CoinChoose - alternative site to show respective profitability of the alt coins

[sal002]

Coinchoose only shows mining profitability, which tells you very little about how a coin is doing in the market place. Some of the most profitable coins to mine are a joke to try and trade.

That is what this new chart is meant to address - http://www.coinchoose.com/piechart.php

What other info would you be interested in?

[erk]

Coinchoose only shows mining profitability, which tells you very little about how a coin is doing in the market place. Some of the most profitable coins to mine are a joke to try and trade.

That is what this new chart is meant to address - http://www.coinchoose.com/piechart.php

What other info would you be interested in?

That image is still just mining revenue. Volume traded in BTC or USD is essential in letting investors know how their coin is doing. Last trade price is also a dud metric even for miners, you want a weighted average or candlesticks, you need to know the average trades that are going on, not the spot price. Mining has lead times.

I blame the confusing information on CoinChoose for the recent pump and dump by miners of FTC which has caused the coin all sorts of problems. Miners are pool jumping driven by the rapid changes on the site, from a simple change in profitability score, based on some pretty gross assumptions. Just because the spot price on a coin is X, it doesn't mean the miner will be able to sell his coins at that price, the spot price is usually not the same as the  weighted average price, and it takes time, hours possibly days,  to produce the coins, so by the time he has a salable parcel of coins, the price could have move all over the place. What's worse is without considering the trade volume, the miner is left to think they will always have buyers for the coins, which is often not the case unless they heavily discount, thus proving the profitability rating on CoinChoose to be misleading.

Need I mention that each coin has a different lead time until the next difficulty rate changes. That should be factored into the profitability metric.

[sal002]

From a simple math perspective - how would you weigh in volume?  I have access to the volume on each exchange (more or less) but are you thinking a weighted average of the currently open trades and then derived from that the most profitable exchange if x number of coins are trade-able?  Any suggestion as to what "x" should be?

It is hard to forecast pricing more than immediate data provides (in a definitive way) but I could look at current open trades on each exchange and weigh appropriately in a second chart (that would go on this new page).  Exchanges that don't give that info (Bter, for example) would no longer be listed.

[sal002]

Need I mention that each coin has a different lead time until the next difficulty rate changes. That should be factored into the profitability metric.

How?  Profitability is a percentage, so should a coin that has a difficulty rate change sooner be discounted by a certain percentage?  Or are you thinking something else?

[sal002]

That image is still just mining revenue.

This is and isn't just mining revenue.  It is revenue tied to the new coins created per hour - which really is the revenue in the growth of the coin.  So while it is related to mining, it is showing the growth rate of the coin based on current value.

[rammy2k2]

how come u post rates from Vircurex when Vircurex is closed atm ?  

[sellbuy]

pls fix price with terracoin and bbqcoin...
It's differ from exchanges

[sal002]

Fixed.

[sal002]

Added additional chart (linked from the top)

[MrWizard]

Namecoin price should not be zero just because vircurex is down.  Are you not getting the current price from btc-e?

[sal002]

Namecoin price should not be zero just because vircurex is down.  Are you not getting the current price from btc-e?

Oops - fixed.

[MrWizard]

Please explain the FRC and FRC-F labels on the pie chart.  Thanks.

[sal002]

FRC is the openly available portion that miners can obtain while FRC-F is the portion of each block that is given to the foundation.

[Bicknellski]

FRC is the openly available portion that miners can obtain while FRC-F is the portion of each block that is given to the foundation.

As a note... Foundation funds are not being dispensed until the foundation is legally set up and people should voice opinions on the scheduling and proportions of the dispensation. We want as many people involved as possible to insure that the foundation distributes the coins equitably. Check here: http://www.freicoin.org/freicoin-budget-t116.html

Also remember that after 3 years approx. all mining including the 5% demurrage will go to the miners so the initial foundation coin will all be redistributed and be back in circulation and then ultimately redistributed back to the miners over and over and over again so this is a temporary situation that is intended to spread coin distribution beyond the confines of cryptocommunity. Not a centralized power that remains forever locked in using these funds. So really in time this coin just reverts to miners.

[GSnak]

I blame the confusing information on CoinChoose for the recent pump and dump by miners of FTC which has caused the coin all sorts of problems.

Damn Sal, why you gotta screw up all the coins?

[sal002]

I blame the confusing information on CoinChoose for the recent pump and dump by miners of FTC which has caused the coin all sorts of problems.

Damn Sal, why you gotta screw up all the coins?

Heh - it was also the low difficulty coupled with the high exchange rate, but who is counting

[sal002]

FRC is the openly available portion that miners can obtain while FRC-F is the portion of each block that is given to the foundation.

As a note... Foundation funds are not being dispensed until the foundation is legally set up and people should voice opinions on the scheduling and proportions of the dispensation. We want as many people involved as possible to insure that the foundation distributes the coins equitably. Check here: http://www.freicoin.org/freicoin-budget-t116.html

Also remember that after 3 years approx. all mining including the 5% demurrage will go to the miners so the initial foundation coin will all be redistributed and be back in circulation and then ultimately redistributed back to the miners over and over and over again so this is a temporary situation that is intended to spread coin distribution beyond the confines of cryptocommunity. Not a centralized power that remains forever locked in using these funds. So really in time this coin just reverts to miners.

Good clarification!

[FloridaBear]

You might want to consider eliminating TRC from the table. Difficulty adjusts very quickly, and it seems like Coinchoose has been stuck at 15996.27 for a long time. I'm showing current difficulty as 59,000, putting TRC at 44%, not 177% as coinchoose is reporting.

You either need much quicker difficulty polling for TRC, or just remove it. I long ago determined that TRC is virtually never profitable to mine because as soon as the difficulty drops low enough (~25K), miners jump on it and it goes back up.

Just my two cents.

[Makitaki]

The TRC difficulty (and profitability) is again very different from the other sites (15,996 vs. 52,368). Why is that?

EDIT: Lol, FloridaBear was the first to ask.

[erk]

The TRC difficulty (and profitability) is again very different from the other sites (15,996 vs. 52,368). Why is that?

EDIT: Lol, FloridaBear was the first to ask.

The TRC difficulty on CoinChoose has not changed in hours, seeing TRC calculates a  new difficulty every hour, this is clearly broken.