Ixcoin TODO

[Vlad2Vlad]

Why the sudden interest in ixCoin?

Or do we simply have more ASICS so they're trying to maximize profits?  I know I'll merge mine when/if I get my ASICS.

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

its not interest Mr Delusion...
Merged Mining is free! you get ixcoins for free, all you have to pay is the cpu cycles the ixcoind needs
You dont need to be interested in ixcoins at all, most ppl who do MM probably dump their coins to BTC anyway.
this was always the case, so if btc hashrate is climbing fast, ixcoin will too!
the same happend for namecoin, devcoin, i0coin.

This.  To put it into perspective Namecoin difficulty went from 31M to 41M and is projected to go to 55M with next difficulty change.  It is almost triple the difficulty of IXCoin and still increasing by more than 100% a month.  Bitcoin difficulty is likely going to increase by at least 500 million between now and the end of the year.  If 10% of those new ASICs merge mine one or all of the coins their difficulty will go up by 50 million.

I agree with this.  We're starting to see a lot of ASICS coming online and to maximize their profits they're likely to merge mine.

I don't think we'll go to 500 million by end of year, though.  I think we'll be at 200-300 million.

500 million would render most gen 1 ASICS worthless so I hope you're off by 2-3 months.  Eventually Bitcoin will skyrocket in price but that will bring in many millions more miners and rhe difficulty will simply follow. 

Thus, mining will only be profitable for a short while unless you have lots of money for mining rigs and you get in early.  Otherwise the best way to profit off the coming crypto craze is speculation.  If you land the right coins you stand to make millions.

[Vlad2Vlad]

Deadsea, I completely agree.

This is why I took a different approach.  I did my research and objectively chose what I felt would be the next great alt coin.  And I think Bitcoin will lead this revolution although I don't think Bitcoin will be The One chosen global currency for all the masses.  It will be one nobody expects, a crypto coin which may not even be born yet, but it's definitely coming and it's gonna come much sooner than anyone expects.

And I also agree that this thing is gonna explode and we will know much more in just a matter of months.  I placed my bets and if I get my ASICS in time I would like to add a few more coins but I'm not sure I'll get them in time.

Good luck.

[DeathAndTaxes]

500 million would render most gen 1 ASICS worthless so I hope you're off by 2-3 months.

Well many miners will likely never break even if they overpaid and delivery was delay.  Not breaking even isn't worthless a miner has some value as long as the value of the electricity used is less than the current exchange rate.  At 500 million diff it only takes an 8.5 J/GH Avalon rig,   202.8 kWh of electricity to mine 1 BTC.  At $0.10 per kWh that is an electrical cost of $20.28 for a coin worth >$120 today.  Numbers are better than hope.  It is very likely that >6PH/s of hardware has already been paid for.  

https://bitcointalk.org/index.php?topic=283820
https://bitcointalk.org/index.php?topic=281279

[Dps23]

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

but volume is lower and lower every next day. What if ETF would be later, on December or even next year in January or February?
It could be the same situation which happened to LTC when everybody expected MtGox would start trading it but they didnot implement it so far.
I might be wrong but implementation of LTC is not big issue and when MtGox was not capable of doing it how can we know that ETF fund will launch in two Months when nobody promised this date?

[Vlad2Vlad]

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

but volume is lower and lower every next day. What if ETF would be later, on December or even next year in January or February?
It could be the same situation which happened to LTC when everybody expected MtGox would start trading it but they didnot implement it so far.
I might be wrong but implementation of LTC is not big issue and when MtGox was not capable of doing it how can we know that ETF fund will launch in two Months when nobody promised this date?

Nobody knows for sure if they'll even get the ETF license.  I'm guessing 2 months by a) the current price action which suggests ETF rumors and leaks and b) the application as turned in around 3 months ago so 2 more months means nearly 6 months. 

That's plenty of time to review and give the license.  The fact they haven't rejected the application yet is a strong indication that they're actually looking at it.  This may be a reason for the run-up - most pros who said they had no chance may now be changing their opinion and seeing how most are investors and have plenty of money could bring in lots of new cash not only in Bitcoin but other alt coins.

And I wouldn't compare What's happening with Bitcoin to LTC.  This is much bigger and even if Bitcoin doesn't get the ETF, it's still set to grow by leaps and bounds.  The ETF would simply kick everything into fast forward, very fast forward.

[Vlad2Vlad]

There's a 3rd scenario:  they give Bitcoin an ETF license and it then becomes a security or fiat under the direct control of the SEC. This means new laws are passed and "transperancy" regulations are put into place which means all alt coins will be traceable and tracked by the Govt which means illegal activisties and laundering will be much more difficult.

I think this 3rd scenario will be reality.  The Govt loves alt coins as do the banks they'll just slowly give themselves more and more control until they control it  completely.  The sheep will never see it coming cause they'll too busy dreaming about riches.

[Vlad2Vlad]

1 btc is still sold for 16-17k ixc, but considering that btc passed from 95 to 130, that is a 30% increase in 10 days. Not bad, not bad at all.

Lets not forget that just 30 days ago or so it was at near $65 and I remember I was buying ixCoin for 22,000 back then.  So now we're at over $140 and ixCoin is actually worth more at 16,000-17,000. 

Yeah, not bad at all.  Meanwhile devcoin keeps diving.  I'm hoping to buy some devcoin soon.  I'm trying to buy some LTC for cash or CC and so far I only found Coinmama which does it pretty quickly.  I may have some 350 Litecoins in a few days to buy a few more alt coins before the Bitcoin ETF news....presuming they do have the ETF license in the bag.

[markm]

Actually DeVCoin just jumped back up some, poof all the way back up to 50 satoshis per devcoin maybe all from one buyer.

So maybe the old down into 30's back up over 200, maybe nearly to 300, maybe over 300, cycle for devcoin is still playing just maybe was a slower cycle this time due to more authors dumping.

-MarkM-

[Vlad2Vlad]

I think I understand this odd phenomenon regarding the low value of ixCoin compared to other crappier coins in relation to Bitcoin's value.

For how can the value of ixCoin keep dropping while both, mining difficulty and demand keeps increasing?  It makes little sense.

I think the answer is very simple: Fiat Currency Inflationary Pressures.

Imagine if you had a currency which was being printed at nearly 4 times the rate of another currency:  96:25.

You would expect massive inflationary pressures to push down the value of the 96 print coin which is ixCoin.

Now reverse that.  In 18 months the chart gets turned on its head (in an unprecedented way), ixCoin goes into a massive deflationary cycle while Bitcoin continues its slight inflationary path.

So the same exact forces will be at work only inversely.  It's not hard to imagine nor predict what will happen to the price of ixCoin in relation to Bitcoin:  we should see a sudden and violent spike in ixCoin's price.

However (and there is always one) there is one caveat:  Nobody knows what will happen in absolute terms once there is no more reason nor purpose for a specific coin from a mining perspective.  Given there's no real intrinsic value in ixCoin, it may mean that once the mining goes away so will the very existence of the coin itself.

There's obviously a real inherent risk here but I'm gonna go with the economics perspective on this one.   Massive deflation should create a sudden and massive rise in value of the underlying fiat:  ixCoin.

Needless to say, I think I'm gonna go to 2% on this MoFo!

[Vlad2Vlad]

I've had staggered ixCoin orders for nearly 3 days now and barely a nibble.  I've raised my bids on 80,000 ixCoins a few times already.

It's getting harder to accumulate these coins.

[Dps23]

People are realising they are worth much more then 0.9 cent.

Price of Ixcoin on exchanges is very low.
It will arise many new exchanges. And many sites offering services and goods for cryptocoins.
And all these exchanges and sites need the coins. Not only one coin like bitcoin but many kinds of coin to satisfy the needs of customers.
Not every coin is suitable for everybody. Not everybody wants expensive Bitcoin with confirmations which lasts hours. Many people would be happy with ordinary cheap coins such as Ixcoin or other coins. I am very interested in all these undervalued and currently overseen coins. Sure not every coin will evaluate 1000 times in a month. But it is more probable that at least several coins (like Ixcoin) skyrocket during next half year and Bitcoin will keep its value around current price.

I dont think Bitcoin will grow much more in value because all its functions already have other coins which are cheaper and more secure.
The more bitcoin will cost the more people will turn to other "substitutes". Personally I believe that Bitcoin will grow and stay for several years but taking into account speed of current technical development (would you buy mobile phone 10 years old which you cannot even use) in ten years bitcoin could be simply forgotten.
At that time other coins and the whole cryptoenviroment will use many new inventions (which are not already developed).
It future may be possible something like confirmations in tiny fractions of seconds, current encypting will not be surely sufficient and bitcoin would need so many rectifications and improvements that it will become unusable.

[Vlad2Vlad]

People are realising they are worth much more then 0.9 cent.

Price of Ixcoin on exchanges is very low.
It will arise many new exchanges. And many sites offering services and goods for cryptocoins.
And all these exchanges and sites need the coins. Not only one coin like bitcoin but many kinds of coin to satisfy the needs of customers.
Not every coin is suitable for everybody. Not everybody wants expensive Bitcoin with confirmations which lasts hours. Many people would be happy with ordinary cheap coins such as Ixcoin or other coins. I am very interested in all these undervalued and currently overseen coins. Sure not every coin will evaluate 1000 times in a month. But it is more probable that at least several coins (like Ixcoin) skyrocket during next half year and Bitcoin will keep its value around current price.

I dont think Bitcoin will grow much more in value because all its functions already have other coins which are cheaper and more secure.
The more bitcoin will cost the more people will turn to other "substitutes". Personally I believe that Bitcoin will grow and stay for several years but taking into account speed of current technical development (would you buy mobile phone 10 years old which you cannot even use) in ten years bitcoin could be simply forgotten.
At that time other coins and the whole cryptoenviroment will use many new inventions (which are not already developed).
It future may be possible something like confirmations in tiny fractions of seconds, current encypting will not be surely sufficient and bitcoin would need so many rectifications and improvements that it will become unusable.

I think you're 100% correct except the value of bitcoin.  If it were not for an ETF then you'd be right but given an ETF is a near absolute guarantee that means the price of Bitcoin will easily eclipse $1,000.

And just like you said, when Bitcoin goes that high there will be many other alt coins moving up on speculation or out of sheer need or diversity.

And this is why it's good to accumulate as many different promising coins as one can before the ETF is launched which will be very soon (~ 2 months).

I think I'm done accumulating ixCoin and will now try to find a few more decent coins to try and raise my odds of finding the next 1,000-fold hypercoin.

[Vlad2Vlad]

What I am wondering about is this: when will people find not economically convenient to mine bitcoin? In a few years? Or less? What happens if the difficulty increases but not the price? Is it going to kill bitcoin?

Nothing will kill bitcoin at this point.  It's the wolverine of Coins, it's Frankenstein juiced up and ready for an ETF fight.  Lol

But it can fall out of favor just like any old time greats (ie. Yahoo) although that's not likely at this point.  I think bitcoin will be the coke of alt coins for quite a while although I think quite a few coins will replace Litecoin as the silver standard, the Pepsi.

Ie been accumulating some more coins lately and some coins which I can see have the potential to pass LTC, given we get a catalyst such as a Bitcoin ETF, are:  DigitalCoin (the guy should to with DigiCoin, its more sheik), of course ixCoin which I think will eat LTC's lunch, Quark, Zeta and a couple other small name coins with great support and a pretty large user base.

If bitcoin difficulty keeps rising it will obviously attract less miners or more ASICS until it reaches some equilibrium but I suspect we'll easily reach 1 billion difficulty by late next year before we see any sign of slowing demand/mining.

Either way, as awareness increase, to or from Bitcoin, many other alt coins will rise and some will sky rocket and become new favorites.

[markm]

Vlad, you do know I0coin now has the most up to date code among the secondary merged chains, right?

It is already too late to merged-mine it at low difficulty anymore, but maybe not too late to pick up cheap over the counter before some exchange picks it up.

Many times when Ixcoin is mentioned people bring up pre-mining. I0coin exists to counter that narrative.

Hopefully they will both do very, very well.

Ixcoin code needs to be updated based on I0coin, of course; but that applies to all the secondary chains, even including namecoin.

-MarkM-

[Vlad2Vlad]

Vlad, you do know I0coin now has the most up to date code among the secondary merged chains, right?

It is already too late to merged-mine it at low difficulty anymore, but maybe not too late to pick up cheap over the counter before some exchange picks it up.

Many times when Ixcoin is mentioned people bring up pre-mining. I0coin exists to counter that narrative.

Hopefully they will both do very, very well.

Ixcoin code needs to be updated based on I0coin, of course; but that applies to all the secondary chains, even including namecoin.

-MarkM-

I bought I read that i0Coin died like 3 times and it's never really recovered yet it has the most up to date code?  That's odd.  And how does one buy i0Coin over the counter if it's not listed and how much is it selling for? 

Thanks!

[Vlad2Vlad]

Who cares about the premined coins: the value is equivalent to 30-40 btc.
Even if he kept them all for himself  (that is not the case because they have been used even for the development of the coin), it is not such a great tip for the inventor of the coin.
Surely the creator of bitcoin has accumulated much more taking advantage of his position: some websites talks about 1 million btc as possible quantity accumulated by the creator of btc.

I hear ya.

So I was On Cryptsy chat last night and I was explaining why I thought Bitcoin will get the ETF and how ixCoin could be a big coin and I tell this guy on there to buy just 5,000 ixCoins just to cover his bases and he pulls the trigger on 20,000 at the full ask of 2 BTC and then he tells me he's gonna buy 300,000 - 500,000 ixCoin.

That really suprised me cause few people actually wanna buy ixCoin and man, come on, I wanted to be the top dog in case I was right.  This guy is gonna beat me out of my glory.  Lol

[markm]

So far for value estimates of assets, including blockchain based currencies, I have been resorting to

http://galaxies.mygamesonline.org/digitalisassets.html

However it has been a long time now since the days when automated order/offer placing scripts were being run against the Digitalis Open Transactions Server daily to post orders/offers based on the figures more-recently being posted as http://galaxies.mygamesonline.org/latestrates.inc so basically the markets are no longer being kept full of offers/bids automatically.

Back then such offers/bids expired after 24 hours, that is why they were being run daily. Also, doing so helped discover that Open Transactions had been allowing one to to be matched against oneself; that glitch is now fixed. (Instead one cancels the offer of one's own that one is being matched against.)

I think the problem with the automated market-making scripts was the tendency of so many assets to just go up and up in value; players were concerned that it was too simple to just buy something from a market-maker script's offer one day and sell it back to the same script the next day, or a few days later anyway, at a higher price than that very script had sold it for.

I guess if there turns out to be demand for such automated market-making again the scripts should be changed to only market-make one side of each pair, that is, either sell the stuff or buy it but don't do both. But is that really "market making"? how do people then easily sell what a script sold to them if the script is not placing offers to buy it back for less than it sold it for?

So I guess right now one would have to try just meeting people and making them offers person to person, such as can be done on IRC and forum threads and so on.

By the way, notice that http://galaxies.mygamesonline.org/latestrates.inc includes a few assets that are not yet part of the tables and plots linked from

http://galaxies.mygamesonline.org/digitalisassets.html

I am not sure yet whether those additional assets are worth the work of adding to the tables-and-lots-building systems yet so am so far merely watching them.

The tables and plots started off as just a quick sketch to let me get an eyeball overview to try to figure out what was going up or down compared to what.

Mostly the goal has been to load-test and debug and develop the Open Transactions system; to that end the Digitalis Open Transactions Server is an abstraction of any/all stock exchanges, and even intergalactic/intragalactic banks, located within the Galactic Milieu, and more specifically, to the extent it models any specific such in-game entity, it is taken to represent the bank and stock exchange located in the city of MI-5ius on the planet known as M5.

Of course once all the bugs are out and so on, it is hoped all banks and stock exchanges on all planets of the Milieu will be represented by Open Transactions servers instead of trying to represent multiple such entities within any one such server.

In other words: it is a game. Don't take it too seriously unless your preferred style of gaming is to take your games seriously (in which case please bear in mind the relevant jurisdiction is the city of MI-5ius on the planet known as M5, NOT the planet known as Earth).

So yeah, over the counter could mean going to a planet far far away, possibly even in a galaxy far far away.

Of course if you happen to have characters on such planets, maybe such characters could meet up with other people's characters who happen to be on such planets, and do some character to character trading?!

-MarkM-

[Vlad2Vlad]

@MarkM,

Lol' man, that is a massive amount of information.  I don't understand 70% of it but it kind of get it.  I don't play any online games but I see what you're saying regarding finding the prices or values of certain currencies and then finding them for sale.

But what's your take on i0Coin?  Why did that coin die 3 times when essentially it's a better coin than ixCoin and ixCoin has never died when it was abandoned and it should have died.  I find that a bit odd but since I don't fully understand Cryptos I can't grasp the rationale.  To me it says ixCoin is resilient but maybe it's just sheer luck - either way it's a good quality and something I look for in a coin I plan to hold for a while.

Thanks for all the info, MarkM and good luck!

[markm]

Merged mined coins use more RAM. The more blocks they churn out, the faster this makes their RAM needs grow compared to chains that have slower time between blocks.

The fastes block time merged mined coins thus grew to huge RAM needs faster than the chains that have more time between blocks and thus less total blocks to deal with at a given time in history.

The fastest chain was GeistGeld, so it hardly even got adopted in the first place as it was so fast that its huge RAM needs very rapidly become obvious.

Next-fastest apparently is I0Coin, so although e.g. bitparking merged mining pool did initially adopt it, eventually the amount of RAM it needed was large enough doublec apparently no longer thought it worth merging. Also, only recently did it come out that the excessive RAM used is legitimate, not some kind of "memory leak" bug. So for a long long time the urban myth about GeistGeld and I0Coin has been that they have memory leaks. A while back someone really tried hard to find and fix memory leaks in I0Coin but still it kept needing lots of RAM. Much more recently someone figured out it is simply that merged mining leads to needing more RAM, thus went ahead and added code to deal with that. Even more recently, they made the offending data, that merged mined coins keep in RAM, instead get stored to disk. So that now I0Coin is probably one of the best merged mined coins of all in terms of how little RAM it needs since all the others still keep all that "proof of merged mining" data in RAM.

So ultimately all the merged mined coins will reach some level of RAM use that people find excessive, the ones with faster blocks doing so sooner than the ones with slower blocks, so that each in turn reaches large enough RAM use that nodes will either drop them for using too much RAM or upgrade them like I0Coin to store on disk instead of in RAM that data the merged coins use to prove they were indeed merge-mined.

Evidently so far people don't seem to mind how much RAM namecoin, devcoin, ixcoin etc each use, so far only I0Coin and GeistGeld got big enough for people to drop them. But they are all growing in RAM-need faster than non-merged coins so it is just a matter of time unless maybe amount of RAM in off the shelf PCs starts growing fast enough to keep up.

(I could not even run GeistGeld on an 8 gigs of RAM machine, for example, to do so I need to get it upgraded like I0Coin was upgraded. Meanwhile I run it on a 16 gigs of RAM or more machine. I0Coin would run on 8 gigs though, as it only needed 4 or 5 gigs or so before it was upgraded. It uses about half a gig now I think.)

-MarkM-

[Vlad2Vlad]

Wow, thanks for the tech info. I didn't know any of that.  So then, is i0Coin alive now?  Is there a dev in charge?  How many total coins will there be?  I don't really know anything about i0Coin to be honest.  If there's a main thread and if it's live then I'd see if I can find more info.   Thanks again.