[$XVG] VERGE [POW][MultiAlgo][TOR/i2P][no premine/ico!]

[bitLeap]

Are you saying that in a multi algorithm system that those that use other protocols e.g. X11, will get more coins opposed to those that mine on algorithms that are not desired?
 

It's no question of desirability. Right now, scrypt miners get 100% of the blocks. Under a 5 algo system, they would get 20% of the blocks. The implications depend on whether or not merge mining is enabled.

If it is, the same scrypt miners will continue mining Verge, but on top of LTC. They will have to trade their LTC for Verge.
If it isn't, only the most efficient scrypt miners will be able to continue profitably. The rest would have to mine other coins and trade for Verge.

Basically, this will be a mild nuisance to people with older/cheaper scrypt miners. On the other hand, 80% of the coins will now be distributed among a much wider market, including sha256d ASICS and GPUs. This will ultimately increase the value, and scrypt miners who held will be rewarded for the fork in the end.

It depends which Multi-Algorithms are used (if MA is chosen). For ex. Saffroncoin - SHA256D, Scrypt, Groestl, X11 and Blake | Myriad - Scrypt, SHA256D, Qubit, Skein or Myriad-Groestl

All in all this can help decentralize even more VERGE as mentioned it's a good thing definitely less XVG will end in same hands. Selling XVG without even realizing it's good news will make people regret deeply

yeah i agree, and the more algos we have, the more decentralization, and like you said, will make it available to a larger number of people/miners.

I just voted multi algo and was very surprised to see MA with 60% of votes and 2nd 11%. Maybe it's time to start choosing which algos will be used Dev  

[p75formula]

I've got one more algo for mining and we all already have the equipment.

[A_McGriff]

I just voted multi-algorithm as well. My logic is i don't want to punish the scrypt miners who have invested themselves in mining this coin, but in order for VERGE to complete its quest of ultimate security and anonymity, it needs to secure the strength of the network by allowing everyone to mine it, not just scrypt asics.

I used to mine this coin scrypt with a 3x7950 gpu rig, but by about june of last year, the asics severely outweighed me so i turned my rig into a gaming pc But i will un game that rig and mine x11 or x15 or something now and support the network hash again  

DOGED joined the big leagues and became VERGE. I believe Puff Daddy said, "Mo money, mo problems."

Oh and hey, don't be afraid of that crazy mining farm in China (Alibaba hosted??), i take it as a very bullish sign that the Chinese will adopt this coin in-force.

The change to multi-algo will definitely thwart attempts to dominatrix our net hash.

[bitLeap]

I just voted multi-algorithm as well. My logic is i don't want to punish the scrypt miners who have invested themselves in mining this coin, but in order for VERGE to complete its quest of ultimate security and anonymity, it needs to secure the strength of the network by allowing everyone to mine it, not just scrypt asics.

I used to mine this coin scrypt with a 3x7950 gpu rig, but by about june of last year, the asics severely outweighed me so i turned my rig into a gaming pc But i will un game that rig and mine x11 or x15 or something now and support the network hash again  

DOGED joined the big leagues and became VERGE. I believe Puff Daddy said, "Mo money, mo problems."

Oh and hey, don't be afraid of that crazy mining farm in China (Alibaba hosted??), i take it as a very bullish sign that the Chinese will adopt this coin in-force.

The change to multi-algo will definitely thwart attempts to dominatrix our net hash.

Very true and very well said. There're also some die hard fans of Multi-Algorithms out there expect the community to grow even further.  

btw https://twitter.com/bit_Leap/status/709979562185269249  

[A_McGriff]

I just voted multi-algorithm as well. My logic is i don't want to punish the scrypt miners who have invested themselves in mining this coin, but in order for VERGE to complete its quest of ultimate security and anonymity, it needs to secure the strength of the network by allowing everyone to mine it, not just scrypt asics.

I used to mine this coin scrypt with a 3x7950 gpu rig, but by about june of last year, the asics severely outweighed me so i turned my rig into a gaming pc But i will un game that rig and mine x11 or x15 or something now and support the network hash again  

DOGED joined the big leagues and became VERGE. I believe Puff Daddy said, "Mo money, mo problems."

Oh and hey, don't be afraid of that crazy mining farm in China (Alibaba hosted??), i take it as a very bullish sign that the Chinese will adopt this coin in-force.

The change to multi-algo will definitely thwart attempts to dominatrix our net hash.

Very true and very well said. There're also some die hard fans of Multi-Algorithms out there expect the community to grow even further.  

btw https://twitter.com/bit_Leap/status/709979562185269249  

Looking forward to that bitLeap.

[CryptocurrencyNetwork]

Dev how long will voting take and as mentioned by some others, when will we vote on what particular algos will be part of Multi Algo?

[Dogedarkdev]

Dev how long will voting take and as mentioned by some others, when will we vote on what particular algos will be part of Multi Algo?

not sure, ill let this poll ride until friday, and then, im pretty sure multi algo is going to win, so then we'll start doing polls for what algos on monday of next week, and hopefully come to decision by the following friday

[saymissme]

Dev how long will voting take and as mentioned by some others, when will we vote on what particular algos will be part of Multi Algo?

not sure, ill let this poll ride until friday, and then, im pretty sure multi algo is going to win, so then we'll start doing polls for what algos on monday of next week, and hopefully come to decision by the following friday

nice
maybe need more time for poll,to choice the best algos
i dont like asic miner
because they have so much hashrate
my gpu can't mining anything

[BITDV]

Dev how long will voting take and as mentioned by some others, when will we vote on what particular algos will be part of Multi Algo?

not sure, ill let this poll ride until friday, and then, im pretty sure multi algo is going to win, so then we'll start doing polls for what algos on monday of next week, and hopefully come to decision by the following friday

Well looking at multialgo , personally Joincoin has something for everyone , its runs solid , not sure why it wasnt more popular , i know they were looking at changing to pos but were having huge difficulties but you want multi-algos they have got it , i have mined on several of them and run smoothly
https://bitcointalk.org/index.php?topic=737405.0

[giantkin]

ah, thanks for the joincoin link, it reminded me about that sorta thing.

No idea if its a good idea or not...

but wth

one question...   as i ran into this when trying to mess with DGB coin...

if its mined, sent to my wallet...   is all the algo the same to wallet?

i lost coin from my wallet to exchange, supposedly cuz i was scrypt and they had sha...

is that a real thing?  or totally bogus?

course that exchange is totally gone now too    why im thinking myabe they were bs'ing me.

g

[BITDV]

well dang.  i guess what i thought Multi algo was,  im tottally wrong on.

I thought it was where you mine one coing, but you get different coins along side it.

Multiple wallets etc

Someone said that the Muli algo choice  would allow me to continue mining with my paltry 27mh falcon.


Im lost now.   (tho i just woke up, so it might make sense again later on after some coffee)

LOL !! yeah have some coffee!!

[giantkin]

well dang.  i guess what i thought Multi algo was,  im tottally wrong on.

I thought it was where you mine one coing, but you get different coins along side it.

Multiple wallets etc

Someone said that the Muli algo choice  would allow me to continue mining with my paltry 27mh falcon.


Im lost now.   (tho i just woke up, so it might make sense again later on after some coffee)

LOL !! yeah have some coffee!!

ah see u quoted me too fast
 now theres evidence of me sleep typing.

[myriadcoin]

ah, thanks for the joincoin link, it reminded me about that sorta thing.

No idea if its a good idea or not...

but wth

one question...   as i ran into this when trying to mess with DGB coin...

if its mined, sent to my wallet...   is all the algo the same to wallet?

i lost coin from my wallet to exchange, supposedly cuz i was scrypt and they had sha...

is that a real thing?  or totally bogus?

course that exchange is totally gone now too   why im thinking myabe they were bs'ing me.

g

They were BS'ing you. What exchange was it? Cryptsy...?

[giantkin]

ah, thanks for the joincoin link, it reminded me about that sorta thing.

No idea if its a good idea or not...

but wth

one question...   as i ran into this when trying to mess with DGB coin...

if its mined, sent to my wallet...   is all the algo the same to wallet?

i lost coin from my wallet to exchange, supposedly cuz i was scrypt and they had sha...

is that a real thing?  or totally bogus?

course that exchange is totally gone now too   why im thinking myabe they were bs'ing me.

g

They were BS'ing you. What exchange was it? Cryptsy...?

Got it in one. well, my memory is weak.  pretty sure it was that one.

was only  8000 at the time, but still.

thats when i learned to do a min amount first, to make sure i got the right address/type etc.

[sparksi]

How does the multi-algo work? If Scrypt has high difficulty, the other one will continue to move the chain?

[chey]

How does the multi-algo work? If Scrypt has high difficulty, the other one will continue to move the chain?

All algo's will move the chain. There will be a fair distribution between all the algo's.

[jwinterm]

How does the multi-algo work? If Scrypt has high difficulty, the other one will continue to move the chain?

Each algo has an independent target time. So, if you have five algos, each with a five minute target block time, then when they are all running together you should have a one minute block time on average. Even if one or two get stuck for whatever reason (like verge is prone to do), then you should still have the other ones finding blocks and keeping chain moving.

[Beachguy]

I've mined a fari amount of DGB with asics.
Transfers are fast....very fast. Never any stability problems.
Of course though its not on the chinese demons hit list.
But being multi-algo has never caused it any problem in my dealings, might have to go back on their BCT thread as its a long one

[chilly2k]

How does the multi-algo work? If Scrypt has high difficulty, the other one will continue to move the chain?

Each algo has an independent target time. So, if you have five algos, each with a five minute target block time, then when they are all running together you should have a one minute block time on average. Even if one or two get stuck for whatever reason (like verge is prone to do), then you should still have the other ones finding blocks and keeping chain moving.

   Ah, that's cool.  Do you know, if one or 2 get stuck, do the others compensate to get the block time to around 1 per minute?  IE is the difficulty calculated to take block time as a whole into account, or just the block time for the specific algorithm?

   

[endoffiat]

Multi Algo means that each algo has it's own difficulty level according to it's hash rate

So Scrypt for example could have a difficulty of 4000 if there is a lot of hash rate on it.

But x11 or other algo's could only have a difficulty of 25 if there is not much hash on them.

Meaning ASIC machines are not holding VERGE ransom with their huge hash rates. (sometimes half of LTC & DOGE Hash rates)

There will be less coins for ASIC Machines to mine, because other Algo's will take a big bite into the ASIC Pie.

If China throw huge hash on to VERGE, they will not freeze the Blockchain because the other Algo's will solve Blocks and keep things moving.


Now there are x11 ASIC miners So i would vote against x11 to add as a possible  Algo.
maybe 1 day all Algo's will be ASIC,