[XPM] [ANN] Primecoin Release - First Scientific Computing Cryptocurrency

[eule]

Very interesting, I expected a much higher "hashrate" increase given the rate at which blocks are solved. Looks like many many solo miners.  

[lucasjkr]

This in essence is not true, so you are jumping to conclusions a bit. Already at this moment, with many transactions set to no fees and minimal Bitcoin economy, transaction fees are already 1/2 BTC per new block in average. Go check yourself if you don't believe me. I can easily imagine, with growing BTC economy and reduction from 25 to 12.5 BTC per new block in 4 years, that transaction fees in every new block in 5 years can be worth more than worth of new coins. All that without forcing larger transaction fees to anyone. In 8 years (6.25 new coins per block) I have no doubt transaction fees will be worth more than new coins.

So ending supply of new coins probably wont have any effect on mining. Satoshi Nakomoto figured that one perfectly.

OK I'm checking...

24 hours per day, 60 minutes per hour, 8 minutes per block = 180 blocks per day = 4500 coins / day generated. And blockchain.info says the total transaction fees were around 30 BTC for the day. Miners are getting 4500 BTC for mining coins vs 30 BTC transaction fees the transaction fees generated, which is righ around what they were getting a year ago. Yes, increase in bitcoin value has helped quite a bit, but at the end of the day, the incentive to validate transactions is the coins that are mined, not the fees generated, which has stayed fairly stable and FAR below actual reward per block.

I don't know if Satoshi called that one right. The blockchain, the mining, yes... the cap on coins -  I simply have to disagree on that. Again, one of the constraining factors is that the velocity of bitcoin is fairly low, because people are holding them expecting them to increase in value, and therefore not generating transaction fees.

It's okay. We're allowed to disagree. That's why there's room for more than one blockchain...

[Sunny King]

So right now, network hashrate is just showing how many hashes/sec would be necessary to obtain that many blocks at that difficulty *for bitcoin*.  It's not useless.  The primecoin paper indicates that the primecoin difficulty linearly affects prime-chain finding probability just as bitcoin's difficulty linearly affects it's block finding probability.  So my chart is simply off by some constant factor -- the proportions are accurate but don't pay attention to the actual numbers.

The linearity I am referring to is the 'difficulty model'. For the difficulty number you see in getdifficulty, it's the target length, which gets exponentially harder. With current estimate length 8 target is ~30 times harder than length 7 target.

[canoe]

So right now, network hashrate is just showing how many hashes/sec would be necessary to obtain that many blocks at that difficulty *for bitcoin*.  It's not useless.  The primecoin paper indicates that the primecoin difficulty linearly affects prime-chain finding probability just as bitcoin's difficulty linearly affects it's block finding probability.  So my chart is simply off by some constant factor -- the proportions are accurate but don't pay attention to the actual numbers.

The linearity I am referring to is the 'difficulty model'. For the difficulty number you see in getdifficulty, it's the target length, which gets exponentially harder. With current estimate length 8 target is ~30 times harder than length 7 target.

Oi.  Thanks for pointing this out.  So the network hashrate chart is nearly useless after all at the moment.  Just ignore it for now until I fix.

All the other charts are fine though (block generation, difficulty, minting, total supply, transactions).

[n4ru]

Doing 20,000 PPS at the moment and no blocks in the last hour x_X

[mr_random]

I've added primecoin to my charts website:

http://cryptometer.org/primecoin_96_hour_charts.html
http://cryptometer.org/primecoin_90_day_charts.html

I left the "Network Hashrate" chart in even though it's a bit weird for this coin.  I haven't done the work yet to make it "Network prime-chains per second" as it should be.  I'd need to know the chances of a number being the origin for a Cunningham chain of length D (difficulty).  I'll need to do more research before working on that.

So right now, network hashrate is just showing how many hashes/sec would be necessary to obtain that many blocks at that difficulty *for bitcoin*.  It's not useless.  The primecoin paper indicates that the primecoin difficulty linearly affects prime-chain finding probability just as bitcoin's difficulty linearly affects it's block finding probability.  So my chart is simply off by some constant factor -- the proportions are accurate but don't pay attention to the actual numbers.

(Edit: ignore the "Network Hashrate" chart for now.  See below for more info.)


Also... I've been mining this for days and I've got nothing... ARy4JFrdeKSst42iS3kcxwdB81t7Vmrvc7

Hmm... Interesting trend on the money supply graph so far. Looks to be exponentially increasing which surely is not desirable. I wonder if the difficulty adjustment is working as intended.

[itod]

We are in need of a tool which will group found blocks by IP address, XPM address. That will show us how many users are there who get the most blocks.

Edit: There is a possibility to get info about IP if you are a node, is it?

[lucasjkr]

I've added primecoin to my charts website:

http://cryptometer.org/primecoin_96_hour_charts.html
http://cryptometer.org/primecoin_90_day_charts.html

I left the "Network Hashrate" chart in even though it's a bit weird for this coin.  I haven't done the work yet to make it "Network prime-chains per second" as it should be.  I'd need to know the chances of a number being the origin for a Cunningham chain of length D (difficulty).  I'll need to do more research before working on that.

So right now, network hashrate is just showing how many hashes/sec would be necessary to obtain that many blocks at that difficulty *for bitcoin*.  It's not useless.  The primecoin paper indicates that the primecoin difficulty linearly affects prime-chain finding probability just as bitcoin's difficulty linearly affects it's block finding probability.  So my chart is simply off by some constant factor -- the proportions are accurate but don't pay attention to the actual numbers.

(Edit: ignore the "Network Hashrate" chart for now.  See below for more info.)


Also... I've been mining this for days and I've got nothing... ARy4JFrdeKSst42iS3kcxwdB81t7Vmrvc7

Hmm... Interesting trend on the money supply graph so far. Looks to be exponentially increasing which surely is not desirable. I wonder if the difficulty adjustment is working as intended.

It's only day 5! Of course monetary base growth will look exponential, you're starting from zero.

Give it a few weeks or months and it likely will look a lot different,unless there is wholesale adoption of this coin immediately

[lucasjkr]

We are in need of a tool which will group found blocks by IP address, XPM address. That will show us how many users are there who get the most blocks.

Edit: There is a possibility to get info about IP if you are a node, is it?

There's what, 400,000 coins in existence? And the v1.1 binary for windows has 8000 downloads, plus linux users... If that makes it 10'000 on the network, the average person will have 40 coins/have found 2-3 shares

I've found quite a few more than that, but I started at the beginning... And even so, I've seen 24 hrs pass without a block anywhere, only to see 3 get found 3hours later.

But know, if the average is 3-4 blocks per person, and I've found more than that on most of the computers I'm running it on (6-7), then there'll be other people who have found fewer and others who have found none at all.

Remember, this isn't pooled mining. We're not compensated by out amount of work contribution alone, there's a huge amount of luck involved too...

[Sunny King]

I've added primecoin to my charts website:

http://cryptometer.org/primecoin_96_hour_charts.html
http://cryptometer.org/primecoin_90_day_charts.html

Minor correction, 'starting difficulty' is 7 for primecoin. Only genesis block has difficulty 6, which is also the minimum allowed.

[xcezzz]

CrypDough Dice Now Supports XPM!

http://XPMdice.crypdough.com/

Max Bet = 3 XPM

Max bet increasing shortly after everything works smoothly!

If you have any questions, comments, or issues please PM me! Or post into the feedback thread!

Sorry about downtime folks! Had an issue with double payouts! Back up and running. Let me know if you have any other issues/questions

[maco]

Seeking Community Feedback for the 'Primecoin Buzz ~ Mobile App' to release a new update.

Get involved at this thread: https://bitcointalk.org/index.php?topic=253060.0

[canoe]

I've added primecoin to my charts website:

http://cryptometer.org/primecoin_96_hour_charts.html
http://cryptometer.org/primecoin_90_day_charts.html

Minor correction, 'starting difficulty' is 7 for primecoin. Only genesis block has difficulty 6, which is also the minimum allowed.

I suppose there's an interesting distinction there.  I can get the software to show both a "Genesis Difficulty" and a "First Block Difficulty".

[maco]

These are nice charts.

I've added primecoin to my charts website:

http://cryptometer.org/primecoin_96_hour_charts.html
http://cryptometer.org/primecoin_90_day_charts.html

Minor correction, 'starting difficulty' is 7 for primecoin. Only genesis block has difficulty 6, which is also the minimum allowed.

I suppose there's an interesting distinction there.  I can get the software to show both a "Genesis Difficulty" and a "First Block Difficulty".

[AtomSea]

Pardon my ignorance - Is it true that Primecoin is only CPU mining?
Is there a way to GPU mine this?
I love the idea.  I have been waiting for funky coins like this to emerge - I want to mine them and help out the cause

[OnlyC]

Ok, here's the real fun story:


There had a man, who bought 10XPM at 0.1. But there have some guys, who do not want, selling at 0.003

[FiiNALiZE]

Ok, here's the real fun story:


There had a man, who bought 10XPM at 0.1. But there have some guys, who do not want, selling at 0.003

To the guy who bought at 0.1: lol.

[lucasjkr]

Or in modern parlance... "fat finger"

[BitJohn]

Welcome to cryptsy.com Primecoin miners and traders. We at cryptsy.com are very excited to support another Sunny King coin!

[#Darren]

Can anyone tell me if this is a good performance?


Approx 900 pps on an Intel Core i7 2600 using all 4 cores.

Approx 1200 pps on an AMD FX 8350 Black Edition using 7 of the 8 cores  (setgenerate true 7)