[POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦

[ny2cafuse]

Im sorry you feel that way but, we asked the community all over and all.networks and here and everyone feels that their are to many coins be mined daily and not enough use yet so the best solution is to halve the block reward.

Im sorry we cant please everyone

LOL... there aren't enough uses yet, so you're going to limit the amount of coins being generated.  Why not push harder on finding uses for the coin?  This seems completely backwards in thinking.  Halving the reward will make the coin unprofitable until the price goes up to balance things out.  The price won't go up until there are more uses for the coin and there is a higher demand for it.  You are absolutely dense if you think this block halving is a good idea... especially if it's "because there aren't enough uses for the coin".

You say you asked the community... so where's the poll?  Where is the community vote?  Did some 2 week old account tell you "you should halve the reward so it'll go to the moonz!"?  This is idiotic, at best.

Plenty of long time miners and supporters have already come forward and said this was a stupid idea.  You failed to listen to the voice of reason in support of false profit.

-Fuse

[sirsmokesalot]

I was strongly against halving the coin before 4/20. I felt it would be very unfair to those who were just hearing about it then.

Everyone acts like they KNOW what will happen. No one knows for certain. We all look at the same data and extrapolate from it what we will.

At the current moment, I am for the halving of potcoin.

With the recent rush of the Asics for scrypt, i think the halving will provide longer term motivation for people to continue mining Potcoin.

I do not think the devs are doing it hoping the price will rise (or fall for that matter). It is much more long term.

In all honesty, i can't see it hurting the coin or dropping the price any lower than it currently is. The price has been ridiculously low as of late, sure shit could always go worse, but then no one would mine the coin.

What reasons are there to NOT halve the coin now?

[ny2cafuse]

I was strongly against halving the coin before 4/20. I felt it would be very unfair to those who were just hearing about it then.

Everyone acts like they KNOW what will happen. No one knows for certain. We all look at the same data and extrapolate from it what we will.

At the current moment, I am for the halving of potcoin.

With the recent rush of the Asics for scrypt, i think the halving will provide longer term motivation for people to continue mining Potcoin.

I do not think the devs are doing it hoping the price will rise (or fall for that matter). It is much more long term.

In all honesty, i can't see it hurting the coin or dropping the price any lower than it currently is. The price has been ridiculously low as of late, sure shit could always go worse, but then no one would mine the coin.

What reasons are there to NOT halve the coin now?

How does halving the coin promote long term mining in relation to ASICs?  What do the two have to do with each other?  If the people with ASICs want to mine potcoin, they are going to mine potcoin.  But they aren't going to mine if it's less profitable than all the other coins.  So not only will it become extremely unprofitable for GPU miners, but ASIC miners will ditch it as well because they turn a better profit with something else.  When they jump ship, you lose a large portion of your network hash rate.

I'm still waiting to hear one good reason that the coin should halve it's reward.

If you halve the coin, I guarantee that you're going to see things get worse in terms of price and network hashrate.

But you guys do whatever you want. 

-Fuse

[Chronikka]

I was strongly against halving the coin before 4/20. I felt it would be very unfair to those who were just hearing about it then.

Everyone acts like they KNOW what will happen. No one knows for certain. We all look at the same data and extrapolate from it what we will.

At the current moment, I am for the halving of potcoin.

With the recent rush of the Asics for scrypt, i think the halving will provide longer term motivation for people to continue mining Potcoin.

I do not think the devs are doing it hoping the price will rise (or fall for that matter). It is much more long term.

In all honesty, i can't see it hurting the coin or dropping the price any lower than it currently is. The price has been ridiculously low as of late, sure shit could always go worse, but then no one would mine the coin.

What reasons are there to NOT halve the coin now?

How does halving the coin promote long term mining in relation to ASICs?  What do the two have to do with each other?  If the people with ASICs want to mine potcoin, they are going to mine potcoin.  But they aren't going to mine if it's less profitable than all the other coins.  So not only will it become extremely unprofitable for GPU miners, but ASIC miners will ditch it as well because they turn a better profit with something else.  When they jump ship, you lose a large portion of your network hash rate.

I'm still waiting to hear one good reason that the coin should halve it's reward.

If you halve the coin, I guarantee that you're going to see things get worse in terms of price and network hashrate.

But you guys do whatever you want. 

-Fuse

Halve the coin because if we don't, by this time next year all 420 million coins will be in circulation. Lets see how many miners stick around when they are only making transaction fees.

[sirsmokesalot]

I was strongly against halving the coin before 4/20. I felt it would be very unfair to those who were just hearing about it then.

Everyone acts like they KNOW what will happen. No one knows for certain. We all look at the same data and extrapolate from it what we will.

At the current moment, I am for the halving of potcoin.

With the recent rush of the Asics for scrypt, i think the halving will provide longer term motivation for people to continue mining Potcoin.

I do not think the devs are doing it hoping the price will rise (or fall for that matter). It is much more long term.

In all honesty, i can't see it hurting the coin or dropping the price any lower than it currently is. The price has been ridiculously low as of late, sure shit could always go worse, but then no one would mine the coin.

What reasons are there to NOT halve the coin now?

How does halving the coin promote long term mining in relation to ASICs?  What do the two have to do with each other?  If the people with ASICs want to mine potcoin, they are going to mine potcoin.  But they aren't going to mine if it's less profitable than all the other coins.  So not only will it become extremely unprofitable for GPU miners, but ASIC miners will ditch it as well because they turn a better profit with something else.  When they jump ship, you lose a large portion of your network hash rate.

I'm still waiting to hear one good reason that the coin should halve it's reward.

If you halve the coin, I guarantee that you're going to see things get worse in terms of price and network hashrate.

But you guys do whatever you want. 

-Fuse

You speculate your way, I will speculate my way. In the end, what will be will be.

Why would you mine a coin if you get nothing for it? I wouldn't, not with so many coins out there.

There are always going to be scavengers out there, like my self, who look for opportunity. If the difficulty is 5 because the network is low and i have a nice fat asic for scrypts laying around and i can see the charts and graphs on potcoins history i can make some educated guesses and most likely wouldn't mind mining it for a while to make some a hold in case something happens.

If the coin has no rewards for mining, i am not wasting my time. Anyone who thinks transaction fees are enough to keep miners on the coins with TONS of new coins being released every day, they ain't the sharpest tool in the shed.

Aside from keeping the coin worthwhile for mining. Instead of changing algos, which is a fucking stupid idea solely because of asics. They opt to decrease block rewards over time to achieve the same goal that algo swapping does. The end result is the same, controlling the flow of the coin. Yet by not dropping scrypt they are able to utilize the asics for network support. On going network support thanks to the continuation of mining efforts due to the fact that mining still nets some type of reward.

Let the halving commence 

[ny2cafuse]

Halve the coin because if we don't, by this time next year all 420 million coins will be in circulation. Lets see how many miners stick around when they are only making transaction fees.

That's a viable reason, but I still don't think it's worth killing the coin for right now.  If you want control the flow of coins, extend the time between blocks and/or increase the difficulty calculation.  Halving the rewards 4 times a year will make this coin worthless to mine in 3 months time if there isn't a load of new ways to spend the coin.  Every time the reward halves, you would have to have a proportionate increase in price to keep people mining it.  Sure you have the true believers, but in the end, we're all here to turn a worthless internet coin into something we can use to buy shit with.  Whether that coin is BTC, LTC, DOGE, POT... whatever.  It has to be worth mining, aka profitable.

If the coin has no rewards for mining, i am not wasting my time. Anyone who thinks transaction fees are enough to keep miners on the coins with TONS of new coins being released every day, they ain't the sharpest tool in the shed.

My point exactly.  How can you argue for block halving 4 times a year and still say this?  Do you honestly think the price will keep up with the reduced rewards, when the potcoin himself is saying "there's not enough uses for it"?

Put the joint down, people... time to sober up a minute and think straight.

-Fuse

[Chronikka]

Halve the coin because if we don't, by this time next year all 420 million coins will be in circulation. Lets see how many miners stick around when they are only making transaction fees.

That's a viable reason, but I still don't think it's worth killing the coin for right now.  If you want control the flow of coins, extend the time between blocks and/or increase the difficulty calculation.  Halving the rewards 4 times a year will make this coin worthless to mine in 3 months time if there isn't a load of new ways to spend the coin.  Every time the reward halves, you would have to have a proportionate increase in price to keep people mining it.  Sure you have the true believers, but in the end, we're all here to turn a worthless internet coin into something we can use to buy shit with.  Whether that coin is BTC, LTC, DOGE, POT... whatever.  It has to be worth mining, aka profitable.

If the coin has no rewards for mining, i am not wasting my time. Anyone who thinks transaction fees are enough to keep miners on the coins with TONS of new coins being released every day, they ain't the sharpest tool in the shed.

My point exactly.  How can you argue for block halving 4 times a year and still say this?  Do you honestly think the price will keep up with the reduced rewards, when the potcoin himself is saying "there's not enough uses for it"?

Put the joint down, people... time to sober up a minute and think straight.

-Fuse

Reduced miner rewards increase scarcity. Price will go up because they are harder to obtain. But this premise is completely dependent on the coin having a demand. People have to be buying the coin to create demand. So we are back to the same issue as before...how do we create more usage?

That being said...halving 4 times in a year is still probably overkill...

Edit: And I just want to add...the price really doesn't matter too much at this point. Its still just a 4 month old coin. If you are mining just stuff the coins in your wallet for now and wait.

[sirsmokesalot]

Halve the coin because if we don't, by this time next year all 420 million coins will be in circulation. Lets see how many miners stick around when they are only making transaction fees.

That's a viable reason, but I still don't think it's worth killing the coin for right now.  If you want control the flow of coins, extend the time between blocks and/or increase the difficulty calculation.  Halving the rewards 4 times a year will make this coin worthless to mine in 3 months time if there isn't a load of new ways to spend the coin.  Every time the reward halves, you would have to have a proportionate increase in price to keep people mining it.  Sure you have the true believers, but in the end, we're all here to turn a worthless internet coin into something we can use to buy shit with.  Whether that coin is BTC, LTC, DOGE, POT... whatever.  It has to be worth mining, aka profitable.

If the coin has no rewards for mining, i am not wasting my time. Anyone who thinks transaction fees are enough to keep miners on the coins with TONS of new coins being released every day, they ain't the sharpest tool in the shed.

My point exactly.  How can you argue for block halving 4 times a year and still say this?  Do you honestly think the price will keep up with the reduced rewards, when the potcoin himself is saying "there's not enough uses for it"?

Put the joint down, people... time to sober up a minute and think straight.

-Fuse

Because, 210 and 105 and so forth is still a lot more than .01 (what are transaction fees anyway?)?

Unlike you, price is not a concern for me? I am not worried about day trading and making a few dollars. I buy when it is low, as i said, scavenger.

How is halving the coin going to push prices lower? Price is based on utility? Or is it based on total network hash? I personally don't look at the network hash and determine my prices off of that, do people?

Your prediction of death only makes sense if no work is done to get the coin more acceptance by vendors. As though things are just going to stagnate at this point for the next 8 months?

You seem to mine completely based on formula. If it isn't profitable, you don't mine it. Which is fine, but that is not how everyone does it.

I don't determine if a coin is worth mining based upon immediate profitability. I like to speculate.

I speculate that the halving is not going to kill the coin. You still don't give any solid foundation for why it is going to kill the coin. I believe my arguments for halving are a bit more compelling than "the price needs to double if the rewards halve, other wise no one will mine the coin"

The price fell what? 300, 400% and the network wasn't decimated by that. People are still mining. That must be solely because they are still getting 420 coins a block, not because they see something about the coin..

Price will go up because they are harder to obtain. But this premise is completely dependent on the coin having a demand. People have to be buying the coin to create demand. So we are back to the same issue as before...how do we create more usage?

Buying the coin doesn't create demand for the coin. Utility creates demand. Being able to buy something exclusively with potcoins creates demand. Making something that people want, and forcing them to get potcoins to get it. The target market is perfect for that, who the fuck wouldn't want a 20 for the little work they had to spend to start mining? The problem is, shit is still illegal. I am a dreamer but i see some type of crypto growing side by side with the emerging industry. I still think we are 3 to 5 years before we see wide spread reform of marijuana laws. The feds take forever to do anything. State level might not be so long but until the feds makes moves, the whole political system blows.

[CartmanSPC]

What's up with the diff and network hashrate right now?

Hashrate    1.56TH/s
Difficulty    14500

Timewarp?

[sirsmokesalot]

What's up with the diff and network hashrate right now?

Hashrate    1.56TH/s
Difficulty    14500

Timewarp?

I don't see what you are talking about? 1.56 th/s seems like a lot, even for the new asics though.

[Chronikka]

What's up with the diff and network hashrate right now?

Hashrate    1.56TH/s
Difficulty    14500

Timewarp?

I don't see what you are talking about? 1.56 th/s seems like a lot, even for the new asics though.

I saw this a few hours after he posted. Net Hashrate was < 3 Gh/s at the time

[sirsmokesalot]

I checked the chain and didn't see anything either, i was really interested. If someone had THAT many asics.. Jeeze, maybe a manufacturer testing things?

[DubFX]

I checked the chain and didn't see anything either, i was really interested. If someone had THAT many asics.. Jeeze, maybe a manufacturer testing things?

On a PotCoin? I don't think so.

[CartmanSPC]

Look around block 234897. Does POT use KGW? Looks like a timewarp attack. Notice block 234894 go back in time then two hours between block 234897 and 234898.

[Chronikka]

Look around block 234897. Does POT use KGW? Looks like a timewarp attack. Notice block 234894 go back in time then two hours between block 234897 and 234898.

Yes KGW is implemented. Timewarp attacks artificially reduce the difficulty so that somebody with a lot of power can mine a lot of coins at low difficulty. The number you quoted was too high. We would see something like difficulty 1 or 5 or something else low.

A couple of large multipools could have jumped on simultaneously, solved some blocks and jumped off when KGW shot the difficulty up. Without their added hash power it took 2 hours for the next block to be solved by a smaller pool.

[CartmanSPC]

Thanks for confirming it was the timewarp vulnerability. I obviously don't follow this coin closely but noticed the situation right before I was about to start mining. Went elsewhere as I knew it would be stuck for a few hours.

Have seen the same thing happen to other coins that have not yet fixed this....the "reported" diff and hashrate shoot way up until the next block is found. Without enough hash power a coin can get stuck in this situation.

I suggest the devs make fixing this vulnerability a priority over anything else.

[sirsmokesalot]

Thanks for confirming it was the timewarp vulnerability. I obviously don't follow this coin closely but noticed the situation right before I was about to start mining. Went elsewhere as I knew it would be stuck for a few hours.

Have seen the same thing happen to other coins that have not yet fixed this....the "reported" diff and hashrate shoot way up until the next block is found. Without enough hash power a coin can get stuck in this situation.

I suggest the devs make fixing this vulnerability a priority over anything else.

I am pretty sure potcoin had a time warp scare and patched this issue a long while ago.

Look around block 234897. Does POT use KGW? Looks like a timewarp attack. Notice block 234894 go back in time then two hours between block 234897 and 234898.

A couple of large multipools could have jumped on simultaneously, solved some blocks and jumped off when KGW shot the difficulty up. Without their added hash power it took 2 hours for the next block to be solved by a smaller pool.

That is what I was thinking happened.

[PotCoin]

we did patch the KGW remember -

we patched right after aurora got attacked, we where one on the first coins to patch and we did it very quick....


WE MAY PUSH THE HALVING FORWARD TO REVIEW THESE ATTACKS TO FIND A WE CAN FIND A FIX>>>> i will talk to the team.  we are working on the wallets now so this is good timing.

[PotCoin]

Custom Potcoins rolling papers loaded with potcoins!  are we intested in?

http://www.reddit.com/r/potcoin/comments/25c0hl/potcoin_rolling_papers_loaded_with_potcoins/

[PotCoin]

www.potchain.net the official block explorer of potcoin is back up - we had some issues with it getting stuck over and over the same block but we finally found the issues and fixed it.

we will be fixing all the things related to BITCOIN - since this is a port of INSIGHT for bitcoins -  anyways this is a great explorer build in node and we will be modding it.

We are working on getting the Live USD price from www.potcointousd.com

try out the QR scan feature on your phone works great!