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

[altsay]

Even though the block rate has decreased it's still lower than the target.  A lot of blocks are still being found but I can't believe that is being done by CPU miners anymore at this diff.  The large VPS's are no longer profitable so many/most have turned them off now.  It can only mean that either someone is running a much more efficient CPU miner or, more likely, GPU miners have been written.  In either case I understand why developers would want to mine for themselves before releasing, but it is a shame for the coin nonetheless.  So many coins were mined by large VPS's early on that the vast majority of home miners with 1 or 2 machines now can't find enough blocks to make running it worthwhile.  In which case I think the release of a GPU miner will benefit everyone.  That's my early-morning, pre-coffee, view on things, feel free to agree or disagree

PTT

One can find more luck in trading than mining.
Some people should be GPU mining right now as you pointed out lots of blocks are being found and it's getting less and less profitable for CPU miners.

[mhps]

I can't believe that is being done by CPU miners anymore at this diff.

Why not? A lot more people know about primecoin so everyone and his girlfriend's computer is mining it. After the VPS' left I have been findiing more blocks with my PC.

[Remember remember the 5th of November]

It would be nice if we could figure out how the difficulty affects finding blocks in primecoin. I have no idea what 8.95 diff means for my ~3k PPS.

[zax983]

I mine over 70 hours and I found 10 blocks (all immature...). Today all was changed to orphan and was delete from my wallet... It's really not nice and completly demotivated...can you explain?

Sounds like you were in wrong fork, really bad luck !

Just a quick fork check...this is what I get

getblockhash 53697
31ff8df8da4ca9d96a60b17585b0fda2a2f99758a551988f9f2aadecf0346652

But for me song just like total:

[Tgspring]

It would be nice if we could figure out how the difficulty affects finding blocks in primecoin. I have no idea what 8.95 diff means for my ~3k PPS.

en,i have the same question.

[CaptChadd]

Primecoin - So many questions and so few answers.

[ImI]

VPS only have the instant setup for them, they are very costly (especially Amazon).

what cheaper alternatives are there instead of amazon?

[xenofanesSkarak]

In which case I think the release of a GPU miner will benefit everyone.  That's my early-morning, pre-coffee, view on things, feel free to agree or disagree

PTT

One can find more luck in trading than mining.
Some people should be GPU mining right now as you pointed out lots of blocks are being found and it's getting less and less profitable for CPU miners.

     But how can I know what is good price??     
 it is traded only on mcx and coins-e, vircurex but usually not much - half a day nothing happens and then are made several trades
I tried to buy last Friday but unfortunately I bought for 0.0044 btc - which is not bad but not good either.
I was scared when it fell down to 0.0018 but now I am thinking of selling everything what I have because I dont trust XPM, it had orphan blocks, it cant be mined with CPU, etc
 - In my opinion fair price for XPM could be something under 0.001 - if you compare it with LTC which is 0.03214 at BTC-e and traded heavily everyday everywhere - I just cant understand why XPM which can be used only in casino and satoshidice and one webhosting should be worth 0.005 BTC or more     

Also it is not backed by some fiat money funds like real cash awards which are for finding Mersenne primes (the longest of which is over 17 million digits long). Primecoin is not searching for these, if it were then blocks would likely be months or even years apart. Primecoin is dealing with much smaller digit numbers to keep transactions moving.

what do you think?  I assume price will fall down on 0.001 or even deeper - when miners start to cash their confirmed XPM because they realise it is better to sell now when price is high and it will initiate heavy selling which sends XPM price somewhere deep... to 0.001 or even 0.00001??       

[matt4054]

But who can CPU mine at profit under 0.001?

And those who mine for hoarding won't sell their coins so cheap, what's the point? Will they sell them in the first place?

Remember that the money supply is not proportional to the number of people mining. I can't see the market price sink until noone is interesting in this coin anymore, or a technology shift (i.e. GPU mining) temporarily overflows the market due to difficulty not catching up soon enough. But that should be temporary, again...

Any other thoughts?

[CaptChadd]

At the moment, for a coin to have wide success like that of Bitcoin, it has to be as "Simple" as Bitcoin to a degree. The more people don't understand something, the less they trust it.

And being a miner myself, I can imagine that other miners out there don't really want finding block to be or seem random at this point in time. They more likely want to have a Primecoin mining calculator and then can way up if it is going to be worth their time to even mine it.

Also the general public only tend to trust things that they an rely on to a certain point.

There are still many people out there that don't fully understand Bitcoin yet and so will not use it. So how can we expect Primecoin to be trusted and used by these people, if a large portion of the actual Crypto community don't even understand it.

Its only my opinion but at the moment I think Primecoin might be great leap forward but right now it is just to far ahead of its time.

[xyzzy099]

At the moment, for a coin to have wide success like that of Bitcoin, it has to be as "Simple" as Bitcoin to a degree. The more people don't understand something, the less they trust it.

And being a miner myself, I can imagine that other miners out there don't really want finding block to be or seem random at this point in time. They more likely want to have a Primecoin mining calculator and then can way up if it is going to be worth their time to even mine it.

Also the general public only tend to trust things that they an rely on to a certain point.

There are still many people out there that don't fully understand Bitcoin yet and so will not use it. So how can we expect Primecoin to be trusted and used by these people, if a large portion of the actual Crypto community don't even understand it.

Its only my opinion but at the moment I think Primecoin might be great leap forward but right now it is just to far ahead of its time.

1)  Finding blocks in any crypto-currency is, was, and always will be completely random.  You clearly need a mining pool, so you don't have to understand that.

2)  I would guess that 99% of people who use bitcoins do not understand how bitcoin works beyond the most rudimentary level.

[Sondey10mg]

At the moment, for a coin to have wide success like that of Bitcoin, it has to be as "Simple" as Bitcoin to a degree. The more people don't understand something, the less they trust it.

And being a miner myself, I can imagine that other miners out there don't really want finding block to be or seem random at this point in time. They more likely want to have a Primecoin mining calculator and then can way up if it is going to be worth their time to even mine it.

Also the general public only tend to trust things that they an rely on to a certain point.

There are still many people out there that don't fully understand Bitcoin yet and so will not use it. So how can we expect Primecoin to be trusted and used by these people, if a large portion of the actual Crypto community don't even understand it.

Its only my opinion but at the moment I think Primecoin might be great leap forward but right now it is just to far ahead of its time.

1)  Finding blocks in any crypto-currency is, was, and always will be completely random.  You clearly need a mining pool, so you don't have to understand that.

2)  I would guess that 99% of people who use bitcoins do not understand how bitcoin works beyond the most rudimentary level.

²

[CaptChadd]

At the moment, for a coin to have wide success like that of Bitcoin, it has to be as "Simple" as Bitcoin to a degree. The more people don't understand something, the less they trust it.

And being a miner myself, I can imagine that other miners out there don't really want finding block to be or seem random at this point in time. They more likely want to have a Primecoin mining calculator and then can way up if it is going to be worth their time to even mine it.

Also the general public only tend to trust things that they an rely on to a certain point.

There are still many people out there that don't fully understand Bitcoin yet and so will not use it. So how can we expect Primecoin to be trusted and used by these people, if a large portion of the actual Crypto community don't even understand it.

Its only my opinion but at the moment I think Primecoin might be great leap forward but right now it is just to far ahead of its time.

1)  Finding blocks in any crypto-currency is, was, and always will be completely random.  You clearly need a mining pool, so you don't have to understand that.

2)  I would guess that 99% of people who use bitcoins do not understand how bitcoin works beyond the most rudimentary level.

I agree with them points but you agree with the rest of my post?

[Sondey10mg]

At the moment, for a coin to have wide success like that of Bitcoin, it has to be as "Simple" as Bitcoin to a degree. The more people don't understand something, the less they trust it.

And being a miner myself, I can imagine that other miners out there don't really want finding block to be or seem random at this point in time. They more likely want to have a Primecoin mining calculator and then can way up if it is going to be worth their time to even mine it.

Also the general public only tend to trust things that they an rely on to a certain point.

There are still many people out there that don't fully understand Bitcoin yet and so will not use it. So how can we expect Primecoin to be trusted and used by these people, if a large portion of the actual Crypto community don't even understand it.

Its only my opinion but at the moment I think Primecoin might be great leap forward but right now it is just to far ahead of its time.

1)  Finding blocks in any crypto-currency is, was, and always will be completely random.  You clearly need a mining pool, so you don't have to understand that.

2)  I would guess that 99% of people who use bitcoins do not understand how bitcoin works beyond the most rudimentary level.

I agree with them points but you agree with the rest of my post?

Give it some time. I'm sure things will clarify soon

[enuma]

XPM price keeps rising since it is harder and harder to mine.... if a gpu miner arrive price might go down a little, some people will put their hands on some coins but obviously difficulty will skyrocket considering the amount of rigs wainting to be turned on.....

Dont be so happy once a gpu miner arrive...that is, if you dont have a big rig... the best in to invest in it, then the question will be how valuable can this coin get.

[xenofanesSkarak]

But who can CPU mine at profit under 0.001?

I think currently it is not possible to solo mine XPM with CPU.      At least I dont have anything with my i7. I dont have enough time time to read every post here but I noticed many other people also cannot mine with their CPU.

I think some people already must have started GPU mining of XPM.      
And they want to get rid of some coins, of course for the highest possible price but temptation is big - when you see current price of BTC and I assume many people including me expect btc could fall under $50 this summer
(well maybe not so deep but I dont think majority of people expect that BTC would grow to $200. it will go sideways or down.).
And I think most of people find current XPM price reletively high. If XPM is 0.0063049 - which was last trade on MCXnow - how much should be other coins?
LTC should be 10x more expensive but apparently is not, so I think XPM will decline (before it may eventually grow up but after half a year or so but during this period many other altcoins appear which surely would not help XPM price)

personally I love idea of Primecoin and I would keep coins and not sell them but I must be realistic and I must react on fact that for other people it might be just one of now almost 100 other cryptocoins with no significant impact.
And unfortunately I think that the current price is too high relatively to other coins and also I think that XPM supply will probably be higher than demand (at this price level, which was last several days) and thus price cannot soar high.

[kendog77]

Difficulty must be going through the roof.

I haven't found any blocks with 11,000 pps in the last 24 hours, and found many blocks before that.

[xenofanesSkarak]

Difficulty must be going through the roof.

I haven't found any blocks with 11,000 pps in the last 24 hours, and found many blocks before that.

please correct me if I am wrong       

I counted how many XPM were mined in last 4 days http://coinmarketcap.com/       
482 216 XPM to Jul 13, 2013 12:25 PM UTC
879,424 XPM to Jul 17, 2013 12:35 PM UTC
------397,208 is difference for last 4 days and thus daily average is ≈ 99,302 coins

but daily BTC production is 25*6*24= 3600 which is 27.58 times less           

and current XPM price is 0.006 and if I multiply it by 27.58 _{(99,302/3,600)} I get ≈  0.1655 BTC which is quite high I think

with comparison to LTC (daily production 50*24*24=28 800)
0.032 * 8 _{(8=28,800/3,600)} ≈  0.256 BTC
but LTC is here from October 2011 and LTC is quite widespread.

Again, I love idea of XPM but I must see these facts and I think current price is too high in comparison with other coins

[Remember remember the 5th of November]

I think the reward per block is dropping too fast...is this release just a test?

[jjiimm_64]

Difficulty must be going through the roof.

I haven't found any blocks with 11,000 pps in the last 24 hours, and found many blocks before that.

I didn't find any blocks with 30k pps (24hr)....  turning rigs off today as the heat and elec not worth a couple of blocks i might get.