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

[TheStuhlman]

Great work everyone & especially Stuhlman for taking such a drastic action.

Stuhlman, are you able to mass email everyone to spread HALF their miners to another non-Nitro pool?
If we can get Nitro 1 miners to change HALF of their workers to Nitro 2 or elsewhere, that will really balance things out.
Maybe that's better for you also instead of simply shutting down Nitro1? (Best to do email now while Nitro1 is down)

I am afraid mass emailing is out of the question now, mailchimp refused my last campaign with a letter about our industry not being welcomed.
So I switched to another mail service and already sent out campaigns to advertise something else. So my monthly allowed email limit is gone.
However, no need to worry, I will deliver the message, even if it takes longer time on each shutdown. I really can not shutdown Nitro1 completely because I do have monthly costs involved, but I will not tolerate having the other pools at this much disadvantage. I was hoping the leveldb fix would come faster, but this is getting out of hand now. So I will close it again tomorrow and if we get no results we will increase the shutdown time till we get results. Eventually the bonus you get for mining at Nitro will dwindle down to nothing. I hope miners see this is the best for UTC and do what is right.

[1714863431]

1714863431

[1714863431]

1714863431

[1714863431]

1714863431

[bret]

@bumface @Stuhlman, it is going to take time for miners to start distributing the hash power. Most of us have our mining software setup to failover to other pools so when Nitro goes down we mine on a backup pool, then right back to Nitro when it comes back up without having to lift a finger.

If you want people to switch pools permanently you are going to have to do something drastic. Why doesn't Nitro up it's fees to like 12% or something insane and donate the extra 9% to the UTC development team? It has to be something where people find it unappealing to mine on Nitro for them to switch. Rolling "brown outs" doesn't really effect anyone, like I said, because their failover take over and they do not even notice it happened.

Also you are in a catch-22 situation here with UTC value so low miners do not want to lose any unnecessary hashing power (coins) so as long as Nitro is orphaning other pools people will continue to flock to it. I think my solution works well because it benefits the community as a whole (forced donations to the development community via Nitro's insane fees) and forces people to switch off of Nitro. Once the hashing power is distributed Nitro can restore it's normal fees.

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

[jakiman]

@bumface @Stuhlman, it is going to take time for miners to start distributing the hash power. Most of us have our mining software setup to failover to other pools so when Nitro goes down we mine on a backup pool, then right back to Nitro when it comes back up without having to lift a finger.

If you want people to switch pools permanently you are going to have to do something drastic. Why doesn't Nitro up it's fees to like 12% or something insane and donate the extra 9% to the UTC development team? It has to be something where people find it unappealing to mine on Nitro for them to switch. Rolling "brown outs" doesn't really effect anyone, like I said, because their failover take over and they do not even notice it happened.

Also you are in a catch-22 situation here with UTC value so low miners do not want to lose any unnecessary hashing power (coins) so as long as Nitro is orphaning other pools people will continue to flock to it. I think my solution works well because it benefits the community as a whole (forced donations to the development community via Nitro's insane fees) and forces people to switch off of Nitro. Once the hashing power is distributed Nitro can restore it's normal fees.

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

I actually like the idea of having super high fee and donating that to the UTC Team!
But I think it needs to be more like 15% to have any impact. Maybe even 20%. =p

Also, that would be awesome for us to have another blockchain!
That's a UTC wallet address you put up correct?

[bret]

@bumface @Stuhlman, it is going to take time for miners to start distributing the hash power. Most of us have our mining software setup to failover to other pools so when Nitro goes down we mine on a backup pool, then right back to Nitro when it comes back up without having to lift a finger.

If you want people to switch pools permanently you are going to have to do something drastic. Why doesn't Nitro up it's fees to like 12% or something insane and donate the extra 9% to the UTC development team? It has to be something where people find it unappealing to mine on Nitro for them to switch. Rolling "brown outs" doesn't really effect anyone, like I said, because their failover take over and they do not even notice it happened.

Also you are in a catch-22 situation here with UTC value so low miners do not want to lose any unnecessary hashing power (coins) so as long as Nitro is orphaning other pools people will continue to flock to it. I think my solution works well because it benefits the community as a whole (forced donations to the development community via Nitro's insane fees) and forces people to switch off of Nitro. Once the hashing power is distributed Nitro can restore it's normal fees.

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

I actually like the idea of having super high fee and donating that to the UTC Team!
But I think it needs to be more like 15% to have any impact. Maybe even 20%. =p

Also, that would be awesome for us to have another blockchain!
That's a UTC wallet address you put up correct?

Yes sir it is a wallet address (just generated). I've been involved with UTC since late Jan / early Feb and really believe in the coin. I feel like now is a good time to become an active member of the community (it's crucial times for UTC right now).

As far as the fees, yes, higher would probably be better if we really want to get serious about forcing people to switch off Nitro and distribute the hashing power.

[Thirtybird]

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If you don't want to reinvent the wheel, consider forking Abe - it's been forked by Sahtor (I think) to be a block explorer for SC coins.

I, personally, like reinventing the wheel sometimes, but sometimes time is a factor.

[jakiman]

Yes sir it is a wallet address (just generated). I've been involved with UTC since late Jan / early Feb and really believe in the coin. I feel like now is a good time to become an active member of the community (it's crucial times for UTC right now).

As far as the fees, yes, higher would probably be better if we really want to get serious about forcing people to switch off Nitro and distribute the hashing power.

It's not much but I just sent you 100 coins to start you off. 

Status: 1/unconfirmed, broadcast through 38 nodes
Date: 4/13/2014 10:02
To: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv
Debit: -100.00 UTC
Transaction fee: -0.00001 UTC
Net amount: -100.00001 UTC
Transaction ID: 80067c2764cd2d13aedde505554e3842d19370d407ca18d65e02514c23974fd8

[dcgirl]

@bumface @Stuhlman, it is going to take time for miners to start distributing the hash power. Most of us have our mining software setup to failover to other pools so when Nitro goes down we mine on a backup pool, then right back to Nitro when it comes back up without having to lift a finger.

If you want people to switch pools permanently you are going to have to do something drastic. Why doesn't Nitro up it's fees to like 12% or something insane and donate the extra 9% to the UTC development team? It has to be something where people find it unappealing to mine on Nitro for them to switch. Rolling "brown outs" doesn't really effect anyone, like I said, because their failover take over and they do not even notice it happened.

Also you are in a catch-22 situation here with UTC value so low miners do not want to lose any unnecessary hashing power (coins) so as long as Nitro is orphaning other pools people will continue to flock to it. I think my solution works well because it benefits the community as a whole (forced donations to the development community via Nitro's insane fees) and forces people to switch off of Nitro. Once the hashing power is distributed Nitro can restore it's normal fees.

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

I actually like the idea of having super high fee and donating that to the UTC Team!
But I think it needs to be more like 15% to have any impact. Maybe even 20%. =p

Also, that would be awesome for us to have another blockchain!
That's a UTC wallet address you put up correct?

Yes sir it is a wallet address (just generated). I've been involved with UTC since late Jan / early Feb and really believe in the coin. I feel like now is a good time to become an active member of the community (it's crucial times for UTC right now).

As far as the fees, yes, higher would probably be better if we really want to get serious about forcing people to switch off Nitro and distribute the hashing power.

Let me welcome you to the UTC community, it is awesome to hear you volunteering to help.

[bret]

Yes sir it is a wallet address (just generated). I've been involved with UTC since late Jan / early Feb and really believe in the coin. I feel like now is a good time to become an active member of the community (it's crucial times for UTC right now).

As far as the fees, yes, higher would probably be better if we really want to get serious about forcing people to switch off Nitro and distribute the hashing power.

It's not much but I just sent you 100 coins to start you off. 

Status: 1/unconfirmed, broadcast through 38 nodes
Date: 4/13/2014 10:02
To: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv
Debit: -100.00 UTC
Transaction fee: -0.00001 UTC
Net amount: -100.00001 UTC
Transaction ID: 80067c2764cd2d13aedde505554e3842d19370d407ca18d65e02514c23974fd8

Great, thank you very much. Every little bit helps and it adds support for the idea when people donate.

@Thirtybird great advice, thank you. If anything I can look to that for ideas when I become stuck. I also enjoy reinventing the wheel (sometimes), but time is a factor as you pointed out.

@dcgirl like I said, I believe in the coin and I feel like a new block explorer is something the community is asking for and needs.

[utcminer]

@bumface @Stuhlman, it is going to take time for miners to start distributing the hash power. Most of us have our mining software setup to failover to other pools so when Nitro goes down we mine on a backup pool, then right back to Nitro when it comes back up without having to lift a finger.

If you want people to switch pools permanently you are going to have to do something drastic. Why doesn't Nitro up it's fees to like 12% or something insane and donate the extra 9% to the UTC development team? It has to be something where people find it unappealing to mine on Nitro for them to switch. Rolling "brown outs" doesn't really effect anyone, like I said, because their failover take over and they do not even notice it happened.

Also you are in a catch-22 situation here with UTC value so low miners do not want to lose any unnecessary hashing power (coins) so as long as Nitro is orphaning other pools people will continue to flock to it. I think my solution works well because it benefits the community as a whole (forced donations to the development community via Nitro's insane fees) and forces people to switch off of Nitro. Once the hashing power is distributed Nitro can restore it's normal fees.

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

I actually like the idea of having super high fee and donating that to the UTC Team!
But I think it needs to be more like 15% to have any impact. Maybe even 20%. =p

Also, that would be awesome for us to have another blockchain!
That's a UTC wallet address you put up correct?

Yes sir it is a wallet address (just generated). I've been involved with UTC since late Jan / early Feb and really believe in the coin. I feel like now is a good time to become an active member of the community (it's crucial times for UTC right now).

As far as the fees, yes, higher would probably be better if we really want to get serious about forcing people to switch off Nitro and distribute the hashing power.

Let me welcome you to the UTC community, it is awesome to hear you volunteering to help.

it is awesome

[kkk2000]

UltraCoin Mining Update

As UltraCoin matures, the UTC team is working hard to ensure the short-term and long-term viability and profit of the coin. We have heard from the mining community, pool operators and investors, and are working closely with them to address various issues and prepare UTC for future growth. As such, we would like to communicate our plans with you and will continue to do so regularly.

The UltraCoin Plan

1. Bring new coin developers on board. We have found very capable coin devs, with experience developing and modifying many other coins. They are already hard at work.

2. Modifications to wallet, to address software version updates and prepare for future changes. This phase is complete.

3. Modifications to Nitro1 pool. As you probably know, Nitro1 currently has a large proportion of the total hashrate for UTC. Stuhlman, the operator of the Nitro pool, has instituted a 2 hour daily shutdown of Nitro1 to address this, until future changes to UTC fix the issues causing this problem.

4. Recruiting new pools. We are actively working to bring more large pools into the UTC family. We will keep you updated as we work on this.

5. Additional modifications to wallet, to apply heartbleed fix, coincontrol and reward cutting. We expect this change to be in place within the next two weeks.

The change to add coincontrol will allow the user to "segment" his stash of coins, keeping the oldest coins available for proof of stake, and spending the newest. We have seen a preview of this function and are quite excited about what it offers.

The decision to cut rewards was made after input from the entire UTC community. In the short-term, this may have an effect on daily mining profits, but we believe that in the long-term it will lead to higher prices, negating any negative impact.

Cutting rewards also extends the lifecycle of UltraCoin, reducing supply and ensuring that all coins are not mined in just a few years.

5. Possible change to Proof of Stake schedule. We are also listening to the community to decide how the POS schedule should change. Most people agree that 1 year is too long. We will keep you updated as we think this through.

I personally want to thank all of the miners, pool operators and investors for sticking with UltraCoin. While we have many exciting changes and features in development, we recognize that we are at a critical juncture with the coin. I, and the entire UTC team, am 100% committed to the success of UTC and sincerely hope you will stay with me as we work to make this coin successful.

As a special treat, I'd like to share with you a new page, put together by a loyal member of the ultracoin community: whattomine.com. As you can see, UltraCoin is still the most profitable coin to mine. Our plans will make it even more so.

Team UTC

@bumface

My suggestion, can the n-factor low down to N=11, and keep it for a long time? 

Before 4.6 , I and many of my friends are mining UTC, but after N into 12:
(1) some of them who just have 4G ram cant get the best benefit.They out to other coin.
(2) 8G ram with 290 just get 2/3 coins when N=11. so they out.
(3) Other people who have R9 270 cant pay the electricity bill, they out.

Many people out when the n to 12, because they dont know and cant get benefit like before with old machine.
So the n-factor low down to N=11 can bring more miners.

And N time is not need change shortly, just like VTC and EXE, they keep one N for a year. Asci cant catch.

I think the first things to a successful coin is it can lure more and more miners, then more and more dev will come, then more and more peoples will use this, then asci will come (because the coin is worth it).

Hope utc will go to the moon, and the price is bottom now.

[jakiman]

I just sent some UTC to MintPal and it's not showing up.
Triple checked the address. All correct.
Showing plenty of confirmation from the wallet.
Anyone had or having the same issue?

Edit: Hoping it's this. https://twitter.com/MintPalExchange/status/455249330128297984

[untalented]

I just sent some UTC to MintPal and it's not showing up.
Triple checked the address. All correct.
Showing plenty of confirmation from the wallet.
Anyone had or having the same issue?

Edit: Hoping it's this. https://twitter.com/MintPalExchange/status/455249330128297984

Yes.
Something wrong on mintpal.

[jakiman]

Yes.
Something wrong on mintpal.

Cool. Thanks for confirming. It's been 2 hours and still no show.
It's the first time transferring UTC to MintPal. How unlucky.  

[carlo63]

Which is a good service for buy and sell utc by mastercard or paypal? does anyone know?

[untalented]

@bumface @Stuhlman, it is going to take time for miners to start distributing the hash power. Most of us have our mining software setup to failover to other pools so when Nitro goes down we mine on a backup pool, then right back to Nitro when it comes back up without having to lift a finger.

If you want people to switch pools permanently you are going to have to do something drastic. Why doesn't Nitro up it's fees to like 12% or something insane and donate the extra 9% to the UTC development team? It has to be something where people find it unappealing to mine on Nitro for them to switch. Rolling "brown outs" doesn't really effect anyone, like I said, because their failover take over and they do not even notice it happened.

Also you are in a catch-22 situation here with UTC value so low miners do not want to lose any unnecessary hashing power (coins) so as long as Nitro is orphaning other pools people will continue to flock to it. I think my solution works well because it benefits the community as a whole (forced donations to the development community via Nitro's insane fees) and forces people to switch off of Nitro. Once the hashing power is distributed Nitro can restore it's normal fees.

@bumface please PM me when you read this, I have access to the domain utcchain.info and would like to code a new block explorer. I have 20 years programming experience and consider myself an elite coder.

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

I agree.
I see that some of the miners moved to other pools. Thanks to you for this.
Unfortunately, a large part of the miners did not.
I would not be surprised if a significant part of the miners is the competition of other currencies. They certainly do not care.
In the end, UTC is one of the most profitable currencies in mining  
So your idea even though it seems unfair to most loyal miners, is the only salvation.
Loyal miners that i hope you'll understand that this is not only good for them but for the whole community utc.
There should be a minimum of 20% of the fee for the use of nitro. Such a high fee should go to the budget UTC or for TheStuhlman.
Turn off the mine for a few hours, unfortunately will not work.
Increased fee should be for an indefinite period, until it succeeds.
Most suffers TheStuhlman, respect for you my friend.

[untalented]

My suggestion, can the n-factor low down to N=11, and keep it for a long time? 

Before 4.6 , I and many of my friends are mining UTC, but after N into 12:
(1) some of them who just have 4G ram cant get the best benefit.They out to other coin.
(2) 8G ram with 290 just get 2/3 coins when N=11. so they out.
(3) Other people who have R9 270 cant pay the electricity bill, they out.

Many people out when the n to 12, because they dont know and cant get benefit like before with old machine.
So the n-factor low down to N=11 can bring more miners.

And N time is not need change shortly, just like VTC and EXE, they keep one N for a year. Asci cant catch.

I think the first things to a successful coin is it can lure more and more miners, then more and more dev will come, then more and more peoples will use this, then asci will come (because the coin is worth it).

Hope utc will go to the moon, and the price is bottom now.

I have to agree with you.
Changing the n-factor is too fast.
N-factor, low down to N = 11, and keep it for a long time for gpu miners its great idea.
The largest and most important for us should be gpu miners.
I do not think it would be, a bad choice to delay the change of n-factor to 12 or even leave for a long time. If they were asic, what a problem to change the n-factor to further protect miners gpu?
UTC should be gpu mining rigs friendly as possible, because it is the most.
When the coins will 100% PoS, then UTC should be friendly to the CPU miners. That's enough to earn transaction fees and maintaining network security. A good example is the Black Coin.

[untalented]

If anyone wants to provide me with additional motivation to get utcchain.info off the ground, please donate: UkbuPc3fbCGWxGDyQYaVMZ65Zi6AAS8hgv

800 UTC sent.
I think that your abilities could be useful to us 

[LostInRandomness]

@TheStuhlman

I've had some time today to read along the thread again after loosing track a while back and I've noticed the dilemma UTC is having in regards to Nitro. I'm not sure if the following idea has passed by already but I just wanted to post them in case they could be useful.

The impression I got is that there are a lot of miners out there with Nitro as primary and an alternate fallback. What would happen if you would force everybody to manually update their configurations, that would at least force a rather large portion of miners to reconfigure their setups, if (sorry that I need to make the assumption) we could convince miners to make their fallback pool the primary one we might end up with a more evenly distributed hashrate.

Ways to force everybody to change /update their config could be running the pool on a (slightly) different DNS name, different IP (if people have hardcoded it to avoid DNS problems) or reset/flush the passwords on the workers themselves.

[jakiman]

Shouldn't Ultracoin be on this Heartbleed list? or at least give ETA on it?

https://bitcointalk.org/index.php?topic=563790.0

[utcminer]

UltraCoin Mining Update

As UltraCoin matures, the UTC team is working hard to ensure the short-term and long-term viability and profit of the coin. We have heard from the mining community, pool operators and investors, and are working closely with them to address various issues and prepare UTC for future growth. As such, we would like to communicate our plans with you and will continue to do so regularly.

The UltraCoin Plan

1. Bring new coin developers on board. We have found very capable coin devs, with experience developing and modifying many other coins. They are already hard at work.

2. Modifications to wallet, to address software version updates and prepare for future changes. This phase is complete.

3. Modifications to Nitro1 pool. As you probably know, Nitro1 currently has a large proportion of the total hashrate for UTC. Stuhlman, the operator of the Nitro pool, has instituted a 2 hour daily shutdown of Nitro1 to address this, until future changes to UTC fix the issues causing this problem.

4. Recruiting new pools. We are actively working to bring more large pools into the UTC family. We will keep you updated as we work on this.

5. Additional modifications to wallet, to apply heartbleed fix, coincontrol and reward cutting. We expect this change to be in place within the next two weeks.

The change to add coincontrol will allow the user to "segment" his stash of coins, keeping the oldest coins available for proof of stake, and spending the newest. We have seen a preview of this function and are quite excited about what it offers.

The decision to cut rewards was made after input from the entire UTC community. In the short-term, this may have an effect on daily mining profits, but we believe that in the long-term it will lead to higher prices, negating any negative impact.

Cutting rewards also extends the lifecycle of UltraCoin, reducing supply and ensuring that all coins are not mined in just a few years.

5. Possible change to Proof of Stake schedule. We are also listening to the community to decide how the POS schedule should change. Most people agree that 1 year is too long. We will keep you updated as we think this through.

I personally want to thank all of the miners, pool operators and investors for sticking with UltraCoin. While we have many exciting changes and features in development, we recognize that we are at a critical juncture with the coin. I, and the entire UTC team, am 100% committed to the success of UTC and sincerely hope you will stay with me as we work to make this coin successful.

As a special treat, I'd like to share with you a new page, put together by a loyal member of the ultracoin community: whattomine.com. As you can see, UltraCoin is still the most profitable coin to mine. Our plans will make it even more so.

Team UTC

@bumface

My suggestion, can the n-factor low down to N=11, and keep it for a long time? 

Before 4.6 , I and many of my friends are mining UTC, but after N into 12:
(1) some of them who just have 4G ram cant get the best benefit.They out to other coin.
(2) 8G ram with 290 just get 2/3 coins when N=11. so they out.
(3) Other people who have R9 270 cant pay the electricity bill, they out.

Many people out when the n to 12, because they dont know and cant get benefit like before with old machine.
So the n-factor low down to N=11 can bring more miners.

And N time is not need change shortly, just like VTC and EXE, they keep one N for a year. Asci cant catch.

I think the first things to a successful coin is it can lure more and more miners, then more and more dev will come, then more and more peoples will use this, then asci will come (because the coin is worth it).

Hope utc will go to the moon, and the price is bottom now.

The main reason is  the UTC IS TOO cheap that we cant pay the electricity bill