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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN]|Chatcoin|NIST5|Chat in Wallet|No premine|P2P Private Chat|No vote
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on: July 03, 2014, 02:18:52 PM
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Would you implement something similar to what the Minerals coin did to avoid big farms reaping all your coins from the start just to dump all of them the next day? What they did is limit the hashrate per user, and their coin could only be mined on their pool during the PoW stage. They didn't release the wallet until PoS stage to avoid solo mining.
It resulted in Minerals having 25 GHs at the start compared to 100 GHs for other recent coins, even really shitty ones such as Hodorcoin, which proves that 75% of the miners are professional dumpers, big farms or multipools targeting new coins for a quick buck and not caring at all about the project.
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: Axiocoin: Theoretical Mining - No ASIC/Multipool - Donating@Home - PoW/PoS
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on: July 03, 2014, 02:10:49 PM
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Hey,
Would you implement something similar to what the Minerals coin did to avoid big farms reaping all your coins from the start just to dump all of them the next day? What they did is limit the hashrate per user, and their coin could only be mined on their pool during the PoW stage. They didn't release the wallet until PoS stage to avoid solo mining.
It resulted in Minerals having 25 GHs at the start compared to 100 GHs for other recent coins, even really shitty ones such as Hodorcoin, which proves that 75% of the miners are professional dumpers, big farms or multipools targeting new coins for a quick buck and not caring at all about the project.
It also resulted in Minerals being well spread, with a high price and large volumes on exchanges (100 btc+ in a few days).
Cheers
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] RedWire - X11 PoW/PoS 7 Day POW Anon + SMS 5 M Max Coins [ANN]
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on: July 03, 2014, 02:03:54 PM
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Hey,
Would you implement something similar to what the Minerals coin did to avoid big farms and multipools reaping all your coins from the start just to dump all of them the next day? What they did is limit the hashrate per user, and their coin could only be mined on their pool during the PoW stage. They didn't release the wallet until PoS stage to avoid solo mining.
It resulted in Minerals having 25 GHs at the start compared to 100 GHs for other recent coins, even really shitty ones such as Hodorcoin, which proves that 75% of the miners are professional dumpers, big farms or multipools targeting new coins for a quick buck and not caring at all about the project.
It also resulted in Minerals being well spread, with a high price and large volumes on exchanges (100 btc+ in a few days).
Cheers
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Coin Shield - Shitcoin Cleanup | Multi-Channel | POW+POS |CSD Verification
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on: June 30, 2014, 08:13:18 PM
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Hey,
Would you implement something similar to what the Minerals coin did to avoid big farms and multipools reaping all your coins from the start just to dump all of them the next day? What they did is limit the hashrate per user, and their coin could only be mined on their pool during the PoW stage. They didn't release the wallet until PoS stage to avoid solo mining.
It resulted in Minerals having 25 GHs at the start compared to 100 GHs for other recent coins, even really shitty ones such as Hodorcoin, which proves that 75% of the miners are professional dumpers, big farms or multipools targeting new coins for a quick buck and not caring at all about the project.
It also resulted in Minerals being well spread, with a high price and large volumes on exchanges (100 btc+ in a few days).
Cheers
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Judge Coin (JUDGE) x13 / 20 day PoW then PoS - July 5th 20.00 GMT
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on: June 30, 2014, 07:30:34 PM
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thats a currency flaw not a judgecoin flaw Tongue. This will always be the case. You cant expect a single gpu to make more then 2 or 3 gpu. just doesnt work that way. Same with gold or any other mineable actual objects. Its not like I can go mine enough gold to make money without having millions to invest in the proper equipment first. Any business or investment or opportunity is going to cost money. >>>Money is the root of all evil<<< The design flaw in money is that the rich will always get richer and the poor will always stay poor (Asside from a lucky few).
The comparison with gold makes no sense as the value of crypto-coins come from their wide distribution.
Regulating hashrate is impossible as users will just make multiple workers or multiple accounts.. or just make there own pool. in reality though something that limitates miners is going to force them away causing lower rates and lower difficulty meaning lower value.
The Minerals coin actually succeeded quite well in limiting centralized mining, and its network hashrate was 25 GHs instead of 100 GHs for other recent X11 coins. It resulted in a good distribution, a much higher value and large exchange volumes. So really theres no way to regulate hashrate. there never will be. Theres no way to regulate mining so poor people get more its not just possible. Trust me I wish it were I am no whale I literally only have the cryptocurrency I own from mining and thats it (0 dollars I am BROKE DICK POOR today  ). I have accumulated 3 gpu from mining that turned into horrible investments that no longer pay the power bill  . We all wish for something like this to happen but its just not possible. All we can do is make smart decisions and avoid loose pockets. If judgecoin can avoid loose pockets and gain true supporters theres no reaon even the small guy cant earn a nice chunk. Just hope this gets to be the case  . The "no regulation" stand also makes no sense. All markets are regulated to avoid cartels such as those appearing in the cryptocurrency mining world. |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Judge Coin (JUDGE) x13 / 20 day PoW then PoS - July 5th 20.00 GMT
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on: June 30, 2014, 06:36:24 PM
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Also just a thought, but if limiting the hashrate spreads among new coins, a captcha should be required to create a mining account on the hashrate-limiting pools, otherwise large farms will just automatize the creations of lots of accounts xD
This is an absolute must otherwise it'll be bot city. Does hash limiting also rule out the use of rentable hashing power as it will all come from the same IP? No, you can still rent but if the limit is 50MHs, then you will have to rent a rig smaller than that, max 43 MHs because sometimes the rig goes higher and if it trips the limit the worker is briefly temp banned. What is to stop the dev team from operating a private pool and renting hash to "rape" coins? I still think it is much worse to let big farms reap all the coins compared to the dev: - The dev would still have to rent a ridiculous amount of hashrate if he wants to get a large proportion of the coins as even when limited to 50 MHs/person the network hashrate gets really high (25 GHs for Minerals). So even a dishonest dev couldn't compete by himself with all the small miners out there. - Also the 25 GHs figure of the MINS PoW hashrate vs other new X11 coins hashrate is enlightening: other recent coins spiked at 100 GHs early on, and we can assume that large farms interested in new coins have approximately 75 GHs, compared to 25 GHs for amateur miners. Thus, new coins are systematically piled up by professional dumpers. - Compared to big farms the dev has interest in keeping the coin's market healthy and should be less prone to dumping lots of coins. |
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] (PP) PeerPay - Seeking Board Members! X11
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on: June 29, 2014, 04:10:47 PM
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What are you planning to do to prevent hash rape by large farms and large pools and the subsequent imminent dump by those parties as it hits the exchanges? Let me re-phrase - what are you doing so that the small miner with 5-10MHs can get some coins and that 80% of the coins are not owned by 0.5% of the miners?
I agree with that. Maybe you could consider something in line with the recent Mineral lauch? ie, a limitation of individual hashrate, or something in line with it ? |
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