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Author Topic: [XPM] [ANN] Primecoin Release - First Scientific Computing Cryptocurrency  (Read 686896 times)
kendog77
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July 17, 2013, 02:32:20 PM
 #2281

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.
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xenofanesSkarak
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July 17, 2013, 03:11:36 PM
 #2282

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  Shocked  Shocked  Shocked  Shocked

I counted how many XPM were mined in last 4 days http://coinmarketcap.com/  Lips sealed  Grin  Grin  Grin
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  Wink  Wink  Wink  Wink  Wink  Wink

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


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July 17, 2013, 03:25:20 PM
 #2283

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

BTC:1AiCRMxgf1ptVQwx6hDuKMu4f7F27QmJC2
jjiimm_64
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July 17, 2013, 03:33:14 PM
 #2284

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.

1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
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July 17, 2013, 03:53:50 PM
 #2285

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.

That's the beauty of a bot-net - you don't pay for the power consumption.
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July 17, 2013, 03:57:36 PM
 #2286

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  Shocked  Shocked  Shocked  Shocked

You're right, but remember that xpm reward is decreasing very fast...

DTC: DMcKNp47fNtgM7sritK9GfJEQ1DzME5nwk
BTC: 1FgUGra685ZwkrX5VnRvfaYp4bHJhC7x4H
xenofanesSkarak
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July 17, 2013, 04:09:09 PM
 #2287

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  Shocked  Shocked  Shocked  Shocked

You're right, but remember that xpm reward is decreasing very fast...

I thought that it is not decreasing very fast at least in comparison with BTC.
well its more complicated but basically I think there are plenty of XPM which people want to sell and they would sell it even for 0.001 BTC (when BTC is currently around $100)


Scarcity enforced by Moore's Law similar to ppcoin, mint rate gradually drops as difficulty rises, without sudden halving shock
https://cryptocointalk.com/topic/762-primecoin-xpm-prerelease-announcement-introducing-prime-proof-of-work/
 Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes

 Self-adjusting block reward – Bitcoin is known for its controlled currency supply algorithm, which guarantees that only 21 million bitcoins will ever be generated, as well as specifying the rate at which these bitcoins will come out. Primecoin follows a different path. The number of primecoins (XPM) released per block is always equal to 999 divided by the square of the difficulty, a formula which should converge to some maximum if the difficulty increases linearly. Given that Moore’s Law states that computing power increases exponentially, and the effort it takes to find a prime chain is exponential in its length, that is quite likely to hold true
http://bitcoinmagazine.com/primecoin-the-cryptocurrency-whose-mining-is-actually-useful/

 Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes  Roll Eyes
markm
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July 17, 2013, 04:09:43 PM
 #2288

Yes you should all turn off so I can find blocks easier, kthx.

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July 17, 2013, 04:24:45 PM
 #2289


------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  Wink  Wink  Wink  Wink  Wink  Wink



The daily average is falling for XPM every day now. The daily average for today is on track to hit 65k.

It will continue to fall since the target block rate is 1 per minute and we are still not close to that..

1 month from now the daily average will be 20k or less, I predict.
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July 17, 2013, 04:31:46 PM
 #2290


------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  Wink  Wink  Wink  Wink  Wink  Wink



The daily average is falling for XPM every day now. The daily average for today is on track to hit 65k.

It will continue to fall since the target block rate is 1 per minute and we are still not close to that..

1 month from now the daily average will be 20k or less, I predict.

I'm betting on a difficulty of 10 or more before we reach 1 minute blocks.
idny
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July 17, 2013, 04:35:30 PM
 #2291

I have the last 5 days difficult like the following

https://i.imgur.com/rkpALst.png?1

But i'm running 3,500 pps and have nothing in the last 48 hours. Is this due to lack? Or am I coming a small fish in a growing pond?
nullbitspectre1848
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July 17, 2013, 04:49:29 PM
 #2292

I have the last 5 days difficult like the following



But i'm running 3,500 pps and have nothing in the last 48 hours. Is this due to lack? Or am I coming a small fish in a growing pond?

I'm in the same boat.  Wouldn't doubt there are a few greedy people that are mining with GPUs

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July 17, 2013, 04:49:54 PM
 #2293

Guys,

Let's get this trading on btc-e:

http://hdbtce.kayako.com/
achillez
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July 17, 2013, 04:55:30 PM
 #2294

Been running tests for 2 days on the test-net and it looks like primecoind is crippled in some way.

Ran primecoind 1 hour and I end up with 10 blocks (had the same result 3 times) with sieve @ 1 million. If I run primecoin-qt for an hour I usually get about 30-60 blocks @ 1 million sieve. Did this test about 3-4 times.

This is with the hp4 client and only using one core on windows 7.


this is interesting - wonder if it's true
Stinky_Pete
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July 17, 2013, 05:11:41 PM
 #2295

Can anyone explain to me, with verifiable numbers, why there are these constant suggestions that there are GPU and botnet miners in action?

mustyoshi
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July 17, 2013, 05:28:41 PM
 #2296

Can anyone explain to me, with verifiable numbers, why there are these constant suggestions that there are GPU and botnet miners in action?
Everybody was getting blocks at the start, then nobody was getting anything.

But the block time is still well under target, so /somebody/ is getting those blocks.
kendog77
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July 17, 2013, 05:32:14 PM
 #2297

Been running tests for 2 days on the test-net and it looks like primecoind is crippled in some way.

Ran primecoind 1 hour and I end up with 10 blocks (had the same result 3 times) with sieve @ 1 million. If I run primecoin-qt for an hour I usually get about 30-60 blocks @ 1 million sieve. Did this test about 3-4 times.

This is with the hp4 client and only using one core on windows 7.


this is interesting - wonder if it's true

I found many blocks with the hp2 windows build, and zero blocks with the hp4 build, so I recently went back to the hp2 build.

I suspect this is because difficulty is now sky high versus there being something wrong with the windows hp4 build, but who knows. I will report back if I start finding blocks again with the hp2 build...
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July 17, 2013, 05:57:56 PM
 #2298

Can anyone explain to me, with verifiable numbers, why there are these constant suggestions that there are GPU and botnet miners in action?
Everybody was getting blocks at the start, then nobody was getting anything.

But the block time is still well under target, so /somebody/ is getting those blocks.
Please quantify 'everybody' and 'nobody' 'at the start' and 'then'.

We know that difficulty has been going up, so on average, the time people have to wait for a block is increasing. This seemed to me to be most apparent in the first eighteen hours or so. Also it seems reasonable to assume that there are more people mining now than at the start, which will also increase the time. But I don't know how to get numbers to confirm these ideas.

There is also the completely different effect of how people perceive the time they have been waiting.

I'm still getting blocks with ordinary CPU mining, but not as often as I was.

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July 17, 2013, 05:58:43 PM
 #2299

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

I see it the other way around:

What did LTC do that was new? It has faster blocks and another proof-of-work.

If you look at the most valuable altcoins they are _all_ based on scrypt now so that turned out to be a comparably popular design. But scrypt is a cryptographically secure hash just like SHA, so the concept is still the same. XPM also has the faster blocks and also brought a new proof-of-work. But this one is not just a secure hash, this one is actually useful work. That is something most people think about when they first hear of Bitcoin, and finally we have working prototype to show. There are already world records made!

(Litecoin also promised to be "resistant" to GPU mining when it came, which turned out to be not true. Primecoin's developer made no such promise while it fact the GPU mining gap will be smaller since it is even more complex than scrypt.)

The reason LTC is the second most accepted coin is because it is the second most valuable coin. If another coin gets just as valuable it will get just as accepted.

Considering then that LTC still has 15000% the market cap of XPM ... [edit: added another zero]
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July 17, 2013, 06:00:21 PM
 #2300

Can anyone explain to me, with verifiable numbers, why there are these constant suggestions that there are GPU and botnet miners in action?
It's just bitter people complaining for the most part. If there were any decent amount of people with GPU mining there would be big dumps going on in the exchanges. Instead looking at the exchanges we can see all the sells are for small amounts and no big dumping is taking place. That suggests there are not a handful of people amassing tons of the coins (50k amounts).

There's a lot more people mining now because all it takes is a cpu from a computer which doesn't interfere much with GPU mining. That means less coins to go around. And the number of coins produced per day by the network is also now decreasing due to the difficulty rising.
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