[ANN] [MΣC] Megacoin.co.nz - Forum, Github, Website Now in 18 Languages

[vtr99]

Hi All

Looking for Beta Testers for the new pool.

http://www.miningpool.co

All comments, questions and suggestions welcome.

Ok - to get the ball rolling am offering 1000 MEC to the first 10 unique users who find a block on the pool.

Promo has finished - Thank you to all who participated!

Winners of the 1000 MEC bonuses:

v12amg
darianc
OmarG
Nordstern
bananenplukker
catpn62
vr4mines
claymega
Alien
furyoftheflames

Glad you went out of your way to get us to try your pool. Really great work! Maybe I could also suggest some longer span options on the graphs?

[ethought]

Glad you went out of your way to get us to try your pool. Really great work! Maybe I could also suggest some longer span options on the graphs?

Sure, what time frames would you like to see?

[ethought]

It would be nice if one could set the max share diff per miner for the vardiff.

Thanks for the suggestion.

At the moment setting a user defined max vardiff difficulty is a bit tricky with the current setup with multiple remote stratum servers.

However, I will have a think about how it could be implemented down the track.

[vtr99]

Glad you went out of your way to get us to try your pool. Really great work! Maybe I could also suggest some longer span options on the graphs?

Sure, what time frames would you like to see?

Say a week, and a month (or since the beginning of the pool).

[Mike18feb]

Looks like we've run out of blocks to mine. Or is it just me?

[ethought]

Looks like we've run out of blocks to mine. Or is it just me?

Why do you say that?

Looks okay to me...

[Mike18feb]

Cause in two other pools there's no new blocks since a long while. Your pool may have found some, but considering the hashing power active there, it's not much. Compare the last 50 blocks, 15th versus the 16th.

[vtr99]

Looks like we've run out of blocks to mine. Or is it just me?

Nope, just the usual. Difficulty is up a little bit thanks to the multi-poolers who have already moved on. We have over 40 blocks waiting to be confirmed, and they are still coming in nicely. Difficulty will start coming down now, and once again we will get paid big when the shortsighted multi-poolers come back for a few easy blocks.

[ethought]

Cause in two other pools there's no new blocks since a long while. Your pool may have found some, but considering the hashing power active there, it's not much. Compare the last 50 blocks, 15th versus the 16th.

I am not sure how the client calculates network hashrate. But I can only see roughly 30 MH/s on all MEC pools. Yet the network hashrate, right now, reads as roughly 80 MH/s. Assuming there is not 50 MH/s of solo miners. I am wondering if after the multipool hits, with their say 1200 MH/s, that the client takes along time to average down to the correct hashrate - if that makes any sense.

So in effect there is for 23.5 hours only about 30 MH/s. Then multipool comes in for half an hour and pushes the hashrate up to 1000+ MH/s. This pushes the diff up and it doesn't recover for many hours.

Long story short multipool is causing the difficulty to be much too high for the small number of normal miners so blocks are taking too long to find.

You can see what I mean in the following image of the last 48 hours (network hashrate vs difficulty)



Kimoto - any word on when this might be fixed. Because unless there is a fix in place or the multipools stop hitting MEC or there are suddenly many more regular miners I don't see a way out.

[vtr99]

Cause in two other pools there's no new blocks since a long while. Your pool may have found some, but considering the hashing power active there, it's not much. Compare the last 50 blocks, 15th versus the 16th.

Currently we are cranking out 17 Mh/s. Not huge by any measure, but to me 40+ blocks since last night looks real healthy. You may recall Kimoto suggested there may be some advantage in smaller pools. Too small, and you don't have enough hashing power to find the blocks, too big, and the shares are too finely divided (think multi-pool). Right now I would suggest that ethought's pool is about the perfect size for the current difficulty.

[Mike18feb]

ethought's pool isn't the one for me. Don't know what it is, but I don't seem to get half the amount of MΣC there that I get in other pools. Tried it on two days, see if I could get the 1000 reward, but I just ended up with less. I'm fine with the other pools so I'll stick to those.

But this is once again one of those multipool issues then? Nice..

Guess Kimoto has something to think about then: let the situation be where multipools and the like throw in a lot of hashes, but only for a short while until another coin becomes more profitable, and have the difficulty solved by more dedicated followers. But that situation only works as long as those followers don't give up. Without new blocks found, that's rather a weak link in the chain.

[Lauda]

Cause in two other pools there's no new blocks since a long while. Your pool may have found some, but considering the hashing power active there, it's not much. Compare the last 50 blocks, 15th versus the 16th.

I am not sure how the client calculates network hashrate. But I can only see roughly 30 MH/s on all MEC pools. Yet the network hashrate, right now, reads as roughly 80 MH/s. Assuming there is not 50 MH/s of solo miners. I am wondering if after the multipool hits, with their say 1200 MH/s, that the client takes along time to average down to the correct hashrate - if that makes any sense.

So in effect there is for 23.5 hours only about 30 MH/s. Then multipool comes in for half an hour and pushes the hashrate up to 1000+ MH/s. This pushes the diff up and it doesn't recover for many hours.

Long story short multipool is causing the difficulty to be much too high for the small number of normal miners so blocks are taking too long to find.

You can see what I mean in the following image of the last 48 hours (network hashrate vs difficulty)


Kimoto - any word on when this might be fixed. Because unless there is a fix in place or the multipools stop hitting MEC or there are suddenly many more regular miners I don't see a way out.

This is very bad.. and once we recover it will happen again and the result will be much worse, and so on..
Kimoto we need your wisdom to invent a fix 

[vtr99]

Cause in two other pools there's no new blocks since a long while. Your pool may have found some, but considering the hashing power active there, it's not much. Compare the last 50 blocks, 15th versus the 16th.

I am not sure how the client calculates network hashrate. But I can only see roughly 30 MH/s on all MEC pools. Yet the network hashrate, right now, reads as roughly 80 MH/s. Assuming there is not 50 MH/s of solo miners. I am wondering if after the multipool hits, with their say 1200 MH/s, that the client takes along time to average down to the correct hashrate - if that makes any sense.

So in effect there is for 23.5 hours only about 30 MH/s. Then multipool comes in for half an hour and pushes the hashrate up to 1000+ MH/s. This pushes the diff up and it doesn't recover for many hours.

Long story short multipool is causing the difficulty to be much too high for the small number of normal miners so blocks are taking too long to find.

You can see what I mean in the following image of the last 48 hours (network hashrate vs difficulty)


Kimoto - any word on when this might be fixed. Because unless there is a fix in place or the multipools stop hitting MEC or there are suddenly many more regular miners I don't see a way out.

This is very bad.. and once we recover it will happen again and the result will be much worse, and so on..
Kimoto we need your wisdom to invent a fix 

I think there is too much paranoia here, and problem isn't nearly as bad as some think it is. If you are mining steadily, the difficulty average is better for you than it is the multi-pool. The difference between a difficulty of 4 and 6 isn't that big of a deal, and I'm not sure shortening the cycle of difficulty swings would actually help anything. I'm more concerned about where it will be at block 63,000. Currently I'm getting about the same number of coins, or more as I was before the multi-pool started affecting us. We are just getting all of our shares paid in a very short amount of time after the difficulty drops and they run up the hash rate confirming our blocks for us! Ethought's pool is currently sitting on well over 50 unconfirmed Megacoin blocks with only 10 members mining. Even the 4 smallest contributors should see a very nice payout for the past day.

[bholzer]

No paranoia here: if the difficulty formula isn't adjusted before block 63000 hits it's going to get real ugly. Multipools will be the least of our worries.

However, you can downplay it all day long but the spikes and dips created by the multipools combined with the current difficulty algorithm might not be a big deal if you're just mining to hold long-term...but when the network slows to a crawl it negatively impacts the usability of the coin. I had to select a different currency for my new project/service because the Megacoin network is simply too unpredictable. Unless a currency is deeply established with consistent, high hashrates despite the difficulty (a la LTC) it needs a more dynamic difficulty adjustment. The multiple early reward reductions only magnify this issue.

This isn't paranoia -- these are simply facts. I'm not saying MegaCoin will die...but it will never become a top-tier currency if the formula isn't adjusted soon. The problem has been identified and it has been proven what can happen - I'm not mining through it and losing thousands of dollars again if this isn't fixed when we pass 63k. I made up 50% of the average hash power for days -- it was pathetic. People simply don't like to lose money -- imagine that!

[shellbunner]

No paranoia here: if the difficulty formula isn't adjusted before block 63000 hits it's going to get real ugly. Multipools will be the least of our worries.

However, you can downplay it all day long but the spikes and dips created by the multipools combined with the current difficulty algorithm might not be a big deal if you're just mining to hold long-term...but when the network slows to a crawl it negatively impacts the usability of the coin. I had to select a different currency for my new project/service because the Megacoin network is simply too unpredictable. Unless a currency is deeply established with consistent, high hashrates despite the difficulty (a la LTC) it needs a more dynamic difficulty adjustment. The multiple early reward reductions only magnify this issue.

This isn't paranoia -- these are simply facts. I'm not saying MegaCoin will die...but it will never become a top-tier currency if the formula isn't adjusted soon. The problem has been identified and it has been proven what can happen - I'm not mining through it and losing thousands of dollars again if this isn't fixed when we pass 63k. I made up 50% of the average hash power for days -- it was pathetic. People simply don't like to lose money -- imagine that!

+1


Any updates Kimoto?

[kimoto]

I like it though I mean the details are vague and the logo looks like it was done by a 14 year old but all in all I think we have a winner here

support shown, lets do this  

Ill show some support why not. Some work was put into this

i support

support  

i support

Sure, why not???  I'm on board as well  

Good luck dev!

the first four drops of the faucet came trickling down a few seconds ago! woot!

we need more people showing megacoin attention!

yes megacoin coming to cryptsy soon

Can someone make a Megacoin block explorer? will pay

Megacoin: https://www.dropbox.com/s/ksraxzd3k8t10pg/Megacoin-Qt-0.8.993-Mac.zip

Inviting the coin DEV to come on over to cryptsy.com and talk about your altcoin to the miners and traders eating it up. In fact anyone who wants to talk Megacoin great chat happening right now.

I bought a Taco with 1k MEC. Whoohooo!

Our new Megacoin stratum pool with proportional payout per block after 120 confirmations
and 5% reward to block finder:

http://mega.minepool.net

and on www.WhereToMine.com too!

As mentioned before, it uses the most recent Bitcoin code using scrypt. Something that the litecoin "team" has been unable to do.

The skills of this Dev are certainly par above many of the other coin dev's and we should expect to see some great things.

p2poolmining.org

New pool up!
http://mec.scryptmining.com
Come try us out!

New Pool Available
Pacific Northwest Mining Co
<strike>http://mec.pnwminer.com</strike>

Prices updated every 60 seconds

Possibly the best looking coin now, congrats.

Good job in your update and new logo of the coins.

Nicely done!

thanks man, hope you are doing the same. ps: your source code is hard to master. i feel like i'm lost in translation.

Been mining Megacoin 24/7. I'm hoping good things happen for it!
Thx for the update.

Well thats awesome news!

Good things come to those who wait..

The Dev's involvement in this coin is a Big Plus for the coin's long term prospects!!!

Really nice website. Well done.

I must say I think the website is the best of any alt coin I have seen.

I am beginning to really like this coin.

Given the way MegaCoin has been taking off on Cryptsy lately, thought it might be good to start a thread about what services people would like to see developed for this highly undervalued coin?

Thanks Kimoto - Hope you feel better soon!

I will offer 2500 MEC to promote Megacoin (MEC) on your website.

While we are all waiting for the much anticipated update from Dr. Kimoto why not come and have a game of Mega Dice!
http://megadice.co.nz/

watch megacoin go from .000016

to .0001429 in a matter of 30 minutes.

post here if you was there when it happened

it was epic!  

-Thank you for your logo

-Thanks for the hard work on CryptoCoinTalk.com

CANDIDATES:
-MEC Megacoin- based on 8.2 code. 0 starting diff.

Damnnn, nice website!

looking good Dr. Kimoto

Happy to - what logo should I use (notice there are like five in this thread alone) ?

I really like the look

Big news!

http://www.reddit.com/r/megacoin/

It's just begining  

very nice  

just set up the megacoin pool at https://mec.epools.org

Big fan of what is going on over here.

Waiting for new client

There is approval from Orco.  Can changes can we expect in the client?  Are the updates aesthetic or utility based?

Very nice looking website anyway...  

I really hope this is worth the wait. Something tells me it will be.

Dr. Kimoto Chan, we await thy blessings!

Fantastic website, really nicely themed coin, great work!

The Small Time Miner Megacoin Pool
* http://meg.smalltimeminer.com

Looks like Megacoin taking off again, I also got my mmcfe front end solid so I reopened this Pool.
http://mec.usr.io

On behalf of Megacoin, I will be giving away 5,000 Megacoins.

10 MEC to People who Post their Megacoin Address.

20 MEC to People who Post their Megacoin Address using a Megacoin Logo as their Profile Picture.

I promote it in my FB group UbiCrypt! Just bought some thousands of them too!

good work on the client, thx doc

New PPLNS pool ..
http://coinminer.net:8000/mec/

I like the focus on China and the suggestion of future anonymity features.

Hi can you please add multipool.in to your list of pools?  0% PPLNS.  Thanks.

They are still cheap.

have you checked the coins dropping sound at incoming transactions?

Nice, Very nice

Yeah, somethings off since the block reward halve.

This is a graph of multipool.in hashrate with megacoins difficulty in green.

This graph doesn't show the total megacoin network speed, but it fell from 1040M to 200M once multipool left, then down to 40M over the next day.

You can see it was fairly responsive to the drops in network hashing speed before block 42000.

built a quick spreadsheet showing average block duration and difficulty adjustments as percentages for the past 2 days using http://blockexplorer.co/ data.
HTH

Step back guys... just relax and wait until everything is fixed... hopefully soon.

I don't feel comfortable taking MEC from you. I have plenty, and I'm just doing my part as you are, to help MEC get through this rough patch.
Thanks for the offer and for helping get this resolved.

MEC is now listed at https://coinex.pw exchange

Hello, Been lurking for awhile.  I jumped in last night on the MEC pool over at multipool.  I only have 1.1Mhash right now but every bit helps right!

Actually the only reason I signed up for this forum is because I noticed some of my fellow miners were here talking about how to recover from this. Nice to see there are other people who care more about the long term success of MEGA coin, than they do about short term profits.

As the good doctor recommended a smaller pool - join mine and add some hash - Been soloing this since Alien jumped off  
gr33k.gotdns.org

http://coinworld.us:7777/static/

I agree, but I would bet real money he is working hard behind the scenes to make Megacoin a success. We already have the best web site, and by far the best wallet. My mind has been working overtime to imagine what Kimoto will come up with next... I can only say I haven't been this excited about anything in a long time.

Long Live MegaCoin

I always like to see the Megacoin thread at the top of the page, so what better way to have that happen than to leave a compliment
Kimoto, you are always in a cheerful mood when you post, and the work you have done so far is amazing!  The Megacoin community has a great developer behind it
Keep up the great work!
-TCP

I solo mined for 51 hours after the reward reduction at an average of 33,600 KH/s.

You've done an awesome job with Megacoin -- there is a reason I'm as passionate about this situation as I am. I trust that you will get this all figured out and make the decision you feel is best; I will support you regardless.

If you actually look, there isn't even that much cheap MEC out there. People are trickling some out...but it wouldn't take much at all to buy it up all the way to the 0.00009 line (if one were so inclined.) The price is definitely deceiving -- we'll be over 0.0001 in no time.
I'm sure it's all part of somebody's plan...

We're ~15,000 blocks away from another reward reduction -- it's going to be important to have the new difficulty adjustment in place before this hits.

Have always liked Megacoin and whats going on with it  

I think megacoin is here to stay, because of the great website and supporting dev! It is a succesfull coin, at least for me

Mec is a holder  

I'm currently mining on miningpool.co.  I like the site!  I'm doing my best to find a block.

I have added Megacoin to P2Pool.org!
Check it out here: http://204.10.105.89:16775/static/
Happy mining!

Hope things are well with you Dr.K !

You are likely correct that it scared a few people off, but that may be a good thing for those of us who can see beyond the short term. In the long run it will be about Megacoin's development and features vs. other coins. When compared to them, I believe we have many reasons to feel confident.

Kimoto was wishing us humble readers a Goodmorning  

Fasten your seat belts ladies and gents, ethoughts, greeks, bholzers, laudas, impeccable aliens, and all supporters all around! the fork in the road is imminent. Thank you for your patience and wondrous support. Failsafe is the major focus. Multipool can go both ways and this telescope is exploring different stars. ohiwastedmylif is back from vacation and should now be coordinating team megacoin. Opportunities come in all shapes and sizes.

Sincerely Yours,
-Dr. Kimoto Chan

[ethought]

Fasten your seat belts ladies and gents, ethoughts, greeks, bholzers, laudas, impeccable aliens, and all supporters all around! the fork in the road is imminent. Thank you for your patience and wondrous support. Failsafe is the major focus. Multipool can go both ways and this telescope is exploring different stars. ohiwastedmylif is back from vacation and should now be coordinating team megacoin. Opportunities come in all shapes and sizes.

Sincerely Yours,
-Dr. Kimoto Chan

Thats what we wanted to hear 

As always Kimoto thank you for your hard work.

[vtr99]

No paranoia here: if the difficulty formula isn't adjusted before block 63000 hits it's going to get real ugly. Multipools will be the least of our worries.

However, you can downplay it all day long but the spikes and dips created by the multipools combined with the current difficulty algorithm might not be a big deal if you're just mining to hold long-term...but when the network slows to a crawl it negatively impacts the usability of the coin. I had to select a different currency for my new project/service because the Megacoin network is simply too unpredictable. Unless a currency is deeply established with consistent, high hashrates despite the difficulty (a la LTC) it needs a more dynamic difficulty adjustment. The multiple early reward reductions only magnify this issue.

This isn't paranoia -- these are simply facts. I'm not saying MegaCoin will die...but it will never become a top-tier currency if the formula isn't adjusted soon. The problem has been identified and it has been proven what can happen - I'm not mining through it and losing thousands of dollars again if this isn't fixed when we pass 63k. I made up 50% of the average hash power for days -- it was pathetic. People simply don't like to lose money -- imagine that!

These issues are insignificant next to the power of the Force... But then again, what fun would it be if we didn't have a bit of a roller coaster ride on the way to our destination? The giant peaks and valleys of new coins is what makes them exciting, and I would say some of the highest risk investments ever seen.  Anyone overly concerned with the safe investment of their time and resources should probably be mining Bitcoin, or Litecoin. That said, I have absolute faith we will sail smoothly past block 63k... But regardless of what happens, I never had so much fun.

Thanks Kimoto! What a blast!

[bholzer]

No paranoia here: if the difficulty formula isn't adjusted before block 63000 hits it's going to get real ugly. Multipools will be the least of our worries.

However, you can downplay it all day long but the spikes and dips created by the multipools combined with the current difficulty algorithm might not be a big deal if you're just mining to hold long-term...but when the network slows to a crawl it negatively impacts the usability of the coin. I had to select a different currency for my new project/service because the Megacoin network is simply too unpredictable. Unless a currency is deeply established with consistent, high hashrates despite the difficulty (a la LTC) it needs a more dynamic difficulty adjustment. The multiple early reward reductions only magnify this issue.

This isn't paranoia -- these are simply facts. I'm not saying MegaCoin will die...but it will never become a top-tier currency if the formula isn't adjusted soon. The problem has been identified and it has been proven what can happen - I'm not mining through it and losing thousands of dollars again if this isn't fixed when we pass 63k. I made up 50% of the average hash power for days -- it was pathetic. People simply don't like to lose money -- imagine that!

These issues are insignificant next to the power of the Force... But then again, what fun would it be if we didn't have a bit of a roller coaster ride on the way to our destination? The giant peaks and valleys of new coins is what makes them exciting, and I would say some of the highest risk investments ever seen.  Anyone overly concerned with the safe investment of their time and resources should probably be mining Bitcoin, or Litecoin. That said, I have absolute faith we will sail smoothly past block 63k... But regardless of what happens, I never had so much fun.

Thanks Kimoto! What a blast!

Well he's obviously going to get the formula adjusted...but after the last reward halving I was apparently the only one "enjoying" the ride...since I had almost no backup. I'm not saying multipools are impossible to overcome -- I agree that the difficulty fluctuation is pretty insignificant as far as that goes. However, it does affect the usability of the coin when the network is crawling with only 25 MH at a 6+ difficulty. A more elastic difficulty would help to curb this issue (which is why it is being addressed.)

Appreciate all of the hard work Kimoto -- looking forward to everything ahead.

[Lauda]

Wow Kimoto that post took a while.. to quote all of that
Looking forward to it. Hopefully ohiwastedmylif doesn't miss any of the pm's sent his way (mine aswell  ).