[ANN] [PMC] Premine Coin | Rare | Mining Transaction Fee Proof of Concept

[Nullu]

I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

[creditcoin_CRD]

I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

To an extent I agree. On the other hand being proactive is always better than being reactive.

[Nullu]

I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

To an extent I agree. On the other hand being proactive is always better than being reactive.

I also agree. As long as you don't enforce too many unpredictable features at once. Right now the concept of Premine is easy to understand and follow. As long as any new ideas are also easy to understand and follow, then no matter how complex, they'll be easier for the community to adopt and adapt to.

[subSTRATA]

I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

There is a very specific order of how things should be done else there will be a dissaster. Unless there is protection in place
against the possible situation which I've explained earlier it is unrealistic to expect people will be buying PMC for much BTC
or whatever other cryptocoin. It would be like buying 1kg gold bar from someone who afterwards leave you solo with a group
of Somali pirates or some similar folks.

I have calculated my risks and assigned a total 0.05 BTC for buying PMC. That much BTC I can lose but the price at which I'm
buying still reflects the chances of ending up with nothing.

0.00001000   1000   0.01
0.00000875   1142.8571   0.00999999
0.00000750   1333.3333   0.00999999
0.00000625   1600   0.01
0.00000500   2000   0.01

Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  

[Nullu]

I'm liking the ideas coming out of this thread now, however at the same time we shoud be mindful now to make big changes when we're not sure how small changes will effect the currency. Right now I think coin movement and tx fees are going to be the biggest contributing factors to the coins success, and once that is done, other ideas will certainly be worth considering.

There is a very specific order of how things should be done else there will be a dissaster. Unless there is protection in place
against the possible situation which I've explained earlier it is unrealistic to expect people will be buying PMC for much BTC
or whatever other cryptocoin. It would be like buying 1kg gold bar from someone who afterwards leave you solo with a group
of Somali pirates or some similar folks.

I have calculated my risks and assigned a total 0.05 BTC for buying PMC. That much BTC I can lose but the price at which I'm
buying still reflects the chances of ending up with nothing. It is not like I can just throw out 0.05 BTC so it is either lose that
money or get huge pile of PMC.

0.00001000   2000   0.02
0.00000875   1142.8571   0.00999999
0.00000750   1333.3333   0.00999999
0.00000625   1600   0.01
0.00000500   2000   0.01

Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  

I agree that risk vs reward is a big factor at play, but that's no different than any other coin. I think the potential value is also important to consider in such decisions. I personally would put 0.1 BTC into PMC right now. If I had the BTC free, of course. I hope I will soon.

I already have a decent stake, so actually if I bought PMC I would not be contributing to its success. If anything I need to give away or otherwise distribute as much as my PMC as I can afford to do.

[vlight]

Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  

No

[raveldoni]

PMC Dice game is live.

If you are into dice games I encourage you to give it a go. This will help generate fees for the miners.


http://www.altcoingambling.com/16BitBet/PMC

Just tried it. Lost 11 Won 40.

[hilgi]

Good buy!

Trade until now on poloniex

2014-01-27 10:54:27   Sell   0.0001   103.0576   0.01030576
2014-01-27 10:54:27   Sell   0.0001   65   0.0065
2014-01-27 10:18:08   Sell   0.0001   10   0.001
2014-01-27 05:51:27   Sell   0.0002   5   0.001
2014-01-27 05:51:27   Sell   0.0002   3.66675   0.00073335
2014-01-27 05:50:44   Buy   0.0002   5   0.001
2014-01-27 05:50:44   Buy   0.0002   21.33325   0.00426665
2014-01-27 04:38:19   Buy   0.0001   22.9413   0.00229413
2014-01-27 04:37:58   Buy   0.00009999   200   0.019998
2014-01-27 04:37:07   Buy   0.00009997   0.8043461   0.00008041
2014-01-27 03:33:46   Sell   0.00008100   5.5198814   0.00044711
2014-01-27 03:33:25   Sell   0.00008200   4.45268   0.00036511
2014-01-27 03:33:06   Sell   0.00008300   2.462   0.00020434
2014-01-27 03:32:38   Sell   0.00008400   2   0.000168
2014-01-27 03:32:14   Sell   0.00008440   17.326   0.00146231
2014-01-27 03:31:50   Sell   0.00008500   6.418   0.00054553
2014-01-27 03:31:29   Sell   0.00008600   12.573   0.00108127
2014-01-27 03:30:50   Sell   0.00009000   1.59   0.0001431
2014-01-27 02:54:16   Buy   0.0001   23.8787   0.00238787
2014-01-27 02:35:14   Buy   0.0001   1.59   0.000159
2014-01-27 02:34:05   Buy   0.0001   1.59   0.000159
2014-01-27 02:30:10   Sell   0.00001100   143.504   0.00157854
2014-01-27 02:29:10   Sell   0.00002000   0.496   0.00000992
2014-01-27 02:27:44   Sell   0.00002000   35   0.0007
2014-01-27 02:27:30   Buy   0.00009900   10   0.00099
2014-01-27 02:26:27   Sell   0.00002000   50   0.001
2014-01-27 02:13:33   Sell   0.00004000   250   0.01
2014-01-27 02:12:56   Sell   0.00009000   10   0.0009
2014-01-27 02:01:56   Sell   0.0001   10   0.001
2014-01-27 02:01:30   Sell   0.0002   3.56675   0.00071335
2014-01-27 01:48:23   Sell   0.0002   3.87725   0.00077545
2014-01-27 01:44:33   Sell   0.0002   2.556   0.0005112
2014-01-27 01:44:17   Sell   0.0003   0.444   0.0001332
2014-01-27 01:34:59   Sell   0.0003   1.14   0.000342
2014-01-27 01:27:21   Sell   0.0004   1.12275   0.0004491
2014-01-27 01:16:39   Buy   0.00045   1   0.00045
2014-01-27 01:10:21   Sell   0.0003   5.3   0.00159
2014-01-27 01:02:48   Sell   0.0003   2.116   0.0006348
2014-01-27 00:46:14   Sell   0.0003   1   0.0003
2014-01-27 00:34:34   Buy   0.0005   0.3975   0.00019875
2014-01-27 00:23:14   Buy   0.0005   10   0.005
2014-01-27 00:19:17   Buy   0.0005   7   0.0035
2014-01-27 00:12:27   Buy   0.0014   1   0.0014
2014-01-27 00:12:09   Buy   0.0012   1   0.0012
2014-01-27 00:11:27   Buy   0.001    1   0.001

Sell at 0.0002 is too much low...

i bought those

[subSTRATA]

Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  

No

Bear says WUUUT?  



More of those at http://imgur.com/gallery/ntcjK (yes, it is Japanese stuff!)

[hilgi]

No wallet for mac?!

If someone can take the source code and create a mac wallet, I am sure they would receive a lot of donations.

Would be great!

Ok, I hear you! Here you go.

Premine Mac OS X Wallet





link = https://www.dropbox.com/s/r2yk4v1giocb3ja/Premine-MacOSX-QT-instacash.zip

zip md5 = eef78b3c6be73b7381217751c8a5a191

The zip contains premine.conf, put it into ~/Library/Application Support/Premine/ after you launched the wallet for the first time. (From the "Go" menu navigate down to "Go to Folder" or hit Command+Shift+G in Finder / from the OS X desktop, then enter the path and put your conf there). After relaunch your wallet syncs with the network.

Please send donations (I have 0 PMC) to: 1b293WfJ3yYm9JyYz9BWJSJ7qou6RANuU

Great job! Sending some your way!

[creditcoin_CRD]

Those are my orders at Poloniex, dump dump dumppppppppppppppppppppp!  

No

Bear says WUUUT?  

More of those at http://imgur.com/gallery/ntcjK (yes, it is Japanese stuff!)

DO NOT SEND DEVELOPER ANY COINS FOR DISTRIBUTION, THIS COIN WON'T WORK!

It is funny how you now want to send money towards this coin. And even try to push the price down to get more. But a few days ago this coin was worth zero to you. It will be interesting to see how much you will value it after one month.

To his credit I believe he was expecting me to sell the coins as some kind of an IPO.

[BeeFer310]

Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

Makes me sad.

Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
2016 blocks classic difficulty retarget kicks in. That system works like charm!

That sounds great. I think this system could prevent the coin from the described dilemma

[creditcoin_CRD]

Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

Makes me sad.

Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
2016 blocks classic difficulty retarget kicks in. That system works like charm!

That sounds great. I think this system could prevent the coin from the described dilemma

The thing is: I was VERY VERY close to doing it that way in the first place.

[creditcoin_CRD]

Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

Makes me sad.

Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
2016 blocks classic difficulty retarget kicks in. That system works like charm!

That sounds great. I think this system could prevent the coin from the described dilemma

So basically a lower limit cap on the difficulty if a block isn't found in some time - this keeps transactions moving, while still allowing for a higher difficulty re-adjustment time?

The thing is: I was VERY VERY close to doing it that way in the first place.

Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.

[Nullu]

Cost of producing 1 PMC now is infinite but valuation based on that will utterly fail unless you take into consideration the utility
of PMC, security ot network and dozen other factors. For example, will you invest 1 BTC into PMC when some funny guy can come
and paralyse mining by mere adding few THashes and reject everyone's tx and blocks? There are people out there who could do
it for fun, because they can or some other reason. BOTNET operator might do it to test how much PMC he would get from tx fees
and so on. So, a guy paralyses PMC, increases difficulty to 100k and jumps off the chain, what happens next? I think you know.

Makes me sad.

Well it does not have to be that way. Bitcoin Testnet artificially drops difficulty to just 0.5 if block is not found after 20 minutes.
It does that temporaly, the next block difficulty goes up to same value as one before (for example, 1k > 0.5 > 1k) and then after
2016 blocks classic difficulty retarget kicks in. That system works like charm!

That sounds great. I think this system could prevent the coin from the described dilemma

So basically a lower limit cap on the difficulty if a block isn't found in some time - this keeps transactions moving, while still allowing for a higher difficulty re-adjustment time?

The thing is: I was VERY VERY close to doing it that way in the first place.

Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.

Seeing how the mining block rewards are so essentially tied to transactions being able to move regularly, I would say this is a far bigger issue for Premine than most coins.

[vlight]

To his credit I believe he was expecting me to sell the coins as some kind of an IPO.

I was just kidding, subSTRATA.  

[PalaRIP]

Is Poloniex trustworth? I never tried this exchange. I never would sell some PMC there even before it really started, but interesting to know about Poloniex reputation anyway.

So, some experiences?

Thank you and keep up the good work all!

[BeeFer310]

Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.

Seeing how the mining block rewards are so essentially tied to transactions being able to move regularly, I would say this is a far bigger issue for Premine than most coins.

Yes this is one of PMC biggest issues. But this is not easy to solve.
What’s missing is an infrastructure and people who are using this coin. But it is very difficult to get this from scratch. This is an experiment to see how coins will run when there is no more reward.
Bitcoins advantage is that at this time there will be enough traffic to solve the problem respectively to not let the coin die.
PMC is not at this stage. It will die if it’s not being used because at some point there will be no more donators to pay the miners.
We need to fix this issue but therefore we need to use it and we have to hope that this will not take too long. The script you coded is a workaround to help that the network keeps running. We need to ensure that we can run this network this way for several months because it will take time to building an infrastructure

I the coin is hung then there is as far as i know no way without a massive amount of hashrate to get it run again. If this issues is fixable then it need to be fixed asap.

i hope you understand me.. i'm not a native speaker

[creditcoin_CRD]

Right, and it keeps the coin from becoming hung - a problem that plagues many a coin.

Seeing how the mining block rewards are so essentially tied to transactions being able to move regularly, I would say this is a far bigger issue for Premine than most coins.

Yes this is one of PMC biggest issues. But this is not easy to solve.
What’s missing is an infrastructure and people who are using this coin. But it is very difficult to get this from scratch. This is an experiment to see how coins will run when there is no more reward.
Bitcoins advantage is that at this time there will be enough traffic to solve the problem respectively to not let the coin die.
PMC is not at this stage. It will die if it’s not being used because at some point there will be no more donators to pay the miners.
We need to fix this issue but therefore we need to use it and we have to hope that this will not take too long. The script you coded is a workaround to help that the network keeps running. We need to ensure that we can run this network this way for several months because it will take time to building an infrastructure

I the coin is hung then there is as far as i know no way without a massive amount of hashrate to get it run again. If this issues is fixable then it need to be fixed asap.

i hope you understand me.. i'm not a native speaker

Well it can be fixed with a hardfork if it gets hung, but that should be avoided if possible.

[creditcoin_CRD]

Is Poloniex trustworth? I never tried this exchange. I never would sell some PMC there even before it really started, but interesting to know about Poloniex reputation anyway.

So, some experiences?

Thank you and keep up the good work all!

So far it seems ok. I myself have not traded there yet. But I haven't heard anything bad at all. Low volume on all coins right now, but I suspect thats because it is newer.