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

[Pyramusx]

so basically no one can mine this coin and the creator is selling it on exchanges? Interesting concept haha

It can be mined and he was gave away all coins from the start, then started mining like everyone else who could mine.

[uasteel]

so basically no one can mine this coin and the creator is selling it on exchanges? Interesting concept haha

You might want to actually read how the coin works before you try to comment on the "concept".

[blueangel01]

What the hell is going on over at Poloniex?!

@ctenc001 - Done

@blueangel01 - Any ideas ?

For the start, we should have a built in voting system, poll, in the wallet. The amount of coins you have in your wallet = share/ percentage of your vote. Then if there is any idea in the future, it will be voted among the holders of the PMC. If you want your voice to be heard, get hold of many PMC, it will increase the demand of PMC.

[blueangel01]

so basically no one can mine this coin and the creator is selling it on exchanges? Interesting concept haha

You might want to actually read how the coin works before you try to comment on the "concept".

And that makes this coin a unique experiment, it is far better than changing the specification of another coin, like changing the amount of coin and give it a new name.

Correction: The creator did not sell it on exchanges, he gave it away to other people. That makes him generous. At least he did not start it with scam IPO.

[TheBeardedMann]

For the start, we should have a built in voting system, poll, in the wallet. The amount of coins you have in your wallet = share/ percentage of your vote. Then if there is any idea in the future, it will be voted among the holders of the PMC. If you want your voice to be heard, get hold of many PMC, it will increase the demand of PMC.

Not to be mean, but I have always thought that was the dumbest thing ever.  MemoryCoin did that and bumped themselves up.  Once voted in, you stay in and make up your "voted coins" quickly.  It's the most un-democratic thing ever.  Voting with money.  I think there should be a thread on the official Premine forum, with extreme (un-biased) moderation, so people can present their case and get voted.  Your wallet balance has no effect on your vote or being voted.  Voting should be based on your knowledge, honesty, commitment and general goodness as a human being.  An un-biased moderator can easily tell who has been in the PMC game since inception and not just some guy coming in looking for more PMC (to dump for BTC) with a big wallet.
That's my 0.02 PMC.

[TheBeardedMann]

If PMC gets on www.coinmarketcap.com right now, it'll be the 100th coin.  Wouldn't that be nice.

[blueangel01]

For the start, we should have a built in voting system, poll, in the wallet. The amount of coins you have in your wallet = share/ percentage of your vote. Then if there is any idea in the future, it will be voted among the holders of the PMC. If you want your voice to be heard, get hold of many PMC, it will increase the demand of PMC.

Not to be mean, but I have always thought that was the dumbest thing ever.  MemoryCoin did that and bumped themselves up.  Once voted in, you stay in and make up your "voted coins" quickly.  It's the most un-democratic thing ever.  Voting with money.  I think there should be a thread on the official Premine forum, with extreme (un-biased) moderation, so people can present their case and get voted.  Your wallet balance has no effect on your vote or being voted.  Voting should be based on your knowledge, honesty, commitment and general goodness as a human being.  An un-biased moderator can easily tell who has been in the PMC game since inception and not just some guy coming in looking for more PMC (to dump for BTC) with a big wallet.
That's my 0.02 PMC.

I understand. Just throwing some random ideas. I think this coin has been distributed already. The 1st plan is already done. We should keep the momentum by doing something to the PMC.

[digit]

"difficulty" : 7426.06489094, 

HUGE increase last 8 hours! Did a pool for this spring up somewhere?  Wasnt expecting that to happen for a while lol

[Nullu]

Nice to see PMC on Cryptorush.

Hopefully the increase in transactions will result in nicer tx fees in blocks.

[Nullu]

"difficulty" : 7426.06489094, 

HUGE increase last 8 hours! Did a pool for this spring up somewhere?  Wasnt expecting that to happen for a while lol

Over a 3x increase. Wow.

[digit]

think i have to stop solo mining it, diff is just too high for a single BE to hav a chance now altho i did get 1 block earlier on when diff was 2k lol

[Nullu]

think i have to stop solo mining it, diff is just too high for a single BE to hav a chance now lol

Wait to see if it comes back down.

[shanent]

If you like my effort for add PMC on coinedup and the activity on reddit here http://www.reddit.com/r/CoinedUp/comments/1xe6ub/please_add_premine_pmc/

please donate also a small amount for continuing the giveaway here http://thisweekscoin.com/forum/index.php/topic,965.30.html

thx all


EDIT: more than 70 PMC donated, I'm running out my funds

[albertdros]

wow i just bought a ton at very low price at poloniex. Doesn't make sense to me bcs of high difficulty and cryptorush. Either way im happy . Had 4k, sold 3k really cheap, then sold my last 1k for 0.4 btc a while ago, and now bought back in at 0.1 btc per 1k (2k total). Way to distribute!

[Nullu]

wow i just bought a ton at very low price at poloniex. Doesn't make sense to me bcs of high difficulty and cryptorush. Either way im happy . Had 4k, sold 3k really cheap, then sold my last 1k for 0.4 btc a while ago, and now bought back in at 0.1 btc per 1k (2k total). Way to distribute!

Good call buying back in.

How long is it between difficulty retargets? Anyone?

[ctenc001]

"difficulty" : 7426.06489094,  

HUGE increase last 8 hours! Did a pool for this spring up somewhere?  Wasnt expecting that to happen for a while lol

Over a 3x increase. Wow.

But seems to have come to a stop, blocks aren't as fast anymore since 06:16

Edit: 1,440 blocks 10 min each should get a diff retarget every 10 days but it's still going too fast so diff will get higher again and only way to take it back down is to stop mining and wait a looong time, why no Kimoto implemented?!

This needs to be implemented, this or 1 block retarget time =)

[Mivexil]

"difficulty" : 7426.06489094,  

HUGE increase last 8 hours! Did a pool for this spring up somewhere?  Wasnt expecting that to happen for a while lol

Over a 3x increase. Wow.

But seems to have come to a stop, blocks aren't as fast anymore since 06:16

Edit: 1,440 blocks 10 min each should get a diff retarget every 10 days but it's still going too fast so diff will get higher again and only way to take it back down is to stop mining and wait a looong time, why no Kimoto implemented?!

This needs to be implemented, this or 1 block retarget time =)

1 block retarget time can easily screw stuff up if 2 blocks are found rapidly.

[Nullu]

think i have to stop solo mining it, diff is just too high for a single BE to hav a chance now altho i did get 1 block earlier on when diff was 2k lol

I've got a pool working just now and tested with a friends' BFL 50Gh that he aimed at it but there's the matter of payout.
I'll have a look at the MPOS code to figure out if there is a way to take tx fees into account to divide the block value, setting the block reward parameter to 0 only pays out to the pool wallet and I guess nobody (except me) would be happy with that setup

Yeah, ideally you'd want to add up the total of the last n found blocks, and divide them up proportionally after each round.

[ctenc001]

"difficulty" : 7426.06489094,  

HUGE increase last 8 hours! Did a pool for this spring up somewhere?  Wasnt expecting that to happen for a while lol

Over a 3x increase. Wow.

But seems to have come to a stop, blocks aren't as fast anymore since 06:16

Edit: 1,440 blocks 10 min each should get a diff retarget every 10 days but it's still going too fast so diff will get higher again and only way to take it back down is to stop mining and wait a looong time, why no Kimoto implemented?!

This needs to be implemented, this or 1 block retarget time =)

1 block retarget time can easily screw stuff up if 2 blocks are found rapidly.

maybe, but for only 1 block.
In practice its pretty similar to kimoto, if a little less smooth. Check out noblecoin, they've had 1 block retarget time since launch

[Nullu]

PMC behaves different to other coins, as the block rewards are directly proportional to both the difficulty, hashrate and the transactions per block.

This means it's not just hashpower that can influence the difficulty, but also transaction volumes as well, so before we jump on Kimoto Gravity Well or a 1 block re-target, we should first consider what sort of impact that would have on PMC compared to other coins.

Normally I would be in favour, but due to how different PMC is, I think we'd really need to think through any change to the difficulty retargeting algorithm.

At the moment, due to the 0 block rewards, I'm not sure if Multipools could even handle PMC. If the diff got that high, who would mine for 0 block rewards? PMC is already anti-multipool and anti-coin hopper for that reason alone. You have to mine PMC longer term to gain an advantage, and to know when the block rewards are going up, you'd also need to know how the market is fairing.

To work out your mining rewards you have to base it on an average over n blocks, rather than 1 block.

I would say it's not as easy as you may think for coin hoppers and multipools to target PMC.