PRIMECOIN: difficulty is going ballistic - miners hold on to your coins

[kelsey]

Current exchanges are pushing down XPM like crazy, but conversely the difficulty is going nuts. Don't be tempted to dump your coins on the market thinking the price is plummeting. With the current difficulty going ballistic I suspect XPM supply is going to dwindle, and price is going to go back up. 

rare is just going to make people lose interest faster. what did people expect everyone was mining it simply for what they can get in btc/ltc for it.....who actually wants to buy this lol

[AgentME]

Is there any actual value in mining using the primecoin method when compared to sha256? Is it a superior mining protocol?

The currency functions similar (well, besides there's only CPU miners right now) but there's a bit more value to the blockchain's proof-of-work messages outside of the context of the currency. Not protein-folding level value but still more value than hashes of random nonces.

[darkstone1337]

Remember, people are buying XPM at low prices, what do you think their motives are?

The buyers will be waiting for price to increase to make a return on their investment thus price is likely to increase at some point, I suspect this may take a little time before we see this take effect once everyone has dumped their XPM for low prices  

[markm]

With bitcoins themselves going for less than half price lately selling primecoins at cheap-in-bitcoins rates seems more than doubly silly.

Unless maybe the thinking is hey, bitcoins for less than half price, what the heck maybe I'll sell my primecoins at less than half price for some of those cheap bitcoins, its a wash... ?

-MarkM-

[xan_The_Dragon]

When someone tells me to hold onto my coins, I start getting suspicious about their motives.

+1

[achillez]

When someone tells me to hold onto my coins, I start getting suspicious about their motives.

+1

Heh - you'll laugh but I sold all my coins when it dropped. Felt stupid, then was compelled to post here to advise people *not* to do what I did.

On a completely unrelated note, pps has gone ballistic and folks are getting few/no blocks now. I'm thinking gpu mining has launched or some major clusters have jumped into the fray.

[achillez]

So gents, if you'll notice I called the bottom of the XPM price. It has been climbing since. Now I'm shooting myself in the foot - alas, I should do as I say not as a I do ...

[OnlyC]

I think there're no GPU or ASIC mining XPM right now. People are mining with ton of VPS. If you can find a good deal, mining is profitable at price 0.003

[hasle2]

I think there're no GPU or ASIC mining XPM right now. People are mining with ton of VPS. If you can find a good deal, mining is profitable at price 0.003

I think it stopped being profitable when the difficulty hit 8. When it hits 9 it definitely will not be, unless the price goes up massively.

[No_2]

Can anyone point me at a source of info about how many XPM coins per unit time are generated and what growth curve and limits are imposed upon its design.

[xyzzy099]

Can anyone point me at a source of info about how many XPM coins per unit time are generated and what growth curve and limits are imposed upon its design.

http://cryptometer.org/primecoin_96_hour_charts.html

[hasle2]

I think there're no GPU or ASIC mining XPM right now. People are mining with ton of VPS. If you can find a good deal, mining is profitable at price 0.003

I think it stopped being profitable when the difficulty hit 8. When it hits 9 it definitely will not be, unless the price goes up massively.

I take that back. With bitcoin at $100 (mtgox right now) and xpm at 0.003 btc and assuming 2 blocks a day on average, 13 coins a block, that would be $7.80 a day. A decent amazon ec2 instance can be had for $4.50 a day.

So it can make money right now, assuming 2 or more blocks a day (this seems to be about what I am getting are diff went to . The block rate is highly volatile however so it's a gamble at 0.003 imo. When diff hits 9 it will be pointless to mine on pay per hour VMs.

[shinkicker]

I am here for the long term here, so not even paying attention to release week prices.

[anonppcoin]

I am here for the long term here, so not even paying attention to release week prices.

I think it's hilarious to look at other coins' YTD charts and remember how much time and energy people spent fussing over sub-pixel changes.

[BitcoinFX]

I am here for the long term here, so not even paying attention to release week prices.

Top Tip:

I've started 'banking' mined blocks to new encrypted wallets with each block I find by making a back-up and creating a new wallet...

I figured that if I happen to find a block with an exeptionally long chain, then at least I'll have the mined block on a single wallet.

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

You can all thank me later ?  

[FiiNALiZE]

I like how it's 100% luck to mine this coin.

My crappy Athlon II processor managed to mine 3 blocks consecutively in 3 hours yesterday while my i7-2600k got nothing.

[RustyShackleford1950]

assuming 2 blocks a day

That's a really, really, big assumption, one that I don't think is realistic.