IXcoin -- enough is enough!

[AngelusWebDesign]

Chasing "higher gains" with another fork only makes sense if
A) you're unemployed, and your time isn't worth anything, or
B) You make less than $9 an hour, or
C) You have over 5 GH/s of mining capacity, and can easily configure where it points.

Remember, once you've set up your mining operation it takes very little time -- but when you start messing around with your rigs again, now you have an additional time investment.
If you "double" your $4 a day income, you're still spending 1 or 2 hours to make $4. For some of us, that simply isn't worth it. Making $4, $8, $12/day for no time investment (=Bitcoin mining) is a different matter.

With these pump & dump forks, you have to be right on top of it -- jump on, mine like hell, then jump off.

[1714122010]

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[1714122010]

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[1714122010]

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[1714122010]

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[Oldminer]

I'm working with about 1300 MH/s and I had found 80+ blocks early on.  Then, like a lot of others have reported, my entire balance was wiped and all my blocks were invalidated.  So I gave up and went back to mining BTC for a while until difficulty 256.  Even then I had like 90%+ stales.

Really? Well same thing happened when IOUcoin was released yesterday apparently..

And for the mentally challenged in this thread that are asking about what iXcoin is trying to do - its not trying to do anything LOL. It is however simply another currency.

[Raoul Duke]

And for the mentally challenged in this thread that are asking about what iXcoin is trying to do - its not trying to do anything LOL. It is however simply another currency.

Gotta love pointless shit... 

[Oldminer]

Gotta love pointless shit...  

That seems to be your forte. In fact - come to the think of it, I dont recall reading a productive post from you ever. So what IS your purpose in life? Or are you just an internet troll?

[Raoul Duke]

Gotta love pointless shit...  

That seems to be your forte. In fact - come to the think of it, I dont recall reading a productive post from you ever. So what IS your purpose in life? Or are you just an internet troll?

Exactly, and this one was the most productive post i've ever read from you.

[Oldminer]

Exactly, and this one was the most productive post i've ever read from you.

Whatever clown..

[Mousepotato]

I'm working with about 1300 MH/s and I had found 80+ blocks early on.  Then, like a lot of others have reported, my entire balance was wiped and all my blocks were invalidated.  So I gave up and went back to mining BTC for a while until difficulty 256.  Even then I had like 90%+ stales.

Really? Well same thing happened when IOUcoin was released yesterday apparently..

And for the mentally challenged in this thread that are asking about what iXcoin is trying to do - its not trying to do anything LOL. It is however simply another currency.

I was talking about the I0Coin debut.  The Ixcoin debut actually worked pretty smoothly for me and I was able to mine about 50 blocks or something in the first day.  And I disagree that Ixcoin or I0Coins are currency.  You can't actually buy anything with them, like you can with Bitcoins.  They're abstracts used by speculators to obtain more Bitcoins.

[Oldminer]

They're abstracts used by speculators to obtain more Bitcoins.

At the moment yes your right. I agree. However I see it more as a 'currency in development'.

[bcpokey]

Obviously the same scam works only half as well the second time around. Though you must have a tiny hashrate to get only 200 I0coins in 12hours. Even at the very start when I was getting around 85% stales on a pool (was suspicious of trojans from the coind) I got 200i0Coins in about an hour at the starting difficulty. When things started to smooth out around 256 difficulty the coins really started to flow.

I'm working with about 1300 MH/s and I had found 80+ blocks early on.  Then, like a lot of others have reported, my entire balance was wiped and all my blocks were invalidated.  So I gave up and went back to mining BTC for a while until difficulty 256.  Even then I had like 90%+ stales.

Yeah, unfortunately you had to make sure you were working with the correct blockchain, which was difficult. Part of the reason I hopped on a pool was because I knew that things were going to be batass crazy the first few hours, and wanted to at least get something out of difficulty 1. Was a wild time. I still ended up with a few thousands of i0coins after about 12 hours though.

People are funny though, there really is no pleasing them. I0Coins debut is hailed as "a huge fail" because 500Ghash+ hitting a difficulty 1 blockchain caused a huge load of problems. Yet when IXCoin was released at whatever difficulty it was released at (4096? I didn't really pay attention) people were complaining their heads off about the unfairness of releasing a blockchain that was already mined out. I'm sure if NextCoin is released with a starting difficulty of 4096 or wherever people will complain because they didn't get to mine at difficulty 1.

[BadPenny]

And I disagree that Ixcoin or I0Coins are currency.  You can't actually buy anything with them, like you can with Bitcoins.  They're abstracts used by speculators to obtain more Bitcoins.

This.

Those who are coming up with these "forks" are perfectly fine with eroding Bitcoin's fledgling credibility while pursuing a goal of very short-term greed.  Just wait until the hedge fund types start getting into the mix. 

Wait...what?  They already have?

[AngelusWebDesign]

Do I need to remind everyone here that it's a zero sum game?

Nobody is producing finished goods after investing only Bitcoins -- wealth isn't being produced in this "economy" -- there are X dollars of real money sloshing about, and some people are losing and some are winning.

When 10 people make double income mining IXcoins or whatever, who is giving up an equal amount of money? All Bitcoin holders? Those who get stuck holding the bag with worthless IXcoins? Some combination?

The answer to that question is open to discussion, but it's 100% certain that we're in a zero sum game here.

Matthew

[bcpokey]

Do I need to remind everyone here that it's a zero sum game?

Nobody is producing finished goods after investing only Bitcoins -- wealth isn't being produced in this "economy" -- there are X dollars of real money sloshing about, and some people are losing and some are winning.

When 10 people make double income mining IXcoins or whatever, who is giving up an equal amount of money? All Bitcoin holders? Those who get stuck holding the bag with worthless IXcoins? Some combination?

The answer to that question is open to discussion, but it's 100% certain that we're in a zero sum game here.

Matthew

Amazing one of if not the only sane post on here that describes the reality of the situation as it is would almost restore my faith in humanity if I had any...

It would describe the reality of the situation if it were a closed system... whiiiich it's not. Oops!

Not to mention "real money" is a rather anti-bitcoin way of thinking. Wonder why "wealth isn't being produced" when people intentionally slant how they talk about bitcoin econ?

Anyway, it's fairly clear that ixcoin is more or less worthless, but it's not absolutely certain. Everything is in its infancy here, to look at what is going on now and say "Johnny definitely lost because he has <abc>coin" is sorta arrogant, not knowing what the future may hold for lil Johnny and his <abc>coin.

[BadPenny]

And that is different in pursuing the long term slow play greed of bitcoin how??? It is like being pregnant there is no such thing as a little being better or the a pot meet kettle situation you are describing..

Nice strawman argument, but try again.  I did not say x Greedy Impulse is better than y Greedy Impulse.  

What I did say is that these copy-cats are making Bitcoin more confusing and more prone to shenanigans.  It's obvious what Ixcoin and I0coin are trying to do.  
A person does not go into a store and whip out 5 USD, 0.50 EUR, and 0.163 GBP for a pair of $5.99 sunglasses.

"Dang it, you missed out on the ground floor of Bitcoin?  Well, get a second chance!  Get in on PoopCoin and start off mining 'em twice as fasterer, then trade 'em in for mucho BTCs, baby! WINNING!"

Some people aren't into Bitcoin for any mass profit other than to make a few coins (using hardware they already had) to trade for goods/services online in an anarchic, "Fuck you, PayPal." kind of way.  
Others are gamers who already had kick-ass GPUs who just want to put their hardware to use when not killin' and maimin' Nazis.
Some are just into the propellerheadism of it all.

It always cracks me up when someone talks of needing to pay off their 50-GPU rig in x months.  Dollar $igns in their eyes.

[shotgun]

And that is different in pursuing the long term slow play greed of bitcoin how??? It is like being pregnant there is no such thing as a little being better or the a pot meet kettle situation you are describing..

Nice strawman argument, but try again.  I did not say x Greedy Impulse is better than y Greedy Impulse.  

What I did say is that these copy-cats are making Bitcoin more confusing and more prone to shenanigans.  It's obvious what Ixcoin and I0coin are trying to do.  
A person does not go into a store and whip out 5 USD, 0.50 EUR, and 0.163 GBP for a pair of $5.99 sunglasses.

"Dang it, you missed out on the ground floor of Bitcoin?  Well, get a second chance!  Get in on PoopCoin and start off mining 'em twice as fasterer, then trade 'em in for mucho BTCs, baby! WINNING!"

Some people aren't into Bitcoin for any mass profit other than to make a few coins (using hardware they already had) to trade for goods/services online in an anarchic, "Fuck you, PayPal." kind of way.  
Others are gamers who already had kick-ass GPUs who just want to put their hardware to use when not killin' and maimin' Nazis.
Some are just into the propellerheadism of it all.

It always cracks me up when someone talks of needing to pay off their 50-GPU rig in x months.  Dollar $igns in their eyes.

PEOPLE LIKE MONEY. BIG FUCKIN SURPRISE.

[BadPenny]

PEOPLE LIKE MONEY. BIG FUCKIN SURPRISE.

oh shit forealz?  you like money?

[shotgun]

PEOPLE LIKE MONEY. BIG FUCKIN SURPRISE.

oh shit forealz?  you like money?

yeah, we should hang out.

[shotgun]

PEOPLE LIKE MONEY. BIG FUCKIN SURPRISE.

Yes and all these people here pretending that bitcoin is or every was more than a money making scam are full of it. I mean really an encryption based project that somehow manages not to take wallet security into account in that equation seriously deserves questioning..

That's a very good point... 

[bcpokey]

Actually it's not really a good point. "Encryption based project" is an incredibly stupid description of bitcoin, although I agree it might have been a good idea to implement the existing wallet encryption code that exists in bitcoin code. Nobody is perfect though.

[molecular]

PEOPLE LIKE MONEY. BIG FUCKIN SURPRISE.

Yes and all these people here pretending that bitcoin is or every was more than a money making scam are full of it. I mean really an encryption based project that somehow manages not to take wallet security into account in that equation seriously deserves questioning..

If someone has access to your wallet.dat, he can also easily install a keylogger.

[xtoro]

I'm thinking once the bitcoin difficulty gets way too high, people will gladly switch over to the easier difficulty of IXcoin or i0coin...  That's why I'm mining both.