[XPM] Why Primecoin Price Has Bottomed Out

[eCoinomist]

Yes but that's not a use for the COINS.

Mathematicians may run primecoin for the fun of it, or for scientific value.

Miner, traders, and normal people are going to stop running it at some time if there's never any use for the coins it generates.

Same holds true for Litecoin, I see hardly any site accepting Litecoin. But does that mean people stop mining Litecoin? The opposite is true.
This whole cryptocoin thing is currently created and supported by miners-speculators, mostly.

The question of price, which this thread is about, is not determined by utility (the usefulness of the coin) but rather, the economical movements.

[ericwt]

I agree with you. It was and still is being over hyped.

However I am enjoying the large price fluctuations.

It has been quite profitable for me to buy when everyone panics and sell when the price goes up.

Long term it will succeed in my opinion. Is there any need or use for it?

Nope.

Yet when someone comes out with a Primecoin payment plugin I will be taking it as payment.

Why? The fact that it has no use is not relevant. Other people give it value.

All that matters is I continue to make profits with it.

How deep could this thread go before someone points out that there's no use for the coin?

[eCoinomist]

I agree with you. It was and still is being over hyped.

However I am enjoying the large price fluctuations.

It has been quite profitable for me to buy when everyone panics and sell when the price goes up.

Long term it will succeed in my opinion. Is there any need or use for it?

Nope.

So do you think the price has bottomed out or has it not?

[yurimir]

I think the new bottom now

[bitwarrior]

And the cycle repeats itself and continues going down @ 0.00669

[Pmalek]

It is a PUMP preparation! Dont worry!

[yurimir]

It is a PUMP preparation! Dont worry!

We will wait for further developments 

[teknohog]

Well, I really don't see how a GPU would possibly be faster at that type of math, but OK.

A lot of people use GPUs to find prime numbers: http://www.mersenneforum.org/forumdisplay.php?f=92

[minerapia]

It's not just finding prime numbers

yep, you need to apply some basic arithmetics also like pow(n,2)-1 and pow(2,n,m)
 wow

[mechs]

It really dropping a lot now, though that is largely due to BTC surging.  Still, even against the USD it has dropped from 0.70 to 0.50 XPM/USD. 

[Asphyxiated]

Pretty sure that the GPU miner for Primecoin won't be any faster. It's finding prime numbers, using basic arithmetic. This is what CPUs excel at.

That's still theory, Litecoin at the beginning also was thought to be exclusive to CPU only.

Well, I really don't see how a GPU would possibly be faster at that type of math, but OK.

Its really not about doing the same type of math "faster" as it is about the fact that a GPU has around 1200 processors on it while a normal cpu as 2-8 (perhaps 4 - 16 if you count hyperthreading), so if the code can be ported to a gpu it can run (in theory) 1200 tries in parallel vs 1-7 (or 3-15, for a cpu using OpenCL commands once of the processors acts as the 'host' the rest act as the 'device' and the host coordinates the tasks for the device, with a gpu card the processor needs to only use one core to tell the gpu's 1200 or so processors what to do. The speed up should come from the greater number of threads being run at the same time. of course there are a lot of optimizations that could be done to that code to potentially make it run faster as well.

[Herp]

Is it dead yet?