[ANN] Iridium (IRD) - People are Power - Community build crypto

[Trade_BTC]

Looking to buy more Iridium, 10k coins or higher paying 1000 sats per coin. Just pm me 0.1 BTC per 10k. You pay reputable escrow.

[hmfundInD]

What would be the incentive for miners to continue mining on the block chain once the supply of iridium reaches it's max?

[Trade_BTC]

What would be the incentive for miners to continue mining on the block chain once the supply of iridium reaches it's max?

Final block rewards can be adjusted to account for the final couple mil IRD after a year in the case this coin has high value the incentive to mine would still be there. However this means the coin has to have high value to make it worth it so we are now talking about speculation and what ifs. Unlike monero tho the cap could help dissipate supply being cumbersome.

[IRD-PoolOperator]

mine77 seems to have banned me.

Code:

Stratum - Connected (SSL/TLS)
Error in server response
: {"id":1,"jsonrpc":"2.0","error":{"code":-1,"message":"yourIPisbanned"}}
Stratum - reading socket failed 10038, disconnect
 Job timeout, disconnect, retry in 2 sec...

Any idea what's going on?

Same here.

Bans happen due to too many invalid shares being submitted since mass submitting invalid shares is considered a type of DoS attack against a pool. Default expiration of bans is 600 seconds. If for whatever reason mine77 is consistently rebanning you should consider trying my pool at irdpool .tk, my logs show only one person has ever been banned (which would now be expired).

Submitting invalid shares can happen in situations where your software is bad or you've overclocked your hardware to an excessive degree.

[BobBarker]

any idea or clue of exchanges

After website goes live, we will focus on exchanges

Best to workout the wallet bugs before it gets listed. No exchange wants a liability to keep fixing, that was just listed/released.

I agree with this. It's been pretty terrible trying to move coins around, especially during the original transaction size crunch. It's "worked" for now, enough for miners and pool operators to function. Hopefully now that everything has worked out with the hardfork the wallets user experience (ie. not constantly producing errors) can be improved.

I wish the developer would involve more community members to help out with stuff like the website launch.

[zenstrive]

Hi,

I started mining this on ird.globalpool.cc/#

this is my stat on the site:

 Unconfirmed Balance: 6.99535508 IRD
 Pending Balance: 1.25762582 IRD
 Total Paid: 15.00000000 IRD
 Last Share Submitted: less than a minute ago
 Hash Rate: 1.64 KH/sec
 Total Hashes Submitted: 23365940

and this is transaction list:

Time Sent    Transaction Hash   Amount   Mixin
9/17/2017, 11:47:47 AM   5e0b7836183abaecf4a31b66f123ef664e22a5840269ee477305071a1f51a499   5.0000   0
9/17/2017, 11:17:48 AM   b2f2ee0708225c0137d3a2cbcdab5c090b0af8918341b825527cbc610ef1fb48   5.0000   0
9/15/2017, 3:40:43 AM   9048888655c6126c32c52ac4ecbdf5fdf4f0c1486bbfefd8ae0b7a14e35441f5   5.0000   0

but my wallet is still zero balance

any help?

[fonship]

With this much difficulty, how people are finding it mining to be profitable?
Can anyone share some calculation, how you are estimating because my formulas suggest better to mine some other new coin rather then mining at this difficulty

[Maxz_yola]

Hi,

I started mining this on ird.globalpool.cc/#

this is my stat on the site:

 Unconfirmed Balance: 6.99535508 IRD
 Pending Balance: 1.25762582 IRD
 Total Paid: 15.00000000 IRD
 Last Share Submitted: less than a minute ago
 Hash Rate: 1.64 KH/sec
 Total Hashes Submitted: 23365940

and this is transaction list:

Time Sent    Transaction Hash   Amount   Mixin
9/17/2017, 11:47:47 AM   5e0b7836183abaecf4a31b66f123ef664e22a5840269ee477305071a1f51a499   5.0000   0
9/17/2017, 11:17:48 AM   b2f2ee0708225c0137d3a2cbcdab5c090b0af8918341b825527cbc610ef1fb48   5.0000   0
9/15/2017, 3:40:43 AM   9048888655c6126c32c52ac4ecbdf5fdf4f0c1486bbfefd8ae0b7a14e35441f5   5.0000   0

but my wallet is still zero balance

any help?

check the address of your wallet, maybe it has changed. you must make a backup wallet.dat

[Shkembe]

Hi,

My miner works more then 4 hours with irdpool(dot)tk

But balance still 0.....
4.8mln hashes

Pending Balance: 0.00000000 IRD
Total Paid: 0.00000000 IRD
Last Share Submitted: 2 minutes ago
Hash Rate: 193.67 H/sec
Total Hashes Submitted: 4806060

Well, it is normal:  Block Found: about 5 hours ago
Change the pool and you'll get some coins.

[lexphor]

@Romka_Kharkov

If you go to the 'pool blocks' section of you pool, you'll see that the maturity depth requirement is 20 blocks.
This means that 20 more blocks have to be mined in order for you to get your share of the block reward.
This might take some time.

 

[Shkembe]

@Romka_Kharkov

If you go to the 'pool blocks' section of you pool, you'll see that the maturity depth requirement is 20 blocks.
This means that 20 more blocks have to be mined in order for you to get your share of the block reward.
This might take some time.

 

Do not fool him, if a block is found, and if he is successfully sent shares, the proportional part he is assigned to is immediately visible.
His question gets an accurate and clear answer, do not pick up posts if you like ..

[lexphor]

@Romka_Kharkov

If you go to the 'pool blocks' section of you pool, you'll see that the maturity depth requirement is 20 blocks.
This means that 20 more blocks have to be mined in order for you to get your share of the block reward.
This might take some time.

 

Do not fool him, if a block is found, and if he is successfully sent shares, the proportional part he is assigned to is immediately visible.
His question gets an accurate and clear answer, do not pick up posts if you like ..

I honestly wasn't trying to fool anyone, I only wanted to help.

what exactly is wrong in my answer?
My understanding is that if the pool mines a block, the miner doesn't immediately get his share of the reward until the block is matured? am I wrong?

I will remove my answer if you think it is confusing.

[Noruka]

There are lot of miners coming and difficulty has increased so much, which is good and bad both :-)

As long as the increase is due to new and different miners and not just the result of a couple people adding more rigs, you are correct it is good. What is bad is just a handful of people thinking it is better to get all the coins to themselves rather than distributing them to a larger audience. The only thing that will make the coin successful in the long run is a wide distribution.

It's just greed. Almost every single coin (and probably every asset on earth) has to suffer from greedy people. "Wide distribution" is a natural impossibility I guess. High concentration of ownership in just a few hands sounds more like human being...

Indeed. I have always been amazed at what people would do for money. It's pathetic.  

And it's not just about what they are willing to do to others for money, but even to themselves! They have no clue about sustainability and how much good solidarity or fairness can do to society as a whole. That's how it is...

[zenstrive]

Hi,

I started mining this on ird.globalpool.cc/#

this is my stat on the site:

 Unconfirmed Balance: 6.99535508 IRD
 Pending Balance: 1.25762582 IRD
 Total Paid: 15.00000000 IRD
 Last Share Submitted: less than a minute ago
 Hash Rate: 1.64 KH/sec
 Total Hashes Submitted: 23365940

and this is transaction list:

Time Sent    Transaction Hash   Amount   Mixin
9/17/2017, 11:47:47 AM   5e0b7836183abaecf4a31b66f123ef664e22a5840269ee477305071a1f51a499   5.0000   0
9/17/2017, 11:17:48 AM   b2f2ee0708225c0137d3a2cbcdab5c090b0af8918341b825527cbc610ef1fb48   5.0000   0
9/15/2017, 3:40:43 AM   9048888655c6126c32c52ac4ecbdf5fdf4f0c1486bbfefd8ae0b7a14e35441f5   5.0000   0

but my wallet is still zero balance

any help?

check the address of your wallet, maybe it has changed. you must make a backup wallet.dat

Nevermind. I used old wallet version. Use new wallet now, balance is updating nicely.

I will mine this for two weeks now, and see how much would I get

[Windozxpert]

There are lot of miners coming and difficulty has increased so much, which is good and bad both :-)

As long as the increase is due to new and different miners and not just the result of a couple people adding more rigs, you are correct it is good. What is bad is just a handful of people thinking it is better to get all the coins to themselves rather than distributing them to a larger audience. The only thing that will make the coin successful in the long run is a wide distribution.

It's just greed. Almost every single coin (and probably every asset on earth) has to suffer from greedy people. "Wide distribution" is a natural impossibility I guess. High concentration of ownership in just a few hands sounds more like human being...

Indeed. I have always been amazed at what people would do for money. It's pathetic.  

And it's not just about what they are willing to do to others for money, but even to themselves! They have no clue about sustainability and how much good solidarity or fairness can do to society as a whole. That's how it is...

So true. It really makes me sad. I hate money, just because of what people will do to get it. If I didn't need it to live, I wouldn't have any! I've had a lot of it, and I've had none of it and I'd have to say, I had more peace when I had none but I had no responsibilities at that time.
::Shrugs::

[mine77]

mine77 seems to have banned me.

Code:

Stratum - Connected (SSL/TLS)
Error in server response
: {"id":1,"jsonrpc":"2.0","error":{"code":-1,"message":"yourIPisbanned"}}
Stratum - reading socket failed 10038, disconnect
 Job timeout, disconnect, retry in 2 sec...

Any idea what's going on?

Hey there, like IRD-PoolOperator said, this an automated (and temporary) action taken by the pool software to protect against DoS attacks when invalid or duplicate shares come in. However, in this case, the pool software was being a little aggressive because it sees everyone coming in on stratum+tls as coming from the same IP address. One person mining over stratum+tls crossed the invalid share threshold, likely due to a hardware issue, and it lumped all of you together and banned all of the TLS miners at once.

So that's my bad. I've adjusted things so it won't do that again.

[Trade_BTC]

mine77 seems to have banned me.

Code:

Stratum - Connected (SSL/TLS)
Error in server response
: {"id":1,"jsonrpc":"2.0","error":{"code":-1,"message":"yourIPisbanned"}}
Stratum - reading socket failed 10038, disconnect
 Job timeout, disconnect, retry in 2 sec...

Any idea what's going on?

Hey there, like IRD-PoolOperator said, this an automated (and temporary) action taken by the pool software to protect against DoS attacks when invalid or duplicate shares come in. However, in this case, the pool software was being a little aggressive because it sees everyone coming in on stratum+tls as coming from the same IP address. One person mining over stratum+tls crossed the invalid share threshold, likely due to a hardware issue, and it lumped all of you together and banned all of the TLS miners at once.

So that's my bad. I've adjusted things so it won't do that again.

Hey at least you caught it in short time I split a couple rigs among pools and tossed 8 k/hash your way.

[Resar]

mine77 seems to have banned me.

Code:

Stratum - Connected (SSL/TLS)
Error in server response
: {"id":1,"jsonrpc":"2.0","error":{"code":-1,"message":"yourIPisbanned"}}
Stratum - reading socket failed 10038, disconnect
 Job timeout, disconnect, retry in 2 sec...

Any idea what's going on?

Hey there, like IRD-PoolOperator said, this an automated (and temporary) action taken by the pool software to protect against DoS attacks when invalid or duplicate shares come in. However, in this case, the pool software was being a little aggressive because it sees everyone coming in on stratum+tls as coming from the same IP address. One person mining over stratum+tls crossed the invalid share threshold, likely due to a hardware issue, and it lumped all of you together and banned all of the TLS miners at once.

So that's my bad. I've adjusted things so it won't do that again.

Nice of you to explain what had happened, I was sure I hadn't submitted any bad shares. Thanks 

[SyrioForElle]

With this much difficulty, how people are finding it mining to be profitable?
Can anyone share some calculation, how you are estimating because my formulas suggest better to mine some other new coin rather then mining at this difficulty

Because the fundamentals of this coin are incredibly strong. See, for example, this analysis:

50 sats?  I think that's a heavy undervalue.

Let's look at the potential of Iridium, with citations to my assumptions:

ANN tells us (https://bitcointalk.org/index.php?topic=2150442.0):
-No Premine
-Fair launch
-LOW TOTAL SUPPLY: most of supply emitted in year 1 (18,750,000 of 25,000,000).  This means this will not be a dumpmine coin, because mining rewards will get low soon -> early holders will get massive reward.
-CryptoNote coin

On the downside, roadmap is a little unclear, but this lets us implement a strong comparable: ByteCoin (BCN), another cryptonote coin which has little utility right now (their "ecosystem" is all pools/exchanges, which means they have no real functionality yet, see https://bytecoin.org/ecosystem/).  BCN has a nethash of 4 MH/s (https://minergate.com/blockchain/bcn/blocks) and a market cap of $287 million (https://coinmarketcap.com/currencies/bytecoin-bcn/).

Iridium has a nethash of ~147 KH/s (https://mine77.net/).  Let's discount that to 140 KH/s because it might be volatile right now.  So 140 KH/s out of 4 MH/s is 3.5%.

If we value Iridium at 3.5% of BCN, that's US$10.05 million.  But of course, we must discount for the 3.5 year head-start of BCN.  On March 12 2014, BCN launched (https://bitcointalk.org/index.php?topic=512747.0).  Crypto market cap was US$9.167 billion that day (https://coinmarketcap.com/charts/).  Today, crypto market cap is US$144.134 billion (https://coinmarketcap.com/charts/).  So crypto market cap was only 6.36% of today's market cap on the day BCN launched.

If we apply 6.36% to the US$10.05 million potental for Iridium (to discount it back 3.5 years), we get a US$638,860 market cap estimate for Iridium today, right now, based on current hash (as hash and time increase, value will increase).  The US$638,860 is the value of the current supply already emitted.  Also consider that SIGT (a recent no premine coin), a currency with a roadmap and a plan but no product, has a market cap of US$4 million after less than two months (https://coinmarketcap.com/currencies/signatum/).  So over $600,000 for a new coin with a fair launch and no premine is not out of the ordinary, and very achievable.

Now, current supply is a little hard to figure out because the block sizes are not uniform.  Users are reporting block rewards ranging from the 40s to about 94 (see https://bitcointalk.org/index.php?topic=2150442.msg21584105#msg2158410 and https://bitcointalk.org/index.php?topic=2150442.msg21587151#msg21587151).  If you keep an eye on "Last Reward" at a couple of the pools (https://mine77.net/), you will see the same - block rewards fluctuate from 94 to 60 to something in the 40s.

Let's take a buyer-friendly assumption, and assume all blocks are size 95.  This is buyer-friendly because the more I increase the current Iridium supply in this estimate, the lower the price is.  I am giving a maximum possible supply.

Current blockheight is 4283**.  That suggests a current supply MAX of 4283*95 = 406,885.

Price then is simply US$638,860 estimated current cap divided by 406,885 max current supply = US$1.57 per Iridium.  If we conservatively assume $4200 per bitcoin (price as of writing is $4122) then the satoshis value is 1.57/4200 = .00037380 Bitcoin or 37380 satoshis.

If you want to argue that's too high, by all means do so, but I have given a very conservative estimate of value and even my large overestimate of supply illustrates how small the supply of this coin really is.  So please argue against the math, not some generic notion of why this is too high.  I realize the supply is growing, but so is value in terms of hash and time, and given that more than 50% of blocks seem to have rewards in the 40s (unlike my assumption that all are 95), I have probably already estimated the price at nearly half of what it should be.  If you want to apply a further haircut for risk, by all means do so, but this coin is likely worth over 20k satoshis, and possibly as high as 50k.



**Note: I wrote this like 60 mins ago.  There may be a few more blocks since then, but I have already severely overestimated supply (thus underestimating price), and even another 400 blocks will only affect my calculations by 10%.  Some of the other numbers may have varied a little too, but the Iridium hash is up to 150 KH/s, which is 7% higher than the value in my estimate.  So my estimate is still conservative.

TL;DR: good mathematical basis for estimating value at 37380 sats.  If you want to apply a margin of +- 50% for risk, that still means a value over 20000 sats.  People need to really understand how low the supply is.  Don't sell at 50 sats per Iridium.

Edit: some math fixes.

[garytheasshole]

With this much difficulty, how people are finding it mining to be profitable?
Can anyone share some calculation, how you are estimating because my formulas suggest better to mine some other new coin rather then mining at this difficulty

Because the fundamentals of this coin are incredibly strong. See, for example, this analysis:

50 sats?  I think that's a heavy undervalue.

Let's look at the potential of Iridium, with citations to my assumptions:

ANN tells us (https://bitcointalk.org/index.php?topic=2150442.0):
-No Premine
-Fair launch
-LOW TOTAL SUPPLY: most of supply emitted in year 1 (18,750,000 of 25,000,000).  This means this will not be a dumpmine coin, because mining rewards will get low soon -> early holders will get massive reward.
-CryptoNote coin

On the downside, roadmap is a little unclear, but this lets us implement a strong comparable: ByteCoin (BCN), another cryptonote coin which has little utility right now (their "ecosystem" is all pools/exchanges, which means they have no real functionality yet, see https://bytecoin.org/ecosystem/).  BCN has a nethash of 4 MH/s (https://minergate.com/blockchain/bcn/blocks) and a market cap of $287 million (https://coinmarketcap.com/currencies/bytecoin-bcn/).

Iridium has a nethash of ~147 KH/s (https://mine77.net/).  Let's discount that to 140 KH/s because it might be volatile right now.  So 140 KH/s out of 4 MH/s is 3.5%.

If we value Iridium at 3.5% of BCN, that's US$10.05 million.  But of course, we must discount for the 3.5 year head-start of BCN.  On March 12 2014, BCN launched (https://bitcointalk.org/index.php?topic=512747.0).  Crypto market cap was US$9.167 billion that day (https://coinmarketcap.com/charts/).  Today, crypto market cap is US$144.134 billion (https://coinmarketcap.com/charts/).  So crypto market cap was only 6.36% of today's market cap on the day BCN launched.

If we apply 6.36% to the US$10.05 million potental for Iridium (to discount it back 3.5 years), we get a US$638,860 market cap estimate for Iridium today, right now, based on current hash (as hash and time increase, value will increase).  The US$638,860 is the value of the current supply already emitted.  Also consider that SIGT (a recent no premine coin), a currency with a roadmap and a plan but no product, has a market cap of US$4 million after less than two months (https://coinmarketcap.com/currencies/signatum/).  So over $600,000 for a new coin with a fair launch and no premine is not out of the ordinary, and very achievable.

Now, current supply is a little hard to figure out because the block sizes are not uniform.  Users are reporting block rewards ranging from the 40s to about 94 (see https://bitcointalk.org/index.php?topic=2150442.msg21584105#msg2158410 and https://bitcointalk.org/index.php?topic=2150442.msg21587151#msg21587151).  If you keep an eye on "Last Reward" at a couple of the pools (https://mine77.net/), you will see the same - block rewards fluctuate from 94 to 60 to something in the 40s.

Let's take a buyer-friendly assumption, and assume all blocks are size 95.  This is buyer-friendly because the more I increase the current Iridium supply in this estimate, the lower the price is.  I am giving a maximum possible supply.

Current blockheight is 4283**.  That suggests a current supply MAX of 4283*95 = 406,885.

Price then is simply US$638,860 estimated current cap divided by 406,885 max current supply = US$1.57 per Iridium.  If we conservatively assume $4200 per bitcoin (price as of writing is $4122) then the satoshis value is 1.57/4200 = .00037380 Bitcoin or 37380 satoshis.

If you want to argue that's too high, by all means do so, but I have given a very conservative estimate of value and even my large overestimate of supply illustrates how small the supply of this coin really is.  So please argue against the math, not some generic notion of why this is too high.  I realize the supply is growing, but so is value in terms of hash and time, and given that more than 50% of blocks seem to have rewards in the 40s (unlike my assumption that all are 95), I have probably already estimated the price at nearly half of what it should be.  If you want to apply a further haircut for risk, by all means do so, but this coin is likely worth over 20k satoshis, and possibly as high as 50k.



**Note: I wrote this like 60 mins ago.  There may be a few more blocks since then, but I have already severely overestimated supply (thus underestimating price), and even another 400 blocks will only affect my calculations by 10%.  Some of the other numbers may have varied a little too, but the Iridium hash is up to 150 KH/s, which is 7% higher than the value in my estimate.  So my estimate is still conservative.

TL;DR: good mathematical basis for estimating value at 37380 sats.  If you want to apply a margin of +- 50% for risk, that still means a value over 20000 sats.  People need to really understand how low the supply is.  Don't sell at 50 sats per Iridium.

Edit: some math fixes.

That's all fine and dandy but I doubt anyone would buy this coin at 37380 sats. It's only worth as much as people are prepared to spend on it.