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If anyone thinks anything should be added to the OP post, please let me know!
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Most these bitcoins not gone and will as eventually re-enter circulation once being laundered. Bitcoins will become safer with time as the technologies surrounding it improve.
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It is strange since XPM is the third most popular coin and seems to be gaining on LTC quickly. It still boggles my mind though that Novocoin has the 2nd high value of all coins after Bitcoin, considering the clusterf*ck of a launch it had with the pre-mine and the bribes to BTC-E.
This is why market capitalisation is the true indicator of a coin's value (market price of coin multiplied number of coins in existence). Novacoin market cap is behind Feathercoin at present. I read somewhere that 200k Novacoin are premined; that the creator admitted to holding onto 60k and BTC-e accepted 100k to put it on their site. Can't trust everything you read, but that's not a very pretty picture. They were "donated" 110k NVC in order to list Novacoin. When it was discovered, supposively BTC-e destroyed the coins by transfering them to an address with no possible private key. The whole thing was beyond sketchy yeah this and how the nvc price magically drifts up whenever LTC goes up, then does not really come back down, and the trading is so thin All I know is I would not buy that coin - eventually it will crash hard when someone dumps |
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As someone new to Primecoin, can someone explain to me how this was not created to be only beneficial to early miners in the first month, with little profit or incentive for future miners? In the first two weeks of Primecoin's life, over 100,000 coins were generated a day while difficulty was around 7. This means that it was both relatively easy to find blocks and blocks were highly valuable. http://cryptometer.org/primecoin_90_day_charts.htmlIn just one month the number of coins generated per day has fallen to ~10K and at the same time it is much more difficult to find a block due to increased difficulty. Which means that the amount of coins received per work falls exponentially since it is both harder to find a block and blocks yield fewer coins. With GPU mining about to come out soon, the difficulty will rapidly rise and we can expect only ~1K or less coins to be generated per day. This is an insignificant amount compared to the first two weeks. What this means is that those that got in early (first 1-2 weeks) will have generated most of the coins for themselves, leaving little incentive or room for profit for those not involved in the launch. I was pretty interested in participating in Primecoin when I first saw it recently, but after exploring more it seems to be designed to overly reward those that launched it with little benefit for anyone else. To me those are not traits for a successful alt coin. Couldn't you say exactly the same about bitcoin a few years ago? All crypto coins have an early adopter benefit, bitcoin is no exception. My point is that the decrease in block reward payout greatly exaggerates this effect in Primecoin. Once GPU mining comes out the per block reward will decrease significantly, which means that those mining in a few months will never be able to mine the # of XPM that individuals were able to in the first weeks, no matter how much H/W they add. With bitcoin you may need a lot more H/W now to mine coins with ASIC difficulty, but roughly the same number of coins per day are released. With Bitcoin, today 3600 bitcoins are released every day while 7200 bitcoins were released per day in the first 4 year period. With Primecoin, in the first weeks over 100K coins were mined per day. Soon with GPUs most likely only 100s of coins will be able to be mined per day. That is very unbalanced. Not sure if I agree with you on the magnitutde and rapidity of this change. First you are assuming there will be a GPU miner which is several orders of magnitude faster than CPU miners. I do not think this will be true. I think primecoins are not as GPU friendly versus CPUs as bitcoins and litecoins are. Also, the block reward is calculated as 999/difficulty 2At the current difficult of 9 that is a block reward of about 12.3. Even if difficulty goes up to 12 with GPU miners (and I think it will be much more gradual than that), then the block reward would become about 7. Even in the far future, if difficulty ever reaches 20, then the block reward will be 2.5 and I think that would be decades in the future. I think the difficulty increases will become more gradual with maybe a small blip up with GPU miners. If GPU miners are 100X more efficient, well then you may be proven correct. However, my guess is they are more likely to be "only" 2 to 3 times more efficient than CPUs. Hell, maybe they won't be any more efficient as the type of calculations required to mine primecoins really is more suited to CPU designs than GPUs which were created to calculate polygons. |
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faucet ? one would be nice considering this coin is impossible to mine.. i tried every night for a week and got nothing  ultra waste of time and energy ! Well either your hardware is not so great or you are unlucky or both. Consider pool mining if you are so desperate for some return. Here's one of my miner boxes: https://i.imgur.com/CjL22NC.jpg What the system spec of this rig? |
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How many of these coins though are basically dead? How many will be dead in a year? I think the majority.
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It is strange since XPM is the third most popular coin and seems to be gaining on LTC quickly. It still boggles my mind though that Novocoin has the 2nd high value of all coins after Bitcoin, considering the clusterf*ck of a launch it had with the pre-mine and the bribes to BTC-E.
This is why market capitalisation is the true indicator of a coin's value (market price of coin multiplied number of coins in existence). Novacoin market cap is behind Feathercoin at present. I read somewhere that 200k Novacoin are premined; that the creator admitted to holding onto 60k and BTC-e accepted 100k to put it on their site. Can't trust everything you read, but that's not a very pretty picture. They were "donated" 110k NVC in order to list Novacoin. When it was discovered, supposively BTC-e destroyed the coins by transfering them to an address with no possible private key. The whole thing was beyond sketchy |
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Made some updates - let me know if I should add anything else
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* minimal fees of just 1% on net investment profits to cover site expenses. (fees will be 5% from 7th July)
You should update this because the fee has grown to 10% now. This is not exactly what I have been expecting after reading this: I plan to make the accounts transparent too. I'll itemize how much has been collected in commission, and how it has been spent. Kind of like SDICE, but without the $10k/month sysadmin fees. If the 1% commission on investor profits is more than the site needs, I'll cut it.
I haven't followed all the posts in this thread but were the expenses of running the site listed anywhere? EDIT: of course what I'm interested in is just-dice list of expenses He runs the sites on an EC2 Amazon droplet - not too expensive. The expenses come out of the non-gambling reveue the site produces, which is the commission of 10% on weekly profits and advertising revenue. |
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It doesn't make getting head more likely.
Which is unfortunate, because everybody here would probably like to increase the odds of that.  that made me laugh out out |
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Probably since they want to sell off their old inventory first and the longer they can keep the better blades in-house, the better for ASICMiner shareholders. Honestly, don't buy the hardware, it a suckers deal. Buy the shares!
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At that point the script kiddies will just bang their fists against the keyboard and add -coin to whatever jumble comes out.
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It is strange since XPM is the third most popular coin and seems to be gaining on LTC quickly. It still boggles my mind though that Novocoin has the 2nd high value of all coins after Bitcoin, considering the clusterf*ck of a launch it had with the pre-mine and the bribes to BTC-E.
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What happened the the GPU miner for xpm by mltrt? It looks like the thread was deleted. Did it turn out to be a scam/no product?
That is a very good question - he did collect about 60 BTC of donations towards it. I would be surprised if he scammer people though since he a well known user here. Though personally, I am sorta happy this has remained a CPU only coin. |
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Only a matter of time still penis coin comes along
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it seems like lite on the decline. if they come out with a gpu miner for primecoin, i think many lite miners will switch over.
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