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

[Tequilablob]

no price update = no multipool!  I say shhhh until after the reward reduction.  Mining is very good right now.

[1715212648]

1715212648

[okie_freemen]

Lets get mec back on cryptsy, this sucks big time

[bholzer]

Lets get mec back on cryptsy, this sucks big time

It sucks big time? Now isn't a great time to sell - the price will steadily move up if you wait. Or, if all you want to do is look at it, just be patient, man -- I promise Cryptsy didn't steal your MEC and skip town. It will be back soon and attacked hard by the multi-miners right away.

[Nordstern]

Diff down to 0.63 here. isn't that a little low?

[flound1129]

Just uploaded these, upped the version. Good to start mining again with 996. Let me know if they download and install fine.

http://sourceforge.net/projects/megacoin/files/megacoin-0.8.996-win32-setup.exe/download
http://sourceforge.net/projects/megacoin/files/megacoin-0.8.996-source.zip/download
Better if you (re)move peers.dat before first run.

Any way you could put the source in github?

[Bigal]

Diff down to 0.63 here. ist that a little low?

My thoughts as well, been watching it fall, reported network hashrate is quite low.

[A L I E N]

Diff down to 0.63 here. ist that a little low?

My thoughts as well, been watching it fall, reported network hashrate is quite low.

The lag in the client reported network hash rate, which I have commented on many times in the past, I agree is the culprit.  The new diff adjustment must be based on the reported hash rate which could be an issue.

Code:

Pool Hashrate 	33.647 MH/s
Network Hashrate 	4.71 MH/s

[Nordstern]

Pool Hashrate 33 Mh/s vs. Network Hashrate 4,71 mh/s. Diff now 0.52.

...strange, if this is just a lag, its maybe its maybe ok and we just have to wait.

[okie_freemen]

Lets get mec back on cryptsy, this sucks big time

It sucks big time? Now isn't a great time to sell - the price will steadily move up if you wait. Or, if all you want to do is look at it, just be patient, man -- I promise Cryptsy didn't steal your MEC and skip town. It will be back soon and attacked hard by the multi-miners right away.

It's not because I want to sell, i just need a market price for calculations and I only have half the amount of MEC that I want.  We need block explorer fixed to BTW

[okie_freemen]

Proposal to MEC community... never again do we let MEC price fall below 1 penny/MEC (its currently at .009 usd).  Today we pass DGC in current market cap!

But let me demonstrate how undervalued MEC is:

MEC future forward marketcap = 42M X .009 = $378,000
DGC future forwward market cap = 200M X .019 = $3,800,000

Do you understand what this means?

OKIEs prediction DGC adds a decimal place and MEC loses a decimal place in the very near future!

http://coinmarketcap.com/

[ethought]

Pool Hashrate 33 Mh/s vs. Network Hashrate 4,71 mh/s. Diff now 0.52.

...strange, if this is just a lag, its maybe its maybe ok and we just have to wait.

Yes, a little bit concerning.. Want to see that network hashrate and difficulty stabilise pretty soon.

But in the meantime the blocks are coming in thick and fast 

Could be after effect / lag from when mining was temporarily stopped - there was something like 6 blocks mined in 6 hours before the new client was released..

[vtr99]

Pool Hashrate 33 Mh/s vs. Network Hashrate 4,71 mh/s. Diff now 0.52.

...strange, if this is just a lag, its maybe its maybe ok and we just have to wait.

Yes, a little bit concerning.. Want to see that network hashrate and difficulty stabilise pretty soon.

But in the meantime the blocks are coming in thick and fast  

Could be after effect / lag from when mining was temporarily stopped - there was something like 6 blocks mined in 6 hours before the new client was released..

I have a possible theory. Not sure what time the fix went in, but I was mining all night. I noticed my wallet had a ton of unconfirmed payments. As soon as I installed the new client they caught up. Maybe this has something to do with the reported lag? Could be quite a few miners that haven't updated yet. In fact, I know half the people in your pool, and none of them have the new client yet.

[vtr99]

I will just repost some of my findings from the multipool thread from yesterday.

As I understand it, the algorithm works like this:
Next Diff = (Average Diff over the last N blocks) * (150 seconds) * N / (Actual Seconds for last N blocks)
where N is a number between 144 and 4032.
The "clever" part is that N gets smaller when the diff changes quickly and N gets larger when the diff is stable.  The idea would be that when there is a quick change in hash rate, it reacts quickly.  When the hash rate is stable, it reacts slowly.

The problem is the first part of the algorithm has momentum.  This is one of the things that caused so much trouble with the transition at block 42,000.  Even after the MP switched off around block 42130, the difficulty kept climbing for about 70 more blocks (which took 2 days).

For example, if N is 144 and the coin-hoppers mine a fast 50 coins and switch off the coin, those coins will still be counted in the average used for the next difficulty while the faithful have to grind on 94 coins themselves.

The change in direction will also increase N, causing the permitted change to be smaller, and allowing those 50 fast-mined coins to linger even longer, forcing the faithful miners to spend even more time trying to create even more blocks necessary to bring difficulty back down.

The idea was clever, but not practically applied.  If instead of using block counts for PastBlockMin and PastBlockMax, he had used Time (i.e. PastSecondsMin and PastSecondsMax), then used blocks/hour instead of hours (seconds) per block for the calculation. That way if the coin slows down to 2-4 blocks per hour, it doesn't take days of grinding to get the 50-100 blocks needed to push the fast blocks out of the window of consideration.

Hopefully, I am wrong and it stays profitable to mine for the faithful and keeps producing blocks.  Unfortunately, I think that every time it gets marginally profitable to mine, MP, MC and CC will slap it down and create problem like it had with block 42,000 where transactions don't confirm and 2 guys are stuck mining it for days waiting for it to recover, only to get slapped down and have to repeat the cycle.

To give some real numbers, last night, when middlecoin, multipool, and coinchoose were off mec, it took 16 hours to generate 60 blocks, about half of what would be required to push fast block out of the minimum 144  block consideration window.  That was with a descent profitability.  If profitability drops to a very undesirable level, like around block 42159-42219, mining 60 blocks took 3.5 days.

Your math is off if that's the conclusion you are coming to. Obviously we'll see how it plays out in production...but to me it seems like a smart formula that will adapt well while also keeping things more consistent and under control. There might be some slow blocks still in there...but as soon as they're found the difficulty will start to plunge rapidly.

I am curious what math you have done and what conclusions you have come to based on it.  What are you expecting in terms of how quickly will diff adjust once the heavy hash rates hit the coin, how far will it change in that time, how long will it take dedicated hashers to mine blocks by themselves, and how much will it cost miners to mine MEC full time vs. the established coins like LTC or FTC?  Or are you just assuming everything will work fine without thinking about it, like so many others around here and rejecting what I am saying because of normalcy bias?

Anyway, the die is cast, and we will all start finding out tomorrow.  Hopefully, Friday the 13th is not unlucky for MEC.

Not trying to rub any salt here, but I predicted this long ago.  Here is that train wreck I was talking about...  http://forum.feathercoin.com/index.php?topic=3673.0

[ethought]

Pool Hashrate 33 Mh/s vs. Network Hashrate 4,71 mh/s. Diff now 0.52.

...strange, if this is just a lag, its maybe its maybe ok and we just have to wait.

Yes, a little bit concerning.. Want to see that network hashrate and difficulty stabilise pretty soon.

But in the meantime the blocks are coming in thick and fast  

Could be after effect / lag from when mining was temporarily stopped - there was something like 6 blocks mined in 6 hours before the new client was released..

I have a possible theory. Not sure what time the fix went in, but I was mining all night. I noticed my wallet had a ton of unconfirmed payments. As soon as I installed the new client they caught up. Maybe this has something to do with the reported lag? Could be quite a few miners that haven't updated yet. In fact, I know half the people in your pool, and none of them have the new client yet.

Looks like it has stabilised - network hashrate and difficulty have risen...

[vtr99]

Pool Hashrate 33 Mh/s vs. Network Hashrate 4,71 mh/s. Diff now 0.52.

...strange, if this is just a lag, its maybe its maybe ok and we just have to wait.

Yes, a little bit concerning.. Want to see that network hashrate and difficulty stabilise pretty soon.

But in the meantime the blocks are coming in thick and fast  

Could be after effect / lag from when mining was temporarily stopped - there was something like 6 blocks mined in 6 hours before the new client was released..

I have a possible theory. Not sure what time the fix went in, but I was mining all night. I noticed my wallet had a ton of unconfirmed payments. As soon as I installed the new client they caught up. Maybe this has something to do with the reported lag? Could be quite a few miners that haven't updated yet. In fact, I know half the people in your pool, and none of them have the new client yet.

Looks like it has stabilised - network hashrate and difficulty have risen...

Yep, starting to look good. Should be quite a day for Megacoin. Only about 50 blocks to go before we hit the reduction.

Info on coinchoose and coinwarz is still old. I suspect as soon as it updates we are going to get our smoke test from the multipool.

[Tequilablob]

Mining has been amazing so far today.  I solo mined 6 blocks in 1.5 hours this morning with my 1800 K/hash.

[blarg]

Dr. Kimoto Kun! I've noticed megacoin.co.nz hasn't updated the clients in its downloads section

[blarg]

15 more blocks

[darkproton]

11 blocks to go!

[mojosplurr]

Threw my rigs onto MEC to help find the last few blocks