[ANN] Catcoin - Scrypt meow!

[Nullu]

I suspect the small offers are being posted by using an API, and someone is writing programs with loops to post lots of small offers. Cryptsy (or some other enterprising exchange) could counteract the effect of this by allowing users to collapse offers based on falling into ranges of values (like .00078-.000799999) into one pseudo-offer. Any any case, on Cryptsy, you can conveniently specify a high number to do a purchase and it will automatically sell at the best possible price, so in effect you can eat up dozens or hundreds of these ridiculous entries, in one buying step. By contrast, you have to be careful at the other Catcoin supporting "free" exchange (left unnamebd), because if you try to do this, they'll pocket the difference, so you have to laboriously type each purchase amount to match each offer on the market to get the best price.

Sell on Cryptsy, buy from CoinedUp. You can sweep up a few sell orders on CoinedUp. Even if they're keeping the change (on the sale of the lower priced sell orders), the overall buy price is still lower than you'd pay using Cryptsy. That's been my experience.

There's actually a stocktrading term for this strategy, but I forget the name for it. You have to get your timing right, because normally the price differences between two exchanges will normalise.

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[skillface]

I suspect the small offers are being posted by using an API, and someone is writing programs with loops to post lots of small offers. Cryptsy (or some other enterprising exchange) could counteract the effect of this by allowing users to collapse offers based on falling into ranges of values (like .00078-.000799999) into one pseudo-offer. Any any case, on Cryptsy, you can conveniently specify a high number to do a purchase and it will automatically sell at the best possible price, so in effect you can eat up dozens or hundreds of these ridiculous entries, in one buying step. By contrast, you have to be careful at the other Catcoin supporting "free" exchange (left unnamebd), because if you try to do this, they'll pocket the difference, so you have to laboriously type each purchase amount to match each offer on the market to get the best price.

Sell on Cryptsy, buy from CoinedUp. You can sweep up a few sell orders on CoinedUp. Even if they're keeping the change (on the sale of the lower priced sell orders), the overall buy price is still lower than you'd pay using Cryptsy. That's been my experience.

There's actually a stocktrading term for this strategy, but I forget the name for it. You have to get your timing right, because normally the price differences between two exchanges will normalise.

Arbitrage.

It's difficult to do with cryptocurrency though due to the transfer times (especially with CAT as it is at the moment).

[itsallpc]

[bcrypto]

I will donate up to 100 CATs for anyone who switches from mining non-CAT coins to mining CAT, at the rate of 1 CAT per megahash for the duration of the current difficulty level. Just tell me in PM how many megahashes you've switched over, and give me your word you will keep mining CATs until the end of the current difficulty, and I will send you the corresponding CATs as donation. This is purely on an honors system, since I have no way to verify. Once I've donated 100 CATs, this offer expires. Others may make a similar offer, and my offer is valid in combination of any of their offers.

Switching back to CAT from LOT with 1 mh/s. I've got something riding on this.

[Nullu]

I suspect the small offers are being posted by using an API, and someone is writing programs with loops to post lots of small offers. Cryptsy (or some other enterprising exchange) could counteract the effect of this by allowing users to collapse offers based on falling into ranges of values (like .00078-.000799999) into one pseudo-offer. Any any case, on Cryptsy, you can conveniently specify a high number to do a purchase and it will automatically sell at the best possible price, so in effect you can eat up dozens or hundreds of these ridiculous entries, in one buying step. By contrast, you have to be careful at the other Catcoin supporting "free" exchange (left unnamebd), because if you try to do this, they'll pocket the difference, so you have to laboriously type each purchase amount to match each offer on the market to get the best price.

Sell on Cryptsy, buy from CoinedUp. You can sweep up a few sell orders on CoinedUp. Even if they're keeping the change (on the sale of the lower priced sell orders), the overall buy price is still lower than you'd pay using Cryptsy. That's been my experience.

There's actually a stocktrading term for this strategy, but I forget the name for it. You have to get your timing right, because normally the price differences between two exchanges will normalise.

Arbitrage.

It's difficult to do with cryptocurrency though due to the transfer times (especially with CAT as it is at the moment).

That's the term I was thinking of. Yeah, It's not really helpful with how slow the exchanges are in confirming deposits. You would think they could invest some of that money they make in better servers.

[dotnetmin]

I will donate up to 100 CATs for anyone who switches from mining non-CAT coins to mining CAT, at the rate of 1 CAT per megahash for the duration of the current difficulty level. Just tell me in PM how many megahashes you've switched over, and give me your word you will keep mining CATs until the end of the current difficulty, and I will send you the corresponding CATs as donation. This is purely on an honors system, since I have no way to verify. Once I've donated 100 CATs, this offer expires. Others may make a similar offer, and my offer is valid in combination of any of their offers.

Switching back to CAT from LOT with 1 mh/s. I've got something riding on this.

Thanks supporting CAT with Mining. I am also doning but with much lower hash

[fredeq]

I suspect the small offers are being posted by using an API, and someone is writing programs with loops to post lots of small offers. Cryptsy (or some other enterprising exchange) could counteract the effect of this by allowing users to collapse offers based on falling into ranges of values (like .00078-.000799999) into one pseudo-offer. Any any case, on Cryptsy, you can conveniently specify a high number to do a purchase and it will automatically sell at the best possible price, so in effect you can eat up dozens or hundreds of these ridiculous entries, in one buying step. By contrast, you have to be careful at the other Catcoin supporting "free" exchange (left unnamebd), because if you try to do this, they'll pocket the difference, so you have to laboriously type each purchase amount to match each offer on the market to get the best price.

Sell on Cryptsy, buy from CoinedUp. You can sweep up a few sell orders on CoinedUp. Even if they're keeping the change (on the sale of the lower priced sell orders), the overall buy price is still lower than you'd pay using Cryptsy. That's been my experience.

There's actually a stocktrading term for this strategy, but I forget the name for it. You have to get your timing right, because normally the price differences between two exchanges will normalise.

Arbitrage.

It's difficult to do with cryptocurrency though due to the transfer times (especially with CAT as it is at the moment).

That's the term I was thinking of. Yeah, It's not really helpful with how slow the exchanges are in confirming deposits. You would think they could invest some of that money they make in better servers.

nullu there is nothing exchanges can do. We have too high difficulty and blocks are far from 10 min time. Thats why confirming is slow. We are still more than 1900 blocks till diff change, its hilarious, doubt we can survive this.

I have sold all my PPC to buy into cat. Man I am stupid...

[moonpool]

I feel like everyone is just watching cryptsy price and trading cat already mined and in cryptsy's system, thus they are missing this.
There is a severe problem.

Right now the network hashrate is 0.395GH/s, which is EXTREMELY low. For some reason, it seems lots of people are dropping off mining, either be it that a multipool was mining this currency and converting it to btc and has moved on to a different coin, or people have just moved on in general. This is causing severe blockchain stagnation as the 10 minute block time has caused the difficulty to rise to 173 when the network rate was 2GH/s.

Blocks now seem to be happening every hour if we are lucky

 http://catchain.info/chain/Catcoin

According to this, during blocks 20240-20251, about 12 hours passed, in the way this coin is supposed to work, at a 10 minute block time, that should have taken 110 minutes to make those blocks.
If you didn't know by the way, 6 confirms are needed to make a transaction, thus at ~12 hours to move to confirmed this is pretty nuts.

The block difficulty adjust is not going to happen for another 1925 blocks.. or according to current block time, 1925 hours, 1925/24 hours =
80 days before difficulty adjust
yeah, and that is not being very exaggerated.

This coin is going to fall apart if we don't get more hash rate soon, or if we are waiting for the difficulty adjust, everyone may have moved on.

Either the difficulty adjust needs to be fixed by the developer to not be by block amount, but rather by time, or this coin is going to have problems.

Votes need to happen on what needs to go on with this, either difficulty algorithm change, block time change, or figure out how to get those multipools back to mining.

By the way, join us @ http://catpool.pw , we need more hash to cause these blocks to happen.

[fredeq]

I feel like everyone is just watching cryptsy price and trading cat already mined and in cryptsy's system, thus they are missing this.

There is a severe.

Right now the network hashrate is 0.395GH/s, which is EXTREMELY low. For some reason, it seems lots of people are dropping off mining, either be it that a multipool was mining this currency and converting it to btc and has moved on to a different coin, or people have just moved on in general. This is causing severe blockchain stagnation as the 10 minute block time has caused the difficulty to rise to 173 when the network rate was 2GH/s.

Blocks now seem to be happening every hour if we are lucky

 http://catchain.info/chain/Catcoin

According to this, during blocks 20240-20251, about 12 hours passed, in the way this coin is supposed to work, at a 10 minute block time, that should have taken 110 minutes to make those blocks.
If you didn't know by the way, 6 confirms are needed to make a transaction, thus at ~12 hours to move to confirmed this is pretty nuts.

The block difficulty adjust is not going to happen for another 1925 blocks.. or according to current block time, 1925 hours, 1925/24 hours = 80 days before this coin will actually be able to happen again, and by that time, everyone may have moved on.

Either the difficulty adjust needs to be fixed by the developer to not be by block amount, but rather by time, or this coin is going to have problems.

+1 we need to take some action. "Adapt" is not the correct strategy here. Network is not stable enough to calculate diff every 2 weeks(like BTC does).
When BTC was doing it there were no altcoins to steal mining power...

[jochem]

Other pools are closing down
http://cat.luckyminers.com is still there and WON'T shut down!

[etblvu1]

80 days before difficulty adjust

Whether this is a bad thing or a good thing I think is a matter of perspective.

Yes, we are suffering from exceedingly long confirmation times. But this is temporary. There is not very much that can be done about it, except try to encourage more hashing power to enter or re-enter the Catcoin network (and I've set aside 100 Catcoins bounty for this purpose). Apart from that, here's a positive aspect of the situation:

That we have a low rate of mining means that the inflation rate for our beloved Catcoin has dropped to a very low level - instead of the expected 7200 new Catcoins per day being added to the coin supply, we are getting maybe 700-1000 Catcoins per day. And this situation could last, as you say, for a couple of months. This could be an opportunity to buy up cheap coins, and for prices to go up, because (measured in terms of days) it's going to be a long time before any significant amount of new Catcoins can enter the market through mining.

I believe the next objective, to keep this scarcity of the coins going at a reasonable level, is to keep the hashing rate from dropping to ridiculous low levels, at the next difficulty adjustment. It seems we have over two months to prepare the mechanism. As I have posted, I am sure there are a lot of people who support Catcoins, who have felt economically forced to switch to mining a different coin, but plan to switch back to mining Catcoins, at the next difficult adjustment. A simple request I make is that people who plan to switch back to Catcoin mining at the next difficulty adjustment start mining Catcoins a day or so early, before the adjustment kicks in, so the difficulty will not adjust down to a ridiculously easy level. This will make the next difficulty adjustment come to some reasonable medium, something north of 64 (which was too low), but south of the current 172, something that provides reasonable profitability for loyal miners, yet keep out the miner-dumper types who would find better profitability elsewhere.

In general, I think with a long difficulty adjustment coin like Catcoin, it should come to be regarded as good manners to switch into, and out of, mining a day or so early, so as miners, we are signaling to the Catcoin network, the realistic intended contribution we will be making to the network in the forthcoming difficulty era, so the difficulty value can be adjusted to a realistic level to achieve the 10 minute intervals. When people signal they are hashing, then switch away from the network after the estimation is measured, they are contributing to excessively long block times (as tends to occur when the difficulty level is too high); and when people switch into mining in the network after the estimation is measured, they are contributing to excessively short block times (as tends to occur when the difficulty level is too low).

[dzsudzsu7]

https://i.imgur.com/YhmLVow.jpg

[Nullu]

As long as people continue to buy Cat, and have an interest in Cat, it will survive through this phase of difficulty adjustment. If very few new coins are entering the exchange, but the volume of coins traded is still steady or increasing, then I would expect the value to go up. If people are losing interest in Cat. I would expect to see the volume go down. I haven't looked at the figures, if someone can tell me which is the case that would be helpful. I wouldn't be worried if it slowed down a little, but if volume was decreasing at the same rate as hashrate, then there is a problem.

[dzsudzsu7]

As long as people continue to buy Cat, and have an interest in Cat, it will survive through this phase of difficulty adjustment. If very few new coins are entering the exchange, but the volume of coins traded is still steady or increasing, then I would expect the value to go up. If people are losing interest in Cat. I would expect to see the volume go down. I haven't looked at the figures, if someone can tell me which is the case that would be helpful. I wouldn't be worried if it slowed down a little, but if volume was decreasing at the same rate as hashrate, then there is a problem.

Our current 24h volume is 77000 $ it was 55000 a few days ago.

[Nullu]

As long as people continue to buy Cat, and have an interest in Cat, it will survive through this phase of difficulty adjustment. If very few new coins are entering the exchange, but the volume of coins traded is still steady or increasing, then I would expect the value to go up. If people are losing interest in Cat. I would expect to see the volume go down. I haven't looked at the figures, if someone can tell me which is the case that would be helpful. I wouldn't be worried if it slowed down a little, but if volume was decreasing at the same rate as hashrate, then there is a problem.

Our current 24h volume is 77000 $ it was 55000 a few days ago.

So volume of trade is going up, but mining is going down. Which means trading profitability for the coin is now the main driving force behind the coin. It's whether or not that will mean the price of the coin on the exchanges will increase or decrease because of coin scarcity.

I'm afraid that question is beyond my speculative ability, as I have no basis of comparison. If someone could perhaps offer some insight into what may happen next that would be useful.

[dotnetmin]

If there is no mining, there will also no trading be possible becuase of getting no confirms transactions need !

Come back mine CAT and don´t only see proftabilt of your shit rig

[crazy987]

I'm currently testing a new pool for someone, but ill see if i can point my 1.4mhash to CAT soon.

[skillface]

If there is no mining, there will also no trading be possible becuase of getting no confirms transactions need !

Come back mine CAT and don´t only see proftabilt of your shit rig

Well trading will always be possible as long as you already have CAT on an exchange like Cryptsy. It's the movement of newly minted coins to exchanges that's going to be difficult.

If volume is increasing yet supply is drying up at this rate, the price normally would have already skyrocketed, if it weren't for the rampant price manipulation.

[Mikellev]

Great idea, thank you!

I'm currently testing a new pool for someone, but ill see if i can point my 1.4mhash to CAT soon.

[Nullu]

If there is no mining, there will also no trading be possible becuase of getting no confirms transactions need !

Come back mine CAT and don´t only see proftabilt of your shit rig

Well trading will always be possible as long as you already have CAT on an exchange like Cryptsy. It's the movement of newly minted coins to exchanges that's going to be difficult.

If volume is increasing yet supply is drying up at this rate, the price normally would have already skyrocketed, if it weren't for the rampant price manipulation.

Are the big holders likely to be continually buying and reselling their cat over and over, or slowly sell off what they can once they bolster the price? If the latter, then eventually the price should go up. If the former. Then I'd be concerned.