Is Quark the new FTC

[niothor]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

This is indeed interesting point of view but look at Bitcoin, if the price of 1 BTC would be $1 then anyone would mine it?

The question is if quark will naturaly achieve the price that will be worth of mining after 247mln coins.

I don't know that, I would like someone who is more into Quark technical details to answer that.

Is here some
one?

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

[pabloangello]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

This is indeed interesting point of view but look at Bitcoin, if the price of 1 BTC would be $1 then anyone would mine it?

The question is if quark will naturaly achieve the price that will be worth of mining after 247mln coins.

I don't know that, I would like someone who is more into Quark technical details to answer that.

Is here some
one?

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

http://mining.thegenesisblock.com/

Doesn't look like that.

[niothor]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

This is indeed interesting point of view but look at Bitcoin, if the price of 1 BTC would be $1 then anyone would mine it?

The question is if quark will naturaly achieve the price that will be worth of mining after 247mln coins.

I don't know that, I would like someone who is more into Quark technical details to answer that.

Is here some
one?

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

http://mining.thegenesisblock.com/

Doesn't look like that.

Monthly cost for one is listed at 60$.
3000 btc/day x 30 days . 90 000 usd.

[pabloangello]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

This is indeed interesting point of view but look at Bitcoin, if the price of 1 BTC would be $1 then anyone would mine it?

The question is if quark will naturaly achieve the price that will be worth of mining after 247mln coins.

I don't know that, I would like someone who is more into Quark technical details to answer that.

Is here some
one?

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

http://mining.thegenesisblock.com/

Doesn't look like that.

Monthly cost for one is listed at 60$.
3000 btc/day x 30 days . 90 000 usd.

TerraMiner IV – 2TH/s

So 2000 Gh/s

One TerraMiner needs 1200W

Electricity Costs ($/kWh) in USA about 15c

If BTC would be for $1 and even I put zero cost of hardware we are on big minus.


I don't know how you did your calculations.

[niothor]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

This is indeed interesting point of view but look at Bitcoin, if the price of 1 BTC would be $1 then anyone would mine it?

The question is if quark will naturaly achieve the price that will be worth of mining after 247mln coins.

I don't know that, I would like someone who is more into Quark technical details to answer that.

Is here some
one?

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

http://mining.thegenesisblock.com/

Doesn't look like that.

Monthly cost for one is listed at 60$.
3000 btc/day x 30 days . 90 000 usd.

TerraMiner IV – 2TH/s

So 2000 Gh/s

One TerraMiner needs 1200W

Electricity Costs ($/kWh) in USA about 15c

If BTC would be for $1 and even I put zero cost of hardware we are on big minus.


I don't know how you did your calculations.

How about you do the math on how much 1200W means in montly cost?
Or , you go to that window on http://mining.thegenesisblock.com/
And look at Monthly Power Costs?

Secondary you said if the price would be 1$. Forever? Not assuming any growth?
That would mean the project is dead anyhow.

Secondary. Cost of botnet: 0. If I might quote:

It is underpriced in that it generally costs more to make QRK than it sells for, but I think it's a PnD that's already on it's death throes due to lack of support from merchants or any use.

How much does it cost a botnet to produce 1 QRK?  Remember stolen computing power and stolen electricity = 0.0000.  CPU coin = botnet coin.  Whatever you can produce with a single CPU the average botnet can produce 10,000x as much at near 0 cost.  It never had a future.

[pabloangello]

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

So assuming that bitcoin costs $1



Am I doing something wrong?

If no then you are not correct.
And amount of cointerra miners doesn't count in here in sense of profitability.

[niothor]

Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing.

No botnet can provide this much hashpower.

So assuming that bitcoin costs $1



Am I doing something wrong?

If no then you are not correct.
And amount of cointerra miners doesn't count in here in sense of profitability.

http://mining.thegenesisblock.com/a/d2332bc1e8
Monthly Power Costs:   $64.8


You are taking into account acquiring the device.
Well those device have already been paid for. People right now would have the only option to run them.
If you don't run them , you get 0. If you still run them , you'd get a few bucks.

Of course no new ones will be added to the network but those already produced will be there hashing.

[pabloangello]

I think we misunderstood eachother. I was talking about hipotetical situation that 1 BTC worth would be $1 right now, today.
Couse you said: "Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing."

That's all.

[niothor]

I think we misunderstood eachother. I was talking about hipotetical situation that 1 BTC worth would be $1 right now, today.
Couse you said: "Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing."

That's all.

Well , I assumed it will drop from the current price , but every think else would remain unchanged would it?
Of course if we start with bitcoin at 1$ nobody will be insane enough to produce a 6000$ asic ))

LE:
And even when bitcoin was below 1$ , the network was strong enough to repel a botnet thanks to gpus. If they would have been only cpu mining... hmmm )

[pabloangello]

I think we misunderstood eachother. I was talking about hipotetical situation that 1 BTC worth would be $1 right now, today.
Couse you said: "Even at the 1$ it will cover the cost in electricity for 1500 cointerra miners , 1,5 PH of hashing."

That's all.

Well , I assumed it will drop from the current price , but every think else would remain unchanged would it?
Of course if we start with bitcoin at 1$ nobody will be insane enough to produce a 6000$ asic ))

This is also why I assumed that Quark will rise in price couse. Ofcourse if miners will not drop everything down before it reach 247mln. Couse miners are one of the main directors of the price.
So if there will be possibility to mine only 1mln in a year then price also should go up.
But again I am not a specialist, it is just my own try how it might be.

[CoinHoarder]

+1

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

1. Anyone with an opposing view point is automatically a hater, or has a huge stash of some other coin (which I don't.)

2. The thread title is ironic because you guys all sound like the FTC guys right up until they got dumped on, and they all slithered away to their own forums. I understand Quark is not Feathercoin. Quark was (somewhat) innovative in using multiple random hashing algorithms (other coins have used similar methods before Quark), but the economic model was poorly thought out IMO. Only the people that mine in the first 6 months are going to be the ones trying to support and develop this coin. Bitcoin and Litecoin are popular because of their fair release and slow reduction in block reward.

Lets say you hear about Scrypt mining 6 months after the release of Quark coin and you're looking at what you want to mine. If you decided to mine Quark coin, even with 100% of the network hash rate, it would take you 247 YEARS to mine what you could of mined with the first 6 MONTHS of 100% the hash rate (note: the 1million/0.5% anually seems off, is it on a logarithmic or lineal scale?)... Who in the heck is going to sign up for that? Good luck protecting your network from botnets... they have a lot of CPU power.. less so GPU power. Custom hardware like ASICs are a good thing, because they force Botnets out.

[digitalindustry]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

we will see - i don't think you think out side the box - bu when your an ASIC communist you can't i guess ?

[digitalindustry]

This is why Quark is a scam coin:

"* 2048 QRK per block (halving every 60480 blocks ~ 3 weeks)
* Block reward will never drop below 1 QRK
* Total of 247 million QRK will be mined in ~ 6 months, after that ~ 1 million QRK p.a. (~ 0.5% p.a inflation)"

.... 247 million mined in the first 6 months.  

It's a shame they had to ruin a good idea with an unfair 6 month instamine.

http://forum.qrk.cc/thread/406/20-000-qrk-youtube-video

this guy suggest that BTC is an ongoing Pre-mine because it was "micro-mined" from 2009 then "scammed with BFL " > then went to huge ASICS < so who gets the next 40+% of BTC?

and who got the first 50+ % ?

so he want someone to articulate that in a video and he is paying more than 20k QRK  then the huge community seems to want to all push it at Peter Schiff and see what he says ?    

what do you think ?

I'm pretty neutral but do you guys think that BTC is a "Scam-coin"   because no one will be able to obtain it and only few got it at the start ? < meaning there is large risk  /?

[niothor]

What's going to happen once all the quarks are mined?  Won't the miners stop mining therefore halting the blockchain and transfer of coins?

LOL i mean quark pretty much shot itself in the foot.

It never stops being mined. Apparently someone can't read.

The reward will drop dramatically. It means that to keep the network secure from a botnet you must keep miners mining. How ?
Nobody will keep mining if the electricity cost will be higher than the reward.
And even if the reward will be higher than cost it will be far lower than what miners can get from mining other altcoins.
That's why Satoshi came up with a halving idea over long periods of time, to allow transactions to grow in numbers and replace the block rewards, and it was a good one.

we will see - i don't think you think out side the box - bu when your an ASIC communist you can't i guess ?

what r u smoking poochie?

[WillBit]

What's the problem with a 6 month mine? We still havent seen mass adoption of Bitcoin should they have the right to mine or shoud they just go buy some ?

I've been involved here for 3 years never mined a single crypto of any kind should I be angry at miners for getting in first ? Many miners see zero benefit in any crypto so they likely just sell straight away.

 Dev's have a good share ? That's great gives them incentive to continue to develop further.

Word

Double Word

[Mjbmonetarymetals]

The reality is miners had plenty of opportunity to mine this coin, miners although they are in first so to speak get the rawest deal as they handle large quantities at low cost the majority don't hoard but sell for fiat or convert to btc, watching the price rise after selling tens of thousands is bound to make them upset,

Devs are far more likely to hold knowing they can add value by developing both the protocol, services and infastructure - so really the question should be do you want a dev team run on a shoe string or one that can afford to work the majority of time on the coin - the answer is the latter

The reality is quark will gain momentum over the next six months taking 3rd place behind litecoin after being adopted on btc-e within the next 3 months.

[hilariousandco]

What's the problem with a 6 month mine? We still havent seen mass adoption of Bitcoin should they have the right to mine or shoud they just go buy some ?

I've been involved here for 3 years never mined a single crypto of any kind should I be angry at miners for getting in first ? Many miners see zero benefit in any crypto so they likely just sell straight away.

 Dev's have a good share ? That's great gives them incentive to continue to develop further.

The reality is miners had plenty of opportunity to mine this coin, miners although they are in first so to speak get the rawest deal as they handle large quantities at low cost the majority don't hoard but sell for fiat or convert to btc, watching the price rise after selling tens of thousands is bound to make them upset,

Devs are far more likely to hold knowing they can add value by developing both the protocol, services and infastructure - so really the question should be do you want a dev team run on a shoe string or one that can afford to work the majority of time on the coin - the answer is the latter

The reality is quark will gain momentum over the next six months taking 3rd place behind litecoin after being adopted on btc-e within the next 3 months.

These are great points and I agree with 'em all, apart from the speculative worth of Quark coin. Only time will tell on that front.

I think having a strong development team and community behind a particular coin is going to be what sets them apart from others. A lot of these coins that pop up have neither and I ask myself what the actual point of them is, or what people see in them other than an attempt to get rich quick.

[GreekBitcoin]

it is exploding right now

[dark143i]

it is exploding right now

Yea, Luckily I bought some when it was low To the MOON

[porcupine87]

In my opinion both sides have valid points:


pro:
- premined or not. 98% of all coins within 6 months seems to be very short. Maybe halving after 3months instead of 3 weeks would have been more appropriate.
- the reward after 6 month might be a little low. Anyway, there are still 12 quarks as reward. Without many new coins the price per coin could raise faster than in other altcoins.
- distribution of the coins is different: Maybe more through trading. It depends how the miner believe in the currency. Strong believe -> bad. Just mined for quick profits -> good!

contra:
- Bitcoin seems to be premined, too. Although it was the first one. Attention just has to grow slowly. Satoshi had no idea how the attention and price will grow. Halving in 4 years is a good approach, but we know that the inventor (and maybe a couple of other guys) might have a large portion of all bitcoins.
- Quarkcoin can still be mined by CPU, while noone has a change with Bitcoins. 
- QRK has a great logo


Pro/contra:
- ASIC-mining could also be seen as a network strength, because an attacker might have problems to aquire the 50%.
- when everybody mines CPU, would it be profitable for normal computers? I don't think so. If I run my notebook (4core) 24 hours at top speed, I can only make a few cents profit a day (without abrasive wear).


20 times more coins. 1/1000 of price would be fair, so 1$!