CSM00
Member
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Activity: 98
Merit: 10
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January 25, 2014, 05:45:48 PM |
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I think this coin has potential but I have a quick question
This is basically supposed to be litecoin replacement because of the N factor right.... but can't litecoin just implement that into their coin as well and it would basically have no difference vs this coin thus no difference for people to abandon LTC and come to this coin?
That theoretically goes for Bitcoin and any other crypto as well. Litecoin is "THE" alt-coin. For it to change at all, it would then just be dated Scrypt coin and would lose its status, stability, and price. People get excited about the latest cut-n-paste, find-n-replace clone of Litecoin, but all of them combined (with the exception of DOGE), add up to a small fraction of the Litecoin network. Even with the DOGE explosion, theres still ~80GH/s toiling away on LTC. The Litecoin people are relatively conservative for the crypto world - DOGE has caused them to wake up a little and think about the future, but I dont see them ever considering any changes. |
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BorisTheSpider
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January 25, 2014, 06:14:32 PM |
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What does this mean in relation to the current coin difficulty? Is it a hard reset from where we are now or will this update just maintain the current difficulty? Kinda would like to know this.
Difficulty at the fork will stay where it is - whatever difficulty we fork from will be the difficulty that KGW starts adjusting from on the following block. |
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BorisTheSpider
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January 25, 2014, 06:24:14 PM |
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With DOGE's success (and similar others) i think it is safe to say there is NO point in making a coin rare or scarce, what helps against inflation is not the amount of coins in circulation but the rate of minting against a given market cap. Well, yes, inflation is the rate at which the money supply grows, rather than (as people often wrongly assume) a rise in prices, it's really a dilution of purchasing power. You can create units of account at will (at least in fiat money systems), but you can't create value so easily. Please, also increase the amount of coins.
So, as you said above - it's the rate of increase of coins that causes dilution of purchasing power. Therefore, if we did that, we would dilute the purchasing power of existing VTC - not very fair! I'd also like to think anyone actually holding VTC would refuse such a fork! We can't force a fork on anyone - that's the whole point of the decentralisation of the network. if we proposed something outrageous people could vote with their feet and mine the original blockchain so the new fork had lower block height (ie. was a rejected chain) - when people choose to come along with the changes we're making, it'll be because they agree that they are improvements and they protect and strengthen the network. Doing a helicopter-Ben on our miners and investors isn't in the plan! We want to trade in INTEGERS, not in 8 decimal places (bitcoin) or any other amount higher than 2 decimal places.
Well, how you choose to represent the "units" of VTC is actually kind of arbitary - there are so many Vertoshis, there's plenty of room to choose a different unit if you find it easier to calculate that way. You can make the client display mVTC, or uVTC - see the Settings->Options->Display menu in the wallet. |
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BorisTheSpider
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January 25, 2014, 06:30:19 PM |
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The Litecoin people are relatively conservative for the crypto world
I agree wholeheartedly with this. The LTC people are very conservative. I'm not making a value judgement on that in any way at all. I'd like to think we are conservative in the VTC community as well - despite this coin being very innovative and bringing new things to the table, part of the reason I think we're having the kind of success we are is because the parameters chosen, and the way in which the changes we're about to make have been considered and thought through, have inspired confidence that this coin is here for the long term. Vive LTC, Vive la Vert. |
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Sixus
Newbie
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Activity: 7
Merit: 0
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January 25, 2014, 06:32:00 PM |
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IMPORTANT NEWS 1. Difficulty adjustment will now use the Kimoto Gravity Well, which retargets every block and copes extremely well with periods of hashrate volatility. The KGW is production proven in Megacoin, Anoncoin, RonPaulCoin and others - it is the best of the best, and we're going to see it in VTC soon. (See the poll linked below for a link to a good explanation of what the KGW is/does).[/b] How exactly it will be implemented and how and when it gonna be switched from current difficulty? The idea is very good though! :-) |
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BorisTheSpider
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January 25, 2014, 06:38:43 PM |
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How exactly it will be implemented and how and when it gonna be switched from current difficulty? The idea is very good though! :-)
The implementation is already done, tested and validated on the testnet, all we need to do is rebuild the wallets with the changes applied to the mainnet and push the new code to the github once the changes are finalized. In technical terms, at a certain block height, the getnextworkrequired() function will switch from the legacy difficulty adjustment algorithm to KGW - that's exactly how we tested it on the testnet, by starting a new blockchain with the legacy adjustment and mining through the switchover. As to exactly what block height the mainnet will fork at, we are discussing that at present. What I can say is, the new wallets will be rebuilt in the next couple of days and released in the early part of next week, then the actual fork block-height will be chosen to occur sometime between the 4th and 11th of February. The interval between wallet release and fork-height will be chosen to balance the desire to get the improvements implemented quickly, with the desire to allow time for users and pool operators to upgrade their wallet. |
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BorisTheSpider
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January 25, 2014, 06:43:17 PM |
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Now for a shamless plug - we could do with some hashrate at vtcpool.co.uk - come join in, we're hitting blocks, I'm mining there myself now. |
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mik_druid
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January 25, 2014, 06:44:49 PM |
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Mining , holding, buying!  Best wishes for VERTcoin! how? i want to buy VTC with BTC but there is no such option in coinedup. Could you please explain where or how are you buying? Only coinedup at the moment  |
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maxvolts
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January 25, 2014, 07:05:42 PM |
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You can buy vertcoin with bitcoin in coined up mate, just deposit bitcoins in your coined up wallet then select vtc/btc in the main page and buy!
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minero1
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January 25, 2014, 07:32:43 PM |
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You can buy vertcoin with bitcoin in coined up mate, just deposit bitcoins in your coined up wallet then select vtc/btc in the main page and buy!
It says BTC deposit address not found  |
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blacklig
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January 25, 2014, 07:35:23 PM |
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coined up is sooooooo slow... its killing me..
I expect lot of trading as diff change is comming closer and closer, but actually doing any trading on coined up is kinda impossible right now.. :/
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blacklig
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January 25, 2014, 07:36:59 PM |
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You can buy vertcoin with bitcoin in coined up mate, just deposit bitcoins in your coined up wallet then select vtc/btc in the main page and buy!
It says BTC deposit address not found welcome to coined up  you have to refresh page few times.. log in, log out.. eventually it will came up |
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minero1
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January 25, 2014, 08:02:01 PM |
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Well, yes, inflation is the rate at which the money supply grows, rather than (as people often wrongly assume) a rise in prices, it's really a dilution of purchasing power. You can create units of account at will (at least in fiat money systems), but you can't create value so easily. Good, that one is a gem. Now merge money supply with creation of value, and you are left with...yes, inflation is the rate at which the money supply grows in relation to the creation of value. In other words, quoting Ludwig Von Mises In theoretical investigation there is only one meaning that can rationally be attached to the expression Inflation: an increase in the quantity of money, that is not offset by a corresponding increase in the need for money, so that a fall in the objective exchange-value of money must occur.. In my opinion there is a LOT of value to catch up to with the issuance of VTC. As for the fairness of increasing money supply a little bit less of nothing is still nothing. Again, if long term is our goal (i include myself, i am an early adopter of VTC) market adoption and pricing would compensate greatly the dilution of existing coins. i want this new coin to succeed. i like what you guys have done with the code |
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minero1
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January 25, 2014, 08:04:06 PM |
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welcome to coined up you have to refresh page few times.. log in, log out.. eventually it will came up Thanks, i guess i should have mentioned that i just logged in for the first time  |
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gonzzo
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January 25, 2014, 08:25:51 PM |
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welcome to coined up you have to refresh page few times.. log in, log out.. eventually it will came up Thanks, i guess i should have mentioned that i just logged in for the first time had the same problem after a few hours (maybe 10 or more) the adresses showed up |
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Rune
Legendary
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Activity: 1229
Merit: 1001
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January 25, 2014, 08:27:08 PM |
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Cheap VTC on coined up
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rfcdejong
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January 25, 2014, 08:30:04 PM |
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Cheap VTC on coined up
Indeed, because of the high sell wall at 0.0004199 of 15484.76942983 VTC for 6.50205468 BTC That guy is pushing the price down so people dump into his buy orders... |
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ahnonamis
Member
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Activity: 87
Merit: 10
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January 25, 2014, 08:40:47 PM |
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Cheap VTC on coined up
Indeed, because of the high sell wall at 0.0004199 of 15484.76942983 VTC for 6.50205468 BTC That guy is pushing the price down so people dump into his buy orders... I wish Coinedup would actually load for me. A full day now of not being able to even load the site. |
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jballs
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January 25, 2014, 08:47:38 PM |
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Yes I do appreciate the open for discussion approach taken in altcoin world. I get it,
But you would do well to keep it one sided in public. Take the views in, and discuss in private rather than debate with public.
Price is fifty percent off the highs since your very important announcement and you have an open debate on whether the miners will just fork off with a new coin and then wtf am I holding?
Shut up and implement the changes and stop talking about implementing changes.
No disrespect intended. Markets do not like uncertainty and every buyer is relying on you to know what you are doing. Exude total confidence in your product. Don't talk, act, improve and disregard the noise.
Vertcoin is a winner. Don't fuck it up. Thanks...
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h4xX0r_1337
Newbie
Offline
Activity: 14
Merit: 0
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January 25, 2014, 08:54:18 PM |
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Yes I do appreciate the open for discussion approach taken in altcoin world. I get it,
But you would do well to keep it one sided in public. Take the views in, and discuss in private rather than debate with public.
Price is fifty percent off the highs since your very important announcement and you have an open debate on whether the miners will just fork off with a new coin and then wtf am I holding?
Shut up and implement the changes and stop talking about implementing changes.
No disrespect intended. Markets do not like uncertainty and every buyer is relying on you to know what you are doing. Exude total confidence in your product. Don't talk, act, improve and disregard the noise.
Vertcoin is a winner. Don't fuck it up. Thanks...
Well I actually prefer that they ask the community which are the ones using the currency. |
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