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

[Impaler]

If the network was only seeing new miners then the difficulty adjustments would be able to keep up.  But the very poor performance of the initial CPU mining code has been worked over to give something like x100 better performance in just a day, meanwhile miners are increasing quantitatively as well but probably by something like x10.

If the initial code had been properly optimized then starting difficulty could have been nearly 9 and we wouldn't be seeing such a short block time.  This is a lesson, if your going to release a new algorithm for CPU mining, optimize the CPU code or else you've get quasi-ASIC like behavior in which hash rates explode and the coins may end up monopolized by people who have access to the high potency mining ability even if this is by software rather then hardware.

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[nmersulypnem]

Does each miner start on a different root to solve the block?  Actually, what does it mean to "solve" a block in relation to finding a Cunningham chain of 8.  I don't get the connection between the block and the Cunningham chain...

[RandyFolds]

If the initial code had been properly optimized then starting difficulty could have been nearly 9 and we wouldn't be seeing such a short block time.  This is a lesson, if your going to release a new algorithm for CPU mining, optimize the CPU code or else you've get quasi-ASIC like behavior in which hash rates explode and the coins may end up monopolized by people who have access to the high potency mining ability even if this is by software rather then hardware.

Starting difficulty would have still been where Sunny set it, 7. I don't know what the distribution looks like, but I am still finding blocks on 5 micro instances and a laptop running while I am sleeping. If difficulty adjustments took two weeks, I would agree with you, but it's dynamic.

[dudeami]

Much to my own surprise I had kept a copy of the old wallet, and now have everything back in its proper place.  

At least I discovered this with only 1.2XPM at risk, and not the 1000+ sitting on another machine. Big sigh of relief.

Tell me you are joking. You are keeping 1000+ XPM in an unbackuped wallet? Let me give you some unasked advice: Encrypt that wallet with a passphrase (Primecoin-QT->Settings->Encrypt Wallet) and then copy it to your Dropbox. Once in a while harddisk crash or partition corrupts.

I backup mine to dropbox then backup my entire dropbox folder to iDrive. Someone could delete you files from you dropbox folder while you were away (or you could to it by mistake) and then the dropbox sync would delete them from everywhere else, permanently. iDrive keeps a fresh copy with every backup and does not delete old ones unless you explicitly tell it to.

Dropbox holds files for 30 days after deleting for users, or longer with pack rat. https://www.dropbox.com/help/296/en

[Impaler]

If the initial code had been properly optimized then starting difficulty could have been nearly 9 and we wouldn't be seeing such a short block time.  This is a lesson, if your going to release a new algorithm for CPU mining, optimize the CPU code or else you've get quasi-ASIC like behavior in which hash rates explode and the coins may end up monopolized by people who have access to the high potency mining ability even if this is by software rather then hardware.

Starting difficulty would have still been where Sunny set it, 7. I don't know what the distribution looks like, but I am still finding blocks on 5 micro instances and a laptop running while I am sleeping. If difficulty adjustments took two weeks, I would agree with you, but it's dynamic.

If his starting difficulty was in any way chosen to reflect the mining rate of some target number of PCs (the method Satoshi used) then optimized code would certainly have lead him to choose a higher difficulty, do you think 7 was just a number he pulled out of his ass with no regard to the target block time?

[jubalix]

I am buying XPM. If you made a large stash consider selling some to me as your appreciation of my work. Note there is no premine or tax with primecoin nor do I want donations. But I like to have a stash as well of my creation We can negotiate at market price. PM me.

sunny give us an address

[reedlaw]

I am buying XPM. If you made a large stash consider selling some to me as your appreciation of my work. Note there is no premine or tax with primecoin nor do I want donations. But I like to have a stash as well of my creation We can negotiate at market price. PM me.

My stash isn't too big, but if you absolutely won't take donations, I'd sell you some well below market rate, like 0.0001 BTC for 50 XPM. If you just want market rate, there are plenty of exchanges to choose from now.

[mhps]

I've added primecoin to my charts website:

http://cryptometer.org/primecoin_96_hour_charts.html

Interesting chart. But the logarithmic Y scale is misleading. block/hour rate on averate (100) overshoots target (60) by 66% ! But on the plot it looks much smaller.

Yes, it can be a bit misleading if you aren't thinking logarithmically.  For some of the currencies, there are numbers like 4000% in there at the beginning and, without the log scale, that just wipes out the rest of the chart.  All the numbers near 100% look like indistinguishable little lines sitting on the bottom of the chart.  You are right that the log scale is not necessary (at the moment) for any of the primecoin charts.  But I want to be consistent on the site so people know what to expect.  To get the best of both worlds, I intend to make a control on the chart that can turn on and off the log scale.  I've added this in my TODO section on the methodology page.  It's not a current priority though.  For now, please hover over the bars to look at the precise values.

Thanks for your work

[BitcoinFX]

I just posted this idea in another thread, but I'm posting it again to reach more XPM miners.

I've started 'banking' single mined blocks in encrypted wallets with each block I find by making a back-up and creating a new wallet each time (where possible).

I figured that if / when someone happens to find a block with an exeptionally long chain, then at least it will be a mined block on a single wallet.

This could give the block a higher value in the future as the coins will also be unspent.

Primecoin is a Scientific Computing Cryptocurrency afterall.

[Tuck Fheman]

My luck (for comparison) w/i7 @ 3.22

Start : 8 blocks in 4 days (0.1.0).
Then : No blocks in 1.5 days (v12), then 3 blocks in 5 hours (0.1.1).
Now : No blocks in 1.25 days (v0.1.1), then 3 blocks in last 7 hours (h3 @ ~2500-3000 pps).

Total : 14 Blocks
Average : 2.074 Blocks/day

[ReCat]

You guys need lectures in probability math. It doesn't work like that.

[maco]

New update V1.2 released on Android users of Primecoin Buzz App

https://bitcointalk.org/index.php?topic=253060.0

http://www.ppcointalk.org/index.php?topic=368.new#new

[nmersulypnem]

What's the primecoind command to send coins to an address?  ...and also to check the wallet balance.  It's not in the -? help.

[maco]

What's the primecoind command to send coins to an address?  ...and also to check the wallet balance.  It's not in the -? help.

This is once XPM is (MATURED) state:
primecoind sendtoaddress yourhomeaddress amount

[RandyFolds]

If the initial code had been properly optimized then starting difficulty could have been nearly 9 and we wouldn't be seeing such a short block time.  This is a lesson, if your going to release a new algorithm for CPU mining, optimize the CPU code or else you've get quasi-ASIC like behavior in which hash rates explode and the coins may end up monopolized by people who have access to the high potency mining ability even if this is by software rather then hardware.

Starting difficulty would have still been where Sunny set it, 7. I don't know what the distribution looks like, but I am still finding blocks on 5 micro instances and a laptop running while I am sleeping. If difficulty adjustments took two weeks, I would agree with you, but it's dynamic.

If his starting difficulty was in any way chosen to reflect the mining rate of some target number of PCs (the method Satoshi used) then optimized code would certainly have lead him to choose a higher difficulty, do you think 7 was just a number he pulled out of his ass with no regard to the target block time?

So not only does he have to code and promote the coin, now he has to divine the future? I imagine that he set it where it to wouldn't be jammed up with orphan chains initially when utilizing CPU mining and then allowed it to self regulate. There is no way to predict adoption or hashing power or optimization. You are just some tool upset about the first WEEK of mining. Entitlement is an ugly thing. Didn't get enough of those 200k coins, or what?

Fuckin' a...some people will bitch about anything.

[rethaw]

EDIT: Fixed!

[matt4054]

Very nice graph, did you make it yourself? Live version would be great

[maco]

Where you pulling this data from?

[rethaw]

Where you pulling this data from?

They come from primecoind.

[jaakkop]

I just posted this idea in another thread, but I'm posting it again to reach more XPM miners.

I've started 'banking' single mined blocks in encrypted wallets with each block I find by making a back-up and creating a new wallet each time (where possible).

I figured that if / when someone happens to find a block with an exeptionally long chain, then at least it will be a mined block on a single wallet.

This could give the block a higher value in the future as the coins will also be unspent.

Primecoin is a Scientific Computing Cryptocurrency afterall.

Sounds like a tedious task, if you ask me.
You could just mine into one wallet and dump those private keys into separate wallets later on.