[ANN] [SUMO] SUMOKOIN - 🔏 Digital Cash For Highly-Confidential Transactions 🔏

[Skyzer0]

Any reason sumo cant change to Cryptonight V7 ? i just sold my sumo good luck with this bs, if everyone sells sumo now it will die off and when miners are earning Nothing due to asics ite definetely gonna be abandoned.

[jpdorn]

If they change to ASIC and bitmain can use their recently launched cryptonight ASIC to secure the network, i guess its not a bad idea at all.
PS: I dont hold any SUMO.

The point is ASICs are not intended to secure netowrks, and furthermore tend to centralize.
Not to mention the impairment to small miners.

PS. I mine SUMO, now, not sure I should hold them 

Im glad u mining it, but ASICs cryptocurrency miners are high-efficiency, so i can consider them 1000x better to secure a network. Also sorry to dissapoint you, but decentralization is a hoax, no ones give a single f888 for this, as long as the network are working 100% perfectly.

[dtr]

PS: At the time of writing, WalletInvestor lists SUMOKOIN with rating E (possible values: A+, A, B+, B, C, D, D-, E, E-).

This point particularly is nothing serious. I just checked half a dozen low level cap currencies - they all have E or E- ratings.

[Steven363]

If they change to ASIC and bitmain can use their recently launched cryptonight ASIC to secure the network, i guess its not a bad idea at all.
PS: I dont hold any SUMO.

It's a very smart decision and signs of vision for future and good management decisions. Of course you'll upset all the hobbyist GPU miners but they have plenty of other coins to work at. We'll tell in a couple of years if ASICs were a bad thing for crypto networks ...

I like using the coin for transactiins so I want all the best for it. If experts think that using ASICs is the best option, that's good for me. As a hobbyist miner I don't have a clue about what is better, GPUs or ASICs.

It's not hashrate that secures a network it's decentalization.

If the hashrate is sky high yet controlled by one entity it's easy to 51% attack that network. If instead you have low hashrate but in disparate places it will be hard to attack it, esepcially if high hashrate devices cannot mine.

The monero network for example has 1/3rd of its peak hashrate yet is much more secured. No one entity is controlling its hashrate (like before) and there is not enough rented power to mount an attack to it.

The only way to attack the monero network for relatively cheap is to be the owner of one of its biggest pools and then *add* several million worth of equipment to your pool and then attack it. It's almost impossible.

By comparison all you need to attack bitcoin (for example) is to brick most of its miners via this method or similar: https://www.antbleed.com and proceed to attack.

Asic miners is the gaping hole in blockchains' security. Unless bitcoin becomes asic resistant it will never be secure from a technical standpoint. It is only secure from a game theoretical stand point... for the rime being.

Sumokoin just killed itself.

[wudafuxup]

If they change to ASIC and bitmain can use their recently launched cryptonight ASIC to secure the network, i guess its not a bad idea at all.
PS: I dont hold any SUMO.

The point is ASICs are not intended to secure netowrks, and furthermore tend to centralize.
Not to mention the impairment to small miners.

PS. I mine SUMO, now, not sure I should hold them  

Im glad u mining it, but ASICs cryptocurrency miners are high-efficiency, so i can consider them 1000x better to secure a network. Also sorry to dissapoint you, but decentralization is a hoax, no ones give a single f888 for this, as long as the network are working 100% perfectly.

You have no idea what you're talking about if you think having a high network hash means a coin is secure. ASIC coins are much more prone to 51% attacking than GPU coins are. ASICs literally split Bitcoin into 2 coins because the ASIC concentration was so strong by a few entities (This is what centralization gives you).

You can rent 100Mh/s of CN power for 24hours for only 1 BTC.

Look at the fucking marketplace ffs. There are people ordering multiple 100Mh/s+ orders already. There is some guy trying to buy a 300Mh/s order. Fuck this shit sumokoin will be another dead coin just like Bipcoin lol

Yes ASICs are inevitable, but it's far too soon with Bitmain having most of the control.

[jpdorn]

If they change to ASIC and bitmain can use their recently launched cryptonight ASIC to secure the network, i guess its not a bad idea at all.
PS: I dont hold any SUMO.

The point is ASICs are not intended to secure netowrks, and furthermore tend to centralize.
Not to mention the impairment to small miners.

PS. I mine SUMO, now, not sure I should hold them  

Im glad u mining it, but ASICs cryptocurrency miners are high-efficiency, so i can consider them 1000x better to secure a network. Also sorry to dissapoint you, but decentralization is a hoax, no ones give a single f888 for this, as long as the network are working 100% perfectly.

"You have no idea what you're talking about"
"literally split Bitcoin into 2 coins"

REEEEEEEEEEEEEEEEEEEEEEE

ASIC coins are much more prone to 51% attacking than GPU coins are.

In theory yes, but what we've seen shows that crypto is about profitability and not theory e.g., bitcoin gold -equihash coin- attack. Bitcoin Gold hashrate chart shows no anomaly, so why they attacked it?
Still not conviced ASICs are devil-ish

[Skyzer0]

The Cryptonight miner with 220 kh/s only costs 1999, when monero was vulnerable it costed 11999 usd

i mean, 2000 dollar asic = 220 kh/s

one rx580 = 850 h/s

rx580 x 100 = 85 kh/s

rx580 x 200 = 170 kh/s

whats most likely here? 5 of these asics are 1 mh/s and the whole network for sumo is around 5-8 mh/s today.

piece of shit if you make htis back to monero, annyone with the asic would make same same amount of money as 250 RX580's would, and 2 of them = same as 500 RX580's

what the fuck are you retards talking about? the value of this coin is just gonna get destroyed cause it will belong to all the asic miners.

[dingdongtobias]

Cryptopia:

Unfortunately we are unable to accept your deposit at this time.

Reason: 02/06/2018: Cryptopia is very disappointed at the behaviour of the various parties in the SUMO/RYO debate and how they have sprung this on us without notice. We have had zero time to evaluate the situation. To protect all funds of our users, we will be pausing all markets/wallets until the dust settles. We will re-evaluate and decide which chain or chains we will allow users to withdraw on.

[codesdnc]

Cryptopia:

Unfortunately we are unable to accept your deposit at this time.

Reason: 02/06/2018: Cryptopia is very disappointed at the behaviour of the various parties in the SUMO/RYO debate and how they have sprung this on us without notice. We have had zero time to evaluate the situation. To protect all funds of our users, we will be pausing all markets/wallets until the dust settles. We will re-evaluate and decide which chain or chains we will allow users to withdraw on.

Admittedly, that seems like a fair & measured response from Cryptopia

[RIGED]

judging by poster comments, its very sad to see the level of idiocy reigning
so let me point the obvious out to you

an asic farm can be afforded only by those with hundreds of thousands of dollars to spare for such an investment with a high risk of algo change rendering their asic machines useless

do you have hundreds of thousands of dollars to spare? probably not as you belong to the majority of miners/users which have a small to medium size mining operation based on GPU mining and depend on low difficulty to make it profitable for you

add the asic cancer on any network and you transform it to a few large miners instead of many small ones
this is the very definition of centralisation, forget about 51% attack, this is irrelevant to the small to medium miner that was supporting the network.
As well as difficulty shooting sky high, coin price gets battered as the asic miners exchange their mining to btc/fiat etc daily, something that small miners generally do not do.

its not about securing a network, that is a bullshit excuse,

CRYPTOCURRENCY IS MEANT TO BE DECENTRALISED, BY THE PEOPLE FOR THE PEOPLE

otherwise it can become a phycho-demented new world order detritus feeder parasitic cancerous central banker wet dream of complete and irreversible financial control thus population control,
with banks like the bank of england  (english equivalent of the fed, everybody has one like a heart valve) investing heavily into asic machine mining farms in their basements taking control of coins like Ripple (XRP), which is an ACTUAL and very REAL example (do not ask how I know, just look at the evidence)

wake the fuck up people, crypto is not about making phoney fiat money to pay for their allowance to a dignified life
crypto is about breaking the bond currently binding humanity into this non perceived slavery, where they (=a few non accountable private central wankers) create pentillions of phoney digital promises with no limitations or checks compounding inflation on top of taxation on top of interest to make sure YOU can NEVER escape their MORT-GAUGE which means DEATH GRIP in French.

We are revolutionaries not hap hazard miners looking to make an extra worthless buck.
Asic is synonymous to killing the revolution before it grows completely out of wanker (central planner) control

Short sighted uncultivated morons is what these sub human parasitic filth want of you, making you an unwitting accomplice to their diabolical plan of complete self admitted dominance over your sovereign existence (death grip)

what does all that have to do with Sumo?
enough with chewing food for you, think for yourself what a completely anonymous DECENTRALISED value exchange system does to their (central planners) centuries long plan

decide what you are, cannon fodder plebian or a revolutionary? and act accordingly

[burster51]

that cryptopia response seems to be fair. I have seen similar things happen to other coins, they did not take enough time and care about their major exchanges and got delisted because of too many and hasty changes in the algo.

This is a perspective that would require for SUMO to be more predictable with less hasty and rapid changes. Thinking along this line for a moment, what is the technical reason to move away from CN-heavy? I suppose nothing solid and logical.

More along this line, how about carefully preparing the rebranding and/or algo change to happen at the same time and make sure that you have all the relevant exchanges on board???

I think going back to CN will really impact credibility and trust. Two important soft factors, it is very easy to loose credibility/trust and extremely hard to regain!

[BitPotus]

so the main exchange for Sumo is now toast....

that sucks.

[Alejandur]

that cryptopia response seems to be fair. I have seen similar things happen to other coins, they did not take enough time and care about their major exchanges and got delisted because of too many and hasty changes in the algo.

This is a perspective that would require for SUMO to be more predictable with less hasty and rapid changes. Thinking along this line for a moment, what is the technical reason to move away from CN-heavy? I suppose nothing solid and logical.

More along this line, how about carefully preparing the rebranding and/or algo change to happen at the same time and make sure that you have all the relevant exchanges on board???

I think going back to CN will really impact credibility and trust. Two important soft factors, it is very easy to loose credibility/trust and extremely hard to regain!

I agree with you.

[fbastage2]

Cryptopia is going to "protect my balance" by not letting me withdraw it to myself?  That's bullshit.  Not acceptable.

[codesdnc]

Cryptopia is going to "protect my balance" by not letting me withdraw it to myself?  That's bullshit.  Not acceptable.

More, based on how little time there is before this fork happens (and the lack of specific details involved), there's no guarantee that if they do remit your coins, that that transaction would be fully confirmed/honored by both chains.

[fbastage2]

Cryptopia is going to "protect my balance" by not letting me withdraw it to myself?  That's bullshit.  Not acceptable.

More, based on how little time there is before this fork happens (and the lack of specific details involved), there's no guarantee that if they do remit your coins, that that transaction would be fully confirmed/honored by both chains.

exactly.  since there's currently only one chain, their rationale makes no sense.  there is no risk of your coins not getting to you.  so you have to wonder what their real intentions are.  *conspiracy*

[gfox72]

a lot of you guys will look at these posts in 2 years from now, when all crypto will run on ASIC or FPGA and you will see how overconservative and shortsighted you were, trying to keep everything to GPU's, it's like KODAK making promotion for Polaroid when digital camera's were on the rise. You have just been caught up by technology and yes, that's maybe a sad thing but you all know, never fight a trend in this business.

[Mindin]

If they change to ASIC and bitmain can use their recently launched cryptonight ASIC to secure the network, i guess its not a bad idea at all.
PS: I dont hold any SUMO.

It's a very smart decision and signs of vision for future and good management decisions. Of course you'll upset all the hobbyist GPU miners but they have plenty of other coins to work at. We'll tell in a couple of years if ASICs were a bad thing for crypto networks ...

I like using the coin for transactiins so I want all the best for it. If experts think that using ASICs is the best option, that's good for me. As a hobbyist miner I don't have a clue about what is better, GPUs or ASICs.

It's not hashrate that secures a network it's decentalization.

If the hashrate is sky high yet controlled by one entity it's easy to 51% attack that network. If instead you have low hashrate but in disparate places it will be hard to attack it, esepcially if high hashrate devices cannot mine.

The monero network for example has 1/3rd of its peak hashrate yet is much more secured. No one entity is controlling its hashrate (like before) and there is not enough rented power to mount an attack to it.

The only way to attack the monero network for relatively cheap is to be the owner of one of its biggest pools and then *add* several million worth of equipment to your pool and then attack it. It's almost impossible.

By comparison all you need to attack bitcoin (for example) is to brick most of its miners via this method or similar: https://www.antbleed.com and proceed to attack.

Asic miners is the gaping hole in blockchains' security. Unless bitcoin becomes asic resistant it will never be secure from a technical standpoint. It is only secure from a game theoretical stand point... for the rime being.

Sumokoin just killed itself.

Yes, asic's are a curse that the cryptoworld should do what it can to get rid of.

[ttookk]

(…)

Yes, asic's are a curse that the cryptoworld should do what it can to get rid of.

No, that's too easy. ASICs are not inherently bad, but it depends on the exact coin and its ecosystem we are talking about. I  case of SUMO/RYO, I see the following:

- XMR and SUMO supporters somewhat overlap. Applying ASIC resistance was a community decision on XMR and what I have gathered, applying it to SUMO was received positively. Deciding against it therefore is probably a decision against a majority of users. This is just interpolation, so I could be wrong here.

- SUMO is a small coin which is in danger of being 51%-attacked. This is true, ASICs or not, but I have the feeling, that with GPU mining staying profitable, you'll keep more people onboard who are actually intersted in the well-being of the coin, while with ASICs, you'll have just a few guys to mine it at best.

SUMO is exposed to attacks either way and it might be prudent to think about alternatives to its current model. MAybe merge mining with XMR would be possible, I don't know, but something like that might be worth a deeper look.

In any case, the current market situation is a strong signal by holders of the coin, that they are not agreeing with what the devs are doing at the moment. I know this is obvious, but it needs to be said. The dev team is spreading fear, uncertainty and doubt right now. It is in their interest to improve on this.

[codesdnc]

I know this is obvious, but it needs to be said. The dev team is spreading fear, uncertainty and doubt right now. It is in their interest to improve on this.

Wanted to single this out, as it's quite important, and bears repeating: Even if the goal of the devs is to pump & dump this coin, they (either camp) are gaining nothing by having this strife continue.  The old dev team's actions just compound confusion on top of that strife -- which strikes me as more of an emotional knee-jerk reaction, rather than some well-reasoned strategy.  Cutting off your nose to spite your face, as it were.  To my knowledge, they are under no financial burden by using CN-Heavy (no license or royalties), and this really would only serve to anger exchanges -- hard forks generally seem to require more effort on the part of exchanges compared to soft forks.  It seems reasonable that short notice would only compound this issue.