[Critical Update] Feathercoin 0.6.4 - Hard Fork at block 33,000

[erk]

The FTC hash rate seems to have picked up a lot in the last day an a bit, something you have done is working. Though the stats don't seem to reflect the change, my calculations do and the hash rate has at least doubled recently perhaps tripled.

[justabitoftime]

If completed by:

May 25, 2013, 12:15:15 PM (server time)

+5BTC speed bonus for 33,000 block

[smoothie]

When this same thing happened to Namecoin (in October 2011) what soon followed after was a deep decline in price.

Ultimatley capping the difficulty adjustment to 41% per round is inflating the FTC in circulation.
With it's original diff adjustment it would be capped at 400% so that allows for much more FTC to be created with less hash power ultimately depressing the FTC price when using the new 41% cap..

Let's watch. Time will tell.

[justabitoftime]

When this same thing happened to Namecoin (in October 2011) what soon followed after was a deep decline in price.

Ultimatley capping the difficulty adjustment to 41% per round is inflating the FTC in circulation.
With it's original diff adjustment it would be capped at 400% so that allows for much more FTC to be created with less hash power ultimately depressing the FTC price when using the new 41% cap..

Let's watch. Time will tell.

Valid consideration, we'll keep working and see how it plays out.

[Sunny King]

Difficulty adjustment is limited at 141% per round but each round is also 4x as short (504 blocks). So the max difficulty change rate is the same as litecoin except adjusting more responsively, thus more adaptive to fast hashrate change environment.

Although ppcoin's continuous adjustment would suit better in my opinion. But this is what bushstar wanted to achieve based on better community understanding and support as ppcoin's adjustment algorithm is still only understood by very few.

[smoothie]

Difficulty adjustment is limited at 141% per round but each round is also 4x as short (504 blocks). So the max difficulty change rate is the same as litecoin except adjusting more responsively, thus more adaptive to fast hashrate change environment.

Although ppcoin's continuous adjustment would suit better in my opinion. But this is what bushstar wanted to achieve based on better community understanding and support as ppcoin's adjustment algorithm is still only understood by very few.

With a 10 times decrease on the max diff and the 4 times less blocks is net inflationary. Thanks for that note about the blocks. I must have missed that when I read the op.

[justabitoftime]

So it has no advantages over Litecoin, it came out just from pure greed, from desire of being an early adopter.

Don't you get it? You're literally witnessing the next generation of entrepreneurs invent themselves. These guys are putting their time, energy, and money into building a community, pushing adoption, providing leadership, increasing effectiveness, and doing everything they can to make it successful. As a result the value of their stock is increasing. What they've done is figured out a new way to start a new form of business while bypassing the existing bureaucracy and governance, and the free market of which you are a voting member will decide their fate. This is the early days of the internet all over again where anyone with a bright idea can make a quick buck, but those with the patience and skills to see it through the long haul will be rewarded on the long tail... and good on them for doing so I say. Capitalism wrenched from the hands of the elite and put back in control of the people, by the people, and for the people. All business owners are early adopters. Labeling that as "pure greed" is shortsighted to say the least. I say what better way to make a dollar?

I agree with what you said. But it applies to every coin [even BTC]. My main point was untackled:
It has no advantages over Litecoin.

And also, as some of people seen on BTC-E, there is a guy who has 500k FTC. If I was him [or just had a large amount of FTC], I'd also support the currency with all of my might before dumping.

Good luck with your great coin, build from pure marketing. [It has a great logo, btw.]

Thank you for acknowledging it's a great coin, we have a strong community putting their blood, sweat and tears into it. I also appreciate the comment on the logo, again, built from community effort. It's amazing how so many people have a difficult time understanding what made different Linux implementations successful.  How could an OS make money when it was given away for free? How could it make money with very few differences?


Support makes all the difference, community makes all the difference, merchants that eventually attach to the coin makes all the difference, availability of funding makes all the differences, good documentation on mining makes all the difference, volunteers that are collecting community feedback makes all the difference and programmers willing to experiment with new features on testcoins makes all the difference. Bitcointalk snipes don't make much difference.


 I feel the teen angst... maybe I'm just too old to care. We're not going anywhere, period. Let go of the sarcasm and spend a few minutes in our community for a change. You might feel a bit better and far less bitter.

[erk]

If completed by:

May 25, 2013, 12:15:15 PM (server time)

+5BTC speed bonus for 33,000 block

Ah greed, is there nothing it can't solve I am impressed, it's over doubled the hash rates.

[justabitoftime]

About ready to send the extra 5 BTC to Bushstar. 10 BTC for block 33k, that's not a bad deal by any means. 

[mobodick]

So it has no advantages over Litecoin, it came out just from pure greed, from desire of being an early adopter.

Don't you get it? You're literally witnessing the next generation of entrepreneurs invent themselves. These guys are putting their time, energy, and money into building a community, pushing adoption, providing leadership, increasing effectiveness, and doing everything they can to make it successful.

Except that almost all of them are just tiny tweaks of bitcoin/litecoin.
They're lazy ass bastards that hope for a get-rich scheme, not entrepreneurs.
What you're whitnessing is pure greed driven copy-cat behaviour without any eye for the future.

[justabitoftime]

Yeah, we're rolling in dough over in the FTC community. Oh wait, I went to BTC-e last week to buy 2500 more coins out of my own pocket to hand out to the community to say thanks. It's easy to be cynical in these types of boards, I understand.  We can can continue to bring on merchants, keep assisting miners that are often too much of 'noobs' for certain forums, keep pushing initiatives forward and there will always always be those in hardcore communities that miss the big picture. I accept that, it's just odd. Coming from the Linux community in the early 90s, maybe I see things differently. Flavors of Linux didn't necessarily jump to the forefront because of huge technical differences. In fact, profitability came from the ability to support it and build services around a distribution.

If there weren't critics, we could turn lazy.  If you're just getting your FTC info from Bitcointalk, we invite you to step in our community for a few minutes and see what we're working on daily. If not, that's fine too. We're quickly approaching 1000 members, we're not going anywhere.

[krasnyoktyabr]

That's that, right? Looks like we're on block 33000.

How did everything go?

[bushstar]

It happened. We are past block 33,000. I'm just running round now checking that everything is ticking as it should be

Maybe I can relax tomorrow and go for a hike up our modest hills.

[MinerLT]

finally. 
But still i think price will be the same, until miners dump masses of FTC 

[erk]

finally.  
But still i think price will be the same, until miners dump masses of FTC  

FTC is still dead because of the restriction on the difficulty re-target.

Code:

Current Block 	33007
Current Difficulty 	133.06387906
Expected Time per Block 	0 day(s), 0 hour(s), 20 min, 21 sec
Time to Retarget 	3 day(s), 15 hour(s), 11 min, 10 sec

20min per block is hardly a useful coin compared to it's 2.5min design.

The pool I am on http://feathercoin.is-a-geek.com hasn't found a block in 9 Hours 29 Minutes which is kind of pathetic.

The block explorer at http://cryptocoinexplorer.com:5750 seems to have choked on the re-target

[thep33t]

finally.  
But still i think price will be the same, until miners dump masses of FTC  

FTC is still dead because of the restriction on the difficulty re-target.

Code:

Current Block 	33007
Current Difficulty 	133.06387906
Expected Time per Block 	0 day(s), 0 hour(s), 20 min, 21 sec
Time to Retarget 	3 day(s), 15 hour(s), 11 min, 10 sec

20min per block is hardly a useful coin compared to it's 2.5min design.

The pool I am on http://feathercoin.is-a-geek.com hasn't found a block in 9 Hours 29 Minutes which is kind of pathetic.

The block explorer at http://cryptocoinexplorer.com:5750 seems to have choked on the re-target

That is due to a much higher difficulty for the majority of the time.

Either:
A - Hashrate will pickup, and it will correct itself, or
B - Hashrate will remain the same, and next retarget will bring it back to 2.5 mins. The limit on target recalculate will ensure that it doesn't jump hundreds of percent at a time.

[bushstar]

finally.  
But still i think price will be the same, until miners dump masses of FTC  

FTC is still dead because of the restriction on the difficulty re-target.

Code:

Current Block 	33007
Current Difficulty 	133.06387906
Expected Time per Block 	0 day(s), 0 hour(s), 20 min, 21 sec
Time to Retarget 	3 day(s), 15 hour(s), 11 min, 10 sec

20min per block is hardly a useful coin compared to it's 2.5min design.

The pool I am on http://feathercoin.is-a-geek.com hasn't found a block in 9 Hours 29 Minutes which is kind of pathetic.

The block explorer at http://cryptocoinexplorer.com:5750 seems to have choked on the re-target

It is a slow recovery remember. What we did not want to do was end up top of the CoinChoose straight away. Remember that the next difficulty adjust is at 33264 which is only 252 blocks away now.

[erk]

finally.  
But still i think price will be the same, until miners dump masses of FTC  

FTC is still dead because of the restriction on the difficulty re-target.

Code:

Current Block 	33007
Current Difficulty 	133.06387906
Expected Time per Block 	0 day(s), 0 hour(s), 20 min, 21 sec
Time to Retarget 	3 day(s), 15 hour(s), 11 min, 10 sec

20min per block is hardly a useful coin compared to it's 2.5min design.

The pool I am on http://feathercoin.is-a-geek.com hasn't found a block in 9 Hours 29 Minutes which is kind of pathetic.

The block explorer at http://cryptocoinexplorer.com:5750 seems to have choked on the re-target

It is a slow recovery remember. What we did not want to do was end up top of the CoinChoose straight away. Remember that the next difficulty adjust is at 33264 which is only 252 blocks away now.

True, the Coinchoose tables are wrong anyway, as they work off the latest spot price not the weighted average, so they are easy to manipulate with small timed sales.

[JesstersDead]

finally.  
But still i think price will be the same, until miners dump masses of FTC  

FTC is still dead because of the restriction on the difficulty re-target.

Code:

Current Block 	33007
Current Difficulty 	133.06387906
Expected Time per Block 	0 day(s), 0 hour(s), 20 min, 21 sec
Time to Retarget 	3 day(s), 15 hour(s), 11 min, 10 sec

20min per block is hardly a useful coin compared to it's 2.5min design.

The pool I am on http://feathercoin.is-a-geek.com hasn't found a block in 9 Hours 29 Minutes which is kind of pathetic.

The block explorer at http://cryptocoinexplorer.com:5750 seems to have choked on the re-target

It is a slow recovery remember. What we did not want to do was end up top of the CoinChoose straight away. Remember that the next difficulty adjust is at 33264 which is only 252 blocks away now.

True, the Coinchoose tables are wrong anyway, as they work off the latest spot price not the weighted average, so they are easy to manipulate with small timed sales.

I was actually afraid FTC profitability would spike on coin choose, thus bringing in the flash miners. Not something I wanted to deal with straight away. I am actually very pleased with where things are at.

[erk]

I was actually afraid FTC profitability would spike on coin choose, thus bringing in the flash miners. Not something I wanted to deal with straight away. I am actually very pleased with where things are at.

The flash miners are exactly what FTC needs to get the block time back in order.

FTC is useless atm. it takes 4 hours for 6 confirmations of a transaction, and over 40 hours to confirm a mined coin before you can trade it. FTC is supposed to transact at the same speed as LTC.


If the block 33000 difficulty change formula can't handle the flash crowd, then it's time to go back to the drawing board.