[ANN][MAX] MAXcoin - PoW, ASIC Resistance, Keccak GPU Mining

[jnuqsx]

Another thing I noticed is that just like BCX predicted, Keiser is firmly back on the Maxcoin bandwagon.

man that guy is on Crack....

Maxcoin is going to save the world lol

I'm waiting for Kaiser to get a Nobel Peace prize 

MaxCoin    $ 1,290,080    $ 0.062296    20,708,760 MAX    $ 35,086    -5.35 %
forget it!

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[onliner]

Another thing I noticed is that just like BCX predicted, Keiser is firmly back on the Maxcoin bandwagon.

man that guy is on Crack....

I'm waiting for Kaiser to get a Nobel Peace prize 

yeap maxcoin is going to save the world 

[TheRealSteve]

with such an active "fan" on the thread,

While you use the sarcastic quotes, it's actually relatively apt. in that I'm not a fan of either the coin or a given pool.  I certainly don't deal in MaxCoin, myself, and I'm only doing the graphs as a favor to another pool.  And since you seem to be under a certain impression...

slandering and shitting all over the other pools

...you should check my post history - I think you'll quickly find that I have no personal preference of one pool over another and have suggested people use different pools on many occasions.  Your ad hominem is misplaced.  The only thing I'll happily defend about 1gh is in comparison to e.g. MPOS-based pools, and is a sentiment that is shared by many: logins and accounts are annoying.  Not something that can't be overcome, but given the choice, most people just as soon use a no-account-needed pool.
1gh is not alone in that, mind you - DwarfPool and RocketPool follow the same model, and I applaud them for it.

this happens automatically, miners didn't even noticed something wrong

Then they really should pay more attention - otherwise, perhaps they're not even aware that they're feeding the > 50% issue

[Alphi]

GPU miners appear to be quite ignorant of the fundamentals of cryptocurrency. Meh, Keccak FPGA's are probably nearing the horizon anyway. I know of at least one group who are looking into this.

the miners are not ignorant, it is the bagholders that are. The miners are just being greedy.

people who mine their Max and then dump them straight onto exchanges aren't affected in the slightest by a 51% attack.

51% is like musical chairs.. its only those people who are left standing with a bag full of coins when it happens that get hurt..

and in later news Keccak enabled ASICs have already been designed. as for when someone will be likely to mass produce them.. that's only a matter of economics.

[reorder]

and in later news Keccak enabled ASICs have already been designed. as for when someone will be likely to mass produce them.. that's only a matter of economics.

Care to post a link? One that is not about NIST reference hardware designs, these are not exactly applicable to the coin.

[Alphi]

and in later news Keccak enabled ASICs have already been designed. as for when someone will be likely to mass produce them.. that's only a matter of economics.

Care to post a link? One that is not about NIST reference hardware designs, these are not exactly applicable to the coin.

why not? how hard do you think it is to modify a reference design?

[reorder]

why not? how hard do you think it is to modify a reference design?

Pretty hard, hashing a stream is a totally different task from PoW search.

[Alphi]

why not? how hard do you think it is to modify a reference design?

Pretty hard, hashing a stream is a totally different task from PoW search.

you know the chinese guy who designed the Sha 256 ASIC chip for Labcoin ( A company which failed and then turned out to be a scam) took a reference design and completed his own chip design in 8 weeks.

its not hard to get a working prototype ASIC if you hire people with the right chip design skills.

the more difficult part is tuning the chip and getting good die yields so it can be mass produced cheaply.

maybe its hard for you.... but not difficult for someone who has money and knows how to get a highly skilled design team together...

people who assume that there aren't teams already working on ASICs trying to preempt the market are just living under a rock.

X11 ASICs will be next after Scrypt and Scrypt-N... and guess what's in X11....

[Alphi]

and in later news Keccak enabled ASICs have already been designed. as for when someone will be likely to mass produce them.. that's only a matter of economics.

They have designed a nuclear fusion reactor also. As for when it will be mass produced, thats only a matter of economics.

yeah but you can't build a nuclear fusion reactor with just 5 people...   if you could then we'd all have nuclear fusion by now... and that would be awesome..

I think I can hear wedding bells...

[reorder]

why not? how hard do you think it is to modify a reference design?

Pretty hard, hashing a stream is a totally different task from PoW search.

you know the chinese guy who designed the Sha 256 ASIC chip for Labcoin ( A company which failed and then turned out to be a scam) took a reference design and completed his own chip design in 8 weeks.

its not hard to get a working prototype ASIC if you hire people with the right chip design skills.

the more difficult part is tuning the chip and getting good die yields so it can be mass produced cheaply.

maybe its hard for you.... but not difficult for someone who has money and knows how to get a highly skilled design team together...

people who assume that there aren't teams already working on ASICs trying to preempt the market are just living under a rock.

X11 ASICs will be next after Scrypt and Scrypt-N... and guess what's in X11....

Nothing is hard if you hire the right people, indeed. It is just not necessarily economical and, well, hard to get things done as your Labcoin example shows.

[Alphi]

Nothing is hard if you hire the right people, indeed. It is just not necessarily economical and, well, hard to get things done as your Labcoin example shows.

indeed and people (especially engineers and chip designers) is something china has in abundance.

Labcoin failed because it was run by failed business people who hired a student to do their work for them.
that speaks more of the incompetence of management than it does the complexity of the task.

but you are right.... Maxcoin has to be actually worth something before people will bother making ASICs for it.

DRK on the other hand IS worth something... and so you can safely assume that X11 ASIC designs will become part of the landscape before too long...

So it wont take much for someone to hack the X11 miner software to just hash Keccak.

took me about 2 days when I tried it... but by the time I had finished someone else had already released a working miner that did it better...

Keccak is not ASIC resistant and never was... it just never made sense for anyone with deep pockets to bother.

[Alphi]

I think I can hear wedding bells...

Auditory hallucinations? Perhaps you forgot to take your antipsychotic meds.

You said it yourself, it might be possible for a large team of people with the requisite skills and enough backing to do this and make a home-brew implementation, but mass producing it successfully is an entirely different ball game as the example you gave shows. Why are you so determined to troll maxcoin anyway? Don't you have better things to do with your time other than ranting and raving about stuff you have no interest in or involvement with? If you don't like it, then GTFO and stop trolling this thread. Maybe go and do something constructive instead of hating on the work of others. Butthurt can a powerful motivational force, almost as powerful as greed, fear and jealousy.

you really are a niave idiot arent you?

I am not trolling Maxcoin and never have... I just hate people that perpetuate myths so that they can pump up the price and dump their coins... if I am guilty of being butt hurt.. then you my friend are guilty of perpetually maturating over your keyboard to images of Max Kaiser bathed in gold coins.

honestly if you are going to keep calling someone a Troll and a Liar.. at least be honest about yourself. all you do is endlessly repost and retweet the false informaton that Max kaiser and the dev team put out... to serve nothing other than their own agenda...

PS

you have no right to tell me to GTFO... you do not speak for the community... you do not even help the community... you didn't even donate 20c to maxpay.... so who are you ?? NOBODY...

I have probably mined more than you and did more to secure the network than you.... From day 1 I haven't mined on 1GH on principle. From day 1 I have been an active participant in this coin economy and contributed as well as spoken out where I have seen issues that need addressing...

so you wonder why I don't like people like you?... well its quite simple.... I ask for more community engagement from the Maxcoin team and this is who they send to represent them... a shameless pumper who doesn't know much about economics or crypto currency....

and with that .. its time to hit the ignore button...

[MicroGuy]

you my friend are guilty of perpetually maturating over your keyboard to images of Max Kaiser bathed in gold coins.

Did somebody say Goldcoins (GLD)? lol

[Biomech]

I think I can hear wedding bells...

Auditory hallucinations? Perhaps you forgot to take your antipsychotic meds.

You said it yourself, it might be possible for a large team of people with the requisite skills and enough backing to do this and make a home-brew implementation, but mass producing it successfully is an entirely different ball game as the example you gave shows. Why are you so determined to troll maxcoin anyway? Don't you have better things to do with your time other than ranting and raving about stuff you have no interest in or involvement with? If you don't like it, then GTFO and stop trolling this thread. Maybe go and do something constructive instead of hating on the work of others. Butthurt can a powerful motivational force, almost as powerful as greed, fear and jealousy.

you really are a niave idiot arent you?

I am not trolling Maxcoin and never have... I just hate people that perpetuate myths so that they can pump up the price and dump their coins... if I am guilty of being butt hurt.. then you my friend are guilty of perpetually maturating over your keyboard to images of Max Kaiser bathed in gold coins.

honestly if you are going to keep calling someone a Troll and a Liar.. at least be honest about yourself. all you do is endlessly repost and retweet the false informaton that Max kaiser and the dev team put out... to serve nothing other than their own agenda...

PS

you have no right to tell me to GTFO... you do not speak for the community... you do not even help the community... you didn't even donate 20c to maxpay.... so who are you ?? NOBODY...

I have probably mined more than you and did more to secure the network than you.... From day 1 I haven't mined on 1GH on principle. From day 1 I have been an active participant in this coin economy and contributed as well as spoken out where I have seen issues that need addressing...

so you wonder why I don't like people like you?... well its quite simple.... I ask for more community engagement from the Maxcoin team and this is who they send to represent them... a shameless pumper who doesn't know much about economics or crypto currency....

and with that .. its time to hit the ignore button...

Jesus. You seriously need to relax my friend.

Who am I? Ok then. I've been involved with bitcoin since 2011 and ran a fairly successful bitcoin service business which traded on the GLBSE back in the day. I am also the maxcoin community manager as appointed by Luke and the dev team, so I DO speak for this community. I have contributed plenty. I set up and host the forums at maxtalk.org, I created the maxcoin faucet which has given away hundreds of coins for free and provides useful charts and network/market statistics to the community, I set up a maxcoin wiki and have tried my absolute best to convince the mining community to move to other pools, I assisted with patching the Time Warp exploit of the kimoto gravity well, helped resolve the seed-node problem that the maxcoin client was having for several months, I post frequently on twitter, reddit, maxtalk, bitcointalk and also regularly frequent the exchange troll boxes. And if you actually read ANY of what I write, you would see that I do not want to pump/dump this coin and have a very concise understanding of economics and the fundamental technology underlying cryptocurrency. I'm also mining with 12 GPU's at about 2GH/s so clearly do my bit to secure the blockchain. In addition, I HOLD my coins rather than dumping them like you so proudly admit. I haven't sold a single one of the coins that I have mined, and in fact, am probably bag holding some of yours. How the bloody hell does not donating to MaxPay make me a nobody? How much did you donate again? And I do this all in my SPARE time. I'm a medical doctor by profession, working as a senior house officer in Ireland.

You clearly don't give a shit about the blockchain or the risk of 51% and are happy to leave that problem to your bagholders, as you have made clear in your previous posts. What do you do other than bitch, complain and moan? Oh and not to mention mining maxcoin just to instadump on the markets? How deluded are you that you think you are contributing to the maxcoin project? You have nothing to add to this community. NOTHING. In fact, you are a complete PARASITE and MAX would be better off if people like you stopped mining it and GTFO like I politely suggested in my previous post. And I will repeat that request again. PLEASE... either GTFO or get off your high horse. You are not king of the moral high ground. Throwing your rattle out of the cot like you just did just shows how incapable you are of having a rational discussion with.

I'm sick of listening to your whinging and moaning, but I'm going to be the bigger person and NOT ignore you.
Good day sir.

You sound like a busy man!

From my side, you were quite helpful earlier. Haven't yet recovered the coins, but I did resolve the synching issue. I too am a busy man, so I haven't had time to fiddle with the broken wallet.dat file, but that's on me. I don't get the hate. There are some rather... vengeful people in this thread. You ain't one of 'em.

[grotoc]

Let me introduce you a new MAX pool with 2% fee :

http://www.zpool.co

Simple and effective. It just works.

[Alphi]

I let the record speak for itself when Mr Murphy likes to call bullshit on other people...

the guy clearly has a very limited understanding of crypto currency economics.


http://www.maxtalk.org/index.php?topic=51

these are Mr Murpheys own words..

April 15, 2014, 04:48:54 am
From a look at the monthly MAX:BTC chart above, a triple bottom chart pattern seems to be emerging on MaxCoin at 0.0002 btc.

Considering the price is currently trading under the cost of production, this could well be an indicator of a reversal of the existing trend.

oops wrong... the floor fell right out of that argument.

April 15, 2014, 04:48:54 am
The MaxCoin project is currently in the very early stages, yet the developers have acted swiftly to patch TWO serious exploits very recently discovered (namely, the Kimoto Gravity Well Time Warp exploit & the heartbleed OpenSSL exploit) showing just how serious they are about ensuring a secure and fair network.

yes and so has every other serious altcoin out there... what he neglects to mention is that the Dev and Marketing teams have not adequately addressed the issue of 51% attack which is the biggest threat to the security and trust of the network...

April 15, 2014, 04:48:54 am
Looking at the SHA3 algorithm (keccak) - it's faster, more efficient and more secure than it's older SHA-256 brother. There are no ASIC platforms as of yet, meaning it alone will be the beneficiary of a large amount of mining power from GPU's (especially if/when scrypt ASICS like the ones from Gridseed start to dominate scrypt mining).

Again more bullshit... yes keccak is theoretically more secure than sha 256.. but that point is moot because its not the algorithm but the size and distribution of the network which provides real security.
with 75% of the hashing power in one pool Maxcoin is currently one of the least secure coins and the price reflects this.

Additionally it is a complete lie to say that Maxcoin alone will be the beneficiary of a large amount of mining power from GPU miners who flee from Scrypt Coins. there are atleast 10 other coins out there (and more being released each week) using anything from Scrypt-N to X11 (11 different hashing algos) which will and have benefited from the Exodus of GPU miners away from Scrypt.

April 15, 2014, 04:48:54 am
Max transactions are also a lot faster, with 30 second blocks and faster confirmations.

yes faster than Bitcoin but what he neglects to mention is that ALMOST every other crypto coin in existence is much faster than bitcoin... most of them have confirmation times between 30 seconds and 2.5 minutes. and this is only confirmation times not transaction times... transactions across all crypto coins are near instantaneous.

April 15, 2014, 04:48:54 am
It is also one of the most actively day-traded altcoins, implying a high speculative interest.

again this is more BS.. it is only one of the most actively traded coins on MCXNow which is one of the smaller exchanges. right now in terms of volume MAxcoin is about the 21st most actively traded coins. and it wasn't much different back in April either. Now it should be noted that transaction volume and exchange trading volume are different figures... but since we do not have access to a complete set of exchange volume history it is the closest number we can use in any argument.

April 15, 2014, 04:48:54 am
Speculators will often sell under the cost of production if they think they can panic others out of their positions at a lower price. The smart money is using these panic selloffs as an opportunity to get some even cheaper coins.

Again this is only half the story.. market manipulators don't only try to create panic sells so they can buy cheaply.. they also pump (like Max kaiser did) so they can dump at a high price and then buy back again when the pump is over...

April 15, 2014, 04:48:54 am
I for one am more than prepared to part with my btc / fiat for MaxCoin at these prices so there should be very little *panic volume* left in this market right now.

and we all know how that turned out since this prediction way back when the price was at 0.0002 anyone who followed this advice would have lost almost half of their investment.... apparently there is still lots of panic selling and there will continue to be until the representatives of Maxcoin become more open about their development plans and deal with the issues plaguing this coin.... one of the biggest being one pool controlling 75%+ of the hashing power. which leaves the entire network wide open to double spend attacks...

April 15, 2014, 04:48:54 am
MAX has a lot more to offer, which I will get into another time, so to get to the point ... with such positive underlying fundamentals of this coin and an emerging triple bottom pattern in the charts, I think we might just have about seen the end of the bearish trend.

again a completely wrong prediction which only highlights this mans inexperience with cryptocurrency markets. The fundamentals of a coin can't be POSITIVE if one of the biggest fundamentals i.e. its very security is compromised by one pool having too much power.


I could go on and on but I think I have made my point...

[reorder]

yes and so has every other serious altcoin out there... what he neglects to mention is that the Dev and Marketing teams have not adequately addressed the issue of 51% attack which is the biggest threat to the security and trust of the network...

Hashpower concentrated at single pool did not hurt Primecoin or Riecoin a single bit. Probably because for some reason it did not attract hordes of FUDsters.
 

again this is more BS.. it is only one of the most actively traded coins on MCXNow which is one of the smaller exchanges. right now in terms of volume MAxcoin is about the 21st most actively traded coins. and it wasn't much different back in April either. Now it should be noted that transaction volume and exchange trading volume are different figures... but since we do not have access to a complete set of exchange volume history it is the closest number we can use in any argument.

MCXNow probably has bigger volumes a day on MAX solely than those "exchanges" with shitloads of shitcoins noone needs over all their markets. Noone in his sane mind would prefer another exchange to MCX if he has a choice (and does not need autodump feature or Chinese interface translation).

Just sayin'.

[onliner]

Recently a lot of bad news about maxcoin, are true?

keiser said (twitter) he was going to continue to be active in the support of this coin 

[TheRealSteve]

Pools, hash rates and miners

pool 24h Ghash/s delta % % of network workers delta % rate/miner fee % payout      1gh 1,810.66 5.54 71 - - 3 RBPPS      CoinedPool 222.22 -10.61 8.7 156 4.31 1.43 1 PPLNS      Mining Pool Hub 256.10 29.58 10 217 27.11 1.18 1 PROP      DwarfPool 299.24 2.63 11.7 - - 1 PPS      Iwakuang 2.10 -12.2 0.1 8 3.59 0.26 1 PROP      Switchercoin 15.97 19.62 0.6 24 22.87 0.66 1 PPLNS      MaxCoin NZ 2.71 -3.5 0.1 10 -8.75 0.28 0 PROP      Suprnova 26.33 93.15 1 19 22.86 1.41 0 PROP      RocketPool 8.77 16.49 0.3 21 6.65 0.42 1      MinePit - - 1.5      HashFaster 0.01 -1.49 0 16 -3.6 0 1 PROP      MaxCoin Pool 0.00 0 0 - 0 - 2 PROP      total 2,644.11 6.06 103.7      network 2,549.45 5.58      residual -94.66 -3.7

Pools not listed due to inactivity or ongoing errors: MineMaxCoin, HashFast, smalltimeminer, Mining4all, miningwith.us, nut2pools, Sytes, Netcode and minecrypto.net.
Block progression and luck

pool	7d hash rate	% of network	7d blocks	% of network	7d luck %	3d luck %	24h luck %
1gh	1,889,263.27	74.4	13,819.00	69.0	92.6	97.3	93.3
CoinedPool	280,881.33	11.1	1,227.00	6.1	55.3	55.1	52.4
Mining Pool Hub	152,010.43	1.6	1,053.00	5.3	87.7	89.8	83.5
DwarfPool	269,197.13	10.6	2,029.00	10.1	95.5	89.0	90.0
Iwakuang	3,637.08	0.1	0.00	0.0	0.0	0.0	0.0
Switchercoin	12,911.51	0.5	87.00	0.4	85.3	89.9	118.9
MaxCoin NZ	2,845.98	0.1	0.00	0.0	0.0	0.0	0.0
Suprnova	12,932.94	0.5	56.00	0.3	54.8	55.6	45.9
RocketPool	6,981.88	0.3	43.00	0.2	78.0	75.6	78.7
MinePit	0.00	0.0	0.00	0.0	0.0	0.0	0.0
HashFaster	14.62	0.0	39.00	0.2	33,783.0	28,905.0	35,360.8
MaxCoin Pool	40,062.50	1.6	0.00	0.0	0.0	0.0	0.0
residual			1,686.00	8.4

Higher hash rates (vertical axis) typically result in more blocks found (more dots along horizontal axis).
Density of dots is indicative of luck - closer together is greater luck, further apart is lower luck.
Luck is a ratio between % of blocks found and % of network hashrate claimed and should ideally hover around 100%.
Mining and pool takes (indicative, not authoritative)
The previous day, 2,955 blocks with an average reward of 48 MAX were found on the network for a total of 128,741.71 MAX distributed.
At an average network hash rate of 2,549,452Ghash/s, a miner having 1Ghash/s would have earned approximately 55.63796 MAX (minus pool fees),
that could be traded for BTC0.0071227719 ($4.06)

pool 24h blocks fee % MAX take BTC $USD      1gh 1,959 3 2,821.09 0.4 205.90      CoinedPool 135 1 64.80 0.0 4.70      Mining Pool Hub 248 1 119.05 0.0 8.70      DwarfPool 312 1 149.77 0.0 10.90      Iwakuang 0 1 0.00 0.0 0.00      Switchercoin 22 1 10.56 0.0 0.80      MaxCoin NZ 0 0 0.00 0.0 0.00      Suprnova 14 0 0.00 0.0 0.00      RocketPool 8 1 3.84 0.0 0.30      MinePit 0 1.5 0.00 0.0 0.00      HashFaster 6 1 2.88 0.0 0.20      MaxCoin Pool 0 2 0.00 0.0 0.00

Market cap: 21,443,093MAX | BTC2,745 | $1,564,787

1gh Top hash distribution profile

1gh top (Mhash/s) Top 10 Top 100 Total 397,640.97 1,148,270.12 Mean 39,764.10 11,482.70 Median 32,838.12 7,016.58 % of pool 22 63.4 % of network 15.6 45

Like these Stats Posts? Donate MaxCoin: mLGNNRupX7BRoENDQQBwfrMFetqQb4sZz3

[MicroGuy]

Recently a lot of bad news about maxcoin, are true?

keiser said (twitter) he was going to continue to be active in the support of this coin 

ummm. Yeah. I think it's becoming pretty clear that this coin is going places. 

http://altcoinpress.com/2014/05/life-on-bitcoin-producer-stockpiles-maxcoin-ahead-of-announcement/