[ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!

[azerbaidjan]

Despite the fees increase to 3% on NITRO the number of miners has been overall stable as is hashrate currently.
I guess they should probably be thinking about raising it again. Or maybe they should advertise the fact that should the number of miners not decrease sufficiently by a given %age/day then would increase it by another % or so.

An alternative would also be to contact the first 10-15 miners of the pool who account for 20% of the total hashrate. Would be faster to setup a seaprate pool for them which would equilibrate chances for smaller players.

Well because of the orphans in other pools, 3% fee is still not close to making a difference. Mining in nitro is still more profitable so people don't leave.

Well, here is the math to prove your correct.

In the last 24 hours at Leet:  91 orphans / 644 blocks found * 100% = 14.1%

I don't think it takes a rocket scientist to see that 3% is not going to make people move.

Meanwhile I lost about 20 ultracoins just yesterday, trying to do the right thing.  That's just one day of mining.

As you will see if you look too, there are many of us that are donating over at Leet, because we realize that Laterbreh can't run his servers for free.

Situation has gotten definitely CRITICAL: NITRO has roughly 10% MORE miners now than this morning.
I guess people realize they do not want to mine orphans and we're caught in a vicious circle now.

Desperate times call for desperate measures: can the NITRO fees be raised to 10-15% or big miners be integrated in a secondary pool asap?


The 15 biggest miners represent 140MH/s roughly, 25% of the total hashpower.
Assuming typical pareto distribution, including, say the 50 biggest miners in a secondary pool would probably cut down hashpower by 50%.
Is NITRO willing to try this?

[noobyonekenobi]

500th page! Yey!

[tersagun]

I still don't get the point why it is such a bad thing if a pool generates the majority.

Can someone please briefly describe to me? As long as everyone is getting their fair share, why is it a bad thing if everyone is at the same pool?

[jakiman]

I still don't get the point why it is such a bad thing if a pool generates the majority.

Can someone please briefly describe to me? As long as everyone is getting their fair share, why is it a bad thing if everyone is at the same pool?

ONLY the ones mining at that 1 big pool is getting a fair share.
Everyone mining at other pools are NOT getting a fair share.
When small pool finds a block, big pool snatches it away from them.

Also, when Nitro does get DDoS'ed and it goes down, someone reaps ALL the benefit during that time. (such as solo miners)

[tersagun]

I still don't get the point why it is such a bad thing if a pool generates the majority.

Can someone please briefly describe to me? As long as everyone is getting their fair share, why is it a bad thing if everyone is at the same pool?

ONLY the ones mining at that 1 pool is getting a fair share.
Everyone mining at other pools are NOT getting a fair share.
When small pool finds a block, big pool snatches it away from them.

Also, when Nitro does get DDoS'ed and it goes down, someone reaps ALL the benefit during that time. (such as solo miners)

Can you please explain how the big pools affect smaller ones? Smaller miners tend to receive more "orphans" if so how come?

I'm a novice miner so probably it's very basic stuff but I do want to get the logic behind it.

Thank you!

[jakiman]

Can you please explain how the big pools affect smaller ones? Smaller miners tend to receive more "orphans" if so how come?

I'm a novice miner so probably it's very basic stuff but I do want to get the logic behind it.

Thank you!

Basically, majority wins.

If 2 people both see a coin on the ground and both grab the coin at same time, person A with more friends confirming he got it first wins.
So even though person B did find it at nearly the same time (and possibly even a little faster) has to give it up and let person A take it.

[nesic1]

http://utc.greekpool.eu

50% orphan, there is no good pool

[jakiman]

http://utc.greekpool.eu

50% orphan, there is no good pool

That's incorrect.

Last 24 Hours   
169 valid
28 orphan (14%)

Last 7 Days
937 valid
140 orphan (13%)

[thefrog]

Any change someone would prepare p2pool files (networks.py + maybe some separate module ?) so we could start building p2pool infrastructure ??

DDoS resistant, PPLNS and decentralized ?

[nesic1]

http://utc.greekpool.eu

50% orphan, there is no good pool

That's incorrect.

Last 24 Hours   
169 valid
28 orphan (14%)

Last 7 Days
937 valid
140 orphan (13%)

what is incorrect
Transaction Summary
1153099    2014-03-13 15:00:14    Fee    Unconfirmed          112496    0.00600327
1153098    2014-03-13 15:00:14    Credit    Unconfirmed          112496    0.60032708
1152911    2014-03-13 14:46:09    Fee    Orphaned          112468    0.00769618
1152910    2014-03-13 14:46:09    Credit    Orphaned          112468    0.76961786
1152580    2014-03-13 14:37:08    Fee    Confirmed          112449    0.00875269
1152579    2014-03-13 14:37:08    Credit    Confirmed          112449    0.87526882
1152396    2014-03-13 14:24:10    Fee    Confirmed          112422    0.00811176
1152395    2014-03-13 14:24:10    Credit    Confirmed          112422    0.81117621
1152210    2014-03-13 14:18:09    Fee    Orphaned          112411    0.00792897
1152209    2014-03-13 14:18:09    Credit    Orphaned          112411    0.79289733
1152024    2014-03-13 14:03:12    Fee    Confirmed          112379    0.00740627
1152023    2014-03-13 14:03:12    Credit    Confirmed          112379    0.74062739
1151828    2014-03-13 13:53:08    Fee    Confirmed          112365    0.01115207
1151827    2014-03-13 13:53:08    Credit    Confirmed          112365    1.11520738
1151638    2014-03-13 13:47:12    Fee    Orphaned          112352    0.01113219
1151637    2014-03-13 13:47:12    Credit    Orphaned          112352    1.11321948
1151440    2014-03-13 13:45:08    Fee    Orphaned          112350    0.00677998
1151439    2014-03-13 13:45:08    Credit    Orphaned          112350    0.67799788
1151258    2014-03-13 13:29:07    Fee    Confirmed          112319    0.00795962
1151257    2014-03-13 13:29:07    Credit    Confirmed          112319    0.79596158
1151072    2014-03-13 13:22:09    Fee    Confirmed          112309    0.00264746
1151071    2014-03-13 13:22:09    Credit    Confirmed          112309    0.26474638
1150937    2014-03-13 13:19:25    Fee    Orphaned          112302    0.00481348
1150936    2014-03-13 13:19:25    Credit    Orphaned          112302    0.48134778
1150778    2014-03-13 13:19:08    Fee    Orphaned          112301    0.00202709
1150777    2014-03-13 13:19:08    Credit    Orphaned          112301    0.20270893
1150599    2014-03-13 13:16:07    Fee    Confirmed          112295    0.00559038
1150598    2014-03-13 13:16:07    Credit    Confirmed          112295    0.55903778
1150454    2014-03-13 13:13:25    Fee    Confirmed          112291    0.00136333
1150453    2014-03-13 13:13:25    Credit    Confirmed          112291    0.13633265
....

[Jarod1231]

Ultracoin to 157$ within 2 years.

Sounds good to me! ... After 2 years POS rewards, selling at $157 would give me $900,000.00.... HELLO THERE MR MOONMAN!

[derBruchpilotPro]

THIS POOL HAS STILL LOW ORPHANS:



https://utc.pool.pm/index.php?page=statistics&action=blocks

1 in the last 24h, why does everybody complain and not move?

[GambleX]

Hey guys!

Gamblex has decided to add Ultracoin to our exchange and our gambling site. It will be fully implemented, that means we will also sell shares that distribute a part of the UTC fee revenue to stakeholders.

Check out our thread and maybe Invest!

https://bitcointalk.org/index.php?topic=498311.msg5676745#msg5676745

[azerbaidjan]

http://utc.greekpool.eu

50% orphan, there is no good pool

That's incorrect.

Last 24 Hours   
169 valid
28 orphan (14%)

Last 7 Days
937 valid
140 orphan (13%)

what is incorrect
Transaction Summary
1153099    2014-03-13 15:00:14    Fee    Unconfirmed          112496    0.00600327
1153098    2014-03-13 15:00:14    Credit    Unconfirmed          112496    0.60032708
1152911    2014-03-13 14:46:09    Fee    Orphaned          112468    0.00769618
1152910    2014-03-13 14:46:09    Credit    Orphaned          112468    0.76961786
1152580    2014-03-13 14:37:08    Fee    Confirmed          112449    0.00875269
1152579    2014-03-13 14:37:08    Credit    Confirmed          112449    0.87526882
1152396    2014-03-13 14:24:10    Fee    Confirmed          112422    0.00811176
1152395    2014-03-13 14:24:10    Credit    Confirmed          112422    0.81117621
1152210    2014-03-13 14:18:09    Fee    Orphaned          112411    0.00792897
1152209    2014-03-13 14:18:09    Credit    Orphaned          112411    0.79289733
1152024    2014-03-13 14:03:12    Fee    Confirmed          112379    0.00740627
1152023    2014-03-13 14:03:12    Credit    Confirmed          112379    0.74062739
1151828    2014-03-13 13:53:08    Fee    Confirmed          112365    0.01115207
1151827    2014-03-13 13:53:08    Credit    Confirmed          112365    1.11520738
1151638    2014-03-13 13:47:12    Fee    Orphaned          112352    0.01113219
1151637    2014-03-13 13:47:12    Credit    Orphaned          112352    1.11321948
1151440    2014-03-13 13:45:08    Fee    Orphaned          112350    0.00677998
1151439    2014-03-13 13:45:08    Credit    Orphaned          112350    0.67799788
1151258    2014-03-13 13:29:07    Fee    Confirmed          112319    0.00795962
1151257    2014-03-13 13:29:07    Credit    Confirmed          112319    0.79596158
1151072    2014-03-13 13:22:09    Fee    Confirmed          112309    0.00264746
1151071    2014-03-13 13:22:09    Credit    Confirmed          112309    0.26474638
1150937    2014-03-13 13:19:25    Fee    Orphaned          112302    0.00481348
1150936    2014-03-13 13:19:25    Credit    Orphaned          112302    0.48134778
1150778    2014-03-13 13:19:08    Fee    Orphaned          112301    0.00202709
1150777    2014-03-13 13:19:08    Credit    Orphaned          112301    0.20270893
1150599    2014-03-13 13:16:07    Fee    Confirmed          112295    0.00559038
1150598    2014-03-13 13:16:07    Credit    Confirmed          112295    0.55903778
1150454    2014-03-13 13:13:25    Fee    Confirmed          112291    0.00136333
1150453    2014-03-13 13:13:25    Credit    Confirmed          112291    0.13633265
....

In the case of a normal distribution you have to take into account the systematic error that amounts to 1/sqrt(n), n being the number of measures. Note that unless proven otherwise this is always a perfectly valid asumption. And this case definitely fits the conditions.

In your case this equals 1/sqrt(15) = 26%

So you measure gives 6/15 +/- 1/sqrt(15) = 40% +/- 26%
there you go, what you found is perfectly consistent with what jakiman found out.

If you want a better determination of this value you have to do like jakiman: averaging over a number of days to get so many data points that the systematic error itself becomes almost negligible. Then we can talk about other concepts and introduce hypothesis testing etc. Go do some probability & statistics class to find out.

[derBruchpilotPro]

Another Idea to strengthen the network would be to add for example leetpool to the node list, if they open the
TCP port. (44100 I think)

That should work, or I am wrong?

[mattbigblue]

THIS POOL HAS STILL LOW ORPHANS:



https://utc.pool.pm/index.php?page=statistics&action=blocks

1 in the last 24h, why does everybody complain and not move?

Last 24 Hours   148.21%   

means it took 48% more shares than it should to find a block..meaning Your earnings are 48% less than predicted....

[Rabbit80]

THIS POOL HAS STILL LOW ORPHANS:



https://utc.pool.pm/index.php?page=statistics&action=blocks

1 in the last 24h, why does everybody complain and not move?

Last 24 Hours   148.21%   

means it took 48% more shares than it should to find a block..meaning Your earnings are 48% less than predicted....

Think your maths are a little skewed there.. If the shares were at 150% then that would be 33% less than predicted!

[nesic1]

In the case of a normal distribution you have to take into account the systematic error that amounts to 1/sqrt(n), n being the number of measures. Note that unless proven otherwise this is always a perfectly valid asumption. And this case definitely fits the conditions.

In your case this equals 1/sqrt(15) = 26%

So you measure gives 6/15 +/- 1/sqrt(15) = 40% +/- 26%
there you go, what you found is perfectly consistent with what jakiman found out.

If you want a better determination of this value you have to do like jakiman: averaging over a number of days to get so many data points that the systematic error itself becomes almost negligible. Then we can talk about other concepts and introduce hypothesis testing etc. Go do some probability & statistics class to find out.

i dont understand what calculations you do, in few days of mining is the same, i get 50% of amount, also my friends, you can calculate whatever you want if i get 50% of what i should, it is 50%

[Navyman47]

I still don't get the point why it is such a bad thing if a pool generates the majority.

Can someone please briefly describe to me? As long as everyone is getting their fair share, why is it a bad thing if everyone is at the same pool?

ONLY the ones mining at that 1 pool is getting a fair share.
Everyone mining at other pools are NOT getting a fair share.
When small pool finds a block, big pool snatches it away from them.

Also, when Nitro does get DDoS'ed and it goes down, someone reaps ALL the benefit during that time. (such as solo miners)

Can you please explain how the big pools affect smaller ones? Smaller miners tend to receive more "orphans" if so how come?

I'm a novice miner so probably it's very basic stuff but I do want to get the logic behind it.

Thank you!

Maybe I should just subscribe to the following theories:

-  "If you can't beat them, join them" - I might as well switch over to Nitro and turn the anonymity switch on like 85% of the miners over there do.

-  "Don't be a part of the solution, be a part of the problem" (turned around) - Maybe the issue hasn't grown large enough yet.

-  "Just a little fish in a big pond" - My little 520kh/s doesn't really affect the issue anyway.

-  "Those who cannot learn from history are doomed to repeat it." - Warnings from senior members here on this site and from pool operators are falling on deaf ears.

How long do you think other pool operators are going to continue operating at a loss with 0% fees.  
I could go on, but I don't think it matters.  Obviously there are too many people that don't think that this is a problem.

[fabietech]

So here is the thing!! we have a mining farm of 40 rigs.

Where mining now on leetpools, nitro is closed to registration.
Where can i go? someone have a good pool