[ANN] Catcoin - Scrypt meow!

[moonpool]

Things are going well. If the coin was really in trouble we wouldn't have the activity and interest we have. Once the dev gets back on track we'll be cooking.

- We've got a casino site that may be using Catcoin in just a few days.
- A faucet has finally emerged.
- There's an online wallet and being developed
- The coin is on 3 exchanges
- Multiple bounties for further development of services
- Several key contributors in the community
- Strong and unique coin - Scrypt version of Bitcoin
- High Volume of trading
- Scarcity
- Popular
- Fantastic coin name

This coin has 100 times more things going for it than it has against it. I think you have to take it all in context.

The reason it's where it is now is because most altcoins are just pump and dump instamines. This isn't one of those coins. It's a long term coin. That's why it's where it is. It's far more profitable in the short term to coin jump every time a new crapcoin is released. Catcoin is designed to have a longterm future as a cryptocurrency. Whether that design was intentional or not I don't know, but either way It's on a lot more solid footing than 99% of the altcoins out there.

None of this matters if the network hash drops below .2GH, and it is already falling from .40GH to .38GH since my post about the block time. Can't make transactions if blocks aren't being solved.

My major question is, aren't we going to keep doing this over and over again if the code isn't fixed? In 2 months from now at this pace, when the difficulty drops, the coin will be worth whatever, but it will still be valuable at that difficulty, the pump and dumpers will come back, drive it back up to 2.5ghz, difficulty will sky rocket, and we will be back in the same place. I have 5mh/s but it is so hard to point it at cat....at this pace I could mine lot, sell it all for cat, and get 5x as much cat as I would if I just mine it straight up. I am loyal and dedicated, but there is no incentive to keep mining it really when people are going to blow it up again. I mean it just sucks with this horrible retarget, people will keep doing this over and over again if the coin is worth anything, and it crushes the small guys that are dedicated and didn't get thousands of coins on release (stupid family christmas party). I have invested a few btc and mined it as soon as I heard of it, but I don't know about the future and this crazy difficulty.

You're assuming the code is broken. It isn't. What's preventing the miners being all over this right now is the profitability, and what's preventing the profitability is the early miners who still hold a lot of coins. A lot of miners use multipools which automatically mine the most profitable coin. Because of those early miners on the coin exchanges holding down the market price, the coin's value is lower than it should be. Once the value goes back up, the profitability goes back up, and so the hashpower returns. The market manipulators can't keep it up indefinitely.

There is no inherent flaw with the coin. It's a Scrypt version of Bitcoin. The coin is brilliant and should never be changed. It's the behaviour of pump and dumpers that has put the coin in this phase. It is just a phase. As I've said and will say again, all coins go through phases, and FUD (Fear, uncertainty and doubt) is more harmful than anything else.

All coins go through ups and downs. This is a historical fact. The coin isn't even 2 weeks old yet.

The difficulty retarget will never happen if there is no hash on this coin, It's as simple as no blocks being solved = no transactions happening.

A hard fork of this code needs to happen, this clearly wasnt thought out as a coin of the current mining situation and it cannot hold itself at a difficulty retarget of 2016.
It needs to be changed to something like a 30 block retarget, as the blocks happen per 10 minutes, this would be a 5 hour retarget time.
There is a flaw in the code, and its the fact that 2016 blocks is very high for a coin of 10 minutes. (Personally I would even go as far as saying that a block time of 10 minutes is way to long of a wait in general, but you guys will freak out even more about that if you are freaking out about something as simple as a difficulty change.)

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[janos666]

I am not sure how much of "bonus" a real short-term profit-maximizing miner would need to receive as a donation to see this coin as a profitable mining target for a few weeks.
According to my earlier estimates, the price must be >=0.002 BTC for CAT to be profitable for mining and >=0.0025 to be picked up by auto-switching multipools/rigs.

But I still think that the only problem is the price! And it probably needs nothing else but time.
Why would anybody sell this coin significantly cheaper than their estimated profit (something similar to MOON or DOGE mining)?
Because they make panic sells! But panic sellers don't buy it back and re-list it, and there is only finite number of coins on exchanges. Speculators will re-list it at higher and higher prices!

[strelok369]

up

[stormtide]

@moonpool

I Agree, if this coin is not hard-forked it will die. I believe two weeks time the NET KH/s will be below 100. This would mean a retarget in 6-8 months. Noone will accept that, no sane miner would pay REAL fiat in electricity bills just for a single alt-coin when there is 100+ today. Maybe there is that "one-guy" that is too naive to see it but will continue to mine it in it's current state "until death do him part".

What I've seen in the last two months is that the community has changed from being a majority of "goodwill - for the cryptos" folks to a majority of "Pump n dump - no time for anything else" folks. I think this new majority is here to stay as long as they can make money. Times have changed, it will never be what it was. They who fail to recognize this are fools, I mean do they still buy Deutsche Mark even though Germany got the Euro just to make a point?

[TheLotusPod]

Things are going well. If the coin was really in trouble we wouldn't have the activity and interest we have. Once the dev gets back on track we'll be cooking.

- We've got a casino site that may be using Catcoin in just a few days.
- A faucet has finally emerged.
- There's an online wallet and being developed
- The coin is on 3 exchanges
- Multiple bounties for further development of services
- Several key contributors in the community
- Strong and unique coin - Scrypt version of Bitcoin
- High Volume of trading
- Scarcity
- Popular
- Fantastic coin name

This coin has 100 times more things going for it than it has against it. I think you have to take it all in context.

The reason it's where it is now is because most altcoins are just pump and dump instamines. This isn't one of those coins. It's a long term coin. That's why it's where it is. It's far more profitable in the short term to coin jump every time a new crapcoin is released. Catcoin is designed to have a longterm future as a cryptocurrency. Whether that design was intentional or not I don't know, but either way It's on a lot more solid footing than 99% of the altcoins out there.

None of this matters if the network hash drops below .2GH, and it is already falling from .40GH to .38GH since my post about the block time. Can't make transactions if blocks aren't being solved.

My major question is, aren't we going to keep doing this over and over again if the code isn't fixed? In 2 months from now at this pace, when the difficulty drops, the coin will be worth whatever, but it will still be valuable at that difficulty, the pump and dumpers will come back, drive it back up to 2.5ghz, difficulty will sky rocket, and we will be back in the same place. I have 5mh/s but it is so hard to point it at cat....at this pace I could mine lot, sell it all for cat, and get 5x as much cat as I would if I just mine it straight up. I am loyal and dedicated, but there is no incentive to keep mining it really when people are going to blow it up again. I mean it just sucks with this horrible retarget, people will keep doing this over and over again if the coin is worth anything, and it crushes the small guys that are dedicated and didn't get thousands of coins on release (stupid family christmas party). I have invested a few btc and mined it as soon as I heard of it, but I don't know about the future and this crazy difficulty.

You're assuming the code is broken. It isn't. What's preventing the miners being all over this right now is the profitability, and what's preventing the profitability is the early miners who still hold a lot of coins. A lot of miners use multipools which automatically mine the most profitable coin. Because of those early miners on the coin exchanges holding down the market price, the coin's value is lower than it should be. Once the value goes back up, the profitability goes back up, and so the hashpower returns. The market manipulators can't keep it up indefinitely.

There is no inherent flaw with the coin. It's a Scrypt version of Bitcoin. The coin is brilliant and should never be changed. It's the behaviour of pump and dumpers that has put the coin in this phase. It is just a phase. As I've said and will say again, all coins go through phases, and FUD (Fear, uncertainty and doubt) is more harmful than anything else.

All coins go through ups and downs. This is a historical fact. The coin isn't even 2 weeks old yet.

The difficulty retarget will never happen if there is no hash on this coin, It's as simple as no blocks being solved = no transactions happening.

A hard fork of this code needs to happen, this clearly wasnt thought out as a coin of the current mining situation and it cannot hold itself at a difficulty retarget of 2016.
It needs to be changed to something like a 30 block retarget, as the blocks happen per 10 minutes, this would be a 5 hour retarget time.
There is a flaw in the code, and its the fact that 2016 blocks is very high for a coin of 10 minutes.

wow you guys need to calm down lol. there is nothing wrong with this coin stop panicking its quite comical lol!! anyone selling this cheap is ganna be kicking themselves in the ass in a week or two. just chill out and relax its still a newborn coin, surely you didn't think the prices would NEVER dip down, at least I hope your not that niave

meoww

[Nullu]

I am not sure how much of "bonus" a real short-term profit-maximizing miner would need to receive as a donation to see this coin as a profitable mining target for a few weeks.
According to my earlier estimates, the price must be >=0.002 BTC for CAT to be profitable for mining and >=0.0025 to be picked up by auto-switching multipools/rigs.

But I still think that the only problem is the price! And it probably needs nothing else but time.
Why would anybody sell this coin significantly cheaper than their estimated profit (something similar to MOON or DOGE mining)?
Because they make panic sells! But panic sellers don't buy it back and re-list it, and there is only finite number of coins on exchanges. Speculators will re-list it at higher and higher prices!

That's essentially my argument. Hashrate will drop, coins will become rarer, value increases on exchanges, hashrate will return. I'm open to a counter-argument to that theory.

Hardforking the coin could destroy any chance this coin has. If it gets to the point where the value of the exchanges starts dropping, then I would seriously consider the idea viable, but until then nobody knows whether or not prices will soar or drop, and forking in the middle of that uncertainty invites chaos. Waiting a little longer for such a massive decision is the wisest course of action.

There is a lot panicking going on which right now is doing more harm than anything else.

[TheLotusPod]

I am not sure how much of "bonus" a real short-term profit-maximizing miner would need to receive as a donation to see this coin as a profitable mining target for a few weeks.
According to my earlier estimates, the price must be >=0.002 BTC for CAT to be profitable for mining and >=0.0025 to be picked up by auto-switching multipools/rigs.

But I still think that the only problem is the price! And it probably needs nothing else but time.
Why would anybody sell this coin significantly cheaper than their estimated profit (something similar to MOON or DOGE mining)?
Because they make panic sells! But panic sellers don't buy it back and re-list it, and there is only finite number of coins on exchanges. Speculators will re-list it at higher and higher prices!

That's essentially my argument. Hashrate will drop, coins will become rarer, value increases on exchanges, hashrate will return. I'm open to a counter-argument to that theory.

Hardforking the coin could destroy any chance this coin has. If it gets to the point where the value of the exchanges starts dropping, then I would seriously consider the idea viable, but until then nobody knows whether or not prices will soar or drop, and forking in the middle of that uncertainty invites chaos. Waiting a little longer for such a massive decision is the wisest course of action.

There is a lot panicking going on which right now is doing more harm than anything else.

well said! people need to calm down and stop panicking, enless of course you wanna panic sell your cheap cats to us speculators then keep it up lol. if your wise you'll hold into your coins and stop freaking out over such a small drop in the grand scheme of this newborn not even two week old coin. Cat has amazing potential :-)

[etblvu1]

This was discussed 10 or 15 pages back. It's called a Hard Fork, and it could pretty much destroy the coin. It would also remove what makes this coin appealing to begin with; a Scrypt version of Bitcoin. It's exactly because of the way the coin is designed that it is currently in the position it is in, however it is quite possible it will come out of this as an extremely strong coin.

What we don't need is all the FUD going on. Yes, the coin is going through a major phase, but panicking is just going to make people sell their coins below their value.

We don't need panic. We can't change the coin now. Sensible and rational debate, as well as promotion and continuing to support the growth of Catcoin is in order. This thread has shown that this altcoin is a cut above the 99%. Lets not run around like headless chickens at the first sign of a dip. All coins go through phases.

+1

[Nullu]

I'm not saying the idea should be completely off the table, but unless we see a daily drop in the average price of Cat on the exchanges then it would be premature. If it goes below 0.0005 then I would be open to the discussion of what would happen IF a hardfork to change the difficulty were to be implemented.

[TheLotusPod]

This was discussed 10 or 15 pages back. It's called a Hard Fork, and it could pretty much destroy the coin. It would also remove what makes this coin appealing to begin with; a Scrypt version of Bitcoin. It's exactly because of the way the coin is designed that it is currently in the position it is in, however it is quite possible it will come out of this as an extremely strong coin.

What we don't need is all the FUD going on. Yes, the coin is going through a major phase, but panicking is just going to make people sell their coins below their value.

We don't need panic. We can't change the coin now. Sensible and rational debate, as well as promotion and continuing to support the growth of Catcoin is in order. This thread has shown that this altcoin is a cut above the 99%. Lets not run around like headless chickens at the first sign of a dip. All coins go through phases.

+1

+2

[etblvu1]

All this panic seems kind of absurd, given it would take just 23 BTC right now, to buy 23,116 CATs on Cryptsy to bring the price level there back up to the 0.001 BTC level. That's out of over 1 Million CATs in existence. It is not as if we have a large and slowly descending sell wall, with sufficient force to crush the coin's value into total junk status. Let's keep our eyes on the target, and not worry too much about day-to-day fluctuations - except maybe to exploit bargains.

[janos666]

what would happen IF a hardfork to change the difficulty were to be implemented.

Chaos, destruction, death!
If you think there is a real problem or panic now than let's see how the community would react to a synthetic inflation happening in front of their eyes in an already stressful time!
I would probably go mad myself and make a last panic sell just before the fork emerges. LOL.

All this panic seems kind of absurd, given it would take just 23 BTC right now, to buy 23,116 CATs on Cryptsy to bring the price level there back up to the 0.001 BTC level. That's out of over 1 Million CATs in existence. It is not as if we have a large and slowly descending sell wall, with sufficient force to crush the coin's value into total junk status. Let's keep our eyes on the target, and not worry too much about day-to-day fluctuations - except maybe to exploit bargains.

Well, I think it's actually more than that.
If you check the prices regularly, I think it's visible that the price is artificially set to a low end, even if you don't see it as obvious.
The manipulations aren't hidden but not really subtle either. There is only as much movement as necessary but there is something bigger behind the scenes than you actually let to see (but bigger is still not infinite).

[tuaris]

I'm currently mining kittehcoin on my own personal mining pool (about 160Kh/s) and find a block roughly every 3 hours.  If I point pack to Catcoin, how long would it take me to find a block?

[etblvu1]

Chaos, destruction, death!

I completely agree, no hard forking. I don't care if the network hashrate drops to 1 megahash and transactions take multiple months to clear. We should still not be looking at any hard fork mod that destroys the coin's bitcoin clone status. Even in that dire situation, the value can go up by virtue of scarcity (and transaction times are not slowed down within exchanges, you can transfer coins back and forth to other users on some exchanges like Crypsy; and you can still trade), there are no significant numbers of new coins being introduced, the prices can go up, and as they do, incentives to mine the coin return. This is all temporary - the coin is having teething pains shortly after its birth and emerging from mining one million coins within the space of a few days - things will settle out. Let us think longer-term and strategize. We can make this work out really well for the coin and its supporters.

[kr105]

I just updated the OP, I removed a pool who closed and added a bounty for a promotional video development along with some general funds for marketing. If you are a big holder please donate some of your funds to the addresses listed in the OP as it will help in the long term value of your coins. Without premine we only depend on donations for this kind of tasks.
Please let me know what you think about the reward amount for blog posts and shop accepting CAT, I got that values from the top of my head, nothing carefully examined.

PD: I'm still replying PMs, you will get yours answered soon

[bcrypto]

I just updated the OP, I removed a pool who closed and added a bounty for a promotional video development along with some general funds for marketing. If you are a big holder please donate some of your funds to the addresses listed in the OP as it will help in the long term value of your coins. Without premine we only depend on donations for this kind of tasks.
Please let me know what you think about the reward amount for blog posts and shop accepting CAT, I got that values from the top of my head, nothing carefully examined.

PD: I'm still replying PMs, you will get yours answered soon

Perfect

[etblvu1]

I just updated the OP, I removed a pool who closed and added a bounty for a promotional video development along with some general funds for marketing. If you are a big holder please donate some of your funds to the addresses listed in the OP as it will help in the long term value of your coins. Without premine we only depend on donations for this kind of tasks.
Please let me know what you think about the reward amount for blog posts and shop accepting CAT, I got that values from the top of my head, nothing carefully examined.

PD: I'm still replying PMs, you will get yours answered soon

Just donated 25 CATs to each of the four funds/bounty categories. Everyone - if you can afford to - match my donation.

[kr105]

I just updated the OP, I removed a pool who closed and added a bounty for a promotional video development along with some general funds for marketing. If you are a big holder please donate some of your funds to the addresses listed in the OP as it will help in the long term value of your coins. Without premine we only depend on donations for this kind of tasks.
Please let me know what you think about the reward amount for blog posts and shop accepting CAT, I got that values from the top of my head, nothing carefully examined.

PD: I'm still replying PMs, you will get yours answered soon

Perfect

Did you mean purrfect?

[bcrypto]

I just updated the OP, I removed a pool who closed and added a bounty for a promotional video development along with some general funds for marketing. If you are a big holder please donate some of your funds to the addresses listed in the OP as it will help in the long term value of your coins. Without premine we only depend on donations for this kind of tasks.
Please let me know what you think about the reward amount for blog posts and shop accepting CAT, I got that values from the top of my head, nothing carefully examined.

PD: I'm still replying PMs, you will get yours answered soon

Perfect

Did you mean purrfect?

[Mikellev]

Well..... Im kinda disapointed.

you rly forgot http://cat.poolerino.com again ?
First you removed us from the list, god knows why, and now we are down to 60 confirmations on our own risk to help the coin, we are still not there ?!

I just updated the OP, I removed a pool who closed and added a bounty for a promotional video development along with some general funds for marketing. If you are a big holder please donate some of your funds to the addresses listed in the OP as it will help in the long term value of your coins. Without premine we only depend on donations for this kind of tasks.
Please let me know what you think about the reward amount for blog posts and shop accepting CAT, I got that values from the top of my head, nothing carefully examined.

PD: I'm still replying PMs, you will get yours answered soon