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

[bushstar]

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.

You're talking purely from a technical stand point. The difficulty can play a different role on the market. This kind of difficulty change has done well for Litecoin and Bitcoin and I imagine it will do well for us to. We never expected to get back to a 2.5 minute block target straight away. Anyway we are 92% profitable for miners. A few more percent up and flash miners will return, if it goes down we can mine Feathercoin and keep them for ourselves

[erk]

[

You're talking purely from a technical stand point. The difficulty can play a different role on the market. This kind of difficulty change has done well for Litecoin and Bitcoin and I imagine it will do well for us to. We never expected to get back to a 2.5 minute block target straight away. Anyway we are 92% profitable for miners. A few more percent up and flash miners will return, if it goes down we can mine Feathercoin and keep them for ourselves

92% is good for mining, my issue was with the long transaction confirmations. The time is coming down, the site now says 15min per block instead of 20min it did an hour ago.

[JesstersDead]

Aye, I was referring more to the market history flsh miners have left in their wake the past few weeks, rather than the actual technical repercussions. A point to which you are correct erk. Having more than just a "profit" based interest in the coin tends to make one look at more than just what happened out the gate. With block times dropping I think the fork is off to a good start. Again, my opinion was just that. And based more on my view of the "flash miner" mentality than anything else

[erk]

Aye, I was referring more to the market history flsh miners have left in their wake the past few weeks, rather than the actual technical repercussions. A point to which you are correct erk. Having more than just a "profit" based interest in the coin tends to make one look at more than just what happened out the gate. With block times dropping I think the fork is off to a good start. Again, my opinion was just that. And based more on my view of the "flash miner" mentality than anything else

I am still mining FTC, I had a bit of a lull and mined WDC and DGC, but my interest came back when firstly those two alts got listed at way below what I calculated their value should be on the exchange, and secondly Coinotron started a PPS pool for FTC as I was having problems with the poor block discovery on the existing FTC pools, including p2pool. PPS gets around that, although you pay 5% for the luxury, it suits me. One of the things going for it is FTC is listed on BTC-e which is important for alt-coins, the other exchanges are full of miners dumping for next to nothing, and more importantly really low volumes.

[YipYip]

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

Really awsome putting your btc on the line dude ..2 points *

* I understand u have a lot of FTC so is 50% awsome ..lol

[sal002]

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.

There are some filters in place to prevent tiny trades from skewing the tables, but also those tiny, out-of-market, trades hopefully get gobbled up quickly.  I have debated weighted average vs. spot and noticed a few times that sites that do weighted average (Dustcoin is a good one), have an issue in large price movements.  I may implement a second page that provides a weighted average based on all open orders (as compared to recent), to provide a second perspective, but BTER would not be an exchange on this list (as you can't get an order list from there).

[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.

Well that did not take long. Price went from 0.0015btc to 0.00075btc since I posted this. 50% devaluation in 3-4 days..oh my..

 

[bushstar]

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.

Well that did not take long. Price went from 0.0015btc to 0.00075btc since I posted this. 50% devaluation in 3-4 days..oh my..

 

This coin is still trying to find its value. Personally I think it is underpriced at the moment and am buying all the coins I can which is still not enough

What we have is volume which is key. We have a heavily traded coin with value that can then be used by merchants. We have faced many challenges along the way and we are working through them with the community. There are many people working on new features that could be introduced into the client. We are working to make this a product fit for the general product.

[erk]

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.

There are some filters in place to prevent tiny trades from skewing the tables, but also those tiny, out-of-market, trades hopefully get gobbled up quickly.  I have debated weighted average vs. spot and noticed a few times that sites that do weighted average (Dustcoin is a good one), have an issue in large price movements.  I may implement a second page that provides a weighted average based on all open orders (as compared to recent), to provide a second perspective, but BTER would not be an exchange on this list (as you can't get an order list from there).

The thing is that large price movements don't matter to miners, they are mining not trading, it takes hours if not days for miners to adjust to things and make decisions, more than enough time for a sensible waited average to adjust.

[smoothie]

All this fork does is inflate the supply of FTC in circulation.

Seriously a difficulty adjustment cap down 10 times?

Lol

Price of FTC will crash...just watch lol

Take your profits folks.  

*Squeezes Cheeks*  My grandmother would love you when you make cute little statements.

If you notice I was right. But never did I say FTC would die.

Merely was speaking from an economic/price standpoint.

FTC will likely have its price creep downwards given the new max diff adjustment addition, despite making retargets 4 times more often with 10 times less ability to have difficulty increase.

The net inflationary implications are 2.5 times lower. We just watched it go from 0.0015btc to 0.006...now at 0.00078btc.

50% fall. We could definitely go lower...like I said...time will tell.

 

Edit: And I wasn't trying to be cute. 

[plutuswd]

Does anyone else have the feathercoin android wallet? I do. It did not get upgraded before the fork and now I have lost access to the coins in that wallet.

[erk]

Code:

Well the next diff correction happened earlier today:

[codeurrent Block 		33337
Current Difficulty 		94.08608362
Expected Time per Block 	0 day(s), 0 hour(s), 40 min, 16 sec
Time to Retarget 		12 day(s), 1 hour(s), 16 min, 15 sec
Current Network Hashrate 	172,317 KHash/s (60 block avg.)
Next Difficulty 		66.525513670707
Next Difficulty Retarget Block 	33768
Total Coins Mined 		6667400

40min block rate and rising. Took all night to transfer some FTC into BTC-e with their 10 confirmation requirement.


Has Feathercoin died on this forum, gone to it's own corner?

[sadface]

not a smart move to just ditch this forum imo

[Fernandez]

Code:

Well the next diff correction happened earlier today:

[codeurrent Block 		33337
Current Difficulty 		94.08608362
Expected Time per Block 	0 day(s), 0 hour(s), 40 min, 16 sec
Time to Retarget 		12 day(s), 1 hour(s), 16 min, 15 sec
Current Network Hashrate 	172,317 KHash/s (60 block avg.)
Next Difficulty 		66.525513670707
Next Difficulty Retarget Block 	33768
Total Coins Mined 		6667400

40min block rate and rising. Took all night to transfer some FTC into BTC-e with their 10 confirmation requirement.


Has Feathercoin died on this forum, gone to it's own corner?

So you just deleted and reposted the same to bump it up? Good job.

[erk]

Code:

Well the next diff correction happened earlier today:

[codeurrent Block 		33337
Current Difficulty 		94.08608362
Expected Time per Block 	0 day(s), 0 hour(s), 40 min, 16 sec
Time to Retarget 		12 day(s), 1 hour(s), 16 min, 15 sec
Current Network Hashrate 	172,317 KHash/s (60 block avg.)
Next Difficulty 		66.525513670707
Next Difficulty Retarget Block 	33768
Total Coins Mined 		6667400

40min block rate and rising. Took all night to transfer some FTC into BTC-e with their 10 confirmation requirement.


Has Feathercoin died on this forum, gone to it's own corner?

So you just deleted and reposted the same to bump it up? Good job.

I replaced it with the current figures thank you very much, shows how well you read the posts.

[Aldanga]

Has Feathercoin died on this forum, gone to it's own corner?

The altcoin section has turned into a cesspool of spam and "My coin is better than your coin!" dribble. So, yes, a lot of people within the FTC community have decided to spend their time elsewhere.

[erk]

Well it's been over 3mths since this thread started and the FTC diff recalculation is still totally out of touch with reality.

504 block corrections with 41% adjustment is not working, almost every time I look FTC is way off the 2.5min block target. There have been at least 2 FTC releases since this thread and it's still not fixed.

FTC would probably be worth twice what it is if it worked properly.