[ANNOUNCE] SolidCoin - new and improved block chain. Secure from pools

[Zonyc]

Looks like solidcoins are less profitable to mine currently than bitcoins. Wait 12 hours and repeat =).

How did you determine that?

take the current difficulty and put it into the generic standard bitcoin generation calculator to find out how long it will take you on average to create a block of 32 solid coins. Then I took the number of solid coins that I would make in a day and multiplied it by the exchange value at scexchange.bitparking.com and found out that 4 GH/s would produce about 1.7 BTC which is less than I would make if I was mining at say deepbit.net.

There ya go!

I appreciate the info

how does the bitcoin calculator take into account the faster rate of block generation of solidcoin (20 blocks/hr) compared to bitcoin (6.79 blocks/hr)?

Keep in mind Gigahashes are Gigahashes. What makes blocks go faster in solidcoin is the structure of how difficulty adjusts. It is identical to bitcoin in terms of how many blocks are produced by how many gigahashes but they way difficulty recalculates and adjusts over time is another story.

Oh i see.  Excellent explanation. Thanks again   So it seems with my 2 GH/s i make slightly more mining solidcoins if the price is 0.0017 BTC/SC.  I guess I'll wait 12 hours like you suggested and check it out then.

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[opticbit]

Bounty claim

sbEMqCP2ztZFg8Qf9p9TGZmepDDJJV2wgD

http://twitter.com/#!/opticbit/status/105786479938252800

[ArtForz]

Oh i see.  Excellent explanation. Thanks again   So it seems with my 2 GH/s i make slightly more mining solidcoins if the price is 0.0017 BTC/SC.  I guess I'll wait 12 hours like you suggested and check it out then.

Err... No.
At the time of your post, SC difficulty was about 2700

(2.7k/32)/(1807k/50) = 0.00233467

that's what btc/sc would have to be to end up +-0.

at 0.0017btc/sc, you're making roughly 30% less mining SC.

[Zonyc]

Oh i see.  Excellent explanation. Thanks again   So it seems with my 2 GH/s i make slightly more mining solidcoins if the price is 0.0017 BTC/SC.  I guess I'll wait 12 hours like you suggested and check it out then.

Err... No.
At the time of your post, SC difficulty was about 2700

(2.7k/32)/(1807k/50) = 0.00233467

that's what btc/sc would have to be to end up +-0.

at 0.0017btc/sc, you're making roughly 30% less mining SC.

Thanks  .  Ive been mining BTC since my last post. 

Was SC actually > 0.00233467 for any significant period of time?

[kernelpanic]

Blog post regarding SolidCoin:

http://kernelpanic1969.wordpress.com/

scNqsZbmWRQYyjiXHvaApNW72FXmwfLZPV

Thanks!

[Jimmy2011]

Oh i see.  Excellent explanation. Thanks again   So it seems with my 2 GH/s i make slightly more mining solidcoins if the price is 0.0017 BTC/SC.  I guess I'll wait 12 hours like you suggested and check it out then.

Err... No.
At the time of your post, SC difficulty was about 2700

(2.7k/32)/(1807k/50) = 0.00233467

that's what btc/sc would have to be to end up +-0.

at 0.0017btc/sc, you're making roughly 30% less mining SC.

Is this evaluation ok?
Does it have no correlation with about 32SC ~ 3min and 50BTC ~ 10min ?

[doublec]

Without any reference for the value of SolidCoin, I decided to value them at 1 USD. Since starting to accept SolidCoin yesterday, I've sold 4 Arimaa sets and 2 books. This was more than I was expecting, so maybe I've valued SC too high. Any suggestions on how to value a new currency when there is no exchange market to set the price.

As a general rule I'd value a new currency at 0.001 or less at launch in the absence of an exchange. That seems to be the price they settle around for a while.

[kernelpanic]

Oh i see.  Excellent explanation. Thanks again   So it seems with my 2 GH/s i make slightly more mining solidcoins if the price is 0.0017 BTC/SC.  I guess I'll wait 12 hours like you suggested and check it out then.

Err... No.
At the time of your post, SC difficulty was about 2700

(2.7k/32)/(1807k/50) = 0.00233467

that's what btc/sc would have to be to end up +-0.

at 0.0017btc/sc, you're making roughly 30% less mining SC.

Is this evaluation ok?
Does it have no correlation with about 32SC ~ 3min and 50BTC ~ 10min ?

Seems to me it does take into account the time, because that is controlled by the difficulty.

However it does not take into account the block reward, so that would further lower the value of mining for SolidCoin (32/50).

But I think the bigger issue is which direction is the valuation going to move.  Given SolidCoin's current minimal value, there is the potential for great change in the exchange rate.  As more people become aware of SC, and potentially start mining it instead of BTC, there could be marked fluctuations that change the playing field.

[ArtForz]

Is this evaluation ok?
Does it have no correlation with about 32SC ~ 3min and 50BTC ~ 10min ?

Target time/block doesn't enter this calculation (it only affects what difficulty a network will end up at at a given hashrate).
Just block reward (thats where the 32 and 50 come from), difficulty and exchange rate.
another way to put per-block reward, difficulty and exchange rate together:

1 share on BTC gets you about 50/1806098 BTC = 0.000027684 btc/share
1 share on SC at a exchage rate of 0.0017btc/sc gets you ... 32/2703*0.0017 BTC = 0.000020126 btc/share
0.000020126 / 0.000027684 = 0.726990319 -> you're making about 27.3% less mining SC and selling em than mining BTC.
now... what exchange rate do we need to come out even?

50/1806098 = 32/2703*X
or...
X = (50 / 1806098) / (32 / 2703)
X = 0.002338432
you can also swap things around to suit you
X = (2703 / 32) / (1806098 / 50)
X = 2703 / 1806098 * 50 / 32
or replace the * 50 / 32 with * 1.5625
X = 1.5625 * 2703 / 1806098
... and it's still
X = 0.002338432
Wonders of arithmetic!

[CoinHunter]

http://solidcoin.info/bounties.php has been updated. All of the 100 SC promotion bounties are now gone, I'm sorry for the 10 or so who missed that.

However "noagendamarket" has stepped up and offered 1000 SC to be used on 20 promotion bounties at 50 SC. So I'm going to assume those who missed out want that and start processing them.

Also more people have donated into the Bruce Wagner bounty. It's up to 1647 SolidCoins now. All up over 6000 SC has been donated, so thank you to those people!

[CoinHunter]

Hmm apologies, must have been a 'glitch in the matrix'.

50 SC sent. Sorry you missed the previous bounty.

[CoinHunter]

I've cashed out buddies. Not bad for 12 hours of mining. 30 BTC..........BAM!

EDIT: I mean 32 BTC.

Thanks for selling so low. Much appreciated.

[CoinHunter]

bounty for posting on forums：

http://bbs.seu.edu.cn/bbscon.php?bid=324&id=6106

maybe is the first one to post about SolidCoin in Chinese?  

Receiving address:

sKweTsaUezyrFNuxGEQZbSsbH1tv6fZd8D

thanks.

50 SC sent, thanks for the support, even if it's in chinese.

[CoinHunter]

Hi! I post a twit from my bitcoin account @bitcoin_ita [First 60 to post about SolidCoin on their blog/forum/twitter*]

https://twitter.com/#!/bitcoin_ita

https://twitter.com/#!/bitcoin_ita/status/105602571690971136

sVtJSFpQ13Ez5ri73Qypy24627QtE1exxn

Thanx ^_^

Thanks, 50 SC sent.

[CoinHunter]

Invest SolidCoins in Forex Trading Scheme.

Your investment is used in forex trading using tested methods for a sustained growth.Payment delivered after the specified duration at the time of investment or at request.

    Track the growth of your investment on regular basis.
    
    A guarantee of return of initial investment in case of failure.
    Investment range 1 SC to 20 SC per head.

Limited offer 100 SC with first come first serve basis.

Bitconent - Solid investment with stabiliy




bounty address (for solidcoin.info admin) sas99KEcm6GUVJ1DqzKtLXeAHPnB5846dW

Which bounty are you claiming for this one?

[omar]

CoinHunter can you please explain why http://solidcoin.whmcr.co.uk/ says there are about 598,000 coins created when your FAQ say that only 30,000 coins were mined before launch on Aug 20. At a rate of 32 coins created every 3 minutes only 15,360 coins are created per day. Since it has only been about 3 days since launch, the number of coins in existence should have been closer to 75,000. Mining 598,000 coins should have taken about 38 days. I thought the difficulty level adjusted twice daily for SC, so that coins aren't mined too fast or too slow.

[smoothie]

I've cashed out buddies. Not bad for 12 hours of mining. 30 BTC..........BAM!

EDIT: I mean 32 BTC.

Thanks for selling so low. Much appreciated.

You're welcome. Although I think that the price of solid coins will not go far. Now see, the fact that difficulty can adjust downwards 400% in twelve hours says that in 48 hours of down time the network can adjust 25,600% downwards making mining easy yes. But what does this do to the supply of solidcoins over the short term?

The amount of solid coins is destined to be over supplied and the maximum will likely be reached waay before 2022. Time will tell.

[smoothie]

CoinHunter can you please explain why http://solidcoin.whmcr.co.uk/ says there are about 598,000 coins created when your FAQ say that only 30,000 coins were mined before launch on Aug 20. At a rate of 32 coins created every 3 minutes only 15,360 coins are created per day. Since it has only been about 3 days since launch, the number of coins in existence should have been closer to 75,000. Mining 598,000 coins should have taken about 38 days. I thought the difficulty level adjusted twice daily for SC, so that coins aren't mined too fast or too slow.

Coins are created on an average from now until 2022 of 3 minutes with 32 coins in a block. Judging the difficulty adjusting downward the solidcoin supply will reach the maximum much earlier than its maturity date of 2022.

[spndr7]

Invest SolidCoins in Forex Trading Scheme.

Your investment is used in forex trading using tested methods for a sustained growth.Payment delivered after the specified duration at the time of investment or at request.

    Track the growth of your investment on regular basis.
    
    A guarantee of return of initial investment in case of failure.
    Investment range 1 SC to 20 SC per head.

Limited offer 100 SC with first come first serve basis.

Bitconent - Solid investment with stabiliy




bounty address (for solidcoin.info admin) sas99KEcm6GUVJ1DqzKtLXeAHPnB5846dW

Which bounty are you claiming for this one?

Claiming for "First 6 "Other" sites to accept SolidCoin" .

[doublec]

CoinHunter can you please explain why http://solidcoin.whmcr.co.uk/ says there are about 598,000 coins created when your FAQ say that only 30,000 coins were mined before launch on Aug 20. At a rate of 32 coins created every 3 minutes only 15,360 coins are created per day. Since it has only been about 3 days since launch, the number of coins in existence should have been closer to 75,000. Mining 598,000 coins should have taken about 38 days. I thought the difficulty level adjusted twice daily for SC, so that coins aren't mined too fast or too slow.

There was huge mining interest at the beginning, like what happens with most block chains that start. Blocks were being created every few seconds. This is why a large number were mined in a short period. This is likely to happen periodically as the difficulty drops, miners join, and then leave when it rises.