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

[longyenthanh]

  utc is going back to .00008 lets sing a utc song.

[wing_hk]

think hard then vote here

https://bitcointalk.org/index.php?topic=527808

Agree:

UTC

50 UTC / 30 s

LTC

50 LTC / 2.5 min

Voted 10 UTC

However the question does this really help? I see many coins which are super hard to be mined almost died now.

[jakiman]

think hard then vote here

https://bitcointalk.org/index.php?topic=527808

I'm trying to get my head around why reducing block reward will make Ultracoin better.

If we reduce the block count and if market cap remain the same, then we will have 3-4x less coins that are worth 60cents each.
Many people who has a lot of coins bought or mined cheap will just dump. Newcomers will lose out.

You have to realize that # of coins don't matter too much as we have 8 decimal places to work with in the crypto world.
People will still sell in smaller amounts. But at the end, it will be the same in worth. (Except current bag holders. =p)

Unless UTC increase demand through improvements / marketing, it won't grow in market cap meaning still just as not good for the coin.
Instead of trying to tighten the supply in hope to increase price, let's think of ways and "do" in order to increase UTC's market cap.

I voted for 10 still as I hold enough coins which will make it worth while. (If I sell some of it)
But it also means many others like me who hold lots of UTC will think the same. (sell for profit)
That's actually not good for the coin. You want people to hold their coins longer knowing that it will increase more.
But if demand doesn't increase, bag holders will dump and and we'll be back to where we are now. (or worse)

[Halofire]

what i posted in voting thread:

utc is not litecoin or vertcoin. utc is utc. no comparison needed. 25 if anything, can't rock the coin too hard. nfactor already too fast. provide function for utc, get buyers and spread the coin out. price rises. supply doesn't matter as long as there are buyers and hype.

[jakiman]

reward decrease will only decrease the amount of coins mined per day. nothing else.
that is good for the coin in the long term not short term. people will hold their utc because they know there is not as many coins that are made each day to be dumped. also more people would buy it for the same reason.

the amount of coins you have wont change, the amount of total coins wont change.

Yes, I know exactly what Block reward decreasing will do.
But not as many coins to dump? I beg to differ.
Less coins, higher price means less coins dumped still results in same amount of BTC.

Rough calculations:
28800 LTC per day x $16 = $46000 USD per day
28800 VTC per day x $1.7 = $48960 USD per day
144000 UTC per day x 0.11 = $15000 USD per day.

As you can see, the rate of inflation of Ultracoin is 3x less than LTC and VTC at current price.
This means UTC could be at least 3x the price right now with similar demand as the other two.
But recently, as seen by the down trend, we are not even sustaining $15000 USD per day.

If we reduce the block reward to 10, naturally, price might go up about 4x right now.
But on the way, some big holders will start to dump their wad of UTC. So maybe 2-3x.
But with current demand level, we are no better off and will continue down trend.

So what we want is to at least gain 3x more people to buy/mine/trade more than right now.
But why stop there? Let's think of ways to do much better than that.

I'm not saying reducing the block reward to 10 is a bad idea. It's fine really.
But I'm saying that it's NOT the solution to the lack of buyers/miners/traders.

[CryptoCthulhu]

think hard then vote here

https://bitcointalk.org/index.php?topic=527808

I'm trying to get my head around why reducing block reward will make Ultracoin better.

If we reduce the block count and if market cap remain the same, then we will have 3-4x less coins that are worth 60cents each.
Many people who has a lot of coins bought or mined cheap will just dump. Newcomers will lose out.

You have to realize that # of coins don't matter too much as we have 8 decimal places to work with in the crypto world.
People will still sell in smaller amounts. But at the end, it will be the same in worth. (Except current bag holders. =p)

Unless UTC increase demand through improvements / marketing, it won't grow in market cap meaning still just as not good for the coin.
Instead of trying to tighten the supply in hope to increase price, let's think of ways and "do" in order to increase UTC's market cap.

I voted for 10 still as I hold enough coins which will make it worth while. (If I sell some of it)
But it also means many others like me who hold lots of UTC will think the same. (sell for profit)
That's actually not good for the coin. You want people to hold their coins longer knowing that it will increase more.
But if demand doesn't increase, bag holders will dump and and we'll be back to where we are now. (or worse)

reward decrease will only decrease the amount of coins mined per day. nothing else.
that is good for the coin in the long term not short term. people will hold their utc because they know there is not as many coins that are made each day to be dumped. also more people would buy it for the same reason.

the amount of coins you have wont change, the amount of total coins wont change.

Zeded, aren't you that guy who invested in UTC although your mom told you otherwise and now you are bagholding?

[dwolfx]

Stop focusing soo much on the price.
Start focusing on giving people a reason to use the coin.

The coin is 1000% faster than bitcoin for starters, there is your selling point.
Start making banners and pasting them everywhere "Ultra Coin 1000% faster than bitcoin".
Start making Point of Sales platforms to make easy adoption by outlets and online stores possible.


Then you wont have to worry about the price.

Artificially boosting price up by reducing miner reward to zero will not push the price up so much as it would push miners out making an already one-sided network even more one-sided.

UTC Mining will naturally taper off in ~15 or so days when N-Factor increases and people realize they need to invest 2000$ in system ram to continue mining, at which point many miners will fall off and price will start to climb as the amount of sellers decreases.

I am holding UTC for atleast another 2.5 weeks

[jakiman]

As I said, reducing block reward now will only make bag holders happy for the short term.
There is no guarantee that it will do much benefit in the long term. Really. It's all theory.
Lots of coin is also better if UTC is going to be targeted for transactions anyways.

There are only a handful of guys & 1 girl (=p) working to improve UTC infra.
We definitely do need an involved & dedicated coin developer also.

Seeing as we don't have enough people putting their hand up, why don't we go with public bounty?
https://bitcointalk.org/index.php?topic=413978.msg5851600#msg5851600

It seems MANY liked this idea including dcgirl & xwebnetwork. We know it works also.
So I don't understand why this isn't being looked into? What do you think Bumface?
I hope you like this idea as you are the only one who can start it right now.
(or announce that someone else such as myself can run it. You can PM me.)

[Halofire]

maybe produce a coin that has waves of larger supply. creates its own hype too. 1 month of 25,000/day then 3 months of 10,000/day then repeat.

[jakiman]

I personally don't like the sound of a hard fork and completely changing the initial coin's specification.
Sorta against it just patching things up. But yeah, if it's something very unique and innovative, I'm in.

[utcminer]

maybe produce a coin that has waves of larger supply. creates its own hype too. 1 month of 25,000/day then 3 months of 10,000/day then repeat.

sounds not good

[Halofire]

maybe produce a coin that has waves of larger supply. creates its own hype too. 1 month of 25,000/day then 3 months of 10,000/day then repeat.

sounds not good

lol, spice things up. ya never know til ya try. wasn't talking about for utc, btw.

[eddaviking]

Do you get the whole 50 UTC when you find a block?

[jakiman]

Do you get the whole 50 UTC when you find a block?

No. Unless you solo mine or you get super lucky mining in a pool where you have the only accepted share/s for that block.

[NickPortland]

Isn't the next N-factor shift going to take care of the problem anyway?

Unless diff drops dramatically and/or cpu-miners get in massively

[jakiman]

Okay, I think we will have a public bounty up within this week. (Maybe even tomorrow)
xwebnetwork is all over it and wants it up on the ultracoin.net & facebook TODAY.
http://forum.ultracoin.net/viewtopic.php?f=7&t=485&p=1099#p1099

Our priority would be multipool (much like BC) & tipper bots (reddit, youtube, twitter etc) I think.

[dwolfx]

Best bet would be a multi-pool to increase volume.

[kryptopojken]

Could someone please send a nitro.org invite to me? I would really appreciate it. Email: betapot@gmail.com

Cheers

[jakiman]

Could someone please send a nitro.org invite to me? I would really appreciate it. Email: betapot@gmail.com

Cheers

It's closed for a reason. If you want Nitro, sign up and mine at http://ultra2.nitro.org which is just as efficient.

[cryptoface]

Okay, I think we will have a public bounty up within this week. (Maybe even tomorrow)
xwebnetwork is all over it and wants it up on the ultracoin.net & facebook TODAY.
http://forum.ultracoin.net/viewtopic.php?f=7&t=485&p=1099#p1099

Our priority would be multipool (much like BC) & tipper bots (reddit, youtube, twitter etc) I think.

Great!!