[NSFW] Official Sexcoin Thread - New MANDATORY upgrade: KGW Timewarp attack FIX

[fendlestick]

It was by dev request, won't go into details but it was a good move as the coin continues to improve. Will be back on coinchoose soon I am sure, cos it is a great website!

[LittleDigger]

Multipools + AutoSell

Its more profitable to mine alts and then convert to BTC, several multipools are out there now attracting people with claims of "Always be mining the most profitable coin" but just look at coinchoose, refresh it every 5 minutes and you see the top coin changes all the time because the pools mess with difficulty in a big way.

regular miners end up getting screwed over by massively high difficulties after only a few minutes of the huge hash rate multipool being on the coin.

eventually miners realise its not profitable to mine the coin most of the time and move to another, which just leaves the daily dumping of the coin for the multipools.

which leads to the eventual demise of coins being mined by the pool.


This isnt the only factor, but im fairly sure its a big one!

I have posted about the likely root causes.

First of all, multipools are erasing the identities of altcoins -- especially when they are being auto-traded for BTC. These auto-trades are driving down the market price because logic isn't taken into consideration -- they're just being dumped at what should be below market value. However, once these dumps occur, the resulting sale price becomes the new market value. Smart buyers are laying out lower offers knowing that the big dumps will drive the price down into their net...and sellers are competing with auto-sellers that don't care about the value or identity of the coins being sold.

Another issue is the flood of garbage coins that are getting listed on the major exchanges. Each week, more and more of these copy/paste coins are rolling out that are designed to be nothing more than a pump-and-dump scheme. For example: ASC, SAV, TGC, VLC, and ELP -- these were all released by the same deceitful dev under different names. Then, the same group of usernames proceed to campaign aggressively to get the currencies added to Cryptsy (using grammar that is so bad it's borderline-criminal, really.) People mine these coins (or buy them once they hit the exchanges) thinking it's a good investment...but as soon as the clowns at the top dump everything they walk away and everyone else that invested in the coins is left holding the bag. Even though there are only a few bad seeds in the mix, it's enough to erode trust across the entire market. The altcoin world is the wild west and con artists continue to execute the same scam over and over because there is no regulation or authority to verify anything. I mentioned it earlier today in the Cryptsy thread, but if they keep listing these coins and allowing these bums to profit off this crap the altcoin industry is doomed.

There are simply far too many coins out there that provide nothing new, have no services, and yet people are willing to invest in them only to get burned. People are pulling out of altcoins as fast as they were flooding in last month and it is eroding demand across the board.

From a different thread... Bold added for emphasis. The first section explains why we aren't on Coinchoose at the moment, the second why we aren't in a rush to get on Crypsty, at the moment.
The devs will get together and discuss the future direction of the coin.
Generally we care about our miners, and we don't want them ripped off by flash miners.
We care about our coin as well ..

Some idiot said "top devs are on their third or fourth coin" in one thread... Well we have three devs, two who worked almost every spare second for three months straight, with technical and other support from at least half a dozen others all on one coin, the other is concerned with developing and recruiting commericail sites, and started several days before we hit an exchange... I don't think "top devs" can produce one successful crypto currency in a couple of months much less three... Too many newbies running around thinking you get rich quick.. No-one except scammers have ever gotten rich quick. You don't get rich quick by selling a days worth of mining say 20,000 coins for 15$ worth of bitcoin... you get rich by mining said coins 24/7 for month after month, and then slowly selling them off when theres enough websites using them to make them worth a dollar each.

If just being a cryptocurrency was enough to mean real world value without actually being used as a currency, we'd just clone extreme coin, release it, and sit after our whole ten minutes of hard work and wait to rake the riches in.. we could call it "PlatinumBars" cause naming it after a precious metal adds real world value..

Right now the name of the game is to survive, we've already out survived a few coins, and theres more on the ropes while we are just about to hit our stride. Theres going to be dark days ahead for the alt-coins I think, and it's going to take alot of hard work to get there. Coins are going to need to be credible, we've got four websites but thats not enough. We already have plans to push for more as soon as we clear the hardfork.

But alot of that is my opinion, which is why we'll being discussing, debating and then rehashing opinions among the devs over the next several days, and deciding what direction to take.

As usual, anybody who has an opinion to post on the current altcoin climate is welcome to do so, we love getting different perspectives so we don't miss any angles  

[pmconrad]

Hi,

IMO you (meaning the SXC dev team) have a very healthy point of view here.

Reading this forum gives me the impression that many (if not most) people here seem to think the purpose of a coin is being mined. Just think of ASICcoin - it was "developed" to be mined by ASIC owners. I've rarely seen such bullshit.

The real purpose of coins is, of course, to be used. I'm happy to see that you've understood this and that you're putting work into getting it there. That's why SXC is going to generate worth.

The purpose of mining is keeping a coin alive, i. e. making it work. Therefore multipools are dangerous in their effects. The only countermeasures I can see right now are quick difficulty readjustment plus a significant base of loyal miners. You've hopefully solved the former. I think the latter is indirectly also achieved by what you're doing, i. e. you're a loyal hard-working team interested in a bright long-term future of your coin.

I think SXC is on a good way.

[lyno]

Where are you guys selling your coins with PhenixEx down. I'm trying to get some cash to pay my electricity bill.

PhenixEx is up for me. Have withdrawn a few SXC i have bought just a few hours ago and got them in my wallet within seconds.

[rpg]

Hi,

IMO you (meaning the SXC dev team) have a very healthy point of view here.

Reading this forum gives me the impression that many (if not most) people here seem to think the purpose of a coin is being mined. Just think of ASICcoin - it was "developed" to be mined by ASIC owners. I've rarely seen such bullshit.

The real purpose of coins is, of course, to be used. I'm happy to see that you've understood this and that you're putting work into getting it there. That's why SXC is going to generate worth.

The purpose of mining is keeping a coin alive, i. e. making it work. Therefore multipools are dangerous in their effects. The only countermeasures I can see right now are quick difficulty readjustment plus a significant base of loyal miners. You've hopefully solved the former. I think the latter is indirectly also achieved by what you're doing, i. e. you're a loyal hard-working team interested in a bright long-term future of your coin.

I think SXC is on a good way.

10 block readjustment with a poison pill of if hash triples from one block to the next raise diff to 10 times over

[LittleDigger]

Hi,

IMO you (meaning the SXC dev team) have a very healthy point of view here.

Reading this forum gives me the impression that many (if not most) people here seem to think the purpose of a coin is being mined. Just think of ASICcoin - it was "developed" to be mined by ASIC owners. I've rarely seen such bullshit.

The real purpose of coins is, of course, to be used. I'm happy to see that you've understood this and that you're putting work into getting it there. That's why SXC is going to generate worth.

The purpose of mining is keeping a coin alive, i. e. making it work. Therefore multipools are dangerous in their effects. The only countermeasures I can see right now are quick difficulty readjustment plus a significant base of loyal miners. You've hopefully solved the former. I think the latter is indirectly also achieved by what you're doing, i. e. you're a loyal hard-working team interested in a bright long-term future of your coin.

I think SXC is on a good way.

10 block readjustment with a poison pill of if hash triples from one block to the next raise diff to 10 times over

lava's gone with a 30 block readjustment, but it can be tweaked as he already has the next client that fixes the magic number issue.. he can hold back on that and do whatever tweaks or improvements he wants..

Our problem hasn't been multipools, it's been miners using auto switching software. Of course if we had a higher hashrate as well, they would have less of an effect..

[LittleDigger]

Just checked our network stats...

We are at a reasonably steady 50Mh, ..30 on the lavapit, 10 on gr33ks pool and 5 on the p2pool..

It seems miners are quite happy to get a few coins less on a growing network, as long as the hashrate is reasonably steady.

It's the huge jumps and difficulty rises that prevent the network from growing, and actually retard or regress growth..

I'm wondering if, at the moment, being off coinchoose is such a bad thing..

[fendlestick]

Its not, nor is being of cryptsy until we see what effect the auto trader bot ping pong thingie has.

[portice]

Any bot can be exploited once you know its parameters

[fendlestick]

Yep will interesting to see what happens, this particular bot can be reprogrammed by xml or something, really I don't know the in's and out's but things designed to exploit money out of people is not very customer friendly. And reading the chat today, there is latency and other problems, I can only think this type of thing would only exacerbate any problems for all users.

[Timelord2067]

(lots of Blah)

Right now the name of the game is to survive, we've already out survived a few coins, and theres more on the ropes while we are just about to hit our stride. Theres going to be dark days ahead for the alt-coins I think, and it's going to take alot of hard work to get there. Coins are going to need to be credible, we've got four websites but thats not enough. We already have plans to push for more as soon as we clear the hardfork.

But alot of that is my opinion, which is why we'll being discussing, debating and then rehashing opinions among the devs over the next several days, and deciding what direction to take.

As usual, anybody who has an opinion to post on the current altcoin climate is welcome to do so, we love getting different perspectives so we don't miss any angles 

Just a suggestion - PayPal is pushing it's "Sell Digital Goods" on the page --> https://www.paypal.com/au/webapps/mpp/digital-goods Perhaps instead of listing this coin with exchanges is to bypass them entirely and sell the SXC direct to people who are referred from a SXC affiliated website - Buyer then uses the coins for services rendered, the SXC/PayPal exchange then buys back the coins to then re-sell to new consumers.  It's a closed system.  Of course, the difficulty has to be through the roof to prevent miners coming along and mine/dumping (which goes without saying) and guarentee's to the website they in turn can cash in their SXC.

I can definitely see dark days ahead - PlatinumCoins / Gold pressed LatinumCoins / ZorkmidsCoins / MarsCoins / HempCoins / BackpackerCoins / CiderCoins / XBoxCoins / GoldenArchesCoins / TardisCoins the possibilities are as limitless as there are words in a dictionary.  PornCoin came and went - SexCoin is both novel and serves a niche market and will therefore stand out from the rest.

[fendlestick]

(lots of Blah)

Right now the name of the game is to survive, we've already out survived a few coins, and theres more on the ropes while we are just about to hit our stride. Theres going to be dark days ahead for the alt-coins I think, and it's going to take alot of hard work to get there. Coins are going to need to be credible, we've got four websites but thats not enough. We already have plans to push for more as soon as we clear the hardfork.

But alot of that is my opinion, which is why we'll being discussing, debating and then rehashing opinions among the devs over the next several days, and deciding what direction to take.

As usual, anybody who has an opinion to post on the current altcoin climate is welcome to do so, we love getting different perspectives so we don't miss any angles 

Just a suggestion - PayPal is pushing it's "Sell Digital Goods" on the page --> https://www.paypal.com/au/webapps/mpp/digital-goods Perhaps instead of listing this coin with exchanges is to bypass them entirely and sell the SXC direct to people who are referred from a SXC affiliated website - Buyer then uses the coins for services rendered, the SXC/PayPal exchange then buys back the coins to then re-sell to new consumers.  It's a closed system.  Of course, the difficulty has to be through the roof to prevent miners coming along and mine/dumping (which goes without saying) and guarentee's to the website they in turn can cash in their SXC.

I can definitely see dark days ahead - PlatinumCoins / Gold pressed LatinumCoins / ZorkmidsCoins / MarsCoins / HempCoins / BackpackerCoins / CiderCoins / XBoxCoins / GoldenArchesCoins / TardisCoins the possibilities are as limitless as there are words in a dictionary.  PornCoin came and went - SexCoin is both novel and serves a niche market and will therefore stand out from the rest.

I will be looking into this on Monday, thank you very much for bringing to my attention! 

[lavajumper]

P2Pool went down while I was asleep last night.

Its back up, if that is your preference

No active shares were lost. When I restarted it picked up right where it left off.

[rlhead7173]

Multipools + AutoSell

Its more profitable to mine alts and then convert to BTC, several multipools are out there now attracting people with claims of "Always be mining the most profitable coin" but just look at coinchoose, refresh it every 5 minutes and you see the top coin changes all the time because the pools mess with difficulty in a big way.

regular miners end up getting screwed over by massively high difficulties after only a few minutes of the huge hash rate multipool being on the coin.

eventually miners realise its not profitable to mine the coin most of the time and move to another, which just leaves the daily dumping of the coin for the multipools.

which leads to the eventual demise of coins being mined by the pool.


This isnt the only factor, but im fairly sure its a big one!

I have posted about the likely root causes.

First of all, multipools are erasing the identities of altcoins -- especially when they are being auto-traded for BTC. These auto-trades are driving down the market price because logic isn't taken into consideration -- they're just being dumped at what should be below market value. However, once these dumps occur, the resulting sale price becomes the new market value. Smart buyers are laying out lower offers knowing that the big dumps will drive the price down into their net...and sellers are competing with auto-sellers that don't care about the value or identity of the coins being sold.

Another issue is the flood of garbage coins that are getting listed on the major exchanges. Each week, more and more of these copy/paste coins are rolling out that are designed to be nothing more than a pump-and-dump scheme. For example: ASC, SAV, TGC, VLC, and ELP -- these were all released by the same deceitful dev under different names. Then, the same group of usernames proceed to campaign aggressively to get the currencies added to Cryptsy (using grammar that is so bad it's borderline-criminal, really.) People mine these coins (or buy them once they hit the exchanges) thinking it's a good investment...but as soon as the clowns at the top dump everything they walk away and everyone else that invested in the coins is left holding the bag. Even though there are only a few bad seeds in the mix, it's enough to erode trust across the entire market. The altcoin world is the wild west and con artists continue to execute the same scam over and over because there is no regulation or authority to verify anything. I mentioned it earlier today in the Cryptsy thread, but if they keep listing these coins and allowing these bums to profit off this crap the altcoin industry is doomed.

There are simply far too many coins out there that provide nothing new, have no services, and yet people are willing to invest in them only to get burned. People are pulling out of altcoins as fast as they were flooding in last month and it is eroding demand across the board.

From a different thread... Bold added for emphasis. The first section explains why we aren't on Coinchoose at the moment, the second why we aren't in a rush to get on Crypsty, at the moment.
The devs will get together and discuss the future direction of the coin.
Generally we care about our miners, and we don't want them ripped off by flash miners.
We care about our coin as well ..

Some idiot said "top devs are on their third or fourth coin" in one thread... Well we have three devs, two who worked almost every spare second for three months straight, with technical and other support from at least half a dozen others all on one coin, the other is concerned with developing and recruiting commericail sites, and started several days before we hit an exchange... I don't think "top devs" can produce one successful crypto currency in a couple of months much less three... Too many newbies running around thinking you get rich quick.. No-one except scammers have ever gotten rich quick. You don't get rich quick by selling a days worth of mining say 20,000 coins for 15$ worth of bitcoin... you get rich by mining said coins 24/7 for month after month, and then slowly selling them off when theres enough websites using them to make them worth a dollar each.

If just being a cryptocurrency was enough to mean real world value without actually being used as a currency, we'd just clone extreme coin, release it, and sit after our whole ten minutes of hard work and wait to rake the riches in.. we could call it "PlatinumBars" cause naming it after a precious metal adds real world value..

Right now the name of the game is to survive, we've already out survived a few coins, and theres more on the ropes while we are just about to hit our stride. Theres going to be dark days ahead for the alt-coins I think, and it's going to take alot of hard work to get there. Coins are going to need to be credible, we've got four websites but thats not enough. We already have plans to push for more as soon as we clear the hardfork.

But alot of that is my opinion, which is why we'll being discussing, debating and then rehashing opinions among the devs over the next several days, and deciding what direction to take.

As usual, anybody who has an opinion to post on the current altcoin climate is welcome to do so, we love getting different perspectives so we don't miss any angles  

This inspired me! I will have to admit I was auto switching all my miners to Lavajumper when difficulty would fall so I guess I am partly to blame.  After reading this though, I have dedicated one of my miners to the pool 24/7. I like that this coin has a niche market that is recession proof. Let’s hope it does in fact bring us some wealth one day.

[lavajumper]

Perhaps instead of listing this coin with exchanges is to bypass them entirely and sell the SXC direct to people who are referred from a SXC affiliated website - Buyer then uses the coins for services rendered, the SXC/PayPal exchange then buys back the coins to then re-sell to new consumers. 

You would not believe how much discussion there was among both the dev team and on this thread about that exact strategy. It is actually our preferred present strategy. As someone stated earlier, coins need to be USED. This was one of the principles that brought the dev team together. We have spent many hours brainstorming on how to accomplish raising the VALUE of the coin, by way of its utility. From the start, we did not want it to fall into the trap of merely being a speculators toy. All that discussion led to our attitude that exchanges were not the way to go. Unfortunately, a sad fact is that merchants need SOME way to convert until the coin can stand on its own. Right now I think we are in an extremely good position. We are on a couple of new exchanges, which give people a way to utilize the coin as a merchant, but not so enticing as to make it 'massively dumpable'.

IMHO, the best thing for the coin right now is exactly the kind of thing you have suggested. We need more conduits like this.

The Dev team is continuing to work on improvements to the client, not that a client alone will make the coin successful, but the client can add features which give it more utility. The more utility we can build into the client, the more adaptable/enticing it can be to merchants/users.

Everyone...keep the suggestions coming!!!

This also brings up another point. Android, iPhone, Mac, Thin clients...... We need people to code in these areas. I think we have mac taken care of. Anyone so inclined will get our full support!

[lavajumper]

This inspired me! I will have to admit I was auto switching all my miners to Lavajumper when difficulty would fall so I guess I am partly to blame.  After reading this though, I have dedicated one of my miners to the pool 24/7. I like that this coin has a niche market that is recession proof. Let’s hope it does in fact bring us some wealth one day.

Awesome! Welcome to the long term strategy club!

[LittleDigger]

This inspired me! I will have to admit I was auto switching all my miners to Lavajumper when difficulty would fall so I guess I am partly to blame.  After reading this though, I have dedicated one of my miners to the pool 24/7. I like that this coin has a niche market that is recession proof. Let’s hope it does in fact bring us some wealth one day.

Awesome! Welcome to the long term strategy club!

Yeap, We knew .. you were pushing around 6MH.. One of the great things about having to struggle rescueing a coin is at the start you really appreciate every single miner you have, and you take a real interest in what your network is doing, who is joining it, and who exploits it at the start.. Watching it becomes a habit.. You'd be surprised at how much attention is paid to it.

I'm going to leak something Lava has been working on since the very start of the coin..

The double spike to around 170 MH is interesting.. we were the most profitable coin, and the auto switching just started to hit, when digicoin became most profitable. Our difficulty went to 0.50 and our regular miners stayed willing to crunch through those blocks, but then we hit the top of the list and that finished us off..

The other interesting thing is if you look closely ( and it's more apparent over a longer term graph) after every spike, fewer and fewer regular miners are willing to do another crunch fest, so the hashrate drops further every time, and it takes longer to hit a retarget every time.

We haven't fully discussed it, but as a coin built for commerce, both autodumping and automining is damaging.. One slows the network to a crawl, the other drops the price regardless of the actual value of the coin.. Merchants and their customers would have to wait forever for a transaction to go through, and then merchants would find they have made a big loss.. We have to overcome these problems to be a serious coin, though for well established coins, the effects aren't as severe...

I don't know what other devs are doing about the problem, or even if it concerns them.. some of them have probably already dumped their premine/instamine at cryptsy and released their next coin...

 
 

[fendlestick]

This inspired me! I will have to admit I was auto switching all my miners to Lavajumper when difficulty would fall so I guess I am partly to blame.  After reading this though, I have dedicated one of my miners to the pool 24/7. I like that this coin has a niche market that is recession proof. Let’s hope it does in fact bring us some wealth one day.

Awesome! Welcome to the long term strategy club!

Yeap, We knew .. you were pushing around 6MH.. One of the great things about having to struggle rescueing a coin is at the start you really appreciate every single miner you have, and you take a real interest in what your network is doing, who is joining it, and who exploits it at the start.. Watching it becomes a habit.. You'd be surprised at how much attention is paid to it.

I'm going to leak something Lava has been working on since the very start of the coin..

The double spike to around 170 MH is interesting.. we were the most profitable coin, and the auto switching just started to hit, when digicoin became most profitable. Our difficulty went to 0.50 and our regular miners stayed willing to crunch through those blocks, but then we hit the top of the list and that finished us off..

The other interesting thing is if you look closely ( and it's more apparent over a longer term graph) after every spike, fewer and fewer regular miners are willing to do another crunch fest, so the hashrate drops further every time, and it takes longer to hit a retarget every time.

We haven't fully discussed it, but as a coin built for commerce, both autodumping and automining is damaging.. One slows the network to a crawl, the other drops the price regardless of the actual value of the coin.. Merchants and their customers would have to wait forever for a transaction to go through, and then merchants would find they have made a big loss.. We have to overcome these problems to be a serious coin, though for well established coins, the effects aren't as severe...

I don't know what other devs are doing about the problem, or even if it concerns them.. some of them have probably already dumped their premine/instamine at cryptsy and released their next coin...

 
 

That graph tells an interesting story and nicely illustrates a growing prblem.  The tapering of dedication after each hit is an excellent observation! and shows show this type of activity slowly eats away a coin until well, your stuck at 22 diff like extreme coin with little chance of a quick recovery.

[LittleDigger]

EXC.. A very bad, completely useless coin with a very good completely devoted dev.. I can't wait to see how much hash it gets when the coins run out and he tries to keep it alive with one rig.. I could probably 51% it with my spare parts rig when that happens... Of course one node hashing and maybe two more at exchanges is all it talkes to keep a network alive  ... It's interesting as an experiment, I guess.... (Don't get me started, it represents all that is evil in crypto)

[portice]

EXC.. A very bad, completely useless coin with a very good completely devoted dev.. I can't wait to see how much hash it gets when the coins run out and he tries to keep it alive with one rig.. I could probably 51% it with my spare parts rig when that happens... Of course one node hashing and maybe two more at exchanges is all it talkes to keep a network alive  ... It's interesting as an experiment, I guess.... (Don't get me started, it represents all that is evil in crypto)

A little bit harsh, not that I disagree, but I believe he clearly stated he was doing this as a test to kinda see what happens in a nutshell.