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

[alexxy]

XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!

I know people want to see a profit now and get some BTC but that is such a short-term view.  If they hold now the price will rocket.  This is a surprisingly fresh coin with a new PoW and is making a lot of public noise. For those reasons it should be worth a lot more than it is now.  

I for one sold a few coins early to cover some costs but right now I'm buying up anything under 0.003.  Anyone stupid enough to sell to me for under that, I'm a happy to take them from you.  In a few months time XPM will be at least 10 times that.

+1 and +1

+2
+2
It's really undervalued right now!

I think it will cost at least 0.1BTC in a mounth or so

[1714092273]

1714092273

[twobits]

I don't think debut of gpu miner would immediately cause 1000x mining power increase, so probably not gonna be anywhere near this dramatic.

Do you plan to include gmp optimiztions to primecoind miner?

I will be testing mikaelh's optimization tomorrow.

I know I for one would prefer that gpled and lgpled requirments stay out of primecoind, maybe these this type of change belongs in a standalone miner, or maybe used libfastmath?

[paulthetafy]

XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!

I know people want to see a profit now and get some BTC but that is such a short-term view.  If they hold now the price will rocket.  This is a surprisingly fresh coin with a new PoW and is making a lot of public noise. For those reasons it should be worth a lot more than it is now.  

I for one sold a few coins early to cover some costs but right now I'm buying up anything under 0.003.  Anyone stupid enough to sell to me for under that, I'm a happy to take them from you.  In a few months time XPM will be at least 10 times that.

+1 and +1

+2
+2
It's really undervalued right now!

I think it will cost at least 0.1BTC in a mounth or so

That would be great, but I think 0.01-0.03 is more realistic.  In a few days the VPS's will no longer be profitable (unless a significant miner optimisation is released) and the cheap coins will dissapear.  In fact the total network PPS will virtually vanish as the overwhelming majority right now is coming from big VPS cluster instances.  In a week the price will rocket. BUY BUY BUY

[cryptohunter]

XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!

I know people want to see a profit now and get some BTC but that is such a short-term view.  If they hold now the price will rocket.  This is a surprisingly fresh coin with a new PoW and is making a lot of public noise. For those reasons it should be worth a lot more than it is now.  

I for one sold a few coins early to cover some costs but right now I'm buying up anything under 0.003.  Anyone stupid enough to sell to me for under that, I'm a happy to take them from you.  In a few months time XPM will be at least 10 times that.

+1 and +1

+2
+2
It's really undervalued right now!

I think it will cost at least 0.1BTC in a mounth or so

That would be great, but I think 0.01-0.03 is more realistic.  In a few days the VPS's will no longer be profitable (unless a significant miner optimisation is released) and the cheap coins will dissapear.  In fact the total network PPS will virtually vanish as the overwhelming majority right now is coming from big VPS cluster instances.  In a week the price will rocket. BUY BUY BUY

but then the vps clusters will become viable again and this time they will get more for their coins. It's a shame a coin can't exist that can't be mined on virtual servers.

[Sunny King]

Do you plan to include gmp optimiztions to primecoind miner?

I will be testing mikaelh's optimization tomorrow.

I know I for one would prefer that gpled and lgpled requirments stay out of primecoind, maybe these this type of change belongs in a standalone miner, or maybe used libfastmath?

Yeah thanks for mentioning that would be an important consideration.

Currently external miner development is yet to catch up with the speed of progress on built-in miner. Hopefully this situation would change soon.

[mhps]

difficulty = 8.09213769.  ~10% of an integer already.

Will length=7 chains be abundoned from now on?

The block rate is ~ 4 sec/block  after a PPS drop by 30%.  Looks scary  

[hl5460]

difficulty = 8.09213769.  ~10% of an integer already.

Will length=7 chains be abundoned from now on?

The block rate is ~ 4 sec/block  after a PPS drop by 30%.  Looks scary  

Yes, that's scary. I assume every miner adopts the HP client, which 7x-10x the 0.1.1 PPS.

[mikaelh]

Do you plan to include gmp optimiztions to primecoind miner?

I will be testing mikaelh's optimization tomorrow.

I know I for one would prefer that gpled and lgpled requirments stay out of primecoind, maybe these this type of change belongs in a standalone miner, or maybe used libfastmath?

Yeah thanks for mentioning that would be an important consideration.

Currently external miner development is yet to catch up with the speed of progress on built-in miner. Hopefully this situation would change soon.

Well, GMP is licensed under the LGPL. AFAIK, that usually means you are free to link with the library without any restrictions. Then again my Windows builds use static linking. I'm not sure whether that is strictly allowed or not. Maybe it's better to keep the GMP code in my tree until the licensing situation has been reviewed.

[masterOfDisaster]

XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!

I know people want to see a profit now and get some BTC but that is such a short-term view.  If they hold now the price will rocket.  This is a surprisingly fresh coin with a new PoW and is making a lot of public noise. For those reasons it should be worth a lot more than it is now.  

I for one sold a few coins early to cover some costs but right now I'm buying up anything under 0.003.  Anyone stupid enough to sell to me for under that, I'm a happy to take them from you.  In a few months time XPM will be at least 10 times that.

+1 and +1

+2
+2
It's really undervalued right now!

...maybe it is - maybe it is not.
But I believe in crypto coins in general and in primecoin especially as I find it hugely attractive to have a crypto coin that does not only transform electric energy to thermal energy but that generates scientific knowledge as well

So basically I want to agree to the statement "XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!"

Here is the explanation of the "technical part" of my statement:
This brand new Proof-of-Work concept will attract lots more miners (at least I think so). And most of them will be interested in the idea of generating fiscal value (coins) or generating scientific value (cunningham chains) - where some might be more interested in the fiscal value, some more in the scientific value.
An increasing number of miners and upcoming optimizations in code and optimized mining platforms (GPU/FPGA/ACIS)?) will lead to a contiuous increase of difficulty.
A rising difficulty lowers the chance for successfully generating new coins by a given person - what we expected already in the first days ot primecoin.

Here is the explanation of the "economical" part of my view:
In the long-term view this should push the price much higher.
If you want to have some (more) coins it will continuously be more attractive to pay a higher price at an exchange than to try mine some on your own.
This mechanism could have been seen on lots of coins, especially well at Bitcoin and Litecoin.
...although most time it needs an amount of time for the priece to follow the raised difficulty.
AND there are lots of other aspects that have to be taken into consideration.
But if you limit the view to the relation between difficulty and price, you might come to the conclusion that rising difficulties lead to rising prieces.
...given that people want to have some coins

I don't want to name a price that will be reached by coin x at point of time y, but I believe that at some point of time in the future the price of 1 XPM will be higher than it is now
And who knows whether the price will be named related to BTC, LTC, USD, EUR or whatever :p

For the record: actual XPM price (2013-07-14, 13:27 UTC+2 at http://www.coins-e.com/exchange/XPM_BTC/) is ~ 0.003 BTC = 0.00008835 LTC = 0.285 USD = 0.22 EUR
Let's have a look at that in the far future.

[jubalix]

where/how do you delete the block chain from, i think I am on a fork?

I am running ubuntu

[masterOfDisaster]

where/how do you delete the block chain from, i think I am on a fork?

I am running ubuntu

Try a

Code:

rm -r ~/.primecoin/blocks
rm -r ~/.primecoin/chainstate

You have to stop primecoind first

Code:

primecoind stop

because there should be a lock otherwise.

[masterOfDisaster]

XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!
[...]
You wanna tell me I'm supposed to pay 1 BTC for like 200 XPM? 1 BTC which takes shitload of time or resources to be made for
[...]

...that's how crypto coins start.

<BTC_history>
Back in May 2011 I was able to make 0.8 BTC per day (with two Radeon 5850), when I stopped because the price was so low that it merely
compensated the electricity costs (difficulty started to rise from ~300.000 to 800.000 in a short time).
</BTC_history>

...and then people might become interested in it and the difficulty starts to rise and so is the price if the coin sustains.

Just like I tried to explain in my post https://bitcointalk.org/index.php?topic=251850.msg2727287#msg2727287

[jubalix]

where/how do you delete the block chain from, i think I am on a fork?

I am running ubuntu

Try a

Code:

rm -r ~/.primecoin/blocks
rm -r ~/.primecoin/chainstate

You have to stop primecoind first

Code:

primecoind stop

because there should be a lock otherwise.

thanks will do

[Lauda]

You wanna tell me I'm supposed to pay 1 BTC for like 200 XPM? 1 BTC which takes shitload of time or resources to be made for 200 XPM which
many miners made on their laptops in few hours or eventualy day or two? You are expecting to make as much money as Satoshi and Bitcoin early
adopters made but all you have there are coins made with system that is basically 99% Bitcoin. It calculates some prime shit or whatever, wooo
The Golden Age has come (not really)! That investors with lot of money are not stupid can be seen on both exchanges, just look at the total bid
volume and prices. You might be thinking it is some evil plot to make XPM worthless, but the fact is they are almost worthless already. If Primecoin
will ever produce something of a value is yet to be seen so "In a few months time XPM will be at least 10 times that" is pure speculation, no different
than speculations with any other cryptocoin or something else. Too bad retards here and elsewhere never realise their stories are so old and boring.

Are you aware that even though SunnyKing is experienced programmer there can be a nasty bug somewhere that might null all coins or something?

Banned from cryptsy chat, welcome to ignore list here. 

[jubalix]

XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!

I know people want to see a profit now and get some BTC but that is such a short-term view.  If they hold now the price will rocket.  This is a surprisingly fresh coin with a new PoW and is making a lot of public noise. For those reasons it should be worth a lot more than it is now.  

I for one sold a few coins early to cover some costs but right now I'm buying up anything under 0.003.  Anyone stupid enough to sell to me for under that, I'm a happy to take them from you.  In a few months time XPM will be at least 10 times that.

You wanna tell me I'm supposed to pay 1 BTC for like 200 XPM? 1 BTC which takes shitload of time or resources to be made for 200 XPM which
many miners made on their laptops in few hours or eventualy day or two? You are expecting to make as much money as Satoshi and Bitcoin early
adopters made but all you have there are coins made with system that is basically 99% Bitcoin. It calculates some prime shit or whatever, wooo
The Golden Age has come (not really)! That investors with lot of money are not stupid can be seen on both exchanges, just look at the total bid
volume and prices. You might be thinking it is some evil plot to make XPM worthless, but the fact is they are almost worthless already. If Primecoin
will ever produce something of a value is yet to be seen so "In a few months time XPM will be at least 10 times that" is pure speculation, no different
than speculations with any other cryptocoin or something else. Too bad retards here and elsewhere never realise their stories are so old and boring.

Are you aware that even though SunnyKing is experienced programmer there can be a nasty bug somewhere that might null all coins or something?

at this point people are going to mine to the point of zero profit and stop. OR at least sell until they have covered their costs

[LazyOtto]

...given that people want to have some coins

Why would they want that?

[oroqen]

Banned from cryptsy chat, welcome to ignore list here. 

Ignored that clown long ago - running a "Bitcoin Megastore" which is actually a crap shirt store anyone can build in minutes, and where you can not buy with bitcoins.

Pretty much sums them up.

[mr_random]

Banned from cryptsy chat, welcome to ignore list here. 

Ignored that clown long ago - running a "Bitcoin Megastore" which is actually a crap shirt store anyone can build in minutes, and where you can not buy with bitcoins.

Yeah he's on my ignored troll list too  

[masterOfDisaster]

...given that people want to have some coins

Why would they want that?

Just in case you asked this question not sarcastically

I don't know? Why do people want to have gold?
The only things you _really_ need are air to breathe, something to drink and something to eat.
All other things are just wanted beause they make life more comfortable, interesting, enduring, more fun, whatever.
Some people play raffle, others gather cryto coins; some people participate in seti@home or folding@home, others might join primecoin
So some might want primecoins just because they want the coins, others might want to find cunningham chains and the primecoins are a kind of fall-out for them...

[LazyOtto]

...given that people want to have some coins

Why would they want that?

Just in case you asked this question not sarcastically

I don't know? Why do people want to have gold?
The only things you _really_ need are air to breathe, something to drink and something to eat.
All other things are just wanted beause they make life more comfortable, interesting, enduring, more fun, whatever.
Some people play raffle, others gather cryto coins; some people participate in seti@home or folding@home, others might join primecoin
So some might want primecoins just because they want the coins, others might want to find cunningham chains and the primecoins are a kind of fall-out for them...

Gold has an inherit store of value.

Bitcoins have value because you can buy stuff with them and they now have a track record of enabling both on and off the record 'fiscal' transactions.

Finding cunningham chains for fun while generating primecoins as a by product does not produce a *demand* to purchase coins- which is what is required to drive price - but merely increases *supply*.