BipCoin, CryptoNote with Fast, Solid Transactions + profitable to mine

[BonzoCorleone]

so, this is like the cheapest cryptonote privacy coin with only 30BTC mcap and active development? Interesting

[SamuelPickwick]

Is this accurate, last block found 21 hours ago?  (latest block 156,496)

[montas101]

so nobody wants to mine this coin ?

[Igorillo]

SamuelPickwick
Complexity is too big ... not profitable

[SamuelPickwick]

SamuelPickwick
Complexity is too big ... not profitable

So there is no time component independent of new blocks; the difficulty and network hash rate are very high... but nobody is mining it, and no adjustments until a block is found.

[bspus]

SamuelPickwick
Complexity is too big ... not profitable

So there is no time component independent of new blocks; the difficulty and network hash rate are very high... but nobody is mining it, and no adjustments until a block is found.

The thing is... it was getting bigger while blocks were being found too, even though it took hours between blocks.
Something's gone awry here.

[SamuelPickwick]

The thing is... it was getting bigger while blocks were being found too, even though it took hours between blocks.
Something's gone awry here.

I think it was still ramping up from when the large miner(s) were in; even though their hashing power was gone the difficulty was still increasing based on the "smoothing" algorithm.  Two blocks have now been found, and the difficulty is still increasing.  There weren't a lot of transactions queued up though.

[bspus]

Things are -slowly- coming back to normal it seems 

[MWD64]

Things are -slowly- coming back to normal it seems 

....And on the third day, BipCoin did roll away the stone and rise...."

[SamuelPickwick]

Things are -slowly- coming back to normal it seems 

It looks to me like someone is messing with this. A dramatic difficulty drop from 70M to 1M in 80 blocks over 12 hours, then in about an hour or so 600 blocks (almost 10 per minute) and back to 30M+ diff and transaction blocks every 2 to 3 hours now.  Certainly no consistency in block timing at all. It is like a yo-yo with a large miner (maybe a couple) coming in with low diff, collecting coin, then leaving when the profitability drops... with the network having insufficient hash power to create blocks. Over and over.

[SamuelPickwick]

Things are -slowly- coming back to normal it seems 

....And on the third day, BipCoin did roll away the stone and rise...."

Unfortunately, right now, it is more like the groundhog seeing its shadow.

[BonzoCorleone]

What is the plan ahead for BIP?

[MWD64]

What is the plan ahead for BIP?

keep up with non-beta releases of Bytecoin.

[KittyCatTech]

What is the plan ahead for BIP?

I am working on a shopping cart plugin and then a web wallet. There is another dev also working on a web wallet. If there is interest I can put up a bounty page so people can vote with their BIP for which projects they want to see built for BipCoin.

[aiwe]

What is the plan ahead for BIP?

I am working on a shopping cart plugin and then a web wallet. There is another dev also working on a web wallet. If there is interest I can put up a bounty page so people can vote with their BIP for which projects they want to see built for BipCoin.

Hello, how shopping cart is goin? Remeber, we got bounty waiting too 

[bspus]

Looking at the number of blocks found over the last 24h, it seems that the difficulty on average is accurate.
Yet the chain is always either lagging or moving way too fast in bursts.

It seems therefore that a very large mining farm is working intermittently. Working for a few minutes each time, they get a block every few seconds. At those moments, they are mining at a lower actual difficulty for their given hashrate as it has no time to adjust.

Then they stop, so that the average in a given time does not rise too much and perhaps they work on a different chain. At that time, the small pools are mining at a higher effective difficulty than the real hashing power of the network should have if things were normal.

Then the farm starts again and the cycle continues.

This would also explain why other cryptonight chains have the same problems as of late. Of course it's just a hypothesis but I'm rather confident it's close to the truth.

It's an unfortunate turn of events as it makes mining for small miners and pools unprofitable.

[aiwe]

Maybe some party is renting Nicehash power to mine on low difficulty and ceases when difficulty rizes leaving network with gaps between blocks because other miners' hashrate is not enough for that difficulty. It happens because on most Cryptonote coins difficuly adjusts after window of few hundred blocks - it takes a long time to fall down. This slow adjustment also allowes them to quickly and easily mine few hundred blocks literally in an hour when the difficulty is low.

[MWD64]

We plan to add merged mining. That should help. Will take a few months though.

[JasonXG]

This coin has been very profitable for me to mine. I recently stopped due to the difficulty but I was please to see the value over double since mining so I made a few bit cents profit in the past 3weeks or so tha is Dev let's keep this coin great. Perhaps I'll mine some more I'll keep my eye on the difficulty chart and when it drops I'll mine to help the blockchain .

[SamuelPickwick]

Looking at the number of blocks found over the last 24h, it seems that the difficulty on average is accurate.
Yet the chain is always either lagging or moving way too fast in bursts.

It seems therefore that a very large mining farm is working intermittently. Working for a few minutes each time, they get a block every few seconds. At those moments, they are mining at a lower actual difficulty for their given hashrate as it has no time to adjust.

Then they stop, so that the average in a given time does not rise too much and perhaps they work on a different chain. At that time, the small pools are mining at a higher effective difficulty than the real hashing power of the network should have if things were normal.

Then the farm starts again and the cycle continues.

This would also explain why other cryptonight chains have the same problems as of late. Of course it's just a hypothesis but I'm rather confident it's close to the truth.

It's an unfortunate turn of events as it makes mining for small miners and pools unprofitable.

Yes, I described this a week ago. I've seen it on all the CN coins; it is beyond hypothesis at this point.