[WDC] Worldcoin | 0.17.1 Released! | AuxPoW w/ LWMA diff algorithm. Resync Req.

[gudmunsn]

Worldcoin is mentioned on MSNBC! 1:29 and 3:30:

http://www.msnbc.com/the-cycle/watch/cashing-in-on-bitcoin-111318083837

[Thorgrim]

If we ever get to the point where the blockchain can't handle it what will WDC be worth at that point? and how great is the incentive at that point to solve the problem?

There will be no incentive because there won't be a problem. The blockchain is not a cash register and will never be used en-masse to support point of sale payments in any crypto currency. That isn't it's purpose.

So whether a coin has a 30 second or 10 minute transaction time is irrelevant to it's suitability for use at the point of sale in a retail (in shop or online) environment.

I can tell you right now that I would hesitate to use a 3rd party to handle all transactions. Why pay the fees and give up anonymity for a little convenience. Sort of defeats the purpose of cypto's to begin with. Although I can see 3rd party being used for petty transactions like coffee or fast food where even 1 minute is too long to wait.

[hash.so]

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[toknormal]

I can tell you right now that I would hesitate to use a 3rd party to handle all transactions. Why pay the fees and give up anonymity for a little convenience. Sort of defeats the purpose of cypto's to begin with. Although I can see 3rd party being used for petty transactions like coffee or fast food where even 1 minute is too long to wait.

Retailers usually don't have a choice.

They support whatever payment methods they have to attract customers. If the choice is between paying a 2% transaction fee or loosing 10% of your customers then they pay the 2% fee. On the other hand, they could start to offer discounts for crypto currency payments handled by one of the crypto-payment processors like Bitpay, Coinbase or Scharmbeck.

In that case, we could see a gradual migration to crypto-currency transactions and away from the traditional payment processors, at which point Visa and Mastercard etc will simply start making corporate acquisitions of crypto-currency payment processors and support those type of payments in addition to their existing services.

[Sagefit]

Check out the Worldcoin translation project here  http://translate.worldcoinfoundation.org/

[btc1210]

Is the block chain available for download, rather than waiting for the wallet to do it.

[MijntjeGoud]

Check out the Worldcoin translation project here  http://translate.worldcoinfoundation.org/

That looks good!

[LeoC]

Worldcoin sure is shooting up in the marketplace.

[Thorgrim]

I can tell you right now that I would hesitate to use a 3rd party to handle all transactions. Why pay the fees and give up anonymity for a little convenience. Sort of defeats the purpose of cypto's to begin with. Although I can see 3rd party being used for petty transactions like coffee or fast food where even 1 minute is too long to wait.

Retailers usually don't have a choice.

They support whatever payment methods they have to attract customers. If the choice is between paying a 2% transaction fee or loosing 10% of your customers then they pay the 2% fee. On the other hand, they could start to offer discounts for crypto currency payments handled by one of the crypto-payment processors like Bitpay, Coinbase or Scharmbeck.

In that case, we could see a gradual migration to crypto-currency transactions and away from the traditional payment processors, at which point Visa and Mastercard etc will simply start making corporate acquisitions of crypto-currency payment processors and support those type of payments in addition to their existing services.

Those are some good points.

I was at the farmers market recently and that would be a place where vendors could definitely benefit from crypto's. They already do a lot of cash business but still need to accept credit/debit

One person I know there said she was paying like $150 + 3% to have a debit/credit card machine. Sounds like highway robbery. She doesn't make a ton of money. Fees that high really cut into her bottom line. She could accept payment in WDC on her phone for free.

If companies like Visa and Mastercard get into this game they are going to have to be much more competitive and user friendly. Both the Merchants and the customers are tired of getting robbed and some of us are tired of having everything we do tracked and traced.

I am actually considering living without a bank account or credit card. We are getting close to where you can work around having them if you are debt free.

[Thorgrim]

Is the block chain available for download, rather than waiting for the wallet to do it.

http://worldcoinforum.org/topic/1078-faster-worldcoin-blockchain-download/

[Thorgrim]

Worldcoin sure is shooting up in the marketplace.

WDC is definitely striving ahead in offering services and being user friendly for the whole world.

I am surprised that hasn't been reflected in the price yet.

Eventually people will stop chasing after the fad of the week and figure it out.

[LeoC]

Well I'm convinced, I'll be investing in WDC.

[Thorgrim]

Well I'm convinced, I'll be investing in WDC.

I noticed you changed your post.

That constant selling you were talking about isn't just a problem faced by WDC. Many coins are struggling with it. It is caused by the large number of miners that will mine any profitable coin and dump it immediately for cash. They aren't looking for future value or an investment they just want to pay off their equipment and electricity costs and make a short term profit

Basically when BTC is making drastic moves many investors take a wait and see approach. They don't want to risk investing when the markets are in turmoil. But while they are sitting on the sidelines the auto-sellers are putting constant downward pressure and any profitable coin. That is what we have been seeing the last few weeks.

I wrote a bit more about this problem here: http://worldcoinforum.org/topic/1120-multipools-autosell-the-bane-of-wdc/

[LeoC]

I agree with you. Autosellers and multipools ruined the altcoin market.
Then you have to consider that most coin investors don't have the same experience as say a stock investor.
Lots of weak hands and people trying to make lunch money.

[vaelrock]

Well I'm convinced, I'll be investing in WDC.

I noticed you changed your post.

That constant selling you were talking about isn't just a problem faced by WDC. Many coins are struggling with it. It is caused by the large number of miners that will mine any profitable coin and dump it immediately for cash. They aren't looking for future value or an investment they just want to pay off their equipment and electricity costs and make a short term profit

Basically when BTC is making drastic moves many investors take a wait and see approach. They don't want to risk investing when the markets are in turmoil. But while they are sitting on the sidelines the auto-sellers are putting constant downward pressure and any profitable coin. That is what we have been seeing the last few weeks.

I wrote a bit more about this problem here: http://worldcoinforum.org/topic/1120-multipools-autosell-the-bane-of-wdc/

You can see autosell from another angle. It can be the most efficient way to invest in promising coins too.

If you use a multipool to always mine the most efficient coin at an instant t, and directly sell those gathered coins, you will make the most BTC possible at this precise time. Mining WDC/FST/DOGE/other that are less efficient could be seen as a gamble on there future, but guess what ? you can directly use your BTC gained from multipool to invest in the coins you believe in, while mining others.

If you have 2 coins, A and B, and the coin B is 2x more profitable than the coin A, but you believe in the future of the coin A, you have 2 choises :
- mine the coin A, and get x amount of it
- mine the coin B, then buy 2x amount of coin A

But it's true than the majority of miner just look at direct ROI without looking at the markets evolution, and without investing in promising coins.

[vaelrock]

I agree with you. Autosellers and multipools ruined the altcoin market.
Then you have to consider that most coin investors don't have the same experience as say a stock investor.
Lots of weak hands and people trying to make lunch money.

It's not the autosellers or multipools that really ruined the altcoin markets, it's the altcoins themselves.
The problem of diff retarget jumps is known since multiple months, and every half smart coder should perfectly know that a coin that is just starting (without any large and stable hashrate like LTC/WDC/FTC/...) will suffer from multipools. Multipools are a logical consequence of poorly designed recent coins that copy/paste the original bitcoin code, and as such are unavoidable.
You can't blame multipools users to try to get the most out of their rigs. It's a free market, there's a big crisis out there, it's human. You perfectly know it (I've read a lot of your post in the catcoin forum).

There is very simple ways to stabilize the diff and make a new altcoin interesting, efficient, and stable in diff. But none of the recent altcoins use them.

[binaryclock]

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[LeoC]

Ouch, those aren't miners. Those were some heavy ass sells. My fears are confirmed, people just don't want to let this rise.

[binaryclock]

Ouch, those aren't miners. Those were some heavy ass sells. My fears are confirmed, people just don't want to let this rise.

They could be large pool with heavy stock in worldcoin.  This is why you need to spread the hash rate around a bit.  We have a smaller WDC pool that is growing slowly, and gives very constant payouts and solves blocks efficiently.

Ryan, dedicatedpool.com support/admin
admin@dedicatedpool.com / IRC on freenode #dedicatedpool

[LeoC]

Nah, it was one person. Whoever it was wants out. Is this coin premined?
15 BTC is nothing to scoff at, props to the buyer and congrats.