Multi-pools do have decent amounts of hashrate but are not good for coins.

What multi-pools do is mine the most profitable coin and dump coins constantly causing the value to drop. Hashrate goes up as value goes up.

When difficulty goes up, less coins can be mined=demand>supply and price goes up.

If price falls, miners move and diff drops. More coins to be mined thus more profits=miners come back.

I've witnessed multi-pools destroy a coin, take a look at fedora (tips). Multipools throw at it several GHs and push diff to 100+ levels then leaving small miners to do the hard work. Also take a look at leafcoin there had to be 3 updates due to multi-pools destroying the coin's value.

Multi-pools are bad for any coin and are based on greed, doesn't care about any coin just mining and selling right away.

Sounds fair.

Awesome news!

You might want to add that to the thread title for more exposure.

Best thing to happen to this coin!

any idea how long till we hit 35000?

You can't, its to support the developers instead of asking for donations.

@Lydian

Try this pool: http://smc.cryptopools.com

I've been mining on it for a few days and no problems.

Economics 101: Demand>Supply Price goes up

Buying 100 btc worth of SMC is hard unless you ask for a high price. If no one sells at a low price then supply is low and demand is high since there's more buying power (money) then selling power hence price goes up. If 100 BTC buy order were to show up the price would skyrocket.

Thats awesome news!

I am feeling very optimistic, managed to fix the problem in a very short time way before any harm could be done by multi-pools.

Any donation address?

The buyer on coinmarket seems very persistent in buying SMC, a ~30 btc buy wall now.

You mean 1MH/s=6.62/day right?

@mikii

If there's sellers to fill that big buy wall then it might go back down to 20-22 level. Someone should pump to support that buy wall. Wish I had btc left. I was the first pump yesterday morning. Hoping to see more volume pour in while that buy wall lasts.

If you see the sellers, there isn't much resistance. Anyone with 10-15 btc can probably buy out the sellers, hell a few btc is good enough once people see a buyer filling alot of sell orders at higher and higher prices they jump in too making the push even more stronger.

@ he buys alot as supply is low and block rewards aren't much only 64 coins per block. Thats around 10k coins a day which is about 1500-2000$ that is needed to sustain the current price. If can easily double pretty quick and thus he doubled his money too.

coinmarket down at the moment. Last time I checked price was going up and we had a about 23 BTC buy wall

edit: its back up

Price depends on how much people are willing to buy them for. Really basic: demand and supply. Someone can pump SMC 20x its value pretty quick, by the looks of it alot of people are holding onto their coins as they wait to dump crpytsy which I truly hope SMC never gets to cryptsy.

People have to stop trying to get coins added to cryptsy and instead use other exchanges to help grow them. Cryptocurrencies are supposed to be decentralized so why would anyone want one centralized exchange with 1000x more volume than any other exchange?

I say let it stay on coinmarket, exchange seems to be doing great and with time it could grow to be an alternative to crpytsy.

Once this coin hits coinmarketcap/coinwarz multipools will be all over it. Watch it get dumped and be worth pennies. The Iceland people will be holding 31.8 auroracoins worth less than a dollar.

Hope the Devs act fast, multipools destroyed tips (fedora) and leafcoin those 2 coins are now in the process of changing but seems extremely hard for them.

Implementing now while the network hashrate is pretty good without multipools (1GH/s) is a smart move and doing the update close (2000 blocks or less). Seeing that we are only on 2 exchanges it shouldn't be hard for everyone to update their clients quickly.

We are quite lucky to catch this before SMC is added to cryptsy which it will eventually and a good move was to set the block size low so only a small amount is sucked by multipools.

agreed!

I think adding kimoto gravity for diff would be smart to do ASAP before multi-pools jump on smartcoin and suck the life out of it.

Looking at the net hashrate looks like a multipool is already jumping on smartcoin as diff goes down. Just jumped 1 GH.

Ping pong here, low hasrate multipools jump in mine a few blocks then diff skyrockets. They then leave making it take forever to solve blocks.

Small miners are basically doing all the hard work while multipools are reaping the rewards. People always have to wreck everything with their greed. Only if those multipools would go down for a day would be perfect.

Network hashrate going through the roof and diff as well at the moment.

smc.cryptopools.com withdrawal seems to not work. Has anyone been able to withdraw their SMC from their?

@tman10  there's coinmarket and poloniex.

working fine for me, refresh and give it a second to load.

no volume, anyone with a few btc can pump it 10 times its value.

How many confirmations are need for BTC deposits?

You might want to change the thread title, adding a notification about the update.