[ANN] Infinitecoin - IFC | V1.8 Released! *Mandatory Upgrade, upgrade ASAP*

[YukonCoinelius]

There's no hurry to get on an exchange. If you trade now, it's in the context of 500k block rewards. If you wait another week at least, you're trading in the context of 256k blocks. And if you wait another month or two, 128k or 64k blocks.

Advocates of this coin should think in the long-term. You have one of the fairest mined and distributed coins which is basically 1000:1 to Litecoin in total money supply (90B IFC to 84M LTC). After the initial mining is done in about 6 months, there will not even be the pressure of miners dumping their minings every day.

So why do you even need to convert your IFC? Keep them. Build an economy in them.

If you attend to the security of the network, keep the transaction processing safe and steady, and build up services, goods, and merchants dealing in the coin, it will create demand and the exchanges and buyers will hurry over. Then valuation will be driven up, even approaching the nominal 1000:1 ratio vs Litecoin. Ok, maybe add another couple 0s in the ratio because it's not the leader, but going far below that is too pessimistic.

Remember, in 6 months to a year, anybody who needs some IFC for anything, will simply not be able to get any by mining, no matter how much hardware they throw at it. They will have to buy them on the market, or earn them with some other service. So don't sell yourselves too cheaply. 1 Million IFC looks a lot more valuable when the block reward is only 4k.

By the way, one of the first things I'd recommend is that IFC get established on a higher transaction fee. The total transaction fees for a block need to be high enough to incentivize continued mining when the reward is only the fees, and obviously 0.01 won't do.  I'm not sure how many transactions can fit in an IFC block, but it's probably a few hundred to a few thousand. So relative to Litecoin I'd estimate a good range for the IFC fee might be 2-100+.  The fee does not necessarily need to be enforced by the protocol, but at least the client should suggest a reasonable range.

(Fisheater, currently the client actually warns you are setting a fee “too high” if you go above roughly 0.1; that needs a source code fix, to encourage the user into the right range).

[arlington]

interesting point, certainly make sense

[wenyuansky]

IFC has a great website now, thanks to nzdude:

http://infinitecoin.com/

Yeah! good job

[TreasureSeeker]

YukonCoinelius makes some very good points. Transaction fees are a tricky subject.  Bearing in mind that in 20 months only 0.5 Infinitecions produced per block, their value may be hugely more then than they are today. A certain set Infinitecoin fee today therefore would be much higher in dollar-terms (or in bitcoin-terms) in the future.

If there was a way to set transaction fees somehow in relation to the dollar-value or bitcoin-value of Infinitecoins, this would ensure fair fees. However, I'm not sure the best way to do this. One way, but not necessarily a good way, would be for the client having to be aware of average values from exchanges over the last N days. This would introduce a degree of centralization (having to check exchange values) though which would not be good, and could be prone to manipulation although this could be minimized if a large enough number of different exchanges were queried.

Alternatively, and I'm not sure if this is viable, but would looking at the transaction values in Infinitecoins over the last N blocks be a possible way to set fees.  Could a fair fee structure be worked out this way I wonder?    

[Kujmandosz]

Is someone working on an actual website for infinite coin?
We need a market too.

[arlington]

need add more contents to the website

[Heju22]

++new INFINITECOIN.ORG Website has launched++

hi @ll,

i set up and created a http://infinitecoin.org website.



I will feed it with news, stay tuned.

regards  
heju22

[flyingcat]

++new INFINITECOIN.ORG Website has launched++

hi @ll,

i set up and created a http://infinitecoin.org website.



I will feed it with news, stay tuned.

regards  
heju22

nice... look like this coin has a big community support. It's great!

[krasnyoktyabr]

That's a nice site Heju.

[monocolor]

Yes very nice

[fisheater]

There's no hurry to get on an exchange. If you trade now, it's in the context of 500k block rewards. If you wait another week at least, you're trading in the context of 256k blocks. And if you wait another month or two, 128k or 64k blocks.

Advocates of this coin should think in the long-term. You have one of the fairest mined and distributed coins which is basically 1000:1 to Litecoin in total money supply (90B IFC to 84M LTC). After the initial mining is done in about 6 months, there will not even be the pressure of miners dumping their minings every day.

So why do you even need to convert your IFC? Keep them. Build an economy in them.

If you attend to the security of the network, keep the transaction processing safe and steady, and build up services, goods, and merchants dealing in the coin, it will create demand and the exchanges and buyers will hurry over. Then valuation will be driven up, even approaching the nominal 1000:1 ratio vs Litecoin. Ok, maybe add another couple 0s in the ratio because it's not the leader, but going far below that is too pessimistic.

Remember, in 6 months to a year, anybody who needs some IFC for anything, will simply not be able to get any by mining, no matter how much hardware they throw at it. They will have to buy them on the market, or earn them with some other service. So don't sell yourselves too cheaply. 1 Million IFC looks a lot more valuable when the block reward is only 4k.

By the way, one of the first things I'd recommend is that IFC get established on a higher transaction fee. The total transaction fees for a block need to be high enough to incentivize continued mining when the reward is only the fees, and obviously 0.01 won't do.  I'm not sure how many transactions can fit in an IFC block, but it's probably a few hundred to a few thousand. So relative to Litecoin I'd estimate a good range for the IFC fee might be 2-100+.  The fee does not necessarily need to be enforced by the protocol, but at least the client should suggest a reasonable range.

(Fisheater, currently the client actually warns you are setting a fee “too high” if you go above roughly 0.1; that needs a source code fix, to encourage the user into the right range).

Yes thanks for the very nice suggestions. I plan to increase the minimum fee to maybe 10 IFC starting from the time where the payout will be 1/4 of the original coin per block (so in a little more than a month time). We will have to do a mandatory upgrade for all the clients by that time. This way the miners can keep up with the tx fees, while the payout will be halved each month.

[fisheater]

++new INFINITECOIN.ORG Website has launched++

hi @ll,

i set up and created a http://infinitecoin.org website.



I will feed it with news, stay tuned.

regards  
heju22

Thanks heju22 for the nice website, I'll put in the OP.

Again thanks all for supporting this coin, we really have a very nice community here. We will make IFC be acceptable in more games and services.

[coinerd]

ok it's a few hours late since you guys busted my server with 3m tickets

the infinitecoin lotto has been drawn and prizes manually sent.

you can view the drawing results here:

http://lotto.coinworld.us/IFC/history.php?draw=1

If you want to actually see the list of 3.3m tickets you'll have to download the 115mb text file for now.

Neither one of my webhosts will support over 64mb of memory (this includes GoDaddy unlimited shared hosting) and so the web server was used to make the "tickets" and that file was taken to my local machine and processed in command line php using the same drawing code as the web server.


here are TX IDs for the payouts:

d6dfcc516c18030af3c8816815e5ba93fd74e039ec87ae7c267aa86abea757a8
2f4b52dbcf8aac1cd95dd6a3bb4c71a6ba03d855b37203e32e2ba6bb4abdcb0c
96a63e5c96cdfd07801d15c74b647755a0ef3523bef71309086a3e22c94459d7
a2927ed1e4cf485293740106a9687f94ffef74e72961b56ae3018d0fa19a364e
b68cf898daa7a06dd44ca11e132b69c6dbd81e395c120f12dd4cc3d83c9e50ca

Also I've added 900k IFC to the jackpot for the next drawing.

http://lotto.coinworld.us/IFC/



Hope to see you there next week!

[thisnewcoin]

lol, should not issue real tickets in that case, just reserve a range for a ticket range

I was wondering why the
http://lotto.coinworld.us/IFC/

was down. I'll add another million to the bet 

[coinerd]

lol, should not issue real tickets in that case, just reserve a range for a ticket range

I was wondering why the
http://lotto.coinworld.us/IFC/

was down. I'll add another million to the bet 

Infinite Coin was added by a user's request later in the week.

When we started this site a few days ago, I wasn't really planning for multi-million coin drawings right away.

I also didn't realize that the memory settings were so tight on these servers.

I can use reservation IDs to generate the tickets and probably cut the required memory by 2/3 or more in a drawing with a small number of reservations, too.  In this case that would have just barely saved it.

So, I know what the restrictions are now we'll sort something out. But if I don't put it into an array it's hard to do something like shuffle(). At this time the drawing procedure is shuffle, random selection, delete selected ticket, repeat.

I like the two stage process - it resembles shuffling some balls or tickets in a cage and then drawing one each time. And even if some salting factor or quirk of rand would select tickets in a cluster, the shuffle offsets the chances.

There's also the option of moving to using some temp tables in a DB or something.  But it seems like that would be time consuming, at least.

I'm open to any suggestions for sure.

[thisnewcoin]

Maybe in IFC case, you can use 1K as the basic bet unit.

[FreeTrade]

By the way, one of the first things I'd recommend is that IFC get established on a higher transaction fee. The total transaction fees for a block need to be high enough to incentivize continued mining when the reward is only the fees, and obviously 0.01 won't do.  I'm not sure how many transactions can fit in an IFC block, but it's probably a few hundred to a few thousand. So relative to Litecoin I'd estimate a good range for the IFC fee might be 2-100+.  The fee does not necessarily need to be enforced by the protocol, but at least the client should suggest a reasonable range.

Listen to this man.


My comments here -
https://bitcointalk.org/index.php?topic=246914.msg2624182#msg2624182

[FreeTrade]

The fee does not necessarily need to be enforced by the protocol, but at least the client should suggest a reasonable range.

Actually I think it is a superb idea for the fee to be enforced by the protocol. You and I should be friends.

I'd recommend that the transaction fee should be fixed as a percentage of the transaction. Thus you don't need to worry about what the current dollar value is.

The percentage amount should increase as the block rewards decrease.  Maybe starting at one hundredth of one percent of the transaction, and finish at about one tenth of one percent.

If everything goes according to plan, there will be a lot of speculation, and one tenth of one percent of each speculative transaction will be enough to secure the network.

[flyingcat]

Yes maybe fixing minimum transaction fee at 10 IFC and 0.1% is the way to go, to motivate the people to mine.

[BlazinBeaches]

When is Cryptsy going to pick up this coin