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Author Topic: BitShares PTS (formerly ProtoShares) Mandatory Upgrade & Snapshot Announcement  (Read 216522 times)
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AnonyMint
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November 07, 2013, 01:37:41 AM
 #321

Its time to stop mining. This coin is not profitable to mine.

How can you make that conclusion when you don't know the future value of the coin?

Doesn't it largely depend on whether the coin will be truly CPU-only or not?

Or are you saying you can buy the coin for less than the cost to mine it?

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November 07, 2013, 01:45:39 AM
 #322

Its time to stop mining. This coin is not profitable to mine.
There isn't even an established market price.
But we know the drill, mine the coin while people figure out it exists / how to mine it.

Whatever the price is, you wont get very main coins. You'll be lucky if you can get 100 and that is around half a Bitcoin. It's profitable now but it wont be once difficulty goes up.
Its time to stop mining. This coin is not profitable to mine.

How can you make that conclusion when you don't know the future value of the coin?

Doesn't it largely depend on whether the coin will be truly CPU-only or not?

Or are you saying you can buy the coin for less than the cost to mine it?

I believe someone is already GPU mining it and planning to dump thousands of coins. I would not count on it being profitable to mine. Where are all the coins going? Seems no one has more than a few hundred. The people who get thousands will be the professional mining companies like Ciphermine.
 
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November 07, 2013, 02:25:09 AM
 #323

Its time to stop mining. This coin is not profitable to mine.
There isn't even an established market price.
But we know the drill, mine the coin while people figure out it exists / how to mine it.

Whatever the price is, you wont get very main coins. You'll be lucky if you can get 100 and that is around half a Bitcoin. It's profitable now but it wont be once difficulty goes up.
Its time to stop mining. This coin is not profitable to mine.

How can you make that conclusion when you don't know the future value of the coin?

Doesn't it largely depend on whether the coin will be truly CPU-only or not?

Or are you saying you can buy the coin for less than the cost to mine it?

I believe someone is already GPU mining it and planning to dump thousands of coins. I would not count on it being profitable to mine. Where are all the coins going? Seems no one has more than a few hundred. The people who get thousands will be the professional mining companies like Ciphermine.
 

Agreed, much if nothing else than because that is how the crypto scene works these days. That being said, it is at least refreshing to see something different algo wise even if the 'cpu-only' claim stands up so long.

Let's not kid ourselves, this is just another scam coin BUT might be worth a fun ride in the end

This post sums up why all this bullshit is a scam
Read It. Hate It. Change the facts that it represents.
https://bitcointalk.org/index.php?topic=1606638.msg16139644#msg16139644
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November 07, 2013, 02:59:04 AM
 #324

I believe someone is already GPU mining it and planning to dump thousands of coins.
And your evidence for this is what?

People kept believing that Primecoin was being GPU mined, without any evidence. And still no-one has admitted to being able to mine it on GPUs, the two well publicised efforts both ending in failure.

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November 07, 2013, 03:02:22 AM
 #325

Now the reward for block is 42.125 PTS.

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November 07, 2013, 03:02:52 AM
 #326

I have had 43 cores mining this coin for 36 hours now and have only found 2 blocks....
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November 07, 2013, 03:07:56 AM
 #327

OH, that looks bad...so is the code broken? Even thogh difficulty went up the block time is still way too fast  Huh

My calculations are that in the 2016 blocks before the diff adjustment, blocks were coming in at 31 seconds.

Now, in the past 300 blocks, it's 1 every 48 seconds.

The diff adjustment was by a factor of 4, the maximum the code allows for.

If we continue at this pace, we'll have another difficulty adjustment in 50 hours, again by a factor of 4, probably bringing 90 second blocks. Then 4 days later, another 4x difficulty adjustment, which will bring us into line for 5 minute blocks.

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November 07, 2013, 03:11:05 AM
 #328

I have had 43 cores mining this coin for 36 hours now and have only found 2 blocks....

It shows that PTS has botnet and cloud mining resistance. PTS is decentralized more than enough.

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November 07, 2013, 03:48:23 AM
 #329

do you have fresh nodes valid?
i'm in trouble to make connections
thanks
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November 07, 2013, 03:50:01 AM
 #330

do you have fresh nodes valid?
i'm in trouble to make connections
thanks

My currently connected peers.

180.183.204.204
146.185.173.206
54.219.166.105
188.165.216.59
182.236.161.243
192.241.240.44
162.243.34.76
123.110.21.18

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November 07, 2013, 05:17:37 AM
 #331

Lots of luck with this coin makes it fun.  3 blocks today on my system with a Celeron G1610 and 0 blocks on the system with the i7-2600k.
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November 07, 2013, 05:28:47 AM
 #332

Lots of luck with this coin makes it fun.  3 blocks today on my system with a Celeron G1610 and 0 blocks on the system with the i7-2600k.

Ok , now that's interesting .

tiny rick !
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November 07, 2013, 05:34:22 AM
 #333

Anyone on here using setgenerate 4 and found blocks? I am starting to wonder if setgenerate 4 cant find any blocks, which might be the reason I only found one block so far (and its good possibel I had setgenerate 3 when I found it).

setgenerate 4 works for me

Hmm, ok...and you have alrady found blocks with it?

yes I have, but from time to time it crashes and I have to restart it but it works...

Hmm, then I realy don´t know why I am not geting any blocks ;(
Thanks for the info

after the diff change I have not found anything Smiley
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November 07, 2013, 05:34:34 AM
 #334

Yeah I've found 5 blocks on my i5-4670k, only one block on about 10 cloud servers.
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November 07, 2013, 05:57:56 AM
 #335

Its time to stop mining. This coin is not profitable to mine.
There isn't even an established market price.
But we know the drill, mine the coin while people figure out it exists / how to mine it.

Whatever the price is, you wont get very main coins. You'll be lucky if you can get 100 and that is around half a Bitcoin. It's profitable now but it wont be once difficulty goes up.
Its time to stop mining. This coin is not profitable to mine.

How can you make that conclusion when you don't know the future value of the coin?

Doesn't it largely depend on whether the coin will be truly CPU-only or not?

Or are you saying you can buy the coin for less than the cost to mine it?

I believe someone is already GPU mining it and planning to dump thousands of coins. I would not count on it being profitable to mine. Where are all the coins going? Seems no one has more than a few hundred. The people who get thousands will be the professional mining companies like Ciphermine.
 

Agreed, much if nothing else than because that is how the crypto scene works these days. That being said, it is at least refreshing to see something different algo wise even if the 'cpu-only' claim stands up so long.

Let's not kid ourselves, this is just another scam coin BUT might be worth a fun ride in the end

bytemaster still hasn't responded further to my logic that the GPU can mine much faster (specifically he hasn't stated why he believes a hash table can't also be implemented on the GPU). He said he is sick.

Having a new algorithm is not necessarily good, if it is not based on well vetted cryptography.

My analysis is that Litecoin's Scrypt parameters are better than this new PoW. At least Litecoin reduced the speedup on the GPU to roughly 10 at most, compared to roughly 100 for Bitcoin.

And I know why and I know how to make a CPU-only coin, where the GPU will be 10 times slower.

P.S. when you say it is a scam coin, are you implying the creator is scamming or just that the algorithm doesn't appear to be working as intending? I assume the latter.

What I really want to know is if a CPU-only coin is what everybody really wants? I believe so, because I see Litecoin's value has declined since it has been mined by GPUs after an initial runup in price before that.

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November 07, 2013, 05:59:20 AM
 #336

Yeah I've found 5 blocks on my i5-4670k, only one block on about 10 cloud servers.

Interesting and impressive.

tiny rick !
- https://voat.co/v/Contact/
- Twitter @Kolin_Quark
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November 07, 2013, 06:08:12 AM
 #337

Its time to stop mining. This coin is not profitable to mine.
There isn't even an established market price.
But we know the drill, mine the coin while people figure out it exists / how to mine it.

Whatever the price is, you wont get very main coins. You'll be lucky if you can get 100 and that is around half a Bitcoin. It's profitable now but it wont be once difficulty goes up.
Its time to stop mining. This coin is not profitable to mine.

How can you make that conclusion when you don't know the future value of the coin?

Doesn't it largely depend on whether the coin will be truly CPU-only or not?

Or are you saying you can buy the coin for less than the cost to mine it?

I believe someone is already GPU mining it and planning to dump thousands of coins. I would not count on it being profitable to mine. Where are all the coins going? Seems no one has more than a few hundred. The people who get thousands will be the professional mining companies like Ciphermine.
 

Agreed, much if nothing else than because that is how the crypto scene works these days. That being said, it is at least refreshing to see something different algo wise even if the 'cpu-only' claim stands up so long.

Let's not kid ourselves, this is just another scam coin BUT might be worth a fun ride in the end

bytemaster still hasn't responded to my logic that the GPU can mine much faster. He said he is sick.

Having a new algorithm is not necessarily good, if it is not based on well vetted cryptography.

My analysis is that Litecoin's Scrypt parameters are better than this new PoW. At least Litecoin reduced the speedup on the GPU to roughly 10 at most, compared to roughly 100 for Bitcoin.

And I know why and I know how to make a CPU-only coin, where the GPU will be 10 times slower.

P.S. when you say it is a scam coin, are you implying the creator is scamming or just that the algorithm doesn't appear to be working as intending?

What I really want to know is if a CPU-only coin is what everybody really wants? I believe so, because I see Litecoin's value has declined since it has been mined by GPUs after an initial runup in price before that.

Anonymint I'd say two things :

1. If you can implement your theory or get someone to you will have much more credibility.

2. If you can build a better PoW algorithm or think you can , work with these people or others .


Now , does a CPU algorithm matter , no I think you will find that  it's the dispersion Anonymint , notice these reports of the variances between cloud services and single systems.

If this is real an consistent I think you will find that is important.

tiny rick !
- https://voat.co/v/Contact/
- Twitter @Kolin_Quark
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November 07, 2013, 06:28:20 AM
 #338

Anonymint I'd say two things :

1. If you can implement your theory or get someone to you will have much more credibility.

I don't need to implement to know I am correct. And I don't expect enough future value in this coin to justify implementing. Or perhaps we can rephrase that as I have limited time and I would prefer to focus it on the type of coin I want to see. And I don't trust bytemaster to pay out the $5000. And $5000 is peanuts and isn't really worth my time any way.

2. If you can build a better PoW algorithm or think you can , work with these people or others .

I don't need to work with anyone to create a coin, if I decide to do so. I have 30 years of programming experience with several million user commercial successes.

I can't work with bytemaster because he and I don't agree. He wants to make a socialist coin where everyone receives their fair share just by sitting on their coins, and I would want to make a capitalist coin which doesn't steal (ahem redistribute) value to give to the collective of coin owners. The coin owners are already profiting from the rise in value of the coin.

I do talk with others behind the scenes.

Now , does a CPU algorithm matter , no I think you will find that  it's the dispersion Anonymint , notice these reports of the variances between cloud services and single systems.

If this is real an consistent I think you will find that is important.

Clouds don't usually have GPUs, so it would seem to me that CPU-only is what drove the interest of servers to mine here. If a GPU is doing 100x more blocks than a Xeon, then why bother mining with your CPU.

Variance is an orthogonal issue. Having pools built in from the beginning is an interesting suggestion.

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November 07, 2013, 06:37:47 AM
 #339

bytemaster still hasn't responded further to my logic that the GPU can mine much faster (specifically he hasn't stated why he believes a hash table can't also be implemented on the GPU). He said he is sick.

GPU's will be able to generate the SHA512 hashes quicker, no doubt. But the GPU resistance relies on the GPU not being able to store them. So if your GPU is generating 10GB/s but can only store 1GB/s, there's no advantage to an i7 that generates 1GB/s and stores 1GB/s. Whether that's through the medium of a hashmap or not is not important.

ByteMaster really wants to know if there is a way to beat this with GPU's - that's why he's put up the bounty.

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November 07, 2013, 06:40:56 AM
 #340

bytemaster still hasn't responded further to my logic that the GPU can mine much faster (specifically he hasn't stated why he believes a hash table can't also be implemented on the GPU). He said he is sick.

GPU's will be able to generate the SHA512 hashes quicker, no doubt. But the GPU resistance relies on the GPU not being able to store them. So if your GPU is generating 10GB/s but can only store 1GB/s, there's no advantage to an i7 that generates 1GB/s and stores 1GB/s. Whether that's through the medium of a hashmap or not is not important.

ByteMaster really wants to know if there is a way to beat this with GPU's - that's why he's put up the bounty.

GPUs aren't limited to 1GB of memory, many have closer to 6 - 10GB now.

The salient issue (unless I've misunderstood the algorithm) is that he asserts a CPU can use a hash table but a GPU can't, thus he asserts the GPU needs N ^ 2 memory. I don't see why the GPU can't use the same amount of memory as the CPU? The GPU can compute 1000s of lookups on that memory in parallel, thus obviating the random memory latency to be bound at the superior memory bandwidth of the GPU.

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