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Author Topic: 8th Alt coin thread. Or what to do now that asics are all over the place.  (Read 69415 times)
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KaydenC
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July 04, 2018, 05:49:02 PM
 #561

BTW....

.
.
.

Worst = Gigabyte (the Auros however are doing fine).

If I could turn back time, avoid lower end Gigabytes GPUs.



Those are some expensive fans. Some cheap ones on taobao: https://item.taobao.com/item.htm?spm=a230r.1.14.29.5f9944eexVB9fB&id=538143407251&ns=1&abbucket=18#detail


Thanks - will check them out

Some of my MSI RX470 Gaming fans started to fail as well.. where y'all order fans in the US? I guess I'll check Ebay.

Edit:
This is the only one I found on ebay, $26 a pair, but it takes a long time to get it from China.. you guys knkow any other place?
Radeon RX570 MSI RX470 ARMOR Graphics Card Cooling fan cooler 2pcs http://r.ebay.com/qitM0N

Some of these might fit: https://s.taobao.com/search?q=MSI+gaming+x%E9%A3%8E%E6%89%87&imgfile=&js=1&stats_click=search_radio_all%3A1&initiative_id=staobaoz_20180705&ie=utf8

Try to search "Brand Name" "Model name" 风扇 on taobao, in this case MSI Gaming X 风扇.

Loads of cheap stuff there, like $0.30 ethernet cat 6 cables, $2.50 risers. It does deliver quickly to Hong Kong, but I've tried sending stuff to Malaysia it takes 2-3 weeks.

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July 04, 2018, 06:05:56 PM
 #562


Quote

@ stubo hard to write perfectly clear.  they  won't stop sales  but they will slow them a lot.  with gaps of time between sales.

remember  the workers are in china    so they may be laid off and on at the companies will.

As for rival companies   GMO  is the only new one  and they have done everything wrong so far.

Here is their newest mistake
https://bitcointalk.org/index.php?topic=4585324.msg41361905#msg41361905

In case you haven't found this:  https://www.youtube.com/watch?v=O7TLP3MRS8A

A YouTube interview with GPUHoarder that I think is worth watching on the general topic of FPGA's.

Disclaimer:  I think Seth suffers from ADD and his ego has yet to realize that he is not the "content."  He winks, he grins, he interjects topics to show off his own knowledge -- in other words, he doesn't conduct a very good interview.  The crypto space desperately needs an interviewer who can get to the point, ask questions, and keep the spotlight on the person being interviewed.  But I digress.  Seth is a 'shallowist' whose reach truly exceeds his grasp.  Which is okay, he just needs to keep his ego in check more.  Maybe he'll eventually figure that out.

Anyone who thinks the GPUHoarder/Senseless FPGA, FPGAland.com, endeavor is a scam will be proven wrong.

Happy 4th everyone!

I don't think GPUHoarder,Ohgoditsagirl,KJS are scammers.

Drawfminer was a scammer.

I think  moving to fpga's is a losing move.
 I think moving to asics is a losing move.

I think the fail was in the coin developers not the gear builders (other then nvidia making mining cards)

My issue with fpga is it is worthless for resale as are asics.

fpga is worse then an asic as it will be replaced  by better gear.

gpus were and are all over the world and earn money.  millions of people have them  maybe more like 100's of millions   killing this widespread base off is a lower move

My 1080tis still earn 1.75 usd a day and burn 5kwatts or 90 cents   which = 85 cent pure profit   and since the cards are paid off and have 27 months on warranty. 

I simply can't justify fpgas for lots of us.

Although I would love to have a 16 fpga  beast from KJS

https://bitcointalk.org/index.php?topic=4553947.msg41248146#msg41248146

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 04, 2018, 08:39:50 PM
 #563

BTW....

.
.
.

Worst = Gigabyte (the Auros however are doing fine).

If I could turn back time, avoid lower end Gigabytes GPUs.



Those are some expensive fans. Some cheap ones on taobao: https://item.taobao.com/item.htm?spm=a230r.1.14.29.5f9944eexVB9fB&id=538143407251&ns=1&abbucket=18#detail


Thanks - will check them out

Some of my MSI RX470 Gaming fans started to fail as well.. where y'all order fans in the US? I guess I'll check Ebay.

Edit:
This is the only one I found on ebay, $26 a pair, but it takes a long time to get it from China.. you guys knkow any other place?
Radeon RX570 MSI RX470 ARMOR Graphics Card Cooling fan cooler 2pcs http://r.ebay.com/qitM0N

Some of these might fit: https://s.taobao.com/search?q=MSI+gaming+x%E9%A3%8E%E6%89%87&imgfile=&js=1&stats_click=search_radio_all%3A1&initiative_id=staobaoz_20180705&ie=utf8

Try to search "Brand Name" "Model name" 风扇 on taobao, in this case MSI Gaming X 风扇.

Loads of cheap stuff there, like $0.30 ethernet cat 6 cables, $2.50 risers. It does deliver quickly to Hong Kong, but I've tried sending stuff to Malaysia it takes 2-3 weeks.

Thanks, but how do I switch that site to English?
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July 04, 2018, 09:30:33 PM
 #564

Some of these might fit: https://s.taobao.com/search?q=MSI+gaming+x%E9%A3%8E%E6%89%87&imgfile=&js=1&stats_click=search_radio_all%3A1&initiative_id=staobaoz_20180705&ie=utf8

Try to search "Brand Name" "Model name" 风扇 on taobao, in this case MSI Gaming X 风扇.

Loads of cheap stuff there, like $0.30 ethernet cat 6 cables, $2.50 risers. It does deliver quickly to Hong Kong, but I've tried sending stuff to Malaysia it takes 2-3 weeks.

Thanks, but how do I switch that site to English?

You don't - taobao is for domestic China, only.

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July 04, 2018, 10:01:36 PM
 #565



If I could turn back time, avoid lower end Gigabytes GPUs.



Yep, I'm in the exact same boat. We don't have nearly as big of a farm as you operation, but out of almost 100 GPUs, the only ones we have had issues with have been Gigabyte "Windforce" models.... the coolers are not very good at cooling and the fans die much faster then any other models we have.  In fact, in the past <18 months all of our cooler/fan failures have been from them except one Asus Strix 480 that has a sticky fan (one out of 3 fans on it, so it still cools very well).
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July 04, 2018, 10:09:34 PM
 #566


Quote

@ stubo hard to write perfectly clear.  they  won't stop sales  but they will slow them a lot.  with gaps of time between sales.

remember  the workers are in china    so they may be laid off and on at the companies will.

As for rival companies   GMO  is the only new one  and they have done everything wrong so far.

Here is their newest mistake
https://bitcointalk.org/index.php?topic=4585324.msg41361905#msg41361905

In case you haven't found this:  https://www.youtube.com/watch?v=O7TLP3MRS8A

A YouTube interview with GPUHoarder that I think is worth watching on the general topic of FPGA's.

Disclaimer:  I think Seth suffers from ADD and his ego has yet to realize that he is not the "content."  He winks, he grins, he interjects topics to show off his own knowledge -- in other words, he doesn't conduct a very good interview.  The crypto space desperately needs an interviewer who can get to the point, ask questions, and keep the spotlight on the person being interviewed.  But I digress.  Seth is a 'shallowist' whose reach truly exceeds his grasp.  Which is okay, he just needs to keep his ego in check more.  Maybe he'll eventually figure that out.

Anyone who thinks the GPUHoarder/Senseless FPGA, FPGAland.com, endeavor is a scam will be proven wrong.

Happy 4th everyone!

I don't think GPUHoarder,Ohgoditsagirl,KJS are scammers.

Drawfminer was a scammer.

I think  moving to fpga's is a losing move.
 I think moving to asics is a losing move.

I think the fail was in the coin developers not the gear builders (other then nvidia making mining cards)

My issue with fpga is it is worthless for resale as are asics.

fpga is worse then an asic as it will be replaced  by better gear.

gpus were and are all over the world and earn money.  millions of people have them  maybe more like 100's of millions   killing this widespread base off is a lower move

My 1080tis still earn 1.75 usd a day and burn 5kwatts or 90 cents   which = 85 cent pure profit   and since the cards are paid off and have 27 months on warranty. 

I simply can't justify fpgas for lots of us.

Although I would love to have a 16 fpga  beast from KJS

https://bitcointalk.org/index.php?topic=4553947.msg41248146#msg41248146

I agree Phil, GPU is best.
Devs failed by not adjusting the algo or coming up with better algos.
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July 04, 2018, 10:45:52 PM
 #567



If I could turn back time, avoid lower end Gigabytes GPUs.



Yep, I'm in the exact same boat. We don't have nearly as big of a farm as you operation, but out of almost 100 GPUs, the only ones we have had issues with have been Gigabyte "Windforce" models.... the coolers are not very good at cooling and the fans die much faster then any other models we have.  In fact, in the past <18 months all of our cooler/fan failures have been from them except one Asus Strix 480 that has a sticky fan (one out of 3 fans on it, so it still cools very well).
+1 for this especialy windforce models,have bunch of 1080s and and on almoust all of them at least 1 fan is having a problem/making to much noise.Some of them started having problems in less then a month after getting them,aorus on the other hand are working fine so far
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July 05, 2018, 02:57:56 AM
 #568

Quote

I don't think GPUHoarder,Ohgoditsagirl,KJS are scammers.

Drawfminer was a scammer.

I think  moving to fpga's is a losing move.
I think moving to asics is a losing move.

I think the fail was in the coin developers not the gear builders (other then nvidia making mining cards)

My issue with fpga is it is worthless for resale as are asics.

fpga is worse then an asic as it will be replaced  by better gear.

gpus were and are all over the world and earn money.  millions of people have them  maybe more like 100's of millions   killing this widespread base off is a lower move

My 1080tis still earn 1.75 usd a day and burn 5kwatts or 90 cents   which = 85 cent pure profit   and since the cards are paid off and have 27 months on warranty.  

I simply can't justify fpgas for lots of us.

Although I would love to have a 16 fpga  beast from KJS

https://bitcointalk.org/index.php?topic=4553947.msg41248146#msg41248146

I could go back and forth on many of these points for some time.  I agree with quite a bit of this, but not all.  I think FPGAs will have resale value and for longer than the current 4 week window for Bitmain ASICs.  Everything will eventually be "replaced by better gear."  You know that, I know that.

I agree with you on the coin developers bit, mostly.

But destroying the widespread base -- that I agree with you 100%.  They will shrink the entire market in the near term.  It's dumb but there is no way of stopping it.

Can’t be stopped and will set crypto backwards quite a bit.


Maybe a gpu render rental will be created.  Then gpus could still earn and many would be involved doing it.

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 05, 2018, 05:08:31 PM
Merited by suchmoon (5), vapourminer (1), Last of the V8s (1), Trofo (1), MagicSmoker (1)
 #569

I have the day off and I'm trying to track down some reliable information on Walton Chain (WTC).

A person was looking to purchase a 6 1080 Ti rig on another thread for what sounded like "hosting" a MasterNode.  It did not make a lot of sense, so I dug into it.  I think Walton Chain (https://bitcointalk.org/index.php?topic=2127069.0) is a massive, well funded, scam.  And I do mean massive.  I'll explain why, but I'm looking for community feedback before I post a lengthy summary in the WTC thread.

You can access the English version of the WTC white paper on the OP.  Start at the end with that impressive looking list of people, with even more impressive academic and corporate credentials.  Pick any single individual and try the following:  Can you find the names of the companies they worked for, as spelled, using Google?  I can find an amazing number of companies that are spelled almost, or kind of like, the companies listed in these resumes.  Can you find a single one of the 100+ academic papers this impressive sounding group has allegedly published?  No citations to their own work are given, which seems odd as academic types really do "publish or perish."  Can you find any legitimate proof of their patents?  If you can, PM me with the links.

Skimming through the WTC thread, it seems to be dominated by relentless shilling for this coin, with an awful lot of the shilling just parroting back what are pretty transparent PR pieces published under some sub-account hosted at medium.com.  Check how many times people cite to these "articles" under this www.medium.com/@waltoncoin account.  That's the supposed proof that they are real and making incredible progress every day.  Here is just how goofy the thread reads:

“Waltonchain will be the Qualcomm + Cisco in the blockchain industry. Based on this, Waltonchain will become the ‘Google search engine’ of blockchain”. 

Now there is a quote you can take to the bank.  If you are an idiot.

There is no way to mine this coin with AMD cards from what I can tell.  And to mine the coin with Nvidia cards, you have to PM shady characters for the details.  Nothing on the OP talks about, or provides links to, mining programs, or pools.  Kind of odd, I think.  Why do I need to PM people who want to sell me overpriced Nvidia rigs just so I can figure out how to mine this pos?

Here is the use case:  They are going to take RFID tags (pretty well developed already), and somehow transform the "Internet of Things," using blockchain technology.  Three "hot" topics the members of the WTC forum point out again and again.  Yes, indeed, hot topics.  And they are going to do this, and have allegedly done this with one single -- wait for it -- garment makers.  Well, that's not fair because eventually they will transform the World, but their initial use case is for high-end clothing and accessories.

Let's take the more logical side of this use case -- how about using RFID tags and the blockchain to verify and authenticate $30,000 Louis Vuitton handbags?  How about that?  I can buy knock offs on Canal street in New York all day long.  There are two immediate problems I can think of:  the RFID tag is a physical object and physical objects can be tampered with and removed even if the WTC blockchain is unassailable.  And if it just takes one RFID tag to prove up the provenance of my fake Vuitton hand bags, believe you me someone will steal these RFID tags or find some other way to counterfeit them.  So check the blockchain all you want, your knock-off bag will read as legit, which = use case failure. 

Here is the second problem:  so far as I know, if you have questions about your Louis Vuitton handbag that you purchased on eBay, you will take your hand bag to a real Louis Vuitton store and you will ask them to appraise its authenticity just as you might ask Sothebys to appraise that Rembrandt look-alike you found in your Aunt's attic.  Do you think either Louis Vuitton or Sothebys would prefer that you stop by their store or auction house - OR - do you think they prefer potential customers to bypass them all together by confirming authenticity of rare items on the blockchain?  I'm guessing Louis Vuitton would far prefer that you visit them in person.  Once you are in their store or auction house, they can politely tell you so sorry, your hand bag is fake, but we have lovely ones "in hand" just like it that we can sell you today.

Let's take the low end use case:  white cotton t-shirts made in sweat shops in Pakistan.  Would you add 0.04 cents to your costs to place these WFC RFID tags into your cheap clothing before you ship it to a wealthy nation?  I don't think so, not worth the cost to you.  Let the retailers worry about adding RFID tags after the container ship arrives in whatever port.  How many items of clothing do I own where I would really give a damn to look up on any blockchain who made the article and where it was made?  None, but then again, I'm not into clothing.

None of this RFID tag + IoT + our WTC blockchain makes any sense.

But wait, there's more!  WTC also seems to involve a multi-level marketing scheme adapted to MasterNodes, with side nodes and GrandMaster nodes, and it makes no f**kin' sense to me.  It's brilliant, but I am waiting for someone to explain what is added by all this nonsense OTHER THAN it supposedly makes certain categories of MasterNodes more valuable and YES you do need collateral in the form of 5,000 WTC to start these nodes.

It soared in price when it announced a partnership with Coinnest.  I see that the CEO of Coinnnest was arrested for alleged fraud three months later.  They tweeted about a partnership with Alibaba, that announcement was taken down shortly thereafter.  The latest I can find is unsubstantiated statements that GlaxoSmithKline approached the WTC team.  I can't find any confirmation of that outside of Reddit and the WTC bitcointalk thread and it may have been announced on their PR organ, www.medium.com/@waltonchainscam

By market cap, this is like #54 which is staggering.  And it has competition.  I'm not seeing any moats around WTC unless and until someone provides a link to a real patent office like the U.S. Patent Office.

Does anyone here read John Hempton's blog?  He's a short seller.  Is there anything like Mr. Hempton's blog for crypto coins that you know of?  And I'm not interested in Weiss Research.

Can anyone explain how mining works on this coin?  What the hell are these different categories of MasterNodes?  Has the WSJ, FT, or Bloomberg picked up on this 'transformational' company?  Any articles you can point me to that exist in a major, well respected financial publication?


Walton Chain CEO Mo' Bling: "Walton Chain will be the Qualcomm + Cisco in the blockchain industry, the ‘Google’ of the Blockchain."  It's December 1999, do you know how your shitcoin holdings are doing?  Magic 8 ball market analysis: www.doiownashitcoin.com
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July 05, 2018, 05:24:05 PM
 #570

@ r0mi  looks like another coin to avoid.


on the nicehash front  the newest update now mines rvn

https://www.nicehash.com/marketplace/x16r

my

1080tis do about $1.40 on x16r
1080tis do about $1.70 on eth and the pill
1080tis do about $1.00 on zec
1080tis do about $0.82 on Lyra2REv2


this is 4 1080tis and 1 1050ti and 1 ryzen 1800x

https://www.nicehash.com/miner/1JdC6Xg3ajT3rge3FgPNSYYFpmf53Vbtje

earnings are 9-11 a day

power = 1100 watts at 18 cents

that is 27 kwatts or  4.86

round to   11-5 = 6 bucks profit each day

I have yet to get ebwf new software setup for btg  it should earn more

bis is  also doing so so  about 1-2 per 1080ti before power

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 05, 2018, 05:30:42 PM
 #571

@r0mi - for my sake I hope you’re wrong
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July 05, 2018, 05:48:14 PM
 #572

@r0mi - for my sake I hope you’re wrong

Look, if you've purchased this coin, or better yet if you mine it, either post here or PM me about how all of this supposedly works.

I'd love to be proven wrong because this one looks really big.  But other than medium.com/@waltoncoin -- which seems to be nothing more than PR put out by the people behind Walton Chain, I don't see proof of the development team, patents, and the use case if you think about it for 10 minutes makes no sense.  What retailer of anitquities or high end apparel or fine art work is going to want to adopt this?  What do they have to gain?

EDIT:  I'm not saying this coin can't "moon" in the near future, it can based on nothing but pure hype.  But I don't see any substance here.

Walton Chain CEO Mo' Bling: "Walton Chain will be the Qualcomm + Cisco in the blockchain industry, the ‘Google’ of the Blockchain."  It's December 1999, do you know how your shitcoin holdings are doing?  Magic 8 ball market analysis: www.doiownashitcoin.com
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July 05, 2018, 06:11:39 PM
 #573

...
But wait, there's more!  WTC also seems to involve a multi-level marketing scheme adapted to MasterNodes, with side nodes and GrandMaster nodes...

If they make GrandMaster Flash nodes available then sign me up!

I really just wanted to say thanks for the analysis. I ran across this coin earlier while hunting the infamous, and not at all scarce, haiku bot and thought the idea was idiotic, and also noticed the lack of information on how to mine it. So, excellent work.

Also, that site in your sig is hilarious!
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July 06, 2018, 04:17:38 AM
 #574

...
But wait, there's more!  WTC also seems to involve a multi-level marketing scheme adapted to MasterNodes, with side nodes and GrandMaster nodes...

If they make GrandMaster Flash nodes available then sign me up!

I really just wanted to say thanks for the analysis. I ran across this coin earlier while hunting the infamous, and not at all scarce, haiku bot and thought the idea was idiotic, and also noticed the lack of information on how to mine it. So, excellent work.

Also, that site in your sig is hilarious!

Thanks.  I've wasted about half the day trying to figure this one out.  There is a ton of money invested in this one and a serious, serious PR/Marketing effort going on.  I downloaded their latest Windows wallet from GitHub today and, wow -- what a pos from a $250 million market cap company with about 50 IEEE/software/blockchain/IOT geniuses on its team.  The wallet mines using one of your GPUs.  That's right, just one.  Meanwhile, over on the YouTubes, it is apparent that those in know have figured out a way around this and have been mining the living cr*p out of this coin for the past three months.  When you ask why the current Windows wallet is a hobbled piece of ...., the reply is "to promote decentralization."  Ah, I see, that explains everything.  Decentralization, sure, sure.  But I'm sure Walton Coin will have another glorious pamp before it eventually implodes and the rascals scurry off.  And so it goes.  Pootie tweet!

Walton Chain CEO Mo' Bling: "Walton Chain will be the Qualcomm + Cisco in the blockchain industry, the ‘Google’ of the Blockchain."  It's December 1999, do you know how your shitcoin holdings are doing?  Magic 8 ball market analysis: www.doiownashitcoin.com
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July 06, 2018, 04:57:54 AM
 #575

...
But wait, there's more!  WTC also seems to involve a multi-level marketing scheme adapted to MasterNodes, with side nodes and GrandMaster nodes...

If they make GrandMaster Flash nodes available then sign me up!

I really just wanted to say thanks for the analysis. I ran across this coin earlier while hunting the infamous, and not at all scarce, haiku bot and thought the idea was idiotic, and also noticed the lack of information on how to mine it. So, excellent work.

Also, that site in your sig is hilarious!

Thanks.  I've wasted about half the day trying to figure this one out.  There is a ton of money invested in this one and a serious, serious PR/Marketing effort going on.  I downloaded their latest Windows wallet from GitHub today and, wow -- what a pos from a $250 million market cap company with about 50 IEEE/software/blockchain/IOT geniuses on its team.  The wallet mines using one of your GPUs.  That's right, just one.  Meanwhile, over on the YouTubes, it is apparent that those in know have figured out a way around this and have been mining the living cr*p out of this coin for the past three months.  When you ask why the current Windows wallet is a hobbled piece of ...., the reply is "to promote decentralization."  Ah, I see, that explains everything.  Decentralization, sure, sure.  But I'm sure Walton Coin will have another glorious pamp before it eventually implodes and the rascals scurry off.  And so it goes.  Pootie tweet!

You have figured out a clever way to promote this coin.
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July 06, 2018, 06:10:10 AM
 #576

Quote

You have figured out a clever way to promote this coin.

Point taken.  I'll shut up about Walton Con.  However, I am leaving my signature the same for a few days.  DOIOWN... needs to update their analysis.

EDIT:  This just in from the Haiku bot:  "Walton Chain luxurious success!  Multiple genius developers and golden road paper.  Will surely moon greatly."

Just saw this thread on WTC....

Traded this since listing, and made some good profits after going in and out for about a month of trading. However, after a botched "fake" contest, I sold everything and moved on to other coins.

To the best of my knowledge, its a legit setup and youtuber Boxmining actually visited their shop and interviewed them. They also showcased their blockchain based RFID application. Promising project actually but it didnt give me that 1000x vibe.

https://www.youtube.com/watch?v=RzhXncTVOzA

There is a WTC wallet that can mine well on 1080tis and CPUs -- I did a test but after 24 hours, no coins mined, so I abandoned the project.

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July 06, 2018, 06:27:32 AM
 #577

Quote

Just saw this thread on WTC....

Traded this since listing, and made some good profits after going in and out for about a month of trading. However, after a botched "fake" contest, I sold everything and moved on to other coins.

To the best of my knowledge, its a legit setup and youtuber Boxmining actually visited their shop and interviewed them. They also showcased their blockchain based RFID application. Promising project actually but it didnt give me that 1000x vibe.

https://www.youtube.com/watch?v=RzhXncTVOzA

There is a WTC wallet that can mine well on 1080tis and CPUs -- I did a test but after 24 hours, no coins mined, so I abandoned the project.

The WTC wallet does *not* mine well on 1080 Ti's - anyone can grab it from Github, so don't rely on my word.  It recognizes only one GPU.  You can run version 1.0.17. 1.0.19, and 1.0.20 side by side across different machines and you will see widely different global hash rates showing on all three machines.

I watched the first few minutes of your linked YouTube video.  These special RFID tags are beneath what appear to be QR codes printed on paper hanging from a thread.  If this is all about "authentication," what's to stop me or anyone from cutting off the tag on one orange coat and moving it over to a knock-off orange coat?  Why is this project promising?  What about it makes any sense?

Disclosure:  I don't own this shite, I never traded it.  I got sucked into it yesterday and I hope to not be talking about it a week from now.

Trading and making good profits have nothing to do with whether something makes sense in a real world "use" case.

Walton Chain CEO Mo' Bling: "Walton Chain will be the Qualcomm + Cisco in the blockchain industry, the ‘Google’ of the Blockchain."  It's December 1999, do you know how your shitcoin holdings are doing?  Magic 8 ball market analysis: www.doiownashitcoin.com
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July 06, 2018, 06:28:41 AM
Last edit: July 07, 2018, 12:49:08 PM by JaredKaragen
 #578

It seems most people have no clue how easy it is to clone an rfid tag...

*edit*
this was the initial red flag that twinkled my eye.  Their concept of "security" is baffling.... in such an obvious respect no less.


I remain skeptical of most new coins.   I myself am gambling on an older failed one that has the promise to be something pretty big....  so it's my gamble with funds I got basically for free anyways.

Something witty...
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July 07, 2018, 03:31:26 AM
 #579

I have the day off and I'm trying to track down some reliable information on Walton Chain (WTC).

A person was looking to purchase a 6 1080 Ti rig on another thread for what sounded like "hosting" a MasterNode.  It did not make a lot of sense, so I dug into it.  I think Walton Chain (https://bitcointalk.org/index.php?topic=2127069.0) is a massive, well funded, scam.  And I do mean massive.  I'll explain why, but I'm looking for community feedback before I post a lengthy summary in the WTC thread.

You can access the English version of the WTC white paper on the OP.  Start at the end with that impressive looking list of people, with even more impressive academic and corporate credentials.  Pick any single individual and try the following:  Can you find the names of the companies they worked for, as spelled, using Google?  I can find an amazing number of companies that are spelled almost, or kind of like, the companies listed in these resumes.  Can you find a single one of the 100+ academic papers this impressive sounding group has allegedly published?  No citations to their own work are given, which seems odd as academic types really do "publish or perish."  Can you find any legitimate proof of their patents?  If you can, PM me with the links.

Skimming through the WTC thread, it seems to be dominated by relentless shilling for this coin, with an awful lot of the shilling just parroting back what are pretty transparent PR pieces published under some sub-account hosted at medium.com.  Check how many times people cite to these "articles" under this www.medium.com/@waltoncoin account.  That's the supposed proof that they are real and making incredible progress every day.  Here is just how goofy the thread reads:

“Waltonchain will be the Qualcomm + Cisco in the blockchain industry. Based on this, Waltonchain will become the ‘Google search engine’ of blockchain”. 

Now there is a quote you can take to the bank.  If you are an idiot.

There is no way to mine this coin with AMD cards from what I can tell.  And to mine the coin with Nvidia cards, you have to PM shady characters for the details.  Nothing on the OP talks about, or provides links to, mining programs, or pools.  Kind of odd, I think.  Why do I need to PM people who want to sell me overpriced Nvidia rigs just so I can figure out how to mine this pos?

Here is the use case:  They are going to take RFID tags (pretty well developed already), and somehow transform the "Internet of Things," using blockchain technology.  Three "hot" topics the members of the WTC forum point out again and again.  Yes, indeed, hot topics.  And they are going to do this, and have allegedly done this with one single -- wait for it -- garment makers.  Well, that's not fair because eventually they will transform the World, but their initial use case is for high-end clothing and accessories.

Let's take the more logical side of this use case -- how about using RFID tags and the blockchain to verify and authenticate $30,000 Louis Vuitton handbags?  How about that?  I can buy knock offs on Canal street in New York all day long.  There are two immediate problems I can think of:  the RFID tag is a physical object and physical objects can be tampered with and removed even if the WTC blockchain is unassailable.  And if it just takes one RFID tag to prove up the provenance of my fake Vuitton hand bags, believe you me someone will steal these RFID tags or find some other way to counterfeit them.  So check the blockchain all you want, your knock-off bag will read as legit, which = use case failure. 

Here is the second problem:  so far as I know, if you have questions about your Louis Vuitton handbag that you purchased on eBay, you will take your hand bag to a real Louis Vuitton store and you will ask them to appraise its authenticity just as you might ask Sothebys to appraise that Rembrandt look-alike you found in your Aunt's attic.  Do you think either Louis Vuitton or Sothebys would prefer that you stop by their store or auction house - OR - do you think they prefer potential customers to bypass them all together by confirming authenticity of rare items on the blockchain?  I'm guessing Louis Vuitton would far prefer that you visit them in person.  Once you are in their store or auction house, they can politely tell you so sorry, your hand bag is fake, but we have lovely ones "in hand" just like it that we can sell you today.

Let's take the low end use case:  white cotton t-shirts made in sweat shops in Pakistan.  Would you add 0.04 cents to your costs to place these WFC RFID tags into your cheap clothing before you ship it to a wealthy nation?  I don't think so, not worth the cost to you.  Let the retailers worry about adding RFID tags after the container ship arrives in whatever port.  How many items of clothing do I own where I would really give a damn to look up on any blockchain who made the article and where it was made?  None, but then again, I'm not into clothing.

None of this RFID tag + IoT + our WTC blockchain makes any sense.

But wait, there's more!  WTC also seems to involve a multi-level marketing scheme adapted to MasterNodes, with side nodes and GrandMaster nodes, and it makes no f**kin' sense to me.  It's brilliant, but I am waiting for someone to explain what is added by all this nonsense OTHER THAN it supposedly makes certain categories of MasterNodes more valuable and YES you do need collateral in the form of 5,000 WTC to start these nodes.

It soared in price when it announced a partnership with Coinnest.  I see that the CEO of Coinnnest was arrested for alleged fraud three months later.  They tweeted about a partnership with Alibaba, that announcement was taken down shortly thereafter.  The latest I can find is unsubstantiated statements that GlaxoSmithKline approached the WTC team.  I can't find any confirmation of that outside of Reddit and the WTC bitcointalk thread and it may have been announced on their PR organ, www.medium.com/@waltonchainscam

By market cap, this is like #54 which is staggering.  And it has competition.  I'm not seeing any moats around WTC unless and until someone provides a link to a real patent office like the U.S. Patent Office.

Does anyone here read John Hempton's blog?  He's a short seller.  Is there anything like Mr. Hempton's blog for crypto coins that you know of?  And I'm not interested in Weiss Research.

Can anyone explain how mining works on this coin?  What the hell are these different categories of MasterNodes?  Has the WSJ, FT, or Bloomberg picked up on this 'transformational' company?  Any articles you can point me to that exist in a major, well respected financial publication?



This is the best post I’ve ready in a long time! A top 100 crypto with so many holes and red flags should be shocking, but sadly it is not. I dug into it a bit (not to your extent) as I’m always looking for interesting coins to mine, and it seems useless to me too.

Some people have reported making a killing on it, especially in our current market Huh

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July 07, 2018, 09:35:11 AM
 #580

I have the day off and I'm trying to track down some reliable information on Walton Chain (WTC).
snip

Great effort with your research. Thank you for that. I was contemplating investing in the WTC after hearing some good things about it, but didn't have time to do proper research. Now thanks to you this is enough red flags for me to skip it for now. Thanks again.

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