big rigs are nerfed.
so what you saying? it is actualy not about computing primes, but being equal? so how about this, you run your client and doesnt matter how fast you can compute, you just participate in lottery.. and those with bigger gear to compute, actually has a less chance to get anything. yay, let me get my xt from the basement, should be a moneymaker! what an idiocy... Actually that might be better. Decentralized power is the whole point of Bitcoin so why have CPU based mining if it's just going to centralize into a supercomputer after a few months? One CPU one vote? Decentralized power? Freedom from ASICS? You should have to build your own rig. It shouldn't be so easy that everyone mines in the cloud from day one. |
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Typing 'primespersec' in the console returns 'Method not found (code -32601)'. Anyone else getting this? However, 'getmininginfo' shows: { "blocks" : 3449, "currentblocksize" : 1000, "currentblocktx" : 0, "errors" : "", "generate" : true, "genproclimit" : 2, "primespersec" : 76, "pooledtx" : 0, "testnet" : false } The CPU certainly sounds like it's mining! Though no blocks found over night  it's getprimespersec use help |
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This does not make any sense, the diff has not even risen enough yet.
I mined two blocks roughly 3 hours apart and for the next 24 hours ago I get no mined blocks. I am using an I5-3570k at stock with "primespersec" : 129, yet nothing for 24 hours. Surely I am not this unlucky, am I? The processor utilization is actually at about 100% too, so I am surely mining. Anyone know what is going on?
You aren't the only one. I've got none today. |
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Keep in mind there is only 57201 XPMs out there.
Oh my post was deleted. I guess that one will too?
And... ? By that logic, I can launch a coin that gives out 1 per block once per week... So, it should then be worth more than BTC??? no No one is going to sell a primecoin for less than 0.01 BTC (around 30 LTC). It's already been decided. Have you looked to see how much Bitbars are going for? Similar kind of thing. This coin is the hardest coin to mine perhaps ever. 0.01 BTC is a fair deal. When it hits the exchanges it could be 0.05 BTC and then what are you gonna do? |
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Mining this coin is hard. I wouldn't sell mine for less than 0.01B each XPM
If you think that's expensive, wait till it hits Cryptsy...
1 xpm @ 0.01 BTC seems like a fair price. For the amount of effort it takes to mine this coin, it's the only fair price. This coin you'll be lucky to get 20-40 XPM a day mining at 100% on multiple computers. |
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I want to buy your PrimeCoin you mined, Ill be paying in LTC, no I will not be paying retail or an absurd price, its new, we start with new prices, its not worth anything yet, so dont ask for a ridiculous price.
PM me with how much you want to sell and we can hash out deal, we can use a escrow if someone has a wallet, or I will send first to reputable members only, otherwise we will do small batches just to make sure.
How do you like 1 XPM for 0.01 BTC? |
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Btw is anyone is concerned about people using virtual machine instances. The easiest way SunnyKing could disable that possibility would be to exploit what virtual CPU's cannot do. They cannot create truly random numbers and cannot do entropy or encryption very well because of this.
While true (and ignored by most), it's not that hard to work around the entropy issue of virtual machines. I don't see why you would want to punish Amazon instances. Amazon is very expensive, it just wouldn't be worth it; only hipsters with too much money use The Cloud. Right now it doesn't seem to be worth it but we don't know how much these Primecoins are going to be worth. They could be worth 0.01 BTC each. |
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No offense but how do you have so many coins and not understand one of the most special things about them  I do not know all details of the banking system or my computer's OS either but I still use them regularly. I thought stake was not relevant for me since my wallet is encrypted. Consider me rich when, not if, PPC reaches $1,000  PPC will never reach $1000. It might reach $10-100. Bitcoin might reach $1000-15,000 in the same time period. |
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Btw is anyone is concerned about people using virtual machine instances. The easiest way SunnyKing could disable that possibility would be to exploit what virtual CPU's cannot do. They cannot create truly random numbers and cannot do entropy or encryption very well because of this. Maybe coins can use the Trusted Platform Module/Trusted Computing? If a block takes over 2000 blocks to mature, does that mean no one can send a transaction yet because no possible block is mature enough?
That is to keep people from dumping the coins. Effectively it's impossible to pump and dump XPM. I hope other coins do similar. All it would take to make any coin pump and dump proof is to randomize the time people receive their rewards. If everyone gets their rewards at the same time everyone dumps at once. So by making it where anyone can receive the reward at any random time makes this less likely. That is just my speculation for why it could be done but SunnyKing has to go into a bit more detail because this coin is a bit esoteric rather than exoteric. |
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If http://www2.crypto-expert.com/primecoin/ is to be trusted, a little while ago there were 44 connections mining and 20500 XPM already released. If most of us are getting 1 or 2 rewards at 20XPM per reward... we can estimate we have mined 2640 XPM (estimate based on 3 rewards per connection). so... Where did all the other rewards go? Pre-Mining by the creator(s)? 24207.8 Track this number and determine the hourly/daily inflation rate. If the average person on this thread gets 20/40 XPM a day then we could estimate a total amount of coins that could exist after 24 hours of mining. 24207.8 coins would be impossible if only the known people who posted in this thread are mining. They would have to be insta-mining with cloud instances, Amazon E2, etc. I highly doubt SunnyKing would pre-mine but if 24,207 is correct then it's possible that at least 1000 people received 24 coins making the number very possible over 24 hours. It would mean around 1000 coins are generated per hour. This fits with the block size. But I don't know, let's give it a few days. |
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Man, if PrimeCoin managed to punish for using cloud instances and server-class CPUs, that's an incredible feat, must have obfuscated it quite well! Curious to see how this develops.  It's necessary though because if not then everyone will eventually switch over to the cloud and the coin dies due to over centralization. |
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my last post was removed its is not hard to block sock puppets using smf you can block people making multiple accounts from 1 ip address ( would stop 90% of them ) Micropayments everywhere for everything because why not, we can and Paypal cant. Stop playing by the old rules when we don't have to play by their rules anymore. Let me say it one more time. The way to stop trolls and sock puppets is to charge everyone a fee for making an account. If it costs money to make an account you'll be very careful not to get your privileges revoked because that could mean anything from not being able to access the VIP threads anymore, to not being able to log with that account anymore without paying a fee. If the fee is high enough then no one will ever sock puppet again. Imagine having to pay 1 litecoin per ticket or 0.01 bitcoin. This would have the effect of making it so that for certain areas of the site non-stake holders cannot access. If you don't have any Bitcoins, why would you want to access a private thread on Bitcoin speculation? If you have no Bitcoins then someone on the site might loan you an account until you earn enough in tips to pay them for the account but there should be a no free ride policy. At the same time if you have some Bitcoins, the site should allow me to attach a fee to any thread I create and the fee should be of any size I wish. If you can't pay the fee you can't enter the thread unless I put you on the whitelist. Suddenly you have compartmentalization along with verification that everyone in the thread is an actual stakeholder combined with making it troll proof and maintaining anonymity. |
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as I said 90% would be blocked other than that its hard to prove it is a sock puppet
If you use micropayments then you just make each user pay a nominal fee for a ticket. If they are thread/site abusive then tickets can be revoked. This could be done on a thread by thread basis or the entire site. If tickets get revoked they have to pay for a new ticket which now makes creating sockpuppets irrational. Trolling is easily solved with micropayments but I guess no one considered anything I had to say in my post. There should be no reason to rely on ads when we have our own currencies we can work with. Sure in the beginning ad revenue might be needed, but once the site gets popular enough it can pay for itself in transaction + ticket fees. Thread authors should be able to charge fees to allow people to click their locked threads. This should allow thread authors to both moderate and also make a slight profit if they make a thread which a lot of people want to track and post in (such as when a new coin is being launched). Simply give the thread author a cut of the ticket sale revenue, then give a portion of that revenue to the posters in the thread who get modded up (karma system?), and give the rest to the site. As these coins gain more value the ticket fee system will generate hundreds of dollars day. Hundreds of dollars a day is more than enough for the site. Everyone can get paid for anything, whether good posts getting tipped, popular thread authors charging tickets access to site exclusive information, everything. Every click should make people in the community some money, some small micropayment per click site. You can do stuff like have a karma system combined with micropayments so that people who make shitposts pay a fee for every post they make which keeps getting higher until their karma becomes excellent. Of course with tipping it could be that they could have bad karma and make a few brilliant posts that month and be able to pay for all the shit posts. |
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So did anyone get 1000, or is 20.29 the only size anyone has gotten?
here are my block sizes (note this is on a samsung i7 notebook mining):  How do you have so much so fast? is i7 really that much more efficient? |
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All I know is I'm 0.2% of this market. Move over Winklevoss.
Now there's some optimism It's already dead. I've just shut down mining. Don't even known the hash-rate. Someone told me they saw a post by someone claiming they had 100 Amazon ECs mining this. So, spending money on server farm makes a coin dead. Spending money on a GPU farm makes a coin successful. What? *takes notes I don't think either of these scenarios are good for coins. Centralized mining power is no different than ASICs. |
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you people are always complaining, the diff on this coin started at 6, where is the possability of a huge instamine at that diff?
If you mine with 100 Amazon EC2 then? |
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All I know is I'm 0.2% of this market. Move over Winklevoss.
Now there's some optimism It's already dead. I've just shut down mining. Don't even known the hash-rate. Someone told me they saw a post by someone claiming they had 100 Amazon ECs mining this. I warned SunnyKing about that during pre-release and received no response. If it's being mined by 100 Amazon ECs then you're right it's being instamined if SunnyKing did not factor in this possibility. The code has to be changed so that this cannot be possible. |
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Nature abhors a vacuum
Economics abhors a magic machine that prints money.
Here's what the network will look like at the end of 2013. Here's what the exchange rate will be set (forced) to by ASICminer and the few others fighting over ASICminer's scraps dumping their coins desperately trying to claw their way to make ROI
Incoming hashrates:
ASICminer = 800 - 1000 TH
Avalon Chips = 300 TH
Avalon Batch 2 = 30 TH
KNCMiner= 200 - 400 TH
BFL = 100 - 1000 TH
Hash rate : 1430 TH/sec - 2730 TH/sec
Difficulty : 203396803 - 388302987
If ROI is fast (i.e. meets 100% ROI in less than a year) because exchange rate is good, difficulty will go up to compensate as people want to buy magic money making machines
if exchange rate is sane, difficulty will not go up because ROI is normal, i.e. one year. This is what is happening now. This is what will continue to happen. So let's see what the exchange rate will be to make ROI sane @ 1 year
Marginal rate for plebs to buy hardware (KNC miner) : 17,500$ per TH/sec.
Price of BTC if set by plebs
Low diff: 49$
Max diff: 93$
Marginal rate for ASICminer to buy hardware : <10,000$ per TH/sec. We'll be conservative and use 10,000$. In reality it's probably closer to 5,000$, which means halve these numbers.
Price of BTC when set by ASICminer
Low diff: 11$
Max diff: 21$
Asicminer controls the price of bitcoin. They are the reason the price has dropped. It is impossible for anyone to get ANYWHERE near their level of efficiency except the ASIC designers themselves. All of who currently charge an order of magnitude more for their chips than they actually pay for them. ASICminer can get their chips for pennies on the dollar compared to you, and pays next to nothing for their industrial electricity.
There is nowhere near enough demand to buy coins to make up for the massive amount mined and dumped on a constant basis. The exchange rate will continue to plummet until the value of dumped coins actually meets the amount of money flowing in for goods and services (practically non-existant at this time.)
And as the price drops nobody who isn't an idiot will consider holding coins as an investment
TL;DR - Unless YOU are ASICMiner, or you got an ASIC already (Avalon Batch #1) - You are screwed. No, don't buy coins either, the price is going to keep dropping.
Oh, bonus points. They EASILY have enough hardware to 51% the network. They could break 75%.
I expect difficulty to skyrocket exponentially. We should prepare for this and invest appropriately. PPcoin for instance. |
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that makes no sense. miners make bitcoin not USD. so how will they put profits into bids?
Forming a mining syndicate makes plenty of sense. Call it a union if you want but it should be a syndicate (unions make you pay dues). There should be more transparency. When we have more transparency we have less adverse selection. |
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Hey guys, i let you in on a little secret: the largest and most powerful miners are unionizing. They have agreed to take _%_ profits from sales and place bids with that. No requirement to place bids that are likely to be filled. Just within about $10 of current orders. They can be pulled too, without punishment/scolding from leaders. The idea is increase sense of support = temp stimulus until more USD comes to Gox.
So as long as this stimulus can last, it is a good time to buy! My bet is it can last years. It is a virtual certainty that demand/USD shall return within then.
ps:
insiders who have emails/forum posts from the union "leaders" plz post so folks here don't think im a liar.
I proposed a miners syndicate and outlined a plan to form one which said to do exactly this. Were they reading it? Only the one I wanted to set up was to be based around Netcoin and result in a democracy built up around owning shares in the syndicates. Anyway I predicted all of this and recommended a syndicate which would allow us to buy shares in the syndicate itself so that it wouldn't result in an elite bunch of banke...er I mean miners. Here is some of the plan This is an idea built around a question. To define a syndicate: “ A syndicate is a self-organizing group of individuals, companies, corporations or entities formed to transact some specific business, or to promote a common interest. In most cases formed groups aim to scale up their profits. “ http://en.wikipedia.org/wiki/SyndicateDistribution syndicate: “ A group of investment banks that work to underwrite and sell an initial public offering (IPO) of securities to the market. Investment banks often form syndicates when working on large securities offerings to reduce risk and to increase the potential network of contacts through which to sell the securities. This is especially true in the case of firm commitment offerings, where the distributing syndicate may suffer considerable losses if the full offering cannot be sold.” http://www.investopedia.com/terms/d/distributing-syndicate.aspSome advantages I can think of are: 1. Coordinated buying pools so that miners and investors can agree in advance. 2. Buying pools can reveal the demand to mining pools. 3. Political protection should a day come when Bitcoin comes under political attack. A lot of talk about protecting the blockchain from technical attack or protecting Bitcoin from technical insecurity but what about protecting the blockchain and Bitcoin from political attack? That would mean protecting those who mine and protecting the community itself on the political level. This would require a much more sophisticated level of organization but if we can all agree on a self sustaining cause of protecting Bitcoin or maintaining Bitcoin profitability then we can easily form a syndicate or syndicates around that. It is critical (if they choose to follow my plan) that they allow the community to buy shares. Otherwise it's concentration of power and that is absolutely the worst possible scenario where a bunch of Asic miners just decide to conspire together for profit in a private syndicate without any community vote or profit sharing in the form of dividends from shares. |
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