Vertcoin - First Scrypt N | First Stealth Address - Privacy without mixer

[pangu]

http://www.reddit.com/r/vertcoin/comments/1xpxbx/heres_how_we_turn_this_into_a_100_million_market/

[XTR]

To the devs: Bitcoin is perceived as weak because transaction ID's cannot be used as unique identifiers. If you guys can resolve this issue before the BTC devs roll out their fix (and they MUST fix this), it will distinguish VTC above all others. In fact, such a fix may become the standard for patching other coins. It's better to fork early in the coin's life than later. Thanks for listening.

+1

Hey Vertcoin Team

do you really think implement zeroCoin/zerocash is a good idea?
i'am not familiar with zc, but i understand this as anonymization service.

is not one of the reason, why btc still has a bad reputation (at least for most ordinary people), because many shady business/transactions were done with the coin?
maybe implement a anonymization service can help to use vtc better for shady business and will harm its reputation?

i talked about vtc with 2 of our customers yesterday and they have mentioned this concern and i can understand this.

What do you think about this?

btw: sorry for my english, but i think you know what i mean

Is raising money for a banned political movement under a dictatorship "shady business"?

Is moving you assets ahead of a regime change that intends to persecute you shady business?

Is respecting constitutional rights to privacy shady business?

Now that I am a vertified expert in cryptocurrency (/sarc) I can say without a doubt that any shady business I get involved in I will use cash, same as ever. I don't know how difficult it is to do things with altcoin and not leave fingerprints and breadcrumbs all over the place, but I know I will probably never know enough that I can be sure of that.

I would like to have as few people as possible know I have online money or where it is though (bang up job I've done with that eh?) and if anonymizing helps all the better. Shady, no, just nobody's damn business.

(edit; Vertified was a typo but I kinda like it.)

I think that's beside the point.. If you listened to the Regulatory hearings in NYC recently and yes I did listen to all 4-5 hours of it, most of it was positive about Cryptocoins.
However, I did also get the impression that almost everyone agreed that Tumblers/Mixing services are the biggest problem (from a legal perspective)..

This means that in all likelihood US regulators (lead by NYC) will probably end up banning Tumblers and Mixing Services, which would effectively ban any coin that had those services embedded.

so on the one hand.. yes mixing is good for subversion of oppressive regimes.. but on the other hand it may be a barrier for broader market acceptance.

In my mind this means that even though none of the decentralized crypto currencies can be stopped outright, the ones with inbuilt mixers may end up being pushed out of the mainstream and so lose market share..


just something to consider. look what Russia and china banning the official use of Bitcoin as currency did to the Price of BTC.
yes BTC can still be traded as a commodity in those markets and yes there are still going to be black markets using them...

but the net result is that the price went DOWN.

Its a tough argument on the benefits vs drawbacks of zerocash. Personally I don't think you can have a widespread common currency that is also completely anonymous, because as much as everyone loves talking about privacy rights, you also have "the right" to pay your taxes which anonymous currency makes difficult for the government to know how much you should be paying and in all likely hood will not be accepted.  I think once vertcoin goes with zerocash there is no way it will be accepted as a legal method of payment but yes as jballs pointed out it will provide a great way to move money around and not be traceable even in the most extreme cases.  It just seems to me cryptocurrency is still getting its leg in the door when it comes to be accepted as an actual form of payment, don't you think we as the cryptocurrency community should be focused on getting our coin used like a currency? Though if the devs have already decided then we will just have to see how it will be like when it is implemented and hope for the best.

[HinnomTX]

vert taking a hell of a drop.. along with most other coins. except freakin' DOGE
doge gained another 26 million in marketcap somehow.. amazing.

I'm still hanging onto my vert in the hopes of a comeback though.. mining slowly but surely

DOGE should not be ignored. However, the coin is playing a mean trick. They are mining coins much faster than other alt-coins. If the price of DOGE were fixed, the calculated market cap would increase by $1.2M every day due to the creation of new coins (although this rate will halve soon). The goodwill behind this coin combines with the inflation effect to setup a positive feedback loop. "The price is rising because people are buying, and people are buying because the price is rising." I advise that you hold some DOGE because this could go on for a while.  

BTW, there is plenty of room in the markets for DOGE and VTC.

[Ruzihm]

I forked off the dogecoin tri-fold wallet to make a vertcoin tri-fold wallet.  Source/download available here.

Live preview available here. Traffic from this site is not encrypted, and wallets generated on this live preview site should not be considered to be secure! This is for previewing purposes only!

[kb24mvp]

I forked off the dogecoin tri-fold wallet to make a vertcoin tri-fold wallet.  Source/download available here.

Live preview available here. Traffic from this site is not encrypted, and wallets generated on this live preview site should not be considered to be secure! This is for previewing purposes only!

Very nice.... props

[GeminiSimba]

Update News

Thanks to moolah.ch you can do a lot of things now and in the future with Vertcoins.

1) moolah.ch has a webwallet for VTC and a Merchant API, you can except alot of shops using Vertcoin soon.
2) ATMs are coming out and they will also support Vertcoin.
3) With digipay.io you can directly spend your Vertcoins at AMAZON - yes, the Beta phase will start soon.


Say thanks to Moolah guys! We are happy they are supporting us.


Also there is alot of Marketing coming soon:

1) We are working on a Vertcoin Movie, its pretty far already and we will post a preview in the next days.
2) We are reworking vertcoin.org to serve everything you need, we are also working on vertcoin.info a place where all
   info about Vertcoins will be posted, Tutorials, Videos, Wikis etc.
3) Pressreleases and Marketing Graphics etc. are all in the works while we speak.


Feel free to spread the word via Twitter and co!

Thanks I went ahead and made a moolah.ch account and sent some vertcoin to the address, I'm happy it also supports 2 factor authentication

[Dafar]

Ok screw it.... I finally joined you guys.


I have around 50 VTCs... not much but after all the losses I incurred with alts i'm trying to take it easy.

I bought most of them around 0.00438.... will i make it guys?

[turtoro]

Ok screw it.... I finally joined you guys.


I have around 50 VTCs... not much but after all the losses I incurred with alts i'm trying to take it easy.

I bought most of them around 0.00438.... will i make it guys?

Welcome. Youll be fine!

Edit: that was probably the best price that people will see for a while (if the industry holds steady as a whole), so it was a good move for the longterm

[spikers]

POOL VTCWEB.POOLZ.NET IS FINDING BLOCKS FAST!!!
2 x powerful 16-core 32 Gb servers
High Efficiency
Ultrafast Gigabit connection in New York Data Center
AntiDDoS protection

Feb 12, from 9:00PM EST, for 25 blocks, every blockfinder gets EXTRA 1 VTC out of the pool operator's pocket !!!

[zmhaha]

Correct me if I am wrong. Each time the N-factor adaption kicks in, the current ASIC becomes useless, correct?

If that is the case, I suggest Dev should shorten the N-factor schedule.
The next adaption is 2 years later, and the 1st gen scrypt ASIS here already, although it does not bring much advantages over GPU other than power consumption.
I guess this gen is 65nm-ish chips but we all know how fast the BTC ASIC evolved from 65nm to 28nm, which is matter of months and the hash improvement is just enormous.

I say Dev change the 1st adaption to somewhere around July-Sep 2014 to fight the 2nd gen Scrypt ASIC assuming the 65nm-to-28nm evolution follows the approximately the same schedule as BTC ASIC did.
And 2nd adaption to Feb-April 2015 just in case it did not evolve that fast.

Remember once the ASIC reaches 28nm, it is very very hard for those guys to improve it within at least a couple years.

Reason:
1. There is nothing they can do about the architecture to improve it because it is pre-determined by Scrypt.
2. There is nearly equal trade-off when they just add more chips/cores to improve the hash. More costs more.
3. Now shrink the die. Once they reach 28nm, and certainly they wants to go to 22nm or 20nm, but, 20nm-ish is really already near the cutting edge of current die size and therefore a bottleneck. I think nowadays, only very handful of companies, like Intel, can produce quality consumer level 20nm-ish chips, and I doubt they are gonna share that tech with ASIC developers. And it most likely take more than 2-3 years before 20nm becomes the standard for an company like that.

[svojoe]

Correct me if I am wrong. Each time the N-factor adaption kicks in, the current ASIC becomes useless, correct?

If that is the case, I suggest Dev should shorten the N-factor schedule.
The next adaption is 2 years later, and the 1st gen scrypt ASIS here already, although it does not bring much advantages over GPU other than power consumption.
I guess this gen is 65nm-ish chips but we all know how fast the BTC ASIC evolved from 65nm to 28nm, which is matter of months and the hash improvement is just enormous.

I say Dev change the 1st adaption to somewhere around July-Sep 2014 to fight the 2nd gen Scrypt ASIC assuming the 65nm-to-28nm evolution follows the approximately the same schedule as BTC ASIC did.
And 2nd adaption to Feb-April 2015 just in case it did not evolve that fast.

Remember once the ASIC reaches 28nm, it is very very hard for those guys to improve it within at least a couple years.

Reason:
1. There is nothing they can do about the architecture to improve it because it is pre-determined by Scrypt.
2. There is nearly equal trade-off when they just add more chips/cores to improve the hash. More costs more.
3. Now shrink the die. Once they reach 28nm, and certainly they wants to go to 22nm or 20nm, but, 20nm-ish is really already near the cutting edge of current die size and therefore a bottleneck. I think nowadays, only very handful of companies, like Intel, can produce quality consumer level 20nm-ish chips, and I doubt they are gonna share that tech with ASIC developers. And it most likely take more than 2-3 years before 20nm becomes the standard for an company like that.

I believe this is not really a concern for us,   Though I do understand where you are coming from.    Here is my opinion,

N-factor was studied and argued for a long time both ways,  N-factor change was largely held-off to keep older 1gb memory GPU's in the game to broaden VTC's mining base and keep those miners in the game.  At current N-factor these miners can still report good hashrates and will likely have upgraded long-before the next Nfactor bump.

Also, understand that what makes VTC hard to mine for GPU's is even more of a problem for ASIC.   Until we get asic numbers in for VTC with the current grid-seed chips (which looks like it maybe nothing more than a FPGA direct-to-asic hardware replica)  Its entirely possible that a ASIC that gets a given hashrate on LTC would get a huge drop on VTC,  Much more a drop than current GPU's even, because GPU's have access to huge amounts of memory (by asic standards).

So its possible that even 2nd gen asics would be taking a backseat to GPU's even before the nfactor switch. 

Even Nvidia cards are in the game with VTC and I'm willing to bet would hash way faster than a LTC-focused asic.

[mega]

I have a few questions about mining. So i've been mining off and on for a few days now on Boristhespider's pool. Prior to this week I've never mined before. I just have a few things i'd like to know.

1. Does it pay to stay at the same pool for a long time or do people ever switch to different pools and is it beneficial or harmful to for example be at one pool one day and another another day?

2. For a person like me with a mid range video card 7850 2gig, I get 153 kh/s (154 WU) mining is there a specific type of pool that i should be at? I see people talking about different types of pools like p2p etc..

3. Is it to my disadvantage to be in a pool with people who get 100,000 kh/s ? I look at rankings and see top contenders getting epic levels of hashrate and can only imagine they are using clusters or something for their workers, does this limit my shares or coins at the end of the day or does this actually have no bearing on someone like me at all?

I'm not an expert but i'l try to reply to your questions.

1. You should always mine from small pools. This will make the decentralization of mining and at the end of the day, you'll get about the same coins.

2. I recommend p2pool's. Usually they're not "pretty" as the other pools, but you dont get scammed for sure, as they work in p2p. At the end, its a matter of choice.

3. You always get a share of your work. Far as I know, there isn't any disadvantage mining with people with higher hasrates.

I guess this summarize it, it could be better explained but my english is a bit limited

mega

[GeminiSimba]

Thank you

[bengtåke]

P2Pool Update

We intend to update the network information for p2pool in our official repo. The updated code is available now, but the network wont officially be live until the listed date.This involves a change to how long a share is valid, currently a share is only valid for 3 blocks. This setting was borrowed from Litecoin, and it has proven to be too low for us. With this new update it will be adjusted to 12, that should hopefully improve the p2pool experience for people with low hashrates everyone. As every worker's share will now be valid for a longer period. Another change (thanks to roy7) in this update is that share difficulty is now calculated on a per-worker basis instead of on a per-node basis, so share difficulties should be lower, to make it more like mining on your own node (if you're mining on a public node).

This update requires a hard fork of the network, which means we will have two p2pool networks running in parallell for some time while everyone interested updates to the newer version. Don't panic, it won't be like hardforking a wallet, no paid coins will go invalid. It just means that to benefit from this update you need to upgrade to the new settings. It might also mean that blocks will come a little slower for a while if not everyone comes along with the update (as we will split into two). The point of this pre-announcement is to mitigate that. Also moving to this new network means that the we'll get a new sharechain, a.k.a. any shares from the old network won't transfer over.

The p2pool scanner and all the seed nodes will be upgraded to this version on 13th february at 22.00 GMT. Any node left on the old network will continue operating as normal, but will not show up in the scanner until upgraded.

Hopefully people will catch on fast and update.

[crazy987]

P2Pool Update

We intend to update the network information for p2pool in our official repo. The updated code is available now, but the network wont officially be live until the listed date.This involves a change to how long a share is valid, currently a share is only valid for 3 blocks. This setting was borrowed from Litecoin, and it has proven to be too low for us. With this new update it will be adjusted to 12, that should hopefully improve the p2pool experience for people with low hashrates everyone. As every worker's share will now be valid for a longer period. Another change (thanks to roy7) in this update is that share difficulty is now calculated on a per-worker basis instead of on a per-node basis, so share difficulties should be lower, to make it more like mining on your own node (if you're mining on a public node).

This update requires a hard fork of the network, which means we will have two p2pool networks running in parallell for some time while everyone interested updates to the newer version. Don't panic, it won't be like hardforking a wallet, no paid coins will go invalid. It just means that to benefit from this update you need to upgrade to the new settings. It might also mean that blocks will come a little slower for a while if not everyone comes along with the update (as we will split into two). The point of this pre-announcement is to mitigate that. Also moving to this new network means that the we'll get a new sharechain, a.k.a. any shares from the old network won't transfer over.

The p2pool scanner and all the seed nodes will be upgraded to this version on 13th february at 22.00 GMT. Any node left on the old network will continue operating as normal, but will not show up in the scanner until upgraded.

Hopefully people will catch on fast and update.

Cool i was waiting for this.
With a bit of luck, i might be able to set up a p2pnode for myself now 

[roy7]

Cool i was waiting for this.
With a bit of luck, i might be able to set up a p2pnode for myself now 

You can try right now if you want. The new network is actually alive, it's just the bigger pools aren't moving until tomorrow so we can do it mostly at the same time.

[alc]

I believe this is not really a concern for us,   Though I do understand where you are coming from.    Here is my opinion,

N-factor was studied and argued for a long time both ways,  N-factor change was largely held-off to keep older 1gb memory GPU's in the game to broaden VTC's mining base and keep those miners in the game.  At current N-factor these miners can still report good hashrates and will likely have upgraded long-before the next Nfactor bump.

Also, understand that what makes VTC hard to mine for GPU's is even more of a problem for ASIC.   Until we get asic numbers in for VTC with the current grid-seed chips (which looks like it maybe nothing more than a FPGA direct-to-asic hardware replica)  Its entirely possible that a ASIC that gets a given hashrate on LTC would get a huge drop on VTC,  Much more a drop than current GPU's even, because GPU's have access to huge amounts of memory (by asic standards).

So its possible that even 2nd gen asics would be taking a backseat to GPU's even before the nfactor switch. 

Even Nvidia cards are in the game with VTC and I'm willing to bet would hash way faster than a LTC-focused asic.

All of this aside, the coin's design, ethos and community is avowedly anti-ASIC. It would be unwise for a potential ASIC manufacturer to risk the expenditure of creating a product whose functionality would likely be broken through a hard fork.

[micryon]

wow.. webwallet, ATM , amazon..

Great news.. this coin is going places.

Yes agree about the anti-asic community ethos. 

[psybase64]

Weird thought maybe, but could the sudden increase in hashrate be the pandacoin crowd testing the settings?

(Everything about that coin feels wrong BTW... Hope for their miners' sake that I'm wrong.)

That sounds about right.

Pandacoin is saying they will use the vertminer so a lot of miners will be setting that up and then switching to Pandacoin pools when they go live.

We will know for sure if the hashrate drops a lot when Pandacoin launches.

[rsx19]

Weird thought maybe, but could the sudden increase in hashrate be the pandacoin crowd testing the settings?

(Everything about that coin feels wrong BTW... Hope for their miners' sake that I'm wrong.)

That sounds about right.

Pandacoin is saying they will use the vertminer so a lot of miners will be setting that up and then switching to Pandacoin pools when they go live.

We will know for sure if the hashrate drops a lot when Pandacoin launches.

panda coin may kill us, who knos =/