[ANN] Catcoin - Scrypt meow!

[koguma]

I built a new OSX Client for 8.6.2.  Again it's for OSX 10.8+ (including Mavericks and above): https://www.mediafire.com/?zhdcrdicc5333on

I would suggest to the dev to rename bitcoin-qt.pro to catcoin-qt.pro and use catcoin.icns instead of bitcoin.icns.  It's driving me nuts.

Enjoy!  Feel free to donate: 9VroY2aDodR6ceNuv7ccvoEw5jru9Ks9xe

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[johnny_non]

let's put things into perspective...
http://www.happybirthdaybitcoin.com/
what's the panic?

[kaene]

If fork will be already apply to coin I promise that my 2.5Mh/s will return to any cat pool

+1 so will mine

[Mikellev]

http://cat.poolerino.com will also be there for you, as always. We just need the info / source to patch the servers catcoind.....

[kaene]

I´m a bit confused. Will this happen - http://catcoins.org/catcoin-fork/

I believe it is happening.

Since the code is open source and public, anyone can takeover in absence of dev(I might be wrong on this, confirms?)

kr105 is coming online soon and will update the main post.

Once he confirms the fork I'm buying all the catcoins I can afford at current market price

[Lydian]

catpool.co is very bugy and no support 

i have mined 10.71605732 CATcoins - but my account balance is 0!

9nLuSujBa9G9ou8Qa3NQW6gyZGcsnkSuid

[CatCoinForums]

Looking forward to this fork, i see it bringing catcoin back on track better then ever! Many people have agreed they will come back to mine this currency.

[mattbigblue]

If I have catcoins at exchange, are they "safe" there in term of this fork ? (i know exchange owner can run away with them, but that's not what i'm asking here:) )

[tolich94]

I'm just wondering, does this fork have the ability to raise the price of Catcoin ? The way I see it people will mine a lot at low difficulty and just dump at current prices which is obviously bad.

[ZBBBB]

If I have catcoins at exchange, are they "safe" there in term of this fork ? (i know exchange owner can run away with them, but that's not what i'm asking here:) )

This is a great question, anyone know? I have all my coins sitting on an exchange that were there incase I needed them.

[CatCoinForums]

I'm just wondering, does this fork have the ability to raise the price of Catcoin ? The way I see it people will mine a lot at low difficulty and just dump at current prices which is obviously bad.

The fork will either kill the coin, or help catcoin reach its potential. Personally i think if all the community gets behind the coin when its forked and support the coin x2 as much as it was released the first time it will sky rocket.

[Maverickthenoob]

Look, to be perfectly honest I don't know how anybody can argue against a fork at this point. There are some simple issues here, and some basic math supports everything the forkers are saying, being a fanboy and denying the necessity of a fork, is to deny logic and reason. Here's why:

This coin is unsustainable and is prone to being repeatedly returned to high diff by high-hash multipools. This isn't a once off occurrence. Even if we fight through the next 2000 blocks (which is absolutely delusional at this point, the hash rate is pretty much in free fall) and we once again make the coin profitable to mine, some big multipool will jump on it and drive the diff right back where it is now. This can't be fixed without a client update and a fork. More on this in a second.

Additionally, 2016 blocks is fucking insane, even for Bitcoin. It is BTC's largest flaw by far. This is not bitcoin, this is an alt-coin, treating it as if it is bitcoin is stupidity. To support this: there are almost 2000 blocks left before the next retarget, at ~3 hours per block (instead of TEN MINUTES!) it will take 5850 Hours to retarget the diff, or to put that in perspective it will take 243 days to reach our next retarget. EIGHT MONTHS! How can anybody believe this is acceptable, or sustainable? If we "simply' just fix the diff, the next time big hash rolls in we'll be right back here with the same problems. We need to permanently fix the retarget time so this doesn't happen again!

I see a lot of people in this thread putting their fingers in their ears going "LALALALALALALALA NO FORK, FORK BAD!". A fork isn't a bad thing! In fact it's likely the only thing that will save this coin from almost certain death. Contrary to seemingly popular belief the small rise in prices earlier today was probably because of speculation that a fork is happening, not the magical crypto-fairy said it's going to profitable. This currency is currently almost worthless as a currency because we are not processing transactions in a timely manner. What good is a currency that is effectively nontransferable because confirmations aren't happening? This is akin to saying "Hey George, thanks for the coffee! You'll receive payment tomorrow for something I bought today." The real world doesn't work like that, this makes the currency useless in its current form. If we fix it, once again it becomes useful. That's a fairly simple concept.

Meanwhile some people in this thread seem to think that people will just come back to mine an extremely unprofitable coin "for the hell of it" and lose money for the next 8 months. It's not going to happen. Neither is a "soft fork" or "polite fork" or some of the other bullshit I've seen in this thread that has been invented on the spot. This fork isn't about maybes and what ifs. If we don't do this this coin will die because it can't be used as a currency, nor is it profitable to mine, which entirely defeats the purpose that it exists.

The dev has agree to do this fork if the majority of people agree, there's no hostile takeover or 51% attack. This is simply an necessary update to fix something that is absolutely broken. The fork is only a byproduct of the update, and assuming it is done correctly, should really result in no noticable difference other than a reduced diff. Coins will remain unharmed, even those at the exchanges. Why is there so much pushback against this? We need to do this folks, look how many people have already said they will come back if the diff drops. So will I, but not until it isn't a waste of time to mine.

Also, the ADD meth-head comments are insulting and frankly entirely inappropriate considering all people are arguing for here is a currency that is actually usable. Arguing for a useable currency does not mean we're all "ADD Meth-head traders", don't be an ignorant douche.

This currency is dead without a fix, and with the following CatCoin has, I see no need why we need to put a gun to our own heads and pull the trigger. Lets fix this and move on.

[janos666]

I'm just wondering, does this fork have the ability to raise the price of Catcoin ? The way I see it people will mine a lot at low difficulty and just dump at current prices which is obviously bad.

The fork will either kill the coin, or help catcoin reach its potential. Personally i think if all the community gets behind the coin when its forked and support the coin x2 as much as it was released the first time it will sky rocket.

Yeah... because a huge amount of fresh coins hitting the exchanges with AutoSell will cause the prices to rise. Aham... Right... OK! That WILL happen!
Now I will do a semi-panic-sell. (I won't sell everything for almost nothing but for a much less than I planned, way below the historical maximum.)

[CatCoinForums]

Look, to be perfectly honest I don't know how anybody can argue against a fork at this point. There are some simple issues here, and some basic math supports everything the forkers are saying, being a fanboy and denying the necessity of a fork, is to deny logic and reason. Here's why:

This coin is unsustainable and is prone to being repeatedly returned to high diff by high-hash multipools. This isn't a once off occurrence. Even if we fight through the next 2000 blocks (which is absolutely delusional at this point, the hash rate is pretty much in free fall) and we once again make the coin profitable to mine, some big multipool will jump on it and drive the diff right back where it is now. This can't be fixed without a client update and a fork. More on this in a second.

Additionally, 2016 blocks is fucking insane, even for Bitcoin. It is BTC's largest flaw by far. This is not bitcoin, this is an alt-coin, treating it as if it is bitcoin is stupidity. To support this: there are almost 2000 blocks left before the next retarget, at ~3 hours per block (instead of TEN MINUTES!) it will take 5850 Hours to retarget the diff, or to put that in perspective it will take 243 days to reach our next retarget. EIGHT MONTHS! How can anybody believe this is acceptable, or sustainable? If we "simply' just fix the diff, the next time big hash rolls in we'll be right back here with the same problems. We need to permanently fix the retarget time so this doesn't happen again!

I see a lot of people in this thread putting their fingers in their ears going "LALALALALALALALA NO FORK, FORK BAD!". A fork isn't a bad thing! In fact it's likely the only thing that will save this coin from almost certain death. Contrary to seemingly popular belief the small rise in prices earlier today was probably because of speculation that a fork is happening, not the magical crypto-fairy said it's going to profitable. This currency is currently almost worthless as a currency because we are not processing transactions in a timely manner. What good is a currency that is effectively nontransferable because confirmations aren't happening? This is akin to saying "Hey George, thanks for the coffee! You'll receive payment tomorrow for something I bought today." The real world doesn't work like that, this makes the currency useless in its current form. If we fix it, once again it becomes useful. That's a fairly simple concept.

Meanwhile some people in this thread seem to think that people will just come back to mine an extremely unprofitable coin "for the hell of it" and lose money for the next 8 months. It's not going to happen. Neither is a "soft fork" or "polite fork" or some of the other bullshit I've seen in this thread that has been invented on the spot. This fork isn't about maybes and what ifs. If we don't do this this coin will die because it can't be used as a currency, nor is it profitable to mine, which entirely defeats the purpose that it exists.

The dev has agree to do this fork if the majority of people agree, there's no hostile takeover or 51% attack. This is simply an necessary update to fix something that is absolutely broken. The fork is only a byproduct of the update, and assuming it is done correctly, should really result in no noticable difference other than a reduced update. Coins will remain unharmed, even those at the exchanges. Why is there so much pushback against this? We need to do this folks, look how many people have already said they will come back if the diff drops. So will I, but not until it isn't a waste of time to mine.

Also, the ADD meth-head comments are insulting and frankly entirely inappropriate considering all people are arguing for here is a currency that is actually usable. Arguing for a useable currency does not mean we're all "ADD Meth-head traders", don't be an ignorant douche.

This currency is dead without a fix, and with the following CatCoin has, I see no need why we need to put a gun to our own heads and pull the trigger. Lets fix this and move on.

Wise words, wise words.

[rznag]

catpool.co is very bugy and no support 

i have mined 10.71605732 CATcoins - but my account balance is 0!

9nLuSujBa9G9ou8Qa3NQW6gyZGcsnkSuid

i have 3 cats there too and i`m waiting since 3 days that they get confirmed before they close the pool.....

[etblvu1]

I agree that a permanent and systematic fix to the difficulty retarget issue could be helpful. But I do not think speeding up the rate of oscillations is the way to do it. Such oscillations are damaging no matter if they happen in 3 month cycles, or 3 hour cycles. It gives the miner-dumpers the opportunity to gain ongoing access to cheap Catcoins, and if we want the coins to prosper, the "cheap coin phase" should never occur!

I have developed a method which would accomplish putting and end to these damaging difficulty oscillations once and for all, and I am here putting it in slightly different terms, because my earlier description may not have been entirely clear or precise:

Imagine that when you find a solution during specific conditions (say the difficulty level has increased by more than 30% over the last difficulty level), you receive the normal 50 CATs. But in addition, you also receive 50 Loyalty Credits which you can think of as special purpose coins (it would show up as a separate balance in the QT wallet). These credits are good during the next (easier) difficulty level but expire after that. When you mine a block during this easy difficulty level, 50 loyalty credits are destroyed and you get 50 CATs of reward. If you did not earn any Loyalty Credits, you would only receive 25 CATs. At the end of that easy difficulty era, any remaining Loyalty Credits expire and get zeroed out. In any difficulty era, where it was not followed by very high difficulty, the full 50 CATs are awarded as usual. This proposed Loyalty Credit feature is a major, brand new innovation and is very pool friendly. Pools can easily track who has earned Loyalty Credits (being a participant in the pool during a difficulty phase when the Credits are generated by the network), and it can track it just as it tracks any other balance of anything. It can destroy the Loyalty Credits when it subsequently solves a block during a subsequent easy difficulty era, and zero out loyalty credits when they expire. It can distribute the mined Catcoins based on each miner's Loyalty Credit balances as well as shares contributed. It is a very clean, fair, mathematically precise algorithm, and targets and narrowly addresses the specific problem of destructive difficulty oscillations caused by unstable hashrate contributors with laser-like precision. We do not then need to worry about changing the difficulty retarget time because we have addressed a more fundamental, actual root cause of the problem. In fact, having this mechanism in place pretty much acts as a failsafe and should almost never come into play anyway after being triggered once or twice, because the network hashrate would be become so stable, and swarms of hashers who switch mining on a minute-by-minute basis learn to stay away just as they currently stay away from Litecoin mining.

The code implementing this change can be lobbied to be back-ported into the existing Bitcoin code as a pure improvement in handling difficulty level changes, and it can be implemented without affecting its operations at all (unless there is a dramatic shift in difficulty levels in the Bitcoin network, which is unlikely to ever occur). So we have the possibility to solve our problem, and also maintain 100% Bitcoin clone status (if we succeed in getting the Loyalty Credit feature back-ported into Bitcoin). In any case, it would remain essentially exact clone of Bitcoin with just the tiny change. It would be an innovation in the altcoin world, not something that had been done yet, and it would specifically and systematically reward loyal miners who are committed enough to mine through both easy and difficult difficulty eras - denying the benefits of easy difficulty phases to to swarms of miner-dumpers who jump on a minute-by-minute basis to maximize profit (and immediately dump coins on the exchanges). With this architecture, the hashrate for the Catcoin network would stabilize long-term based on the number of miners who are willing to mine through both easy and difficult difficulty levels, and profitability would stabilize probably somewhere north of Litecoin profitability, but south of the most profitable coins at any given instant, and reduce the number of newly mined coins ending up on the exchanges being sold and putting constant downward pressure on price. This would essentially make the pattern of network hashrate follow the same general trajectory as early Bitcoin network hashrates (people sign on as they set up to mine it, and tend to stay), and can scale all the way up to becoming the dominant Scrypt coin, superseding Litecoin, because as Catcoin increases in value, Litecoin would become more and more subject to swarms of miner-dumpers, since it does not have the loyalty system built-in (or they will implement it before that happens, in which case Catcoin will have tremendous credibility from having been the first to implement it). I believe this feature will sooner or later become standard for all cryptocoins (including Bitcoins), to put an end to the era of crazy difficulty shifts based on split-second profitability calculations. In the new era, people will only shift coin mining every few weeks or months, based on revised long-term projections, and it would lose money to shift more often than that. I believe whichever cryptocurrency implements this feature first will have the first mover advantage and tremendous credibility, I would like Catcoins to be the first to implement this. We can and must do better than implement a mere patchwork to speed up damaging oscillations of difficulty levels, copying the formula of unsuccessful altcoins, and if we want Catcoins to suceed above all other altcoins, we have to implement a mathematically sound innovation which precisely addresses a problem plauging all altcoins, which this proposal does.

I believe this is the best change to implement, if we are making changes at all, for the above reasons.

Thank you for considering this proposal.

[ubermoose]

If I have catcoins at exchange, are they "safe" there in term of this fork ? (i know exchange owner can run away with them, but that's not what i'm asking here:) )

You can withdraw them on whatever chain the exchange is on. If they update to the forked version, you'll be fine.
If you want to be on the safe side, withdraw them before the fork happens. That way you can spend your coins on both chains, no matter which one survives.

[mattbigblue]

If I have catcoins at exchange, are they "safe" there in term of this fork ? (i know exchange owner can run away with them, but that's not what i'm asking here:) )

You can withdraw them on whatever chain the exchange is on. If they update to the forked version, you'll be fine.
If you want to be on the safe side, withdraw them before the fork happens. That way you can spend your coins on both chains, no matter which one survives.

but If I withdraw them now, will they even get processed by the time fork happen? I have them on cryptsy.

[skillface]

If I have catcoins at exchange, are they "safe" there in term of this fork ? (i know exchange owner can run away with them, but that's not what i'm asking here:) )

You can withdraw them on whatever chain the exchange is on. If they update to the forked version, you'll be fine.
If you want to be on the safe side, withdraw them before the fork happens. That way you can spend your coins on both chains, no matter which one survives.

but If I withdraw them now, will they even get processed by the time fork happen? I have them on cryptsy.

The fork isn't scheduled to take place for another 24 hours. Even if the block time is being misreported and it's closer to 4 hours per block (I'm not sure what the real value is at the moment, I think it might be more like 2 hours), you should be able to squeeze in a transfer by then. I just decided to move my CAT off of Cryptsy in preparation for the fork myself, frankly I don't trust them to handle it very well, if at all.

Cryptsy nearly instantly registered the transaction, and my CAT is currently sitting in my wallet (although unconfirmed of course).

[bcrypto]

I'll get put my rig back on CAT to get some emergency transactions going. Every bit helps.