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Question: Why do you mine non-bitcoins?
Because I can convert them to more bitcoins - 56 (63.6%)
Because I believe in the alternates - 32 (36.4%)
Total Voters: 88

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Author Topic: Why I Mine Alternates  (Read 2136 times)
Syke
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August 30, 2011, 11:01:15 PM
 #1

Hi everyone, I'm a cryptoholic. Bitcoins are my cryptocurrency of choice. But sometimes I dabble in other blockchains. Why? Because I can mine them faster with their lower difficulty, and then convert them to my favorite Bitcoins and in the end get more Bitcoins than if I had simply mined Bitcoins. Do I care for those other chains? Not really. I'm just using them to get more Bitcoins. How about you?

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gw4tt
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August 30, 2011, 11:04:48 PM
 #2

pretty sure that's about the only reason people are mining the alt chains. When they drop below bitcoins the hash rate drops dramatically.
The Electric Monk
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August 30, 2011, 11:24:44 PM
 #3

I've switched back to mining Bitcoins, but only to buy more Solidcoins with them.  Either way, it makes more sense to mine whichever give you more value, then switch to your currency of choice.  The hasrate isn't directly related to interest, just value.
dayfall
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August 30, 2011, 11:58:34 PM
 #4

I actually prefer Solidcoins.  Now, true, I have to convert them to bitcoins when I want to buy anything (except that Arimaa game I got from its designer! )   

Esperanto/Ido <-> Bitcoin/Solidcoin

It's the same thing.

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August 31, 2011, 12:04:24 AM
 #5

I've switched back to mining Bitcoins, but only to buy more Solidcoins with them.  Either way, it makes more sense to mine whichever give you more value, then switch to your currency of choice.  The hasrate isn't directly related to interest, just value.

Right now you should mine i0coin to get more bitcoin to get more solidcoin. Probably won't last very long at all though.
FlipPro
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August 31, 2011, 12:11:04 AM
 #6

It is not fair to compare Solid coin and all the other scamcoins that have no real value on their own.

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ElectricMucus
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August 31, 2011, 12:14:48 AM
 #7

It is not fair to compare Solid coin and all the other scamcoins that have no real value on their own.
So let me get this straight, because solidcoin has a computer illiterate image and less premined coins than ixcoin it is less scammy than i0coin or namecoin who have zero premined coins?

retarded.

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jackjack
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August 31, 2011, 12:28:44 AM
 #8

It is not fair to compare Solid coin and all the other scamcoins that have no real value on their own.

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
FlipPro
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August 31, 2011, 02:45:41 AM
 #9

It is not fair to compare Solid coin and all the other scamcoins that have no real value on their own.
So let me get this straight, because solidcoin has a computer illiterate image and less premined coins than ixcoin it is less scammy than i0coin or namecoin who have zero premined coins?

retarded.
Your retarded if you think IXcoin and I0coin are real currency's.

Both were made by "developers" who changed 2 lines of code.

Solidcoin has made real improvements to the existing Bitcoin algorithm, and many other countless improvements...

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FlipPro
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August 31, 2011, 02:47:03 AM
 #10

It is not fair to compare Solid coin and all the other scamcoins that have no real value on their own.

So you think Solidcoins are worthless?  Wink Keep telling yourself that.

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ElectricMucus
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August 31, 2011, 07:58:21 AM
 #11

It is not fair to compare Solid coin and all the other scamcoins that have no real value on their own.
So let me get this straight, because solidcoin has a computer illiterate image and less premined coins than ixcoin it is less scammy than i0coin or namecoin who have zero premined coins?

retarded.
Your retarded if you think IXcoin and I0coin are real currency's.

Both were made by "developers" who changed 2 lines of code.

Solidcoin has made real improvements to the existing Bitcoin algorithm, and many other countless improvements...
http://www.youtube.com/watch?v=FopyRHHlt3M

None of the coins have any real improvements except namecoin (quite ironic isn't it) various people have gone over this in some detail. Basically all the "improvements" come with a catch which will show up at a later time when the network is more majored.
Anyway they the other alternatives have assimilated them so big whoop. 

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
memvola
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August 31, 2011, 08:37:44 AM
 #12

None of the coins have any real improvements except namecoin (quite ironic isn't it) various people have gone over this in some detail. Basically all the "improvements" come with a catch which will show up at a later time when the network is more majored.

I really don't get what the improvements are in SolidCoin. The only thing that is good about it is being immune to the difficulty problem that is currently haunting Namecoin. Merged mining is a real solution to that problem (again coming from Namecoin developers) that is beneficial in many ways (though shortening retargeting interval is also a good workaround). Every new *Coin will incorporate all these already developed solutions and advertise themselves as fast, secure, less deflationary, more inflationary, whatever. But the so called problems these solve constitute only the tip of the iceberg. What's important is technology. I'm really not against developers of these alternatives, but I wish they introduced new functions we need that can not be attained by improving what we already have.

On the other hand, I too have surfed on the waves of SC and made me some BTCs. Smiley
The Electric Monk
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August 31, 2011, 08:52:32 AM
 #13

None of the coins have any real improvements except namecoin (quite ironic isn't it) various people have gone over this in some detail. Basically all the "improvements" come with a catch which will show up at a later time when the network is more majored.

I really don't get what the improvements are in SolidCoin. The only thing that is good about it is being immune to the difficulty problem that is currently haunting Namecoin. Merged mining is a real solution to that problem (again coming from Namecoin developers) that is beneficial in many ways (though shortening retargeting interval is also a good workaround). Every new *Coin will incorporate all these already developed solutions and advertise themselves as fast, secure, less deflationary, more inflationary, whatever. But the so called problems these solve constitute only the tip of the iceberg. What's important is technology. I'm really not against developers of these alternatives, but I wish they introduced new functions we need that can not be attained by improving what we already have.

On the other hand, I too have surfed on the waves of SC and made me some BTCs. Smiley


Don't Solidcoins get thier first confirms faster?  I know it takes the same amount of time for the same amount of security, but you dont always need 1000 confimations.  For example, how often do you check cash for signs of counterfitting?  It probably depends on who you're dealing with and how much is being exchanged.  I think it's the same thing as solidcoin.  If you want those first confirms faster because not much is trading hands, or you trust the person, it's ideal.
memvola
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August 31, 2011, 09:11:06 AM
 #14

Don't Solidcoins get thier first confirms faster?

True, but I didn't include that because it introduces very little value. We are playing for the future of currency here, and this way or that, POS systems will dominate most of the transactions (there may be Nakamoto blockchains with other functions this doesn't apply, but it surely does for SolidCoin because it has no other function). 3 minutes on average is too high for POS. So no gain there. When these systems are commonly used, most transactions will be instant, and network transfers will be like the wire transfers we have now. I don't know which API will prevail, but it's almost certain that it will keep the blockchain much more manageable than otherwise.

you trust the person, it's ideal.

Transactions propagate almost instantly, so I don't actually wait for confirmations if I trust the person. I don't even need to trust them, I just need to know if they have the capacity and inclination to attack the network for that particular transaction, which excludes most of ordinary daily transactions.
The Electric Monk
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August 31, 2011, 09:22:15 AM
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Don't Solidcoins get thier first confirms faster?

True, but I didn't include that because it introduces very little value. We are playing for the future of currency here, and this way or that, POS systems will dominate most of the transactions (there may be Nakamoto blockchains with other functions this doesn't apply, but it surely does for SolidCoin because it has no other function). 3 minutes on average is too high for POS. So no gain there. When these systems are commonly used, most transactions will be instant, and network transfers will be like the wire transfers we have now. I don't know which API will prevail, but it's almost certain that it will keep the blockchain much more manageable than otherwise.

you trust the person, it's ideal.

Transactions propagate almost instantly, so I don't actually wait for confirmations if I trust the person. I don't even need to trust them, I just need to know if they have the capacity and inclination to attack the network for that particular transaction, which excludes most of ordinary daily transactions.


At least quote the whole sentance.  If you own a coffee shop and you see the same people buying coffees every day, you might want one confirmation.  It's a combination of the small cost and recognizing a regular customer.  You don't want to have 0 confirmations, but you don't want to wait 40 minutes either.

In cases like that it would not be worth a potential scammer's time to set up one fake confirmation, and hope it was the only one.  And it's not worth a regular customers time to wait 40 minutes for a confirmation.  Trust and amount of currency are both factors, and SolidCoin is more scalable.
memvola
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August 31, 2011, 09:49:02 AM
 #16

At least quote the whole sentance.

I quote to mark the part I'm responding to. Your post is in the link. No ulterior motives.

If you own a coffee shop and you see the same people buying coffees every day, you might want one confirmation.  It's a combination of the small cost and recognizing a regular customer.  You don't want to have 0 confirmations, but you don't want to wait 40 minutes either.

In cases like that it would not be worth a potential scammer's time to set up one fake confirmation, and hope it was the only one.  And it's not worth a regular customers time to wait 40 minutes for a confirmation.  Trust and amount of currency are both factors, and SolidCoin is more scalable.

POS systems. Let's not pollute the blockchain with a million transactions per second.
The Electric Monk
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August 31, 2011, 11:43:37 AM
 #17


I quote to mark the part I'm responding to. Your post is in the link. No ulterior motives.

POS systems. Let's not pollute the blockchain with a million transactions per second.


  When you respond to only small fragments of what I say of course I don't make sense.  In this case, you ignore the fact that there are degrees of trust.  I'd trust strangers for small amounts with 1 or 2 confirms, but not with none whatsoever.  I think this is an area that SolidCoin gives some flexibility, and I suspect there will be wider adaptation because of it.

Out of curiosity what kind of transactions do you hope btc is used for?
joulesbeef
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August 31, 2011, 02:46:28 PM
 #18

my vote would have been a little bit of both, if i had that option.

Competition is a good thing. Even if these coins are jokes, we are learning a ton from them, I believe BTC will have real competition and sooner than most people think.

Could it be one of the current alternates?Yeah you can see which one I am a fan of, but the truth is we dont know but really these things are good for the community, good for learning and good for making btc and good for the btc difficulty level. Keep teh development and ideas coming. There are a crap ton real life currencies out there all surviving fine,  we can handle a couple alternates.

mooo for rent
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August 31, 2011, 09:40:20 PM
 #19

In this case, you ignore the fact that there are degrees of trust.  I'd trust strangers for small amounts with 1 or 2 confirms, but not with none whatsoever.

I thought I covered all bases by saying instant transactions (via interoperating third party services) will be preferred anyway. Smiley I see that it would be more convenient to have network transactions confirm faster but I don't see it valuable enough as basis of a new currency. Also we don't really know if we are sacrificing safety for convenience, probably not though. This is my personal opinion of course, but since I'm richer in SolidCoins, you can say that I'm not THAT biased. Smiley

Out of curiosity what kind of transactions do you hope btc is used for?

First off, I think the network itself will support different kinds of transactions (e.g. escrow), so there will be some extended usability on the network side. This is where faster confirmations might make sense in the future.

Second, I hope that Bitcoin (or one of the alternatives, say SolidCoin) will penetrate the markets to an extent that it won't be possible for the ordinary user to run a full client. When we start using it for daily transactions, most people will prefer to use mobile devices which will utilize complementary protocols to access the network, probably indirectly via third party services or another lighter distributed network. Either way, these transactions will be instant and probably won't go in the blockchain.

What kind of transactions? For the near future, online shopping will probably dominate but if and when easy to use and cheap POS systems are possible, there will be stores that accept Bitcoin. It's a long shot but who knows...

More tangentially related to the topic, hobby mining will probably still be possible for a few years, but it will demand more and more investment and there will be more competition as the profit margin decreases. Eventually, only service providers will be doing it as a side service, which will keep the transaction fees low. There are infinitely many other possibilities of course...
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September 01, 2011, 12:18:19 AM
 #20


This poll is retarded. Where is the option for 'I don't'.
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