying to be more active in my IRC channel (#mc2) and -wizards on freenode. As I live in the greater Toronto area, I will also be making an effort to attend the local meets at Bitcoin Decentral on a regular basis if this becomes my full time work. I haven't had the opportunity to delve into cryptocurrencies nearly as much as I'd like to, and I'm hoping with the support of the community, I can make this into a career. Long VersionMost of you here know of me, have seen me post over the past couple of years, have heard of my specifications for MC2, or have used GUIMiner-scrypt. I'm hoping that the end of this month will mark the beginning of a transitioning period in my life: the move away from graduate school and into professional cryptocurrency development. After much review of my situation over the past month, I have decided that I would prefer to drop out of my graduate program and code for the community if possible. Likewise, I don't want this money to come from a company -- I want it to come from the community. There has been a large amount of interest lined up in the early donation of BTC to me and my developers to create MC2, with the promise of stake tickets (eventual coins) in return. This is somewhat similar to the Ethereum fundraiser, but I don't know if it's considered the ideal situation for you guys, or what you consider to be a fair and balanced initial distribution in exchange for the input required to pay the developers. Most certainly I did not want something like 5% or 10% of the total quantity of coins being in a central foundation's hands by 5 or 10 years time. I intended to cap individual contributions to $5 k USD, to allow group buys on the forum for smaller quantities through some of these eligible individuals, and to cap contributions by developers themselves to $10 k USD. I want you guys' feedback on what you think is far and reasonable, for instance, the premine perhaps being 3% of the total amount of coin issued after 10 years, whether or not the code should be initially released FOSS to prevent forking, and so on. If it's not released FOSS, we will allow periodic audits by security firms and trusted members of the community prior to and after release, until the period it becomes FOSS. Basically, though, the people who offered to help me in the beginning and who've stood beside me and supported me and my ideas will be the first ones allowed to donate. And, I think that's fair. There are many ways this money could be stored. I think the best idea is to put it in P2SH multisig addresses, where the sender transmits it to this address and in order for it to be spent the sender, myself, and whoever other trusted members of the community we choose will all have to sign for the money before it will be sent anywhere. To mitigate volatility, we can also transfer a small amount of BTC to a P2SH address to use as a deposit, that goes towards the full amount required in fiat later. In this way, we can use the blockchain as the escrow for the community funds, so that even if you send us the money, we can never spend it to fund ourselves without your consent later. In this way, we can also schedule the transmission of funds on an as needed basis. If/when I start working on full time development, I would give major contributers a phone number with which to contact me, and ready access to communicate with me over IRC as well to keep the development process as transparent as possible. Distribution of funds would be on an as needed basis: if one of my developers needs to get paid for the month, we would contact the sig holder of the multisig address, and move a small amount of money at a time in exchange for a small amount of tickets at a time, and people would know exactly where their money was going. Even though my quoted starting wage was $60-80 k USD, I'm not comfortable starting at the high end for the community's sake, because I don't know how this will turn out. I will commit to these things: 1.) I will request a starting wage of $60 k USD via donations to begin work on this project in March for a 1 year duration. As I want some stake in MC2 as well, I'll only ask for $50 k USD and myself assume $10 k USD of stake tickets (as if I had donated $10 k USD myself). 2.) I will be the lowest paid programmer on my team. 3.) If for some reason the project falls through, any code generated non-publicly will be released to the community and remaining funds will be returned to their original owners. I want to make the stipulation that the community will be hiring me through donation, and that there is no promise of future value for any prospective premine system, and no promise that working code will be delivered at the end of this. It's a donation to help fund innovation in the community and to help generate more cryptocurrency developers with the experience required to maintain the financial systems of the future. To leave my graduate studies would be a gigantic leap for me, and leaves me with no real guarantee of financial stability beyond the next year (at least, from my current vantage point). So, how do you all, as a community, feel about me working for some of you for the quantities of funds? How do you feel about small premines distributed over a series of years being used to fund a new coin? What else do you want to see in launches of funding for new coins? What do and don't you agree with? I'm not a marketing person or really even a businessperson, so I'm not going to sell this to you as anything but what it is -- a system of donations that goes to funding some research and implementation in the cryptocurrency community. It's my dream to work modestly for the benefit of the community, and to learn progressively more about cryptography and novel decentralized payment systems. ------------------------------Contact me via BitMessage: BM-NBKELZ4Ri3paEF71Yr2xxp3wFB7uioZ9 or by IRC: irc.conformal.com:6697 (SSL required) in #mc2 or freenode #mc2 Original MC2 thread: https://bitcointalk.org/index.php?topic=169204
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Has anyone received a batch 2 shipment? This company is unbelievable... "guaranteed delivery" Jan 31 without so much as a peep from these scammers
I've had mine since the 3rd |
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If these are 1 satoshi (0.00000001 BTC), then they will never actually enter a block on the network because they're below the spam threshold (54.3 uBTC) for pretty much every miner out there. In this case, the txid will never make it into a block, so trying to spend it will result in your tx having a non-existing input and being invalidated. This costs the sender nothing as an attack, but this should never happen as clients do not allow you to spend unconfirmed outputs from addresses you don't own. So, probably these are just ads. |
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You should be able to get away with spending quantities that don't include these satoshis, it depends on how your client builds the tx script. You can only spend it if you generate a tx script that doesn't spend the spam outputs.
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Wish I understood that tacotime.
So, should I avoid using the address thats been spammed?
I have read that deleting addresses from your wallet can cause problems- is that true...
edit: My mistake, see above. You shouldn't ever be allowed to spend these unless your client is really broken, and the 1 satoshi tx should never enter a block. |
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so batch 2 gets delivered already. And batch 1 still waits for the upgrades. This is not right.
Batch 2 people are getting their units? darn it. Yea, I want my upgrade unit AND my 'miner protection program' too. 2nd call to Hashfast in over a week with no responses about it. here the same. I was overclocking to 652 Mhz on own build of cgminer 3.11 and it works perfect at 440 Gh/s since 29th jan. It takes 11 seconds on hotpluging the usb device. I run minepeon version from HF Engineer. No problems all is good at this moment. You should get more than that... at 3.11.0 on Windows I get 450 GH/s at 606 MHz on one of my units. These hash non-linearly with clock, bump your clock by 2 MHz at a time until it jumps. |
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Edit: Mea culpa. This attack described by Localbtcbuyer shouldn't work because most wallets will never allow you to incorporate an unconfirmed tx originating from an address you don't own, so spending is safe unless I'm missing something. So, I'm not totally sure where these are coming from or why, aside from simply being advertisements or spam containing messages to end users of clients. The malleability issue is described further here: https://blog.conformal.com/transaction-malleability-no-shortcuts-allowed/Remind me to sleep tonight because I'm clearly verging on incoherence X) |
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