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1282
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: Proof of Burn: Slimcoin can be mined competativly on a Rasberry Pi!
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on: April 28, 2014, 07:55:44 PM
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I forgot to mention, but Slimcoin is a tri-hybrid. It has proof-of-burn, proof-of-stake, and proof-of-work as block generation methods.
Proof-of-burn is not like proof-of-stake. PoB can be compared more closely to PoW. Burning coins does render them forever un-spendable again. Once some coins have been burnt, the miner can use them using a special algorithm to calculated hashes. Like regular mining, the hash has to meet a specific target before it can be accepted by the network. Unlike PoW, this hashing is not intensive what so ever. Only 1 hash can be calculated for proof-of-burn per every new PoW block (about every 90 seconds). That is what makes this coin minable by a Raspberry Pi.
There is going to be no premine for this coun and the initial coin distribution will be done through proof-of-work. As time passes, PoW will become less and less important as proof-of-burn and proof-of-stake gain popularity.
Interesting. FYI a pure proof of stake coin is also mineable on a Raspbery Pi. |
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1283
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BlackCoin (BC) | PoS | No premine | No IPO
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on: April 28, 2014, 07:49:10 PM
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short OT: does anyone have an idea why someone is buying up all AUR on mintpal?
Good question, I was kinda watching that happening too, could not find out the reason for a + 400% increase it's crazy the crazy thing is that it does not even need 18 BTC for that.... for an increase of 5 Million USD (hypothetical) market cap LOL Arbitrage across exchanges ensures it's much more than that if it's a true rise. |
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1285
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: Proof of Burn: Slimcoin can be mined competativly on a Rasberry Pi!
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on: April 28, 2014, 07:44:04 PM
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Slimcoin differs from Counterparty in a few ways. From what I know, Counterparty is a protocol on top of bitcoin which also involves "proof-of-burn". Their proof-of-burn is different than Slimcoin's proof-of-burn. They use proof-of-burn as a way to make the initial coin distribution. In Counterparty, when one burns bitcoins they get XCP in return. In Slimcoin, when one burns SMC (Slimcoins), they can use them to "mine" as if they were a graphics card. Burning SMC models the buying of a graphics card. It costs money, but once you have spent (in this case burned) that money, it can be used for mining.
so this is like pure pos, but the stake will not be accessible anymore after the use I was about to ask this. Additionally, will there be an IPO for this coin? Pre-mine? What is the coin distribution scheme going to be like? |
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1286
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BlackCoin (BC) | PoS | No premine | No IPO
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on: April 28, 2014, 07:41:29 PM
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There is no "quick route" for gaining worldwide mass adoption. It will take a long time.
Bitcoin was cleverly thought out in more than one way because it's designed to be something that increases in value rapidly in the initial stages which attracts adoption. Each rise in Blackcoin price will cause a wider dissemination of Blackcoin wallets around the world.
Every new person who downloads the Blackcoin wallet and puts some BC in it is a major win for us. Because that is one more new supporter we have. Just as important as attracting merchants is attracting people to own Blackcoin in the first place. If Amazon hypothetically began accepting Blackcoin tomorrow as a form of payment they would get 0.001% of customers using it. So we start small, targeting niche stores who will welcome any kind of extra custom and work from there.
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1288
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: Compairing price paid by BTC and MSC Backers of Maidsafe IPO
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on: April 28, 2014, 07:05:30 PM
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Compairing the price paid by BTC and MSC Backers of Maidsafe IPO I find Out this:  I think MaidSafe team should take action and Pay to BTC Backers more Bonus to cover this unfair IPO, Period. This cannot be said enough times. Anyone who invested in Maidsafe with bitcoins (which is what they actually wanted) got screwed.. I think they will want to adjust this somehow if they want to keep their BTC investors happy, even more so since it was bitcoins they were after, not mastercoins. I agree. It is clearly a problem when two sets of investors pay for the same asset, at the same time, at wildly different prices. People who invested with BTC have made an instant loss because of this. If the maidsafe team is honest they know that they would not have raised anywhere near that amount of money if it was clear on their website that the mastercoin crew got the majority of the coins much cheaper. I hope that the maidsafe team will do the right thing here to prevent the reputation of the project being tarnished. |
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1289
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BlackCoin (BC) | PoS | No premine | No IPO
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on: April 27, 2014, 10:23:54 PM
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Not trying to sound like a negative nelly here, but has anyone considered we may have already hit the ceiling? Meaning at best we can hope for is to hit it again 90K sat. In every single crypto thread they are claiming "groundbreaking" "innovative" ect. Yet it always turns out the same, nothing much happens once it has peaked.
Ive made myself a decent little profit, but I'm thinking of selling out and counting my blessings. I know some will say "there is big announcement coming" but we have had big announcements and price did nothing.
Litecoin was $2 for many months last summer and I read countless topics about it being dead. You're ready to give up after a couple of weeks  You would never have made it to riches if you had been around when Bitcoin was worth cents or Litecoin was worth cents. It's a mistake to compare this coin to other coins, the main reason being other coins have to try to maintain their price in the heat of constant downward selling pressure from miners dumping their newly mined coins for profit. Over the coming months Blackcoin is just going to keep climbing and climbing, each time the sellers run out of coins and people stop selling at a loss. Good luck with your decision  |
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1296
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] IPO of MaidSafe: Entering the Future of the Decentralized Internet
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on: April 26, 2014, 11:45:56 PM
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Thanks for the message dirvine. I know it's a message to the wider community and not just a response to me. I need to do some calculations before I comment further. Not sure what you mean by "fair". I'm pretty sure you weren't forced by the government or anyone else to engage in a safecoin purchase.
Your decision to buy shouldn't depend on what other people are getting in at. It should depend on whether or not this is a sensible financial transaction for you.
Just because some people got into bitcoin at 5 cents is it somehow unfair (or a poor investment) to buy now at $450?
If people are buying bitcoin at 5 cents right now whilst others are buying them $450, then obviously that is a problem. Well, I say obviously... And according to you, something can only be unfair if it involves coercion? I'm not even replying to that. |
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1297
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] BlackCoin (BC) | PoS | No premine | No IPO
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on: April 26, 2014, 11:20:52 PM
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Wowww.... whats happend... It look like that there greate news :-)
- whales have run out of coins to sell - Going on vault of satoshi (who are re-entering the US market) - bittylicious have added us (popular coinbase type service used in the UK) - confidence quickly restored after dumping stopped and we stabilised I said yesterday there were a lot of people on the sidelines waiting with their btc for the right time to get back in. |
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1300
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] IPO of MaidSafe: Entering the Future of the Decentralized Internet
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on: April 26, 2014, 11:05:11 PM
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How many SafeCoins were bought with MSC? Not much right? The sellers don't have exactly the biggest stash...?
I am not aware of the exact figure... but somehow I am convinced that the majority of those selling these past couple of days are within that group... maybe this below might help you come up with an exact figure...  This is what we have done, it reduces the back office steps, ensures BTC backers are looked after and not squeezed out. MSC backers got in at almost equal footing as BTC (almost 50% / 50%) and we all win. The BTC goes ahead and the MSC people got in fast and made their purchase.
In my opinion they should award extra safecoin to the Bitcoin backers to compensate. I honestly wouldn't have bought the safecoins if I knew a huge chunk of people were buying them for cheaper, due to the scenario that is playing out now. I'm not worried long term as I believe strongly the price will go up a lot. But still, doesn't seem fair to me. |
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