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Author Topic: LOTTOCOIN OLD THREAD, [CLOSED]  (Read 370471 times)
BC-Trader
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December 21, 2013, 04:10:58 AM
 #1281

Cryptsy is completely dead right now...getting 502 error  Roll Eyes

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ebi
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December 21, 2013, 04:11:27 AM
 #1282

what is a good estimate of current Net hash-rate ? 500 MH ?
& the diff keeps jumpin around  Undecided 2.5-3.8 !
Hampuz
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December 21, 2013, 04:11:37 AM
 #1283

Cryptsy is completely dead right now...getting 502 error  Roll Eyes

Brace yourselves. LOT is coming.
y3804
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December 21, 2013, 04:17:02 AM
 #1284

Ok, but what makes this coin so different from Tickets or Casinocoin for example. They could be used for lottery or am I wrong?

Galimore, you're wrong. Each coin has its purpose, and LOT doesn't fail at that.

The major failure in most coins is an increasing lack of interest from miners as difficulty increases.
Therefore, at some point, most miners (but a few) will stop mining. (Reward vs Effort)
Supply of miners will soon become nonexistent, and in the end development will stall.

Now, as I said, LOT has its purpose. Why?

This is the only coin that will offer continuous interest for new miners because of the opportunity to win a big block.
Therefore, the coin will always be backed by a huge supply of miners.

What does it imply?

If you consider the above true, then we could expect, potentially, everlasting stability of LOT's price.
With a valuable supply of miners, one can't expect the price to crash radically; as I said, there will always be interest in the coin.

As an example, DOGE. No one wants to mine anymore. Think about any coin that is currently dying.
With no interest from miners, we'll see a huge drop in the price of the coin. This can't happen with LOT.
erre
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December 21, 2013, 04:22:21 AM
 #1285

i was registered to hackshard main pool, but now that (finally!) still online i cannot login, and if i try to register i don't get the mail for registration and it says to contact the site owner  Huh

Roll a dice FOR FREE every hour, and win up to $200 in btc ---> CLICK HERE

Tip me using the LIGHTING NETWORK! -->https://tippin.me/@Erre96344121
damnation
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December 21, 2013, 04:25:14 AM
 #1286

Hmm.. LOT is at 39 and steadily climbing upwards...

Does any1 know the value a coin jumps  once added on cryptsy... is it around 100%, 200% or 300%..


♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Noble:9ZQo8HaeCjporC7T4PFgVcqzXc5KLyGrnV
LOT: LzUoeyakB8DRoHgqMgHSWMzipW5Nr63zkg
BTC: 1EiY4FqGbbfL6VUhiVLe8Z5R7BVVyyLTmw
LTC: LaGJ2utSYG4bhQ882mJ8QkS1bq45p25vcD
Galimore
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December 21, 2013, 04:35:23 AM
 #1287

This is the only coin that will offer continuous interest for new miners because of the opportunity to win a big block.
Therefore, the coin will always be backed by a huge supply of miners.

Except that as soon as this gets picked up by cryptsy that's not going to be the case any more unless you're running a pretty insane GPU farm. The network hashrate right now is low at 400 MH/s which means the average joe miner with a decent 2 MH/s rig has a ~0.5% chance of finding the 1 million block each day. As soon as it's up on coinwarz and being used by multipools the hashrate is going to skyrocket and the odds are overwhelming that the lottery blocks are going to be found by a pool and split by a few hundred people. That's still exciting if you're in the pool, but getting an extra couple thousand coins in a block doesn't really feel like winning a lottery.

And nobody was arguing that these alt coin wouldn't have miners. Every coin that's listed on an exchange will always have miners because at a certain point it's more profitable to mine than other alternatives. The problem is finding reasons for people to buy said coins and right now the only one that exists is pure speculation.
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December 21, 2013, 04:46:43 AM
 #1288

This is the only coin that will offer continuous interest for new miners because of the opportunity to win a big block.
Therefore, the coin will always be backed by a huge supply of miners.

Except that as soon as this gets picked up by cryptsy that's not going to be the case any more unless you're running a pretty insane GPU farm. The network hashrate right now is low at 400 MH/s which means the average joe miner with a decent 2 MH/s rig has a ~0.5% chance of finding the 1 million block each day. As soon as it's up on coinwarz and being used by multipools the hashrate is going to skyrocket and the odds are overwhelming that the lottery blocks are going to be found by a pool and split by a few hundred people. That's still exciting if you're in the pool, but getting an extra couple thousand coins in a block doesn't really feel like winning a lottery.

And nobody was arguing that these alt coin wouldn't have miners. Every coin that's listed on an exchange will always have miners because at a certain point it's more profitable to mine than other alternatives. The problem is finding reasons for people to buy said coins and right now the only one that exists is pure speculation.

But isnt that the case with every coin?
All cryptocurrency value are based on pure speculation with its value being determined by its trade against BTC and LTC.

Even BTC and LTC which have real world uses are held up by speculated values.

Cryptocurrency values are determined by supply and demand. If miners arent around to jack up the difficulty a coin will die. We want a coin gettting to 1000 difficulty. Why? Because it will give value to what is already held. Its taken 3 years for BTC to get to its current difficulty and thats its value.

Its easy to say people are gonna stop digging for gold when it costs more to get it out than its worth. But there are people who are gonna still keep digging cos they expect its value to increase. That's speculation.

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Noble:9ZQo8HaeCjporC7T4PFgVcqzXc5KLyGrnV
LOT: LzUoeyakB8DRoHgqMgHSWMzipW5Nr63zkg
BTC: 1EiY4FqGbbfL6VUhiVLe8Z5R7BVVyyLTmw
LTC: LaGJ2utSYG4bhQ882mJ8QkS1bq45p25vcD
damnation
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December 21, 2013, 04:52:35 AM
 #1289

continuing previous post...

Look at doge... yes i agree its inflated and there's no real value beyond it being a meme.. but its high exchange rates are still being somewhat sustained by its increase in difficulty to mine it.

your premise that a few thousand extra coins. split between a hundred people each.. wont make a lick of difference is wrong because if as you assumed that network hash and difficulty increases.. then price should increase as well. After all, the majority wont mine if the profitability drops.

And if the prices are getting higher.. then a few thousand extra coins are going to go a long way to keep people interested in mining it..

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Noble:9ZQo8HaeCjporC7T4PFgVcqzXc5KLyGrnV
LOT: LzUoeyakB8DRoHgqMgHSWMzipW5Nr63zkg
BTC: 1EiY4FqGbbfL6VUhiVLe8Z5R7BVVyyLTmw
LTC: LaGJ2utSYG4bhQ882mJ8QkS1bq45p25vcD
damnation
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December 21, 2013, 04:55:24 AM
 #1290

Cool... we are at the 96 mark exchange rate now on coinedup

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Noble:9ZQo8HaeCjporC7T4PFgVcqzXc5KLyGrnV
LOT: LzUoeyakB8DRoHgqMgHSWMzipW5Nr63zkg
BTC: 1EiY4FqGbbfL6VUhiVLe8Z5R7BVVyyLTmw
LTC: LaGJ2utSYG4bhQ882mJ8QkS1bq45p25vcD
monokaskade
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December 21, 2013, 05:09:56 AM
 #1291

Got my pool now patched too.



Vertcoin Pool http://vert.bitcrush.info | Pandacoin Pool http://panda.bitcrush.info |
y3804
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December 21, 2013, 05:50:03 AM
 #1292

Coin soon on Cryptsy. I'm very eager to see where this goes.
Current trading rates on CoinedUp average 0.6BTC/mil. Not bad!

Make sure to hold, still.
holzer
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December 21, 2013, 05:51:48 AM
 #1293

Devianttwo can you please unlock user hotlava? I tried making another account, got locked out of that one, then tried another and i never get the activation email.
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December 21, 2013, 06:02:35 AM
 #1294

Lotto shares the same fate as doges. I'm buying.
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December 21, 2013, 06:08:18 AM
 #1295

OMG the pool I'm on just took 1 whole hour to complete a block at over 30MH/s and the block had only 744.00 coins........ I made 8 coins in an hour! lol This increase in difficulty is a lot!
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December 21, 2013, 06:10:33 AM
 #1296

You think maybe we ought to open up a thread to announce LOT being up on coinedup..

Pros:
Price will likely shoot up..

Cons:
Difficulty will be crap...

On second thought forget i asked Tongue

Oh right anyone else not enjoying the captcha code on cryptsy.. i keep having to retype the stupid captcha...Plus we apparently get auto-logged out of cryptsy even when the page is open..

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Noble:9ZQo8HaeCjporC7T4PFgVcqzXc5KLyGrnV
LOT: LzUoeyakB8DRoHgqMgHSWMzipW5Nr63zkg
BTC: 1EiY4FqGbbfL6VUhiVLe8Z5R7BVVyyLTmw
LTC: LaGJ2utSYG4bhQ882mJ8QkS1bq45p25vcD
y3804
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December 21, 2013, 06:13:50 AM
Last edit: December 21, 2013, 06:28:05 AM by y3804
 #1297

OMG the pool I'm on just took 1 whole hour to complete a block at over 30MH/s and the block had only 744.00 coins........ I made 8 coins in an hour! lol This increase in difficulty is a lot!

That's bad luck! Another reason why the coin is called LottoCoin!

I see many people buying @ 0.4BTC/mil on CoinedUp. They're very lucky. They'll double their investment once this hits Cryptsy.

Advice to sellers: Stop dumping if you wish for your coin to hold its value! This is not Doge
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December 21, 2013, 06:16:44 AM
 #1298

you know a nice feature to have would be.. if we could determine if the 1m lotto superblocks were discovered each day...

♔ PrimeDice : The Premier Bitcoin Gambling Experience @PrimeDice
Noble:9ZQo8HaeCjporC7T4PFgVcqzXc5KLyGrnV
LOT: LzUoeyakB8DRoHgqMgHSWMzipW5Nr63zkg
BTC: 1EiY4FqGbbfL6VUhiVLe8Z5R7BVVyyLTmw
LTC: LaGJ2utSYG4bhQ882mJ8QkS1bq45p25vcD
holzer
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December 21, 2013, 06:22:55 AM
 #1299

Quote
That's bad luck! Another reason why the coin is called LottoCoin!



I normally pool at hackshard but switched to lot.no-ip.biz because hackshard was down recently. Something isn't right with no-ip because even though the pool has 35MH/s, the rate at blocks found seems A LOT slower than hackshard even though hackshard is only 15MH/s more. Whats also weird about no-ip tonight is that 8 of the last 10 blocks were below 10,000. So its unusually slow for its hash rate and the payouts are very low too..... hmm
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December 21, 2013, 06:31:41 AM
Last edit: December 21, 2013, 06:57:12 AM by Devianttwo
 #1300

Quote
That's bad luck! Another reason why the coin is called LottoCoin!



I normally pool at hackshard but switched to lot.no-ip.biz because hackshard was down recently. Something isn't right with no-ip because even though the pool has 35MH/s, the rate at blocks found seems A LOT slower than hackshard even though hackshard is only 15MH/s more. I've used no-ip before without issue so maybe it's just a recent problem they are having.

that is due to the glitched lottocoind daemon for linux.  a few pools including myself have it patched.  http://lot.hackshardgaming.net running strong again. pretty fast blocks considering our pool to net rate.

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