[XPM] Why Primecoin is Useless, Doomed to Fail?

[MarpleTrading]

That means when demand plummets, Primecoin price can bottom out to zero, ....

Wow, a completely new insight for me.

[eCoinomist]

Given primecoins design where reward falls inversely to difficulty,

The upcoming primecoin gpu miners should make it so that the difficulty rises to the point where even slight interest shall be able to keep the supply of new primecoins negligible, especially given how most miners have gpu based rigs, which should become unprofitable in the next few months.

Hence the supply of primecoins should be very dear, even if for some reason demand for primecoins falls.

I already addressed this economical movement of GPU miners from Bitcoin to Litecoin and eventually Primecoin if no new Prime alt is born.

And again, I have to repeat what Smoothie (a guy who probably has more LTC then all you guys posting here have combined):

Difficulty or Networking hashing power does not dictate price, demand dictates price

.

And I doubt demand for Primecoin can last when something new more exciting comes out, or maybe just PrimeClone with one simple difference: cap maximum number of coins at 20M after 10 years, for example.

[MarpleTrading]

So having a bag of LTC makes you wise?

[eCoinomist]

Sure, it won't get you to mine a lot of primecoins daily,
but at least it is possible for those with no hope.

hmm, now you contradict your claim that primecoin "increases likelihood for most computer users to mine XPM." just stick to the facts next time. you and the OP both get a FUD rating in my opinion cuz neither one of you stick to facts.

I have nothing to do with @maco's post, in fact, I even posted some truth on his "HostForBit" xpm cloud mining post that he did not like very much.

So @r3wt, why don't you zip it and stop spreading FUD yourself?

[eCoinomist]

So having a bag of LTC makes you wise?

No, having lots of LTC means he can dictate whether you'll get your XPM at a pennie or a dollar, and he has seen more things happening to this Cryptocurrency theme (including price history, ups and downs, economic movements, etc.) than most people in this forum.

[maco]

r3wt. You clearly showed some evidence to why people should listen to you.
'Hey, look... I can point fingers and call names! on the internet' -r3wt
Is this not you?

I am pointing out how it is more possible to mine XPM than LTC/BTC... and how it has been more energy efficient - Fact from my end... Not going into much details here.
Have you ran the tests, I doubt you have...  Got your LTC mining utility bill vs BTC vs XPM? doubting it.

Regardless of having 30 servers or 456 or 1 - My point is, OP simply lied about his fact. I supported it with my opinions, and some facts from my own research.
You look like you are just passing through, so if you could careless, why bother posting here?



@eCoinomist
I do not dislike you or like you or judge based on your personal attacks...

What I do not like is, you claim primecoin has claimed seconds of confirmations.  I need source of this, or we are all wasting our time posting here.

[r3wt]

Sure, it won't get you to mine a lot of primecoins daily,
but at least it is possible for those with no hope.

hmm, now you contradict your claim that primecoin "increases likelihood for most computer users to mine XPM." just stick to the facts next time. you and the OP both get a FUD rating in my opinion cuz neither one of you stick to facts.

I have nothing to do with @maco's post, in fact, I even posted some truth on his "HostForBit" xpm cloud mining post that he did not like very much.

So @r3wt, why don't you zip it and stop spreading FUD yourself?

I wasn't even talking to you fucktard. why don't you zip it

[r3wt]

r3wt. You clearly showed some evidence to why people should listen to you.
'Hey, look... I can point fingers and call names! on the internet' -r3wt
Is this not you?

I am pointing out was it is more possible to mine XPM than LTC/BTC, not true? and more energy efficient - Fact from my end.
Have you ran the tests, I doubt you have...  Got your LTC mining utility bill vs BTC vs XPM? doubting it.

Regardless of having 30 servers or 456 or 1 - My point is, OP simply lied about his fact. I supported it with my opinions, and some facts from my own research.
You look like you are just passing through, so if you could careless, why bother posting here?



@eCoinomist
I do not dislike you or like you or judge based on your personal attacks...

What I do not like is, you claim primecoin has claimed seconds of confirmations.  I need source of this, or we are all wasting our time posting here.

lol, you still stretched the truth just as much as the op. neither one of you is right, both exaggerate. the truth is somewhere in between each of your stances. and yes, i've mined primecoin. i pulled in  afew blocks on day one before the botnets took control. sold out for a tidy profit arount .015/coin

and yeah, your 20 vps instances are definitely more energy efficient. do they even make a dollar a day? i make a dollar a day off of two cheap little block eruptors. talk about bang for your buck. i'll be living in the real world. send me a postcard from fairytale makebelieveland, would ya?

[maco]

lol, you still stretched the truth just as much as the op. neither one of you is right, both exaggerate. the truth is somewhere in between each of your stances. and yes, i've mined primecoin. i pulled in  afew blocks on day one before the botnets took control. sold out for a tidy profit arount .015/coin

and yeah, your 20 vps instances are definitely more energy efficient. do they even make a dollar a day? i make a dollar a day off of two cheap little block eruptors. talk about bang for your buck. i'll be living in the real world. send me a postcard from fairytale makebelieveland, would ya?

What can we do about botnets? Present a solution and I shall listen. They exist everywhere, so what can you do about it? Just move along or take action?
Everything has challenges. You think the real world is a perfect place... that is how it sounds... based on the fairytale you are living in, it is a perfect world.

Can we stop feeding OP's thread... OP has yet to prove his statements.

[eCoinomist]

@eCoinomist
I do not dislike you or like you or judge based on your personal attacks...

1) Lmao, where did I attack you personally?
I was posting facts and numbers.

2)

What I do not like is, you claim primecoin has claimed seconds of confirmations.  I need source of this, or we are all wasting our time posting here.

Can you please be kind enough to point out to my ignorance where exactly did I say primecoin confirms in seconds? I think I may be blind because I try to search though this post, as well as my own site, though all XPM articles and I've yet to fine that line of text...

[maco]

@eCoinomist
I do not dislike you or like you or judge based on your personal attacks...

1) Lmao, where did I attack you personally?
I was posting facts and numbers.

2)

What I do not like is, you claim primecoin has claimed seconds of confirmations.  I need source of this, or we are all wasting our time posting here.

Can you please be kind enough to point out to my ignorance where exactly did I say primecoin confirms in seconds? I think I may be blind because I try to search though this post, as well as my own site, though all XPM articles and I've yet to fine that line of text...

'Prime still takes minutes to confirm, not 3-4 seconds like Visa'

You were speaking in terms as if this was said somewhere... it was never compared to VISA or said to be 3-4 seconds or even close.
I don't understand your sentence relationship between VISA and Primecoin.  That is why I am asking you to prove how you got this relationship in the first place?

[r3wt]

lol, you still stretched the truth just as much as the op. neither one of you is right, both exaggerate. the truth is somewhere in between each of your stances. and yes, i've mined primecoin. i pulled in  afew blocks on day one before the botnets took control. sold out for a tidy profit arount .015/coin

and yeah, your 20 vps instances are definitely more energy efficient. do they even make a dollar a day? i make a dollar a day off of two cheap little block eruptors. talk about bang for your buck. i'll be living in the real world. send me a postcard from fairytale makebelieveland, would ya?

What can we do about botnets? Present a solution and I shall listen. They exist everywhere, so what can you do about it? Just move along or take action?
Everything has challenges. You think the real world is a perfect place... that is how it sounds... based on the fairytale you are living in, it is a perfect world.

Can we stop feeding OP's thread... OP has yet to prove his statements.

    I will concede you on one point there is nothing we can do about the botnets. what i will not concede is the premise that primecoin is anything more than pseudo science, making its intrinsic value only theoretical, ie. speculative at best.

    this was discussed ad nauseum during the early days of the Primecoin thread. Most of us who know are in agreement on the points i've just laid out(intrisic value is speculative, primechain use is debatable irl).

    Does this mean i think Primecoin is a scam? no.

    In summation, I think that Primecoin is a big step in the right direction, and is a novel concept of adding real world value to a virtual cryptocurrency, and in its present form, is nothing less than that and nothing more.

[r3wt]

lol, you still stretched the truth just as much as the op. neither one of you is right, both exaggerate. the truth is somewhere in between each of your stances. and yes, i've mined primecoin. i pulled in  afew blocks on day one before the botnets took control. sold out for a tidy profit arount .015/coin

and yeah, your 20 vps instances are definitely more energy efficient. do they even make a dollar a day? i make a dollar a day off of two cheap little block eruptors. talk about bang for your buck. i'll be living in the real world. send me a postcard from fairytale makebelieveland, would ya?

What can we do about botnets? Present a solution and I shall listen. They exist everywhere, so what can you do about it? Just move along or take action?
Everything has challenges. You think the real world is a perfect place... that is how it sounds... based on the fairytale you are living in, it is a perfect world.

Can we stop feeding OP's thread... OP has yet to prove his statements.

well i will concede you on one point there is nothing we can do about the botnets. what i will not concede is the premise that primecoin is anything more than pseudo science, making its intrinsic value only theoretical, ie. speculative at best. this was discussed ad nauseum during the early days of the primecoin thread. Most of us who know are in agreement on the points i've just laid out(intrisic value is speculative, primechain use is debatable irl). Does this mean i think primecoin is a scam? no. I think primecoin is a big step in the right direction, and is a novel concept of adding real world value to a virtual cryptocurrency, and in its present form, is nothing less than that and nothing more.

Yeah, makes sense.

I think the biggest question is, where do we go from here? It makes me wonder what Sunny's up to now. I think alot of people will feel better about Primecoin when the GPU miner becomes available. Atleast i will.

[eCoinomist]

That is why I am asking you to prove how you got this relationship in the first place?

Primecoin did confirm in 6 seconds, back on July 13th, if you want to be specific, there was at one point 6 blocks in 6 seconds.

[OnkelPaul]

That is why I am asking you to prove how you got this relationship in the first place?

Primecoin did confirm in 6 seconds, back on July 13th, if you want to be specific, there was at one point 6 blocks in 6 seconds.

That was during the initial difficulty adjustment period.
Target time is 1 minute, which is a bit more interesting than the 10 minute BTC target unless you view payments as complete only after 60 confirmations... But it's nowhere near a few seconds.

Anyway, the question of usefulness is open just as for most alt coins. Experiments are useful, and I still see bitcoin and the various alt coins as an experiment. Primecoin undeniably adds a new twist that's worth exploring.
Whether a coin is suitable as a payment vehicle or a store of value depends on much more than its technical attributes only. At the moment, no alt coin can beat bitcoin in market acceptance, but even bitcoin is a niche currency when you see it from a global perspective.

Onkel Paul

[r3wt]

That is why I am asking you to prove how you got this relationship in the first place?

Primecoin did confirm in 6 seconds, back on July 13th, if you want to be specific, there was at one point 6 blocks in 6 seconds.

That was during the initial difficulty adjustment period.
Target time is 1 minute, which is a bit more interesting than the 10 minute BTC target unless you view payments as complete only after 60 confirmations... But it's nowhere near a few seconds.

Anyway, the question of usefulness is open just as for most alt coins. Experiments are useful, and I still see bitcoin and the various alt coins as an experiment. Primecoin undeniably adds a new twist that's worth exploring.
Whether a coin is suitable as a payment vehicle or a store of value depends on much more than its technical attributes only. At the moment, no alt coin can beat bitcoin in market acceptance, but even bitcoin is a niche currency when you see it from a global perspective.

Onkel Paul

i agree with this.

[#Darren]

I mine XPM since day 1, still mining. I don't agree with the OP, but still... apart from the innovative algorithm, primecoin is just... a coin. Like the others. I don't see why primecoin should be the chosen coin to survive while others will die.

What reasons are there for primecoin to survive? (please no "primes help science" , these chains we are finding are virtually useless for science)

x67

[hathmill]

Will Bitcoin survive 1000000000000 more years? Probably no. Will Primecoin exist that long? Probably no. Will Bitcoin exist tomorrow and will Primercoin? Yes, yes. Everything is doomed, life-span iss unkown. Question is: How much money can you get from trading it, before it dies? Personally I think Primecoin will make new highs before it dies - hence you might double your money if you buy now. I do and I buy a lot.

[eCoinomist]

Demand is simply perception,

Perception is based on believes,

So when one stops believing all the crap talk about Primecoin, such as usefulness for scientific research (because some smart mathematicians have spoken out in this forum confirming no validity of such arguments, but pure speculations) the demand will fall. Shortly followed by price drop and VPS mining farms down.

By the time only botnet scammers remain operating, Primecoin is over, paving way for PrimeClone or something else, or perhaps Sunny can make a new coin based on new innovative hashing algorithm!

Even his supporters got pissed when he announced Primecoin last month!
This is hilarious, check it out.

[reb0rn21]

Move along kids nothing smart to read here, only some whores holding crap coinz being pissed on new coinz with more worth!