|
bholzer
|
 |
August 04, 2013, 09:32:28 PM |
|
has it halved?  Yes it has. why hasn't the price increased? Everybody knew when the reward would halve...so they were all mining and buying it like crazy before it happened (inflating the price.) It's the same routine every time a currency halves - price typically peaks right before it happens and then actually drops. Network speed (and therefore, difficulty) drops 50%+ as well so it remains just as profitable to mine as it was shortly before the reward reduction. This goes against conventional wisdom...but makes sense when you think about it. The good news is that you don't always have to be an early adopter to turn a profit...and the bonus rewards are there early to lure in miners and reward them for taking a chance early on an unproven currency. People think they'll make a killing with the bonus rewards but it ends up being a wash usually. The bonus rewards are never as profitable as they seem. Look at PHS right now - with the double rewards, difficulty was over 4 at one point toward the end. After being halved, the difficulty is dipping below 1 now. I'm actually mining nearly twice as much PHS as I was before the reward halved. Look at MegaCoin - the reward halved and the difficulty dropped to 1/4 of where it was before. End result? I'm mining MEC twice as fast as I was before the reward halved (reward is half, but Im brining in 4 times as many blocks.) The majority of people tend to think the same way...so I prefer to sit back and see how it plays out. Haven't really missed out yet. |
|
|
|
|
mercSuey
|
|
August 05, 2013, 12:52:14 AM |
|
has it halved? Yes it has. why hasn't the price increased? Everybody knew when the reward would halve...so they were all mining and buying it like crazy before it happened (inflating the price.) It's the same routine every time a currency halves - price typically peaks right before it happens and then actually drops. Network speed (and therefore, difficulty) drops 50%+ as well so it remains just as profitable to mine as it was shortly before the reward reduction. This goes against conventional wisdom...but makes sense when you think about it. The good news is that you don't always have to be an early adopter to turn a profit...and the bonus rewards are there early to lure in miners and reward them for taking a chance early on an unproven currency. People think they'll make a killing with the bonus rewards but it ends up being a wash usually. The bonus rewards are never as profitable as they seem. Look at PHS right now - with the double rewards, difficulty was over 4 at one point toward the end. After being halved, the difficulty is dipping below 1 now. I'm actually mining nearly twice as much PHS as I was before the reward halved. Look at MegaCoin - the reward halved and the difficulty dropped to 1/4 of where it was before. End result? I'm mining MEC twice as fast as I was before the reward halved (reward is half, but Im brining in 4 times as many blocks.) The majority of people tend to think the same way...so I prefer to sit back and see how it plays out. Haven't really missed out yet. None of those coins you mentioned will halve their subsidy to 0.01 per block. Just some food for thought... |
|
|
|
|
Lauda
Legendary
 Offline
Activity: 2674
Merit: 2965
Terminated.
|
|
August 05, 2013, 07:54:15 AM |
|
It will take time, wait for website, services and such  |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
|
|
|
bholzer
|
|
August 05, 2013, 09:28:31 AM |
|
has it halved? Yes it has. why hasn't the price increased? Everybody knew when the reward would halve...so they were all mining and buying it like crazy before it happened (inflating the price.) It's the same routine every time a currency halves - price typically peaks right before it happens and then actually drops. Network speed (and therefore, difficulty) drops 50%+ as well so it remains just as profitable to mine as it was shortly before the reward reduction. This goes against conventional wisdom...but makes sense when you think about it. The good news is that you don't always have to be an early adopter to turn a profit...and the bonus rewards are there early to lure in miners and reward them for taking a chance early on an unproven currency. People think they'll make a killing with the bonus rewards but it ends up being a wash usually. The bonus rewards are never as profitable as they seem. Look at PHS right now - with the double rewards, difficulty was over 4 at one point toward the end. After being halved, the difficulty is dipping below 1 now. I'm actually mining nearly twice as much PHS as I was before the reward halved. Look at MegaCoin - the reward halved and the difficulty dropped to 1/4 of where it was before. End result? I'm mining MEC twice as fast as I was before the reward halved (reward is half, but Im brining in 4 times as many blocks.) The majority of people tend to think the same way...so I prefer to sit back and see how it plays out. Haven't really missed out yet. None of those coins you mentioned will halve their subsidy to 0.01 per block. Just some food for thought... That fact doesn't change the math. If the hash power is cut in half, the difficulty is also cut in half. If both the reward and difficulty are halved, the currency can be effectively mined at the exact same pace. Sure there is less of it being created, but you aren't going to feel the impact of that right away. Of course the value/price should go up eventually -- it should go up considerably. I'm just saying people always expect the price to skyrocket immediately after a reward halves...but since everybody is buying/mining like mad before it happens the price is already inflated. We aren't talking about a surprise event here -- everybody knew it was coming. I love CGB and the rarity is definitely being underestimated. I don't care what the price is at right now, because I'd never even consider selling at this point. I just keep mining and pushing forward. |
|
|
|
elambert (OP)
Legendary
Offline
Activity: 1696
Merit: 1008
|
|
August 05, 2013, 05:49:58 PM |
|
August 5, 2013 Update:
The CGB team is pleased to announce an improved client! We have identified and fixed an issue with the PoS reward system as well as added in new security checkpoints. In order to give users an opportunity to update their clients, we have set this update to take place at block number 59,700. This block will occur Wednesday morning in EST time. Please update your clients immediately! We apologize for the inconvenience and had contemplated holding back on this update, however, we determined that the benefits outweighed the hassle and this was best handled right away.
Please download the updated clients in OP.
|
|
|
|
|
Lauda
Legendary
Offline
Activity: 2674
Merit: 2965
Terminated.
|
|
August 05, 2013, 11:32:56 PM |
|
August 5, 2013 Update:
The CGB team is pleased to announce an improved client! We have identified and fixed an issue with the PoS reward system as well as added in new security checkpoints. In order to give users an opportunity to update their clients, we have set this update to take place at block number 59,700. This block will occur Wednesday morning in EST time. Please update your clients immediately! We apologize for the inconvenience and had contemplated holding back on this update, however, we determined that the benefits outweighed the hassle and this was best handled right away.
Please download the updated clients in OP.
Nice, keep up the great work! |
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" 😼 Bitcoin Core ( onion) |
|
|
|
MobGod
|
|
August 06, 2013, 01:51:05 AM |
|
Can we please get the update with github ?
|
|
|
|
elambert (OP)
Legendary
Offline
Activity: 1696
Merit: 1008
|
|
August 07, 2013, 08:14:17 AM |
|
Ok, Noon EST today, August 7th is the deadline for updating your clients. Please do so immediately.
|
|
|
|
|
|
erundook
|
|
August 07, 2013, 08:51:16 AM |
|
Ok, Noon EST today, August 7th is the deadline for updating your clients. Please do so immediately.
epools got updated. |
|
|
|
|
MobGod
|
|
August 07, 2013, 12:52:36 PM |
|
cgb.coinworld.us updated also
|
|
|
|
tob101
Member
Offline
Activity: 84
Merit: 10
|
|
August 07, 2013, 03:27:27 PM |
|
was Cryptsy notified to update?
If not, dev you should tell them about the client update.
I know Coins-e is making the update now.
ps. Does the block explorer need to be updated too?
|
BTC: 1FynXbsp2pdezt1wej7iZw373AXNj6PgRS
|
|
|
elambert (OP)
Legendary
Offline
Activity: 1696
Merit: 1008
|
|
August 07, 2013, 03:42:42 PM |
|
was Cryptsy notified to update?
If not, dev you should tell them about the client update.
I know Coins-e is making the update now.
ps. Does the block explorer need to be updated too?
Cryptsy has updated. I messaged minus at coins-e and all the pools. I think I told diatonic for the block explorer, but will double check. Thanks for the coins-e confirm! |
|
|
|
|
|
|
elambert (OP)
Legendary
Offline
Activity: 1696
Merit: 1008
|
|
August 07, 2013, 09:21:50 PM |
|
Great news! A new exchange! OP updated. |
|
|
|
|
|
zepadee
|
|
August 08, 2013, 10:49:59 AM |
|
Multipool has just listed CGB for mining. Woot.
|
|
|
|
|
elambert (OP)
Legendary
Offline
Activity: 1696
Merit: 1008
|
|
August 08, 2013, 11:50:05 AM |
|
Tied for 5th with Yacoin and PPCoin behind LTC, XPM, NVC and DGC! Nice! Also, CGB now listed on http://coinmarketcap.com now! Number 20 at ~$50k  |
|
|
|
|
|
flound1129
|
|
August 08, 2013, 04:47:10 PM |
|
Please add multipool.us to the list of pools in OP.
Thanks!
|
Multipool - Always mine the most profitable coin - Scrypt, X11 or SHA-256!
|
|
|
|
MobGod
|
|
August 08, 2013, 04:55:07 PM |
|
Please add multipool.us to the list of pools in OP.
Thanks!
Just a question aren't you messing coins up by throwing hash back and forth? |
|
|
|
|
flound1129
|
|
August 08, 2013, 05:01:59 PM |
|
Please add multipool.us to the list of pools in OP.
Thanks!
Just a question aren't you messing coins up by throwing hash back and forth? Define 'messing coins up'. |
Multipool - Always mine the most profitable coin - Scrypt, X11 or SHA-256!
|
|
|
|
MobGod
|
|
August 08, 2013, 05:05:09 PM |
|
Please add multipool.us to the list of pools in OP.
Thanks!
Just a question aren't you messing coins up by throwing hash back and forth? Define 'messing coins up'. Well from what I can see it causes a pump and dump no value to the coin by doing this, if I'm wrong please correct me.... |
|
|
|
|
