So an account created to post as dev and another account created to pump the coin.   This has all the hallmarks of being a great success  

Both accounts created several hours before the first post regarding LOT was on this forum.

That is why lotto-fan is asking about the issues with the coin, and why mrlotto is denying the existence of it.

Glad Im not into this coin for too much mining time, as this is really not starting to look good.

So, if and when the coin hits cryptsy and it looks a very profitable coin to mine, lets say the big coin switching pools jump aboard.  If these issues with the coin do exist as other pool managers have said, its going to become very apparent, very quickly, how much effort the devs are putting into looking at these issues.  Quite honestly, the professionalism shown by the "team" (or single person with multiple accounts as is suspected) is worryingly lacking.  The only interaction so far has been an effort to pump the coin value, either by games or outright pumping comments.  If this is what can be expected, then it will be the big bang and fizzle out that I warned of many many pages ago.  Hell Im a relative newbie, so if I can spot it, you can bet the big pools and their experienced devs will spot it.

Last handful of posts says it all.  2% premine for various items including development.  Yet dev denies error and puts it back at the pools.  Given these pools have set up numerous servers for various types of coin, im inclined to think they know what they are doing and the coin does have a bug.

Dev is also happy to post about scooping up the coins at a low price offer.  When sat on 380+M of the coins, the dev should be more interested in seeing the coin succeed by fixing errors and ensuring it becomes known, not day trading on what ammounts to less than 0.3% of his premine holdings.

Will the dev answer the questions regarding open book accounting on the premine or destruction of a large portion of the premine.  It seems that this coin has a dev that is more interested in making vast sums of money due to the extremely large premine, than fixing the errors that are of concern to the people without the luxury of a few hundred premined coins.

If the 386 million coins are going to be used for dev, support and promotion, then I for one would like to see some open book accounting on this.  As I certainly can't see where this is being spent.  Maybe 30m at best on bounties etc so far.  What about the other 350 Million?

Three hundred and eighty six MILLION coins premined.  Total $45,000 worth at todays rate - exactly how many are needed to develop services and games??  They are hardly on a scale of facebook these games and services.

Im new to mining.  I invested the equivalent of $1800 on my rig, and it costs $7 a day to run it.   Ive been mining LOT on the hope I can make a return on my investment.  To find that there is a massive level of coins premined that has the ability to make my last 15 days, $105 of running time worthless is not great.  The guy spending $75 a day finding out that his last 15 day have been wasted would be more than a little upset.

Hence my devils advocate question of whether the person/people sat on a premined now worth on paper about $45,000 really can resist dumping it, taking the money and moving onto developing the next gold rush?

If you were sat on a $45,000 premine, would you be spending the holidays fixing bugs, or selling a sh*tload and getting drunk on the proceeds.


Not that I am saying this is happening, but would anyone be surprised if it did?

Yep - and with 30MHash, a todays difficulties, it would still take near six months to get anywhere near the premine level of coins. Thats if the difficulty doesnt increase over the next 6 months too.

Heres something to consider, even at tdays prices for hardware, lets take a 7990 card doing 1.4 Mhash, average price here in the UK would be about $900 at best.  He would need at least 22 of those cards, plus other hardware.  So around a $20,000 investment, excluding the probable $75 a day to power, and he will be getting at todays difficulty probably 3-5 million coins a day.  Im sure he would be very impressed to have mined all this time on a coin and see the value of it destroyed by a huge premine number of coins.

Its all about numbers, and the vast numbers of coins mined are vastly in excess of what has been offered for bounties, way to many, and imho a massive turn off for any exchange.

WTF? - is that right, over 386 Million coins premined??    So right now equivalent of over 65 BTC premined?

If there is no public destroying of this, then I doubt Ill bother much longer with this coin, as that has pottential to destroy.  It will certainly be a concern of any major exchange, and would not surprise me if this was one of the major factors in larger exchanges not taking this on.

In fact, to play Devils advocate, perhaps the very people that we are asking not to keep dumping on coinedup are the people sat on the equivalent of around $45,000 worth of premined coins??

Just for some basic maths, at 15 million coins a day, best that svennand could have done since the launch of the coin was 225 million, and thats if the difficulty had not risen from 0.9.  Im going to assume that at best he would have 50-60m by now given the huge percentage increase in difficulty.

15m a day at 0.9 is 7.5m a day at 1.8, and its been spiking to 9 on the dificulty, which would mean 1.5 million a day tops.

Hi,

Bit of a newbie question, but I did not realise that your deposit address changes with each deposit on coinedup - i sent a deposit to coinedup to my previous deposit address, and not the new one - I assume I have lost these coins??    

Nope - they turned up.   Phew - its sure a workout for the old heart when you make mistakes in this crypto currency world lol.

Yep - cant change my address back to my correct one.  Will not accept the change back to my address.  This needs sorting before autopayment is switched back on, otherwise the hacker is going to get a massive dump of coins when autopayment is switched back on!!

In the sentence as constructed, the event taking place is the "hoping" not the adding.

Eg. Today, I hope I will win the lottery.

The winning of the lottery is highly unlikely, but my hoping to win is what I am saying WILL happen.  The two segments are mutually exclusive.

Has grammar education really slipped this far?  Maybe I'm just getting old. Lol.

Nothing wrong with his use of grammar at all.   Note the comma after the word today.

Today, I hope I will receive lots of gifts.
Today, I hope everyone will be happy.

The use of the word "today" is simply the adverb describing when an event is taking place.  The event being "hoping that lot will be added".

Anyway, my son is clearly not going back to sleep, so I'm off to unwrap presents. Lol.

Pool.

I tested a couple of hours at low difficulty earlier with over 2800KH/s.  Nothing, not a single coin.  Pool mining 10k every 40-50 minutes.  You should be getting maybe 1500 coins per hour on a pool.

PM me the link, Ive got nothing better to do between Christmas and new year than teach myself another skill.  

Not promising anything though!

I dare say that there are a few "miners" out there that are running cpu miner on all the office pc's or servers simultaneously.  If our office had 100 PCs instead of the dozen or so it has, I would have it runing on them all.  Office shuts down for Christmas, so does the mining.

Then there are those tha have family coming round and will need to shut off the rigs as they need the space.

Then there are those who will just switch it all off ad enjoy the festive period without having to worry about their mining or trading for a while.

coinedup actually trading 15% up on price 12 hours ago.  Let people dump the low volumes on coinedup during the holidays.

Theres what, 20-30M LOT for sale on coined up, and from a brief look, less than 10M below .5 BTC per M LOT.  Thats less than some pool miners are mining individually in a single day.   Thats also 5 x the price it was trading at on googledocs just a few days ago.  This coin is growing steadily, and any low ball offers on coinedup are not going to affect this imho.

If we have a big bang explosion in price rather than steady gains, then its a big flash ad its all over - look at DOGE.  nice slow steady gains is what keeps a coin attractive to the mass market.

Any reason why hackshard pool was shut down?

Perhaps its that deviant has no time to manage it over Christmas which is fair enough I suppose.  I know he lost out a chunk of LOT on the coin bomb game even after winning the 600k jackpot I make it a 1.5m loss for him.  Hope this isn't the reason he closed the pool.

I haven't got the time to manage any pool servers, nor the time to learn another piece of server software either.  I can however afford to bankroll some servers, games etc for this and other coins, so if there are any server managers that can't afford the server set up costs, get in touch.

Pretty much exactly the same as me.  Would appear normal for this coin imho given the big swings in both dificulty and its in built luck on the reward per block.

Can I please make a suggestion that people in this thread add their LOT address to their signatures.   There are many helpful people here that I would like to split the donation I received between, but I cant see their address.   

Somebody has just made a generous donation to my santa giveaway - so im going to select some individuals that have made good contributions to this coin/thread and pay it forward



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I wish.  Sold all my early coins (4m) at very low prices to get the ball rolling on trading this coin.   Now back to slogging it out mining!

Any unexpected windfalls I receive from games, gifts or mining, Ill just give to random do gooders on this thread.  

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