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

[CoinHunter]

is there a limit on how much the difficulty cant drop in a single adjustment? sorry if it's been posted already.

It can drop to be 25% of the current difficulty, at worst.

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[Jimmy2011]

How do you guarantee it and what is your definition for the severe condition for solidcoin or for the business?
Maybe what you guarantee is the fast block generation less than 3 minutes.

A severe condition is 75% of the hashing power dropping off very suddenly (<8 hours). SolidCoin can handle this with almost no problem, it's not ideal to be in this condition and it's assumed to be a short term phase as SolidCoin defends itself against certain scenarios. If over 75% drops off or more within a few hours (something which is unlikely to happen given global spread of mining power and time delays in moving miners) then SolidCoin still manages to correct itself within a few days, compared to the months it would take Bitcoin to correct itself, if it ever would.

SolidCoin is pretty much unbeatable when it comes to the  issues of miners moving themselves about as profitability dictates. SolidCoin can defend itself against a SolidCoin clone. We can already see a weeks worth of mining variability and the ability for SolidCoin to maintain impressive speeds.

Bitcoin is very vulnerable to something like SolidCoin which not only improves the protocol, but offers features which will drive business and users to it's chain. It is vulnerable to numerous attacks, whether malicious in intent or not, and it's very likely that we will see as SolidCoin gains traction that bitcoin cannot sustain itself. ie NameCoin, I0coin, Ixcoin, all based off bitcoin, all known failures of protocol.

How many bitcoin clones do we need to see fail before people understand there is something inherently wrong there? I give people ample warning of the situation so that if what I predict does come to pass no one can blame me for them losing their investment.

You changed 400% to 75% now, and 25% for other, and I am tired. One word I want to say is that you are very good at advertising. It seems that a lot of people was confused by your ad in your homepage. Further more, CoinHunter, you didn't answer my question, how do you proof solidcoin block with low variance?

According to your new update to 75%, 25% and maybe some other figures, your maximum 3 minutes block is wrong, and I just looked over the code, there may be 4min, 6min, 9min, 11min blocks and rare 13min block, of course, I mean the average block time in a window of 240 blocks.

What you claimed the stability is just to correct it in a few days, omg, and what we see now the miner power is too much, so please, please drop! All in all, the adjustment is delayed! One solution I proposed in my thread may solve the problem, it adjust difficulty in time, that is a candidate for business, and one more job is to consider transaction fee problem.

[3phase]

You changed 400% to 75% now, and 25% for other, and I am tired. One word I want to say is that you are very good at advertising. It seems that a lot of people was confused by your ad in your homepage. Further more, CoinHunter, you didn't answer my question, how do you proof solidcoin block with low variance?

According to your new update to 75%, 25% and maybe some other figures, your maximum 3 minutes block is wrong, and I just looked over the code, there may be 4min, 6min, 9min, 11min blocks and rare 13min block, of course, I mean the average block time in a window of 240 blocks.

What you claimed the stability is just to correct it in a few days, omg, and what we see now the miner power is too much, so please, please drop! All in all, the adjustment is delayed! One solution I proposed in my thread may solve the problem, it adjust difficulty in time, that is a candidate for business, and one more job is to consider transaction fee problem.

With all respect Jimmy, it seems like you don't know what you are talking about.

If you do, then English doesn't help you at all. It's gonna be really hard for people to take you seriously if you don't articulate your thoughts better.

Before throwing complaints, please respect the people who might be reading this and trying to understand you. Make some more effort to ensure that what you want to say comes across. Get a proofreader to do it for you if you can't do it yourself.

[John Tobey]

Still, why not merged mining?

To put it simply I don't want to link to a currency that may possibly be dead in the future. Chaining yourself to bitcoin is like promoting Bitcoin and whatever it does. Currently I don't support how Bitcoin is implemented.

Merged mining isn't the panacea people are making it out to be, the biggest proponents of merged mining are usually tightly entwined with Bitcoin in some fashion, who want it to father all these other chains to secure it's future. If Bitcoin was good enough to stand on its own two feet they wouldn't be concerned with such things, and SolidCoin wouldn't be technically better than it.

I guess I'm a big proponent of merged mining, having contributed a section to Mike's seminal article.  Tightly entwined with Bitcoin?  I have about 0.1% of my wealth in BTC and have worked actively to support alternative chains.  I wrote the software behind SolidCoin's version of Block Explorer without knowledge of SolidCoin's existence.

I believe that merged mining would be good for SolidCoin and disagree that it involves "chaining" oneself to another currency.  It involves a few extra bytes per merged block header and nothing per "normal" block header.  No need to keep the whole Bitcoin chain around or ascribe meaning to the extra bytes.  They merely serve as input to the proof-of-work verification: a big nonce.

[Roach III]

I have a question(s). What is going to happen when the payout per block goes from 50BTC to 25BTC? Does SC have a payout cut in the future as well?

[CoinHunter]

I have a question(s). What is going to happen when the payout per block goes from 50BTC to 25BTC? Does SC have a payout cut in the future as well?

It divides by two every 300000 blocks, which at 3 minutes is about 1.7 years. It'll likely be faster than that though in practice.

[Tasty Champa]

noticing the hash rate has dropped a significant amount in the last 36 hours, why hasn't the difficulty dropped with it? It just keeps going up very minutely, but still going up.

Because there is still a lot of power for the current difficulty. ie We haven't exceeded 3 minute blocks.

so right now, it's momentum is causing it to catch air, like a diesel truck hitting a ramp and 200MPH.

[FlipPro]

I suspect that when the difficulty drops the price will skyrocket. Anyone else think the same?

[Bobnova]

Difficulty has dropped slightly already, not much though.

[MrWizard]

I suspect that when the difficulty drops the price will skyrocket. Anyone else think the same?

Wrong.  Lower difficulty = more miners = more sellers = lower price.

[dub0matic]

Difficulty has dropped slightly already, not much though.

wrong difficulty hasnt dropped once yet

[FlipPro]

I suspect that when the difficulty drops the price will skyrocket. Anyone else think the same?

Wrong.  Lower difficulty = more miners = more sellers = lower price.

Well why is the price dropping now even though the difficulty is higher? My guess is that the price is directly correlating with how many GH/S the network is currently pushing. So the lower the difficulty, the more GH/s so the higher the price? I guess we will see when the difficulty drops, I think that's what everyone's waiting for.

[the joint]

The price is dropping because Bitcoin is king, Solidcoin was made by a jealous dude (jealous of Satoshi) and wanted to make a quick buck.  He did.  So did a few other people.

Way to go free market.  Nice idea...too bad the intention is way off.

[Jimmy2011]

You changed 400% to 75% now, and 25% for other, and I am tired. One word I want to say is that you are very good at advertising. It seems that a lot of people was confused by your ad in your homepage. Further more, CoinHunter, you didn't answer my question, how do you proof solidcoin block with low variance?

According to your new update to 75%, 25% and maybe some other figures, your maximum 3 minutes block is wrong, and I just looked over the code, there may be 4min, 6min, 9min, 11min blocks and rare 13min block, of course, I mean the average block time in a window of 240 blocks.

What you claimed the stability is just to correct it in a few days, omg, and what we see now the miner power is too much, so please, please drop! All in all, the adjustment is delayed! One solution I proposed in my thread may solve the problem, it adjust difficulty in time, that is a candidate for business, and one more job is to consider transaction fee problem.

With all respect Jimmy, it seems like you don't know what you are talking about.

If you do, then English doesn't help you at all. It's gonna be really hard for people to take you seriously if you don't articulate your thoughts better.

Before throwing complaints, please respect the people who might be reading this and trying to understand you. Make some more effort to ensure that what you want to say comes across. Get a proofreader to do it for you if you can't do it yourself.

I am so sorry that I didn't make my thoughts clear due to my English. I will think more about it and let's wait for what will happen on solidcoin and bitcoin.

[Anonymous]

I suspect that when the difficulty drops the price will skyrocket. Anyone else think the same?

Wrong.  Lower difficulty = more miners = more sellers = lower price.

Well why is the price dropping now even though the difficulty is higher? My guess is that the price is directly correlating with how many GH/S the network is currently pushing. So the lower the difficulty, the more GH/s so the higher the price? I guess we will see when the difficulty drops, I think that's what everyone's waiting for.

Because btc trolls are depressing the price....oh look they ran out of money. 

[Clipse]

ahum, how exactly is solidcoin dying when it is actually moving price along with difficulty, unlike bitcoins?

[CoinHunter]

The price is dropping because Bitcoin is king, Solidcoin was made by a jealous dude (jealous of Satoshi) and wanted to make a quick buck.  He did.  So did a few other people.

Way to go free market.  Nice idea...too bad the intention is way off.

Haha. Considering there are about 100 more people, minimum, with more SolidCoin's than me it's funny how people think I am the kingmaker here. I don't need money from SolidCoin, I already have businesses and sell software, so I couldn't care less. It's also why I'm donating a fair amount of my personal wallet to people.

All I did was make a fairer playground for people to come and play on. Many of the people playing there love it. Some don't.... not yet anyhow.

[smoothie]

The price is dropping because Bitcoin is king, Solidcoin was made by a jealous dude (jealous of Satoshi) and wanted to make a quick buck.  He did.  So did a few other people.

Way to go free market.  Nice idea...too bad the intention is way off.

As quickly as the price went up earlier this year there is the possibility that the price could drop just as fast.

Bitcoin is not king. Bitcoin is the first of its kind to get to this point.

I have my suspicions that bitcoin will not be the "king" in the end (i.e. 3 to 4 yaers from now).

just think when myspace was popular...then came facebook.

[the joint]

The price is dropping because Bitcoin is king, Solidcoin was made by a jealous dude (jealous of Satoshi) and wanted to make a quick buck.  He did.  So did a few other people.

Way to go free market.  Nice idea...too bad the intention is way off.

Haha. Considering there are about 100 more people, minimum, with more SolidCoin's than me it's funny how people think I am the kingmaker here. I don't need money from SolidCoin, I already have businesses and sell software, so I couldn't care less. It's also why I'm donating a fair amount of my personal wallet to people.

All I did was make a fairer playground for people to come and play on. Many of the people playing there love it. Some don't.... not yet anyhow.

100-more people with more coins is irrelevant to your profit.  Bad argument.
Need is not the same as want.  Bad argument.
If you couldn't care less, prove it and give them all to me sMXyNRxFVBBUANn2Zt51kb1AkDkY7B3VN8
That isn't all you did.  False argument.

[the joint]

The price is dropping because Bitcoin is king, Solidcoin was made by a jealous dude (jealous of Satoshi) and wanted to make a quick buck.  He did.  So did a few other people.

Way to go free market.  Nice idea...too bad the intention is way off.

As quickly as the price went up earlier this year there is the possibility that the price could drop just as fast.

Bitcoin is not king. Bitcoin is the first of its kind to get to this point.

I have my suspicions that bitcoin will not be the "king" in the end (i.e. 3 to 4 yaers from now).

just think when myspace was popular...then came facebook.

Bitcoin is king until some other digital currency dethrones it.  Otherwise, Ross Perot is President, not Obama.
"Will not be king?"  Did you just go from saying it isn't king to it is king in two lines?