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

[IMZ Noo Account]

'1) Hardfork with all of the current coins reduced down to 1/10,000th of a primecoin. This will clean up the richlist within a few weeks and make it have a more fair history'

I'm not sure I understand this. After the reduction, do you go back to the same emission rate as before the reduction?

That is (I think) either you're 'moving the decimal point' on your entire coin, or you're confiscating value.



IndiaMikeZulu

[PrimeHunter2023]

'1) Hardfork with all of the current coins reduced down to 1/10,000th of a primecoin. This will clean up the richlist within a few weeks and make it have a more fair history'

I'm not sure I understand this. After the reduction, do you go back to the same emission rate as before the reduction?

That is (I think) either you're 'moving the decimal point' on your entire coin, or you're confiscating value.



IndiaMikeZulu

A lot of coins were made with the premise that the coins would be emitted quickly so later people could be made serfs.

Now it turns out later people aren't interested in being serfs.

The choice is either let the coin disappear or make it a little fair to bring people back.

~

The entire crypto market is much thinner than most people think. The vast majority of the crypto economy is a few thousand people being led by a few dozen people.

It can either be mainstreamed by promoting decent coins or it continues as a scam facade.

Why should most of a coins supply be given quickly to a few people unless the purpose is to scam?

[IMZ Noo Account]

'A lot of coins were made with the premise that the coins would be emitted quickly so later people could be made serfs.'

insta-mining, stealth mining, dev's wallets, bounty wallets. Agreed.

[PrimeHunter2023]

'A lot of coins were made with the premise that the coins would be emitted quickly so later people could be made serfs.'

insta-mining, stealth mining, dev's wallets, bounty wallets. Agreed.

It's good for a person to make money trading coins.....

and it's also good for there to be productive coins like xpm.

~

Right now there is really neither.

Xpm is not very active, not too profitable, neither financially nor scientifically.

Ideally people could be attracted to hunt primes and distinguish xpm as a 'useful' coin vs most other coins.

At block 1m xpm had only 9.4m coins https://chainz.cryptoid.info/xpm/block.dws?206f99bdd02400f2eb28c2c3e0b124b03c5f2de9f4ffe8400e8025ce1797f5a2.htm

So xpm, aside from being useful is much more fairly emitted than most coins including btc, which was instamined.

Only negatives I see

1) Top 1000 wallets     97.32%    49,504,593 XPM

2) Only 72k total wallets

3) No public interest

Plus there was some drama a few years ago that might have soured some people on the coin.

It is one of the best old coins to resuscitate, but also a good coin to improve and reissue. I have some so I prefer to resuscitate, but would also support an improved reissue. I'm not in a position to do anything except babble on, but maybe in the future I will be able to help with one avenue or the other.

[IMZ Noo Account]

Deleted my post. Shall take a different tack:


At First Glance:

the block explorer seems to show that the coin is chugging along. (But I got a virus warning when I tried to download the QT. But the Discord guys say it's a false positive.)

We got two good listings. (Freilite is dead. Our listing on Komodo is ‘wallet only.’)

There is steady volume – tiny, but steady. On Xeggex, though, right now, the bot is buying and selling to itself (at 442) -- ??

The price chart looks good IMHO. There is an awesome buy-floor on Frei.

There are several active Primecoiners over on Discord.

[PrimeHunter2023]

There are two simple ways xpm holders can make money.

~

Method 1 ) Sell your xpm and buy silver.

~

Method 2) This involves more work and it's what a developer or anybody able to hire developers could do.

a) Make a prime seeking algorithm that uses human input rather than a formula. This could be in the form of a game but cannot be camouflaged as anything other than hunting primes.

b) Blocks would be verified by verifying that the new prime is valid. No prime, no block.

c) If it were collaborated with Xaya, maybe talk to snailbrain or domob, there could be snap in modules that let a person change the way the person hunts primes. One version for heavy math people that lets the user make smart guesses, another version for people who want entertainment.

The advantage over huc is that you cannot fake primes, and if a bot is developed which can find primes at an unusual rate then it's a step forward, as long as it is open source.

A coin like this also takes advantage of the current ai craze in regular/stock markets.

Except that instead of using "fake ai" it goes in a better direction. Sort of like Numerai nmr except you don't need a college degree to mine it.

~

Here is an example of how primes could be incorporated into human mining.

Primes are the next step in number progression, after integers, and there is some sense in how primes progress, but so far nobody has been able to figure out what that order or sense might be.

Usually people think of primes in terms of integers. So you might say at first that primes progress along a single dimension i.e., integers. Most people would point to a series of integers and say "a prime is there, and there" etc.

If you add a dimension, an x,y axis then you can have a more advanced  field in which to look for primes. But to make it into a human mineable thing you should probably have three dimensions x,y,z.

So one of the variables miners could adjust would be what exactly each axis represents.

What are usable possible axes? A person with math skill and a taste for games would start there.

[IMZ Noo Account]

'Sell your xpm and buy silver.' I am 100% in agreement here!!

reading now

[IMZ Noo Account]

We have about $500 in volume this morning, but quieter on the BTC<>XPM thread on Xeggex.

Watch the ETH<>XPM thread.

[IMZ Noo Account]

Almost $400 just on Xeggex today.

[IMZ Noo Account]

Primecoin: State of Play


We have wallets and a block explorer.
We have two listings – and the 0.1 XPM trading on Xeggex is perhaps Primecoin’s primary reality at this point – but how much volume on this pair is wash-trading? Edit: there is an AMM liquidity pool running. So, prolly no wash-trading!
The XPM supporter with the substantial buy-floor on the Xeggex XPM<>BTC deserves kudos. It’s an important backstop.
And there is just excellent buy-support on Frei!
Community activity, however, is almost nil; and a few hours of research will show that dozens of cryptos of XPM’s era are beyond saving. A coin with neither community activity nor significant volume is doomed.

[Penis]

What's with all the doom and gloom?

Primecoin is the first and most successful math coin in terms of market cap (the others being Riecoin and Gapcoin), is developed by one of the most legendary and innovative developers in the cryptocurrency space (Sunny King - co-inventor of proof-of-stake), is one of the few coins that has its own Wikipedia article, is featured on Andreas Antonopolous's Mastering Bitcoin, and is a favorite of Vitalik Buterin (co-founder of the second largest cryptocurrency in terms of market cap) to the point where he even wrote an extremely positive article exalting it:

All in all, Primecoin presents itself as an extremely interesting experiment; for the first time, we have a currency whose mining algorithm has a secondary value, and at the same time Primecoin, unlike so many other coins before it, actually makes serious attempts to improve on Bitcoin in unrelated aspects. Not taking into account Bitcoin’s massive headstart, Primecoin may well be the first alternative coin to actually be better than Bitcoin, giving the currency the potential for a bright future ahead.

Source: https://bitcoinmagazine.com/business/primecoin-the-cryptocurrency-whose-mining-is-actually-useful-1373298534

The vast majority of coins would kill for an endorsement by Vitalik or a Wikipedia article that isn't instantly deleted for being promotional spam.

Outside of the extreme bull markets we saw in 2013, 2017, and 2021 where everything goes up, the cryptocurrency space works in terms of fads. We had the scrypt coingen animal coins fad, the privacy coins fad, the masternode coins fad, the ICO fad, the NFT fad, the metaverse fad, and the current Solana memecoin and AI coins fad. Coins that jump onto these fads are the ones that attract attention and get listed on exchanges. But their success is temporary. Fast forward a couple of years and the vast majority end up being delisted from their exchanges and their communities turn into ghost towns.

Meanwhile Primecoin eschews these rollercoasters and keeps chugging along, doing what it does best. It's niche is a small one but it's the biggest fish in it's pond. If the crypto markets go insane again then the price of Primecoin will go up because a rising tide lifts all boats. If a fad for math coins ever materializes then Primecoin is in a superb position to benefit. Until then, expect Primecoin's price action to be a boring one with a lot of sideways movement and little market interest.

[IMZ Noo Account]

Gapcoin? One exchange. Nothing but sells in four months.
NXT? Two exchanges. The main one in IDR. On Frei, 400% buy-sell spread. Solid!
NFD? Does it have an explorer yet?
Datacoin! Not listed on Coinpaprika or Coingecko. ‘Untracked’ on Coinmarketcap.
NextCoin? Two cents trading in four months! Killer project.

[PrimeHunter2023]

.......If a fad for math coins ever materializes then Primecoin is in a superb position to benefit.........

Primecoin has never had significant popularity. It pumps, crashes, pumps, crashes. So far, in its entire history, less than 74k wallets have been created, https://chainz.cryptoid.info/xpm/#!rich most of them by exchanges probably so there could be 1,000 to 5,000 actual people who have ever been interested in primecoin.

Two paths

1) Continue pump and dump cycle

2) Create a human mining wallet that lets people mine by doing human work rather than pretending computer "work" is work.

[IMZ Noo Account]

Just days into The Noo Energy Model, and we're over $1,000 in volume.

XPM<>ETH has sparked up on Xeggex.

[PrimeHunter2023]

There are several active Primecoiners over on Discord.

Just days into The Noo Energy Model, and we're over $1,000 in volume.

XPM<>ETH has sparked up on Xeggex.

https://discord.me/servers/tag/pump-and-dump

[IMZ Noo Account]

You have no reason to mentioin pump-n-dump. We've just been attending to our trading.

And sure as hell I don't appreciate you connecting IndiaMikeZulu to pump-n-dump!

IndiaMikeZulu

[PrimeHunter2023]

You have no reason to mentioin pump-n-dump. We've just been attending to our trading.

And sure as hell I don't appreciate you connecting IndiaMikeZulu to pump-n-dump!

IndiaMikeZulu

A coin can either be used to profit by increasing the use/value of the coin, or it can be pumped with the goal of dumping coins on new people who get pulled in.

Primecoin is pretty near an all time low which means almost everybody who ever bought it is down except the pumpers who dumped at peaks.

Was the conversation on discord about anything other than pumping?

~

People who are interested in looking for primes might consider xpm inefficient. If the goal is really to find primes it would be a better use of resources to use an algorithm not connected to a coin.

Primecoin could be made useful by changing it to a human mining coin that incentivized people to look for new ways to find primes.

~

I'm happy with pumping it. I bought around $100 worth to dump once it goes up. Pump away

[IMZ Noo Account]

For the minute, this thread is home base for the IndiaMikeZulu Christmas Bitcoin-Price-Guessing Comp -- but this year, it will run from today to November tenth -- after the U.S. election:

Mmmm shiney $77,843
Polar Bear Stacker $100,000
Barneyrubble $88500
Wiowi $60.321.48

[IMZ Noo Account]

This year’s Bitcoin-Price-Guessing Competition has begun. But it ends on November 10th (here in my farmhouse in Western Australia). That's five days after the U.S. election.

You can change your Guess up to Nov. 1st. Go!

Mmmm shiney $77,843
Polar Bear Stacker $100,000
Barneyrubble $88500
Wiowi $60.321.48
Falling Knife: $76,001

[IMZ Noo Account]

Mmmm shiney $77,843
Polar Bear Stacker $100,000
Barneyrubble $88500
Wiowi $60.321.48
Falling Knife: $76,001
TheHatter $69,015
Selfwithin $69,000