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Author Topic: [ANN] [LYNX] Lynx (We fixed Kittehcoin!)  (Read 22139 times)
vaelrock
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February 19, 2018, 01:24:21 AM
Merited by drays (1)
 #21

If you wanted to be eco-friendly, why not Proof of Stake (PoS) or different algorithm like scryt-n, neoscrypt, or other ASIC-resistant algorithms? Kind of seems rigged at this point to have 1 LYNX mined when there was a hard fork from Kitteh where the mining reward scheme was completely different.

Who'd want to mine 1 LYNX at a time? Even if you mined all blocks in a day, 2880 blocks, even at $0.01 a LYNX, that's $28.80. The mining incentives are just all wrong and completely skewed towards someone who owned KittehCoins.

Sun, The objective was to take the economics of the mining for profit concept and turn it on it's head. No one that mines this coin will make money (at least with the current valuations on the street). If the miner is interested in mining for profit, lots of of other coins are great candidates for this. The competition for more hashing power begins and an economically inefficient project unfolds. Our concept is to make it so easy for holders and interested parties to participate in this coin, and at such a low cost, that the barrier to entry would be the lowest that we could find in this space. Instead of feeding a few pigs in a sty, we are feeding bees in a hive. This provides a far more stable platform to build upon. This is the concept at least. It is often forgot in this space that no relationship exists between mining hash power and the ability for the average block time to be met - as long as the hashing power is somewhere between zero and infinity. For a long term sustainable emerging coin concept like ours, our bet is to be closer to zero then infinity. -ben

I'm a very old holder of MEOW (and thus LYNX) so I don't want to hurt this project in any way, but the very reason that there should be an economic incentive to mine a PoW coin and the reason why Bitcoin is a reward for mining in the first place is because by creating competition, you encourage decentralization and thus network stability.
Having no significant reward implies that nearly no one will mine this coin and you could have one entity with 90% of the network hashrate that could attack the network as he see fit. Even without evil intention, if a big miner just hop in and out, Digishield or not, the network could easily fork. Also, having a potential "official" miner with all the hashrate from the dev team isn't a solution as its the opposite of what cryptocurrencies are. The only true solution to be energy efficient is PoS.

As a comparison :
- Current BTC reward is 12.5 BTC every 10mn, or 1800 BTC per day.
  Current circulating supply is 16,873,100 and market cap is $178 billion.
  -> BTC mining is a $18 million market per day.
- Current LYNX reward is 1 LYNX every 30s, or 2880 LYNX per day.
  Current circulating supply is 77,871,394,926 and let's say its market cap will suddenly pump to $1 million (currently $200k).
  ->LYNX mining would be a $0.037 market per day.
Even if the LYNX market cap was equal to BTC, mining market would be a meager $6600 per day. Do you really believe BTC could have a stable network if the incentive to mine it would be this low ? It's the price of 3 Antminer S9.

This might appear unfortunate, but for PoW coins, network stability is only done through competition. If you do not want competition and simply reward MEOW owner, switching to PoS with a very low inflation rate makes much more sense.
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February 21, 2018, 04:44:34 PM
 #22

what does the team do to promote the coin?
Wise84
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February 23, 2018, 02:55:30 PM
Last edit: February 23, 2018, 05:03:58 PM by Wise84
 #23

And we are trading in MeanXtrade  Smiley

https://twitter.com/MeanXtrade/status/966065891677913089

Be careful though. This exchange is new and still in beta!

https://getlynx.io/
Tip me some bitcoin: 1oNGYQX9AdW7F4FGHAEFjErDRXnwyFhaa
roidudisco
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February 23, 2018, 05:28:30 PM
 #24

And we are trading in MeanXtrade  Smiley

https://twitter.com/MeanXtrade/status/966065891677913089

Be careful though. This exchange is new and still in beta!

Amazing !! This is a great news ! What the price for 1 LYNX ?

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NEO

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digibob00
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February 25, 2018, 07:12:50 PM
 #25

Hi guys,

New multipool with LYNX

https://www.joinmycrypto.tk

Pimp it with your hashrate!

Regards

mammothine
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February 26, 2018, 02:26:51 PM
 #26

Looks like pretty decent volume on the exchange. Anyone have any experience to share about MeanXtrade? Several good coins trading there. Can you deposit fiat?
dan1elsjack
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February 26, 2018, 02:29:41 PM
 #27

It’s one of the reasons we resurrected an old coin instead of building a new one from scratch. Our philosophy is a rising tide lifts all boats; the more people share the same goal, the better it is for everyone involved.
When was your old coin emission?
cryptochainer
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February 27, 2018, 11:00:03 PM
 #28

The Lynx blockchain snapshot has been updated, and is available on CryptoChainer.com.  This will get your wallet in sync almost instantly, and is much nicer than syncing the whole chain from scratch. 
drays
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February 28, 2018, 01:46:18 AM
Last edit: February 28, 2018, 02:17:47 AM by drays
Merited by vaelrock (1)
 #29

Did anyone read this post from vaelrock below? When I read the 'environment-friendly' bullshit (sorry for calling it that way, but its the truth) from the OP, I wanted to post this, but vaelrock did it first. How the team is going to react? The reaction is extremely important and urgent to do before this coin is listed on any serious exchange.

As a result of the chosen PoW scheme, the Lynx chain is utterly unsecure!!! If someone doubts, I can rent some scrypt ASICs and easily do a 51% attack on the chain, with doublespends and all other nasty stuff - just to demonstrate this kind of PoW chains with virtually no reward is a no-go! The only reason this chain was not hi-jacked yet, it the absence of incentive - just because there is no exchange to sell it on!

Please switch to PoS or change the PoW scheme, as otherwise this project is doomed. There is a reason why BTC spends all that electricity. Or do you really think Satoshi was an idiot, whom you just proved wrong with your 'revolutionary' concept of no-profit PoW!?

I believe the devs are honest, bur lack some understanding of PoW concepts, thats why I raise this RED ALERT. This is not scam alert, but is a security alert and is equally important!

If you wanted to be eco-friendly, why not Proof of Stake (PoS) or different algorithm like scryt-n, neoscrypt, or other ASIC-resistant algorithms? Kind of seems rigged at this point to have 1 LYNX mined when there was a hard fork from Kitteh where the mining reward scheme was completely different.

Who'd want to mine 1 LYNX at a time? Even if you mined all blocks in a day, 2880 blocks, even at $0.01 a LYNX, that's $28.80. The mining incentives are just all wrong and completely skewed towards someone who owned KittehCoins.

Sun, The objective was to take the economics of the mining for profit concept and turn it on it's head. No one that mines this coin will make money (at least with the current valuations on the street). If the miner is interested in mining for profit, lots of of other coins are great candidates for this. The competition for more hashing power begins and an economically inefficient project unfolds. Our concept is to make it so easy for holders and interested parties to participate in this coin, and at such a low cost, that the barrier to entry would be the lowest that we could find in this space. Instead of feeding a few pigs in a sty, we are feeding bees in a hive. This provides a far more stable platform to build upon. This is the concept at least. It is often forgot in this space that no relationship exists between mining hash power and the ability for the average block time to be met - as long as the hashing power is somewhere between zero and infinity. For a long term sustainable emerging coin concept like ours, our bet is to be closer to zero then infinity. -ben

I'm a very old holder of MEOW (and thus LYNX) so I don't want to hurt this project in any way, but the very reason that there should be an economic incentive to mine a PoW coin and the reason why Bitcoin is a reward for mining in the first place is because by creating competition, you encourage decentralization and thus network stability.
Having no significant reward implies that nearly no one will mine this coin and you could have one entity with 90% of the network hashrate that could attack the network as he see fit. Even without evil intention, if a big miner just hop in and out, Digishield or not, the network could easily fork. Also, having a potential "official" miner with all the hashrate from the dev team isn't a solution as its the opposite of what cryptocurrencies are. The only true solution to be energy efficient is PoS.

As a comparison :
- Current BTC reward is 12.5 BTC every 10mn, or 1800 BTC per day.
  Current circulating supply is 16,873,100 and market cap is $178 billion.
  -> BTC mining is a $18 million market per day.
- Current LYNX reward is 1 LYNX every 30s, or 2880 LYNX per day.
  Current circulating supply is 77,871,394,926 and let's say its market cap will suddenly pump to $1 million (currently $200k).
  ->LYNX mining would be a $0.037 market per day.
Even if the LYNX market cap was equal to BTC, mining market would be a meager $6600 per day. Do you really believe BTC could have a stable network if the incentive to mine it would be this low ? It's the price of 3 Antminer S9.

This might appear unfortunate, but for PoW coins, network stability is only done through competition. If you do not want competition and simply reward MEOW owner, switching to PoS with a very low inflation rate makes much more sense.

... this space is not for rent ...
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February 28, 2018, 04:44:36 PM
 #30

Yesterday I added a conf file, got connections, and started to sync.  It got to 12 days behind then stopped syncing.  Still have connections.  Anybody know what's wrong and how to fix it?  Thanks.
drays
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February 28, 2018, 09:17:09 PM
 #31

Yesterday I added a conf file, got connections, and started to sync.  It got to 12 days behind then stopped syncing.  Still have connections.  Anybody know what's wrong and how to fix it?  Thanks.

For the reasons - see the post right above yours ^^^

Or just let me guess - that is because of nobody mining this, because developers did everything by design to prevent the people from mining the coin... Lips sealed
Nobody mines == chain doesn't move forward.

That was regarding the "whats wrong part".
Regarding to "how to fix it" part: if you want your wallet to sync - start mining (but be prepared to get nothing in return).

... this space is not for rent ...
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February 28, 2018, 10:15:44 PM
 #32

The biggest issue I see with this coin is the maturity, 7 days is pretty crazy! No one wants to mine and have to wait 7 days before a payout.
konstant111
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February 28, 2018, 10:21:51 PM
 #33

It looks good, and whether there will be any system of encouragement, very much it would be desirable to have a little free coins Smiley

STOP ERC20 SCAMS
drays
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March 01, 2018, 01:08:52 AM
 #34

The biggest issue I see with this coin is the maturity, 7 days is pretty crazy! No one wants to mine and have to wait 7 days before a payout.

Long maturity time is is not a problem at all, at least for a normal dedicated miner. It can cause problem only for a miner-dumper - coin-switching miner, who mine coins just to dump on the market immediately. Such miners are just parasites, who are not beneficial to any project, so it is safe to ignore them.

The real issue is - even after waiting those 7 days you will get virtually nothing. Compared to the supply, the mining reward is hilarious. Thus nobody mines. This is not the only coin with such problem. Been there, seen that.

... this space is not for rent ...
darkillusion
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March 02, 2018, 03:18:16 PM
 #35

Are you still going to convert the Meow coins to Lynx in Cryptopia? No update up to now Sad
glenncoin
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March 02, 2018, 03:38:40 PM
 #36

The biggest issue I see with this coin is the maturity, 7 days is pretty crazy! No one wants to mine and have to wait 7 days before a payout.

What if there is a power interruption or lost of internet connection on the 5th day for example, will I have 2 days more for mining maturity or will I start over again from day 1 to 7th day for its maturity?
Wise84
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March 06, 2018, 02:34:28 PM
 #37

Are you still going to convert the Meow coins to Lynx in Cryptopia? No update up to now Sad

It is all up to Cryptopia and they are working on it.
As soon as the ltc/doge market opens Lynx can be traded there.

See latest news from Cryptopia here: https://www.cryptopia.co.nz/News

https://getlynx.io/
Tip me some bitcoin: 1oNGYQX9AdW7F4FGHAEFjErDRXnwyFhaa
Wise84
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March 08, 2018, 02:23:15 PM
 #38

And LYNX/BTC is live at Cryptopia!! Great News!

https://www.cryptopia.co.nz/Exchange/?market=LYNX_BTC

https://getlynx.io/
Tip me some bitcoin: 1oNGYQX9AdW7F4FGHAEFjErDRXnwyFhaa
gabrialjo
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March 09, 2018, 04:25:49 AM
 #39


Lynx Coin @ 4CNE.COM

http://4cne.com:81


Fee : Only 0.5%.
Payouts : Every 3 hour.

Come and join minig!




Code:
-o stratum+tcp://4cne.com:4233 -u <WALLET_ADDRESS> -p c=LYNX


Code:

Pool host: 4cne.com
Pool port: 3433
Pool user: Your_Wallet_Address
Pool pass: c=LYNX
Algorithm: scrypt

[/size]
moirahpascual11
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March 09, 2018, 09:34:18 AM
 #40

how is this project?give us specific info all about this and hoping to join it soon Wink
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