Ixcoin TODO

[ewibit]

my ixcoin-Qt has stopped at 12045 Blocks and nothing goes on..
any hints?
TIA

[Vlad2Vlad]

my ixcoin-Qt has stopped at 12045 Blocks and nothing goes on..
any hints?
TIA

Oh oh.  Nooooooooooooo!

[twobits]

my ixcoin-Qt has stopped at 12045 Blocks and nothing goes on..
any hints?
TIA

Since when does ixcoin have a qt version?

[Vlad2Vlad]

my ixcoin-Qt has stopped at 12045 Blocks and nothing goes on..
any hints?
TIA

Since when does ixcoin have a qt version?

Does this mean I can finally download a windows (7) version?  That would be nice.

[Vlad2Vlad]

Ixcoin  is now above 80,000 GH/sec. Never seen before.

Well, its being merge mined and bitcoin is at an all-time high of 50 million difficulty.  I expect as ASICS come online and the difficulty to skyrocket the network for bitcoin and the merge mined coins to also go a lot higher.

[Vlad2Vlad]

Ixcoin now above 5M in difficulty and 100k Gh/s in Network. 

Oh yeah, and this only the beginning.  I'm expecting a massive boom in Bitcoin and since this is a merge mined coin we should see the difficulty become ridiculous.

Actually, it already is.  With 2 Tera Hash of power you can currently mine only about 500 ixcoins per month.  So 5,000 coins in a year, which is like .25 BTC.  So why waste the electrons?  IxCoin and DEVcoin make more sense to buy than mine.  Of course you can still merge mine them but you won't get much.


This is all the more confirmation to me that coins like ixCoin are a steal at half a USD Penny or roughly 16,000 coins per $110 Bitcoin.

I've got a full 1% now, of the entire matured coins (21 million) so now I sit and wait (while trying to get a few other coins) to see if and when that Bitcoin ETF comes to life and hopefully with it will also come all the speculators.

[Vlad2Vlad]

I just ran the mining calc and its actually way less than it was just a few weeks ago.


Annually    2519 ixCoins    0.1473    $18.28/year    $438.00    $0.00    ($419.72)


So annually with a 2 Tera Hash rig which is nearly $30,000 in hardware and I only put in 500 watts but right now 2 Tera is closer to 6,000 watts.  2nd gen ASICS coming out soon will be cheaper and more efficient.

But one gets the picture.  In a full year of mining with a huge rig you'd get only 2519 coins and the total value right now in USD is $18.28..... For a full year of mining.

So clearly, at half a US cent per coin, ixCoin is severely undervalued.  I suppose that's one way to value a crypto coin, energy, hardware and opportunity cost to gain one coin compared to outright buying it.  Now we just have to see if the market will give it the value it deserves cause just based on this mining opportunity cost concept this coin should be worth much much more.


Below is the same hardware and energy but only mining bitcoin which has an enormous difficulty right now.


Annually    72 Bitcoins    $8,967    $438.00    $0.00    $8,528.78


So in the same year, one would gain over $8,000 in bitcoins.  So if we assign the same work and energy value, or opportunity cost, to ixCoin then that would mean ixCoin should be valued at ($8,967/2819 ixCoins) = $3.18 per ixCoin.  


This $3.18 value is simply the workload payout, the opportunity cost, and in actuality - supply and demand forces can give such a rare coin a much higher value.  Of course, the value can also be zero since there's no real intrinsic value but the way this entire industry is moving - the odds of that happening is approaching zero at an accelerated rate.

Buy now - This coin and Devcoin as well are so much cheaper than mining it.

Good luck!


Edit:

One correction:  I used 20,000 MH which is actually 20 GH and not 2 TH, but the opportunity cost principle remains the same.

[DeathAndTaxes]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

[Vlad2Vlad]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

Yes, technically you're right, this is more of a hypothetical theory.  I'm trying to find a way to value coins like ixCoin but its nearly impossible.

What's your personal opinion on ixCoin?  Would you personally accumulate say 17,000 ixCoins right now just for speculation?   That's roughly 1 BTC?  I'm curious how many people see what I'm seeing or believe this could be an interesting play next year as bitcoin sky rockets and/or as we approach the final days of its mining life.

Thanks!

[21stcenturymoney]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

To be fair, while it is low, it is not zero.  Running it takes up cpu and memory and network resources etc.


Edit:

Ah, just noted that you said opportunity cost not cost... ok...   that would be zero when mined with bitcoin, and other mm coins, and be part of the cost of switching from them.
 

[DeathAndTaxes]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

To be fair, while it is low, it is not zero.  Running it takes up cpu and memory and network resources etc.

Hence the ~ 

[Vlad2Vlad]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

To be fair, while it is low, it is not zero.  Running it takes up cpu and memory and network resources etc.

But aren't those cycles already 100% used for bitcoin?  That's how I understand it.  You get the other merge mined coins literally for free. Frankly I don't see how the same cycles can hunt and decode different mathematical puzzles without taking away from the main task, but that's what I've heard from a lot of pros on here.  

[21stcenturymoney]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

To be fair, while it is low, it is not zero.  Running it takes up cpu and memory and network resources etc.

But aren't those cycles already 100% used for bitcoin?  That's how I understand it.  You get the other merge mined coins literally for free. Frankly I don't see how the same cycles can hunt and decode different mathematical puzzles without taking away from the main task, but that's what I've heard from a lot of pros on here.  

No, only the mining hashing cycles are common.  You have other cpu cycles used by the daemon still being used.  Now if you are just mining, and using a pool, those costs are born by the pool, so you will not see them directly as a pool user.

[Vlad2Vlad]

I'm curious how many people on here are accumulating some ixCoins.  Whether by mining or purchasing them, how many are planning to hold say at least 10,000 ixCoins as speculation?  That's hardly more than half of 1 Bitcoin.  TIA

[Vlad2Vlad]

The oppertunity cost is ~$0.  It can be merged mined right along side Bitcoin.  The hardware, labor and electricity would still be spent if one was only mining Bitcoin.  Nobody is mining this at a loss it is just a free bonus on top of the BTC.

To be fair, while it is low, it is not zero.  Running it takes up cpu and memory and network resources etc.

But aren't those cycles already 100% used for bitcoin?  That's how I understand it.  You get the other merge mined coins literally for free. Frankly I don't see how the same cycles can hunt and decode different mathematical puzzles without taking away from the main task, but that's what I've heard from a lot of pros on here.  

No, only the mining hashing cycles are common.  You have other cpu cycles used by the daemon still being used.  Now if you are just mining, and using a pool, those costs are born by the pool, so you will not see them directly as a pool user.

Interesting.  So then you can literally merge mine say 20 coins if they have the merge mine patch.  That would be amazing and it could turn otherwise worthless ASICS gear into real money makers.

Cause I have like 14 Jalapeños on order from BFL and its looking by the time I get them they'll be worthless.

[CYPER]

I'm curious how many people on here are accumulating some ixCoins.  Whether by mining or purchasing them, how many are planning to hold say at least 10,000 ixCoins as speculation?  That's hardly more than half of 1 Bitcoin.  TIA

Like I said before I have 15K that I bought in 2011 and which I still keep, but only because I've accepted the fact that it was bad investment decision. I had a small window of opportunity back then to make a profit, but I slept through it, so until I see a good reason to sell them, I'm going to keep them

[Vlad2Vlad]

I'm curious how many people on here are accumulating some ixCoins.  Whether by mining or purchasing them, how many are planning to hold say at least 10,000 ixCoins as speculation?  That's hardly more than half of 1 Bitcoin.  TIA

Like I said before I have 15K that I bought in 2011 and which I still keep, but only because I've accepted the fact that it was bad investment decision. I had a small window of opportunity back then to make a profit, but I slept through it, so until I see a good reason to sell them, I'm going to keep them

That's right, you're the guy who spent something like a few USD per ixCoin, right?  I can't believe they were worth that much at one point.  That's another way to value this coin - its past valuation compared to bitcoin.

Of course, in the end it's all hypothetical since there's no intrinsic value.  That makes buying any alt coin a very risky endeavor.  But given I'm looking at and strongly believe in the (coming) big picture the risk doesn't appear nearly as significant to me.

That said, I think you'll get your money back on ixCoin and maybe even make some.  If ixCoin ever breaks even $1 per coin then I strongly believe it will go much much higher than that.  But first there has to be a sign of real interest in the coin cause right now besides a few speculators like myself I see no widespread interest.

I mean, besides you I don't know of anyone else having bought and planning to hold ixCoins.

It would be so really super duper awesome to know what the founder is doing.  I mean he came back and now disappeared again.  He should come on here and say, hey, I've been accumulating and I hold way more coins than this vlad dude.   Something like that would go a long way to boost the confidence of crypto investors.

[CYPER]

I'm curious how many people on here are accumulating some ixCoins.  Whether by mining or purchasing them, how many are planning to hold say at least 10,000 ixCoins as speculation?  That's hardly more than half of 1 Bitcoin.  TIA

Like I said before I have 15K that I bought in 2011 and which I still keep, but only because I've accepted the fact that it was bad investment decision. I had a small window of opportunity back then to make a profit, but I slept through it, so until I see a good reason to sell them, I'm going to keep them

That's right, you're the guy who spent something like a few USD per ixCoin, right?  I can't believe they were worth that much at one point.  That's another way to value this coin - its past valuation compared to bitcoin.

Of course, in the end it's all hypothetical since there's no intrinsic value.  That makes buying any alt coin a very risky endeavor.  But given I'm looking at and strongly believe in the (coming) big picture the risk doesn't appear nearly as significant to me.

That said, I think you'll get your money back on ixCoin and maybe even make some.  If ixCoin ever breaks even $1 per coin then I strongly believe it will go much much higher than that.  But first there has to be a sign of real interest in the coin cause right now besides a few speculators like myself I see no widespread interest.

I mean, besides you I don't know of anyone else having bought and planning to hold ixCoins.

It would be so really super duper awesome to know what the founder is doing.  I mean he came back and now disappeared again.  He should come on here and say, hey, I've been accumulating and I hold way more coins than this vlad dude.   Something like that would go a long way to boost the confidence of crypto investors.

The BTC price was between 3 and 4 USD back then, but I can't really remember how much BTC I spent for these 15K IXC. I just vaguelly remember spending around 30BTC for 15K IXC and 15K i0C
I mined with 1870MH/s between 01 July 2011 (difficulty was 1,563,028) and 19 October 2011 (difficulty was 1,468,218) with a peak difficulty of 1,888,787 in between, so I must have mined around 60BTC for a period of 105 days, which doesn't add up.
Something is wrong with my calculations, because I had 70BTC left after spending some for IXC and i0C.
Can't really remember.



But I personally don't believe that the exchange rate will go much higher and so don't expect to make a big profit, if I make any at all.

[Vlad2Vlad]

You paid 30 BTC for 15K ixCoin and 15K i0Coin (in 2011)?

Man, that's crazy.  And I can't believe one was able to mine that kind of Bitcoin with just a simple GPU.  Wow, I can't believe I didn't hear about this coin sooner.  The way I'm seeing this now I would have loaded up and hoarded as many coins as possible.  It's still not too late but it's definitely much more difficult now, although, in 1-2 years, if the masses come in, today will still look like we got in early.

What do you mean the exchange rate for ixCoin won't get much higher?  Higher than the half a penny it's at now or the exchange rate you originally paid for it?  If so then why would you bother holding your ixCoins?

And why would you be so certain?  I mean, the mechanics of this coin would imply a much higher future value.  If demand spikes, due to awareness and/or a Bitcoin ETF, one would presume that ixCoin would be one of the biggest gainers on the mere fact that it's so hard to actually buy ixCoins and as time goes by, it will only get more difficult to find ixCoins.

And the current ixCoins in existence are mostly owned by other people so the ixCoin float is nearly non-existent.  Add to that a very illiquid market and you have the recipe for an explosive coin.


As examples I give you 2 other alt coins:  LTC which had way more coins being mined and way more coins available went from a low of 2 cents to $3 and it did it fairly fast.  Then you have Namecoin which also has more coins out than ixCoin and when Bitcoin blew up in April it took namecoin with it and namecoin went up a total of 100,000%, (from $.001 to $1) which would mean $1,000 invested was worth $1,000,000 nearly overnight.

So then, given what I see as a coming revolution in alt coins, led by the Bitcoin ETF and media hype, the coming awareness and demand for alt coins should dwarf the demand we saw in April and if this occurs then it's not difficult to imagine a coin like ixCoin which is perfectly set up for explosive growth and from today's $.005, it is both, worth more than Namecoin ever was and it is much more rare and difficult to buy so if Namecoin went to $1, I can make a good case why ixCoin can easily go to $3, and under ideal, albeit, temporary conditions I can make the argument that ixCoin can spike to $50-$100 in a relatively short period.

Which is why one doesn't need to invest a lot of money in ixCoin.  A few hundred dollars would suffice if my theory ever proves correct.  And the best part is that if I'm right (or wrong) we should know in the next 6-12 months.

[steelhouse]

Quit being a premine crybabie.  The only honest coin is a 100% premine.  There was nothing hidden.  Ixcoin was the first to offer a bunch of bounties.  Just becasue you have mining equipment and want to waste electricity on nothing does not mean mining is fair.  I am looking only to buy 100% pre-mined coins.  I am willing to invest in ixc when the mining reward goes to zero.  Why make the miners and mining pools rich?  btcguild and deepbit made $million off bitcoin running mining pools yet they really offer nothing for the economy.  Except possibly expose an attack.  I want a 100% premine coin so I can buy it for really cheap then start some websites to promote it.