[ANN] official NovaCoin thread - the original PoS+scrypt coin.

[Balthazar]

PoS emission will cause the slow raising of total network stake weight. Higher network stake weight will cause higher difficulty and lower interest. But maybe we will change power to 1/4 before protocol freeze, will see later.

P.S. Current PoS difficulty is 3.8 in PPCoin, for example.

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[Balthazar]

53% interest? Isn't that crazy high?

This could be compared with PoW mining profit rate.

[Bitinvestor]

53% interest? Isn't that crazy high?

Yes, it's high at the moment but I think it will go down fairly quickly as the difficulty rises.

Not really.. if the difficulty shot up from 0.04 all the way to say 40 then the interest rate would still be:

1 / (40/0.001) ^ 1/6 = 17.09%

It depends on what a reasonable range for d is.. but the 1/6 power really keeps the changes slow.

It's impossible to predict with certainty what will happen to the difficulty. Having said that, I don't think that the difficulty will rise linearly. My guess is that it will rise exponentially, but I could be wrong!

[cabin]

53% interest? Isn't that crazy high?

Yes, it's high at the moment but I think it will go down fairly quickly as the difficulty rises.

Not really.. if the difficulty shot up from 0.04 all the way to say 40 then the interest rate would still be:

1 / (40/0.001) ^ 1/6 = 17.09%

It depends on what a reasonable range for d is.. but the 1/6 power really keeps the changes slow.

It's impossible to predict with certainty what will happen to the difficulty. Having said that, I don't think that the difficulty will rise linearly. My guess is that it will rise exponentially, but I could be wrong!

I think it scales with the number of users who are mining on full nodes (and the amount of stake they are mining with). It may not scale that fast and as the hardware demands of running a full node increase it may even start to drop at some point.

[Bitinvestor]

I think it scales with the number of users who are mining on full nodes (and the amount of stake they are mining with). It may not scale that fast and as the hardware demands of running a full node increase it may even start to drop at some point.

You don't seem to know how proof-of-stake mining works and I'm too lazy to explain it to you. Please read the PPCoin paper:

http://www.ppcoin.org/static/ppcoin-paper.pdf

[Balthazar]

I think it scales with the number of users who are mining on full nodes (and the amount of stake they are mining with). It may not scale that fast and as the hardware demands of running a full node increase it may even start to drop at some point.

PoS difficulty depends on available coin*day weight only. There is no dependence on hardware.

[cosmoscoin]

I'm trying to setup novacoin p2pool, I get the following error code:

Code:

p2pool.util.jsonrpc.NarrowError: -22 Block decode failed
2013-07-01 12:26:05.170680 > Error submitting block: (will retry)
2013-07-01 12:26:05.170821 > Traceback (most recent call last):
2013-07-01 12:26:05.171653 >   File "/usr/lib/python2.7/dist-packages/twisted/internet/defer.py", line 545, in _runCallbacks
2013-07-01 12:26:05.171784 >     current.result = callback(current.result, *args, **kw)
2013-07-01 12:26:05.171873 >   File "/usr/lib/python2.7/dist-packages/twisted/internet/defer.py", line 1095, in gotResult
2013-07-01 12:26:05.171950 >     _inlineCallbacks(r, g, deferred)
2013-07-01 12:26:05.172025 >   File "/usr/lib/python2.7/dist-packages/twisted/internet/defer.py", line 1037, in _inlineCallbacks
2013-07-01 12:26:05.172133 >     result = result.throwExceptionIntoGenerator(g)
2013-07-01 12:26:05.172210 >   File "/usr/lib/python2.7/dist-packages/twisted/python/failure.py", line 382, in throwExceptionIntoGenerator
2013-07-01 12:26:05.172303 >     return g.throw(self.type, self.value, self.tb)
2013-07-01 12:26:05.172376 > --- <exception caught here> ---

Can some one help me?

[Balthazar]

It seems  that you are trying to start nvc p2pool alongside nvc fork with modified rewarding system. It's impossible without p2pool modification.

[vindimy]

I ended up dropping NVC from supported coins list but you guys are more than welcome to start your own novacointip bot (the code is open-source). Cheers!

[Balthazar]

http://cryptocoinexplorer.com:6750/block/c7c90a2dd98e86664b206ad7fab812b4bbf437a32f3764e924cf6aeee98ec86f

 

[z0rr0]

Found PPS 3.7% Novacoin pool: https://hynodeva.com/
Payouts every half hour, seems fair and no problems so far.

[Balthazar]

Upgrade reminder

6 days remaining to PoW target spacing switch (120 minutes ==> 30 minutes). You should upgrade to 0.4.2 at least.

[BitJohn]

Upgrade reminder

6 days remaining to PoW target spacing switch (120 minutes ==> 30 minutes). You should upgrade to 0.4.2 at least.

Well get our pool and exchange updated.

[flound1129]

Hey could OP add my pool to the first post list?  Would appreciate it.

Thanks.

[Balthazar]

I'll ask him today.

~6 hours remaining to PoW spacing switch.

[feeleep]

Novacoin supporters - will you support growing pool?

http://nvc.coinmine.pl

Currently it is PPLNS but one hashrate is stable I plan to switch it to PPS, but need your cards here

[Balthazar]

~6 hours remaining to PoW spacing switch.

Switched successfully.

[Balthazar]

Total PoW hashrate is at 1.28 Gh/s and growing.

[Balthazar]

1.72 GH/s.

BTC-e new pairs voting:

https://bitcointalk.org/index.php?topic=262219.0

[STT]

Found PPS 3.7% Novacoin pool: https://hynodeva.com/
Payouts every half hour, seems fair and no problems so far.

Could be best for new/small miners

Is there a lending website for NVC or place that pays savers