[ANN] [BEN] Benjamins ◄ SHA-256 ►◄ BOUNTY AVAILABLE to make BEN merge mineable!!

[Paysha]

Instead of flooding the BEN thread, we will post updates on https://twitter.com/PayshaPayments

Just made it now and it will not be very active until the Paysha beta

After we officially launch, that will be our preferred method of announcements

If you follow us and send a BEN address with #Paysha I'll send you 20 BEN each

DO IT

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[Poogasm]

I did.

[AllAboutTheBenjaminsBaby]

Instead of flooding the BEN thread, we will post updates on https://twitter.com/PayshaPayments

Just made it now and it will not be very active until the Paysha beta

After we officially launch, that will be our preferred method of announcements

Followed 

[Mortimer452]

<soapbox>
OK, one last time I'm going to try to compel you to do this, then I'll shut up and get off my soapbox

The network is taking on average 4.53 hours per confirmation right now.  Yes, I know the math given the current diff and net hashrate says it should be around 100 minutes but it's not, check the block explorer:

March 5 total of 6 blocks were found, average 4 hours per block
March 6 total of 5 blocks were found, average 4.80 hours per block
March 7 total of 7 blocks were found, average 3.43 hours per block
March 8 total of 4 blocks were found, average 6.0 hours per block

Network average of the past four days is 4.53 hours per block

BEN requires 120 confirmations for mined blocks.  At this rate that is 22 days to confirm a newly mined block of BEN's.  My pool, which is the *only* pool actually mining BEN right now, has not made a payout in two days.

BEN requires 6 confirmations for transactions.  That's 27.18 hours to send someone BEN.  For God's sake, Fedex is faster.

BEN is 1986 blocks away from the next diff adjustment.  That is 374.85 days.  Yes, over a YEAR before BEN difficulty adjusts back to "normal," assuming the network hashrate does not drop any lower.  Problem is, by then, BEN will be way behind schedule on blocks, so it will adjust way too low.  Undoubtedly, this will cause many more miners to jump on, BEN will probably end up getting ahead of itself again, and we'll be back at the same problem we are right now.  Likely, it won't be quite this severe, but it's going to happen again.

This coin HAS TO FORK.  It cannot fix itself.

Prayer had a good idea a few posts back.  It has been roughly 60,000 minutes since the network launched, we are currently at block 24223, so that gives BEN around 2.5 minutes average block time since launch.  I agree with his recommendation:

Fork at block 24250 or so, adjust to have 2.5 minute block times
Diff adjustments every 60 blocks (2.5 hours)
Diff adjusts based on average block time over the past 60 blocks, rather than average block time since network was launched (which is pretty much what it does now)

</soapbox>

[Nthused]

Well this is what happens when you Implement KGW (From the Start) https://bitcointalk.org/index.php?topic=493942.140

Dunno if it would be any different during a coins Lifespan

Yet I'm Totally Against KGW lol

[Poogasm]

what the hell happened at pitythepool?
I just popped in to check my wee miner and see I am one of 8 workers.

edit: make that 5 workers now...

[itsunderstood]

Ben has a good general point about rarity, but also dude above makes good point about how early blocks of BTC were intended for the mining gear of that time.

I think any logical decision should be to reward holders, which we presume are miners.  Sellers will allow more rarity of Benjamins as buyers grab and hold them.

But yes, 10 coins in 3 days mining 24/7 is pretty bad LOL, but those coins are earned dammit!  If you do fork it, do it with the full intent of integrity to the long term objectives, is all I'd say.  But I feel good mining, I'll stick to it.  I don't expect to see the present cost of mining reflected today in the value, that's silly.  The value will come from the dev team and their good ideas.

[nickbiker]

Something has to change. I withdrew my 400 Giga Hash miners from BEN - Pity the Pool until the issue has been fixed. Still has 3 Giga Hash at this pool. I really didn't want to do at this stage but someone has to convince me otherwise.

[itsunderstood]

Something has to change. I withdrew my 400 Giga Hash miners from BEN - Pity the Pool until the issue has been fixed. Still has 3 Giga Hash at this pool. I really didn't want to do at this stage but someone has to convince me otherwise.

I would say they could find .4tb of power with 5 n00b merchants who invest in gear as a group, and foster mining and TX between themselves.

[AllAboutTheBenjaminsBaby]

You guys aren't taking into account the several years of mining we would eliminate in the future if we shorten block times. That would essentially eliminate several years of mining for coins prior to just tx fees from the life of the coin. I think a shitty few months now is worth it to give the coin a few extra years of mining life

Prayer's suggestion was pretty good, though, but even still we are taking away a MINIMUM of 20% of the mining life of the coin if we do this

[Poogasm]

The miners are leaving...

[itsunderstood]

Well I just got a block so that's a nice bunch of coins.  Yay.  I'll stick around.

[Prayer]

You guys aren't taking into account the several years of mining we would eliminate in the future if we shorten block times. That would essentially eliminate several years of mining for coins prior to just tx fees from the life of the coin. I think a shitty few months now is worth it to give the coin a few extra years of mining life

Prayer's suggestion was pretty good, though, but even still we are taking away a MINIMUM of 20% of the mining life of the coin if we do this

Years of mining being eliminated?  Eh?  Those years of mining were accidental to begin with.  At a 2 minute block time, you're doubling the years of mining.  At 3 minutes, it's triple.

BEN was advertised with 64 second block times.  Personally, I think this is way too fast, but that's beside the point.  For the current problem, I think that both miners and merchants will be happier with a reliable 2-3 minute block time as opposed to 4 hour block times.

For BEN, or any coin, to work, it needs 1) Miners to process transactions and 2) transactions to process

Right now, BEN is on the road to eliminating both requirements for a successful coin.

The time to act is now... the longer you wait, the harder it will be to correct.

PS: I got caught on the wrong side of the cryptsy orderbook and lost over 50% of my coin.  I'm not mad, as this is my first experience trading, but I'm not happy either.  Given the current conditions, I'm not holding my breath on higher prices any time soon.

PPS: As soon as we find a few more blocks on Slush, I'll be moving back to BEN for a while, but will not stay if something's not done soon.

[zumzero]

560 unconfirmed coins and counting on Pitythepool.  Do I jump ship or what?  Advice please.  Thanks.

[AllAboutTheBenjaminsBaby]

Ok, so you guys want 2 minute blocks? That's what you want the fork to do?

Also, what block? We have a lot of pools and exchanges to get updated

[Prayer]

Doesn't really matter which block.  Last block is 24223.  If it takes you 8 hours to patch and release, that puts us at block 24225.  If it takes another 24 hours to get the pools and exchanges to update, that puts us at block 24231.  Maybe shoot for block 24240 to be safe.

I'd wait for input from the stakeholders though.  They may be able to act faster or might need more time.

[Poogasm]

too quiet in here...

[Mortimer452]

Ok, so you guys want 2 minute blocks? That's what you want the fork to do?

Also, what block? We have a lot of pools and exchanges to get updated

I'm definitely OK with 2 minute blocks, as long as the diff algo is also addressed.

As far as what block#, as Prayer said above, that's up to you.  72 hours should be plenty of time for exchanges and pools to update (assuming it's during the week), given our current ~4.5 hr block times, that means the fork should occur roughly 16-20 blocks ahead of whatever block we're at when the code is ready.

[crackfoo]

On a lucky streak...

The Hasher pool found 3 blocks today and made some payouts.

http://ben.hasher.ca

Happy Hashing!

[itsunderstood]

On a lucky streak...

The Hasher pool found 3 blocks today and made some payouts.

http://ben.hasher.ca

Happy Hashing!

I was just gonna respond to that fact.  Is it luck?  Hey, I am not complaining when the Benjamins are finally coming to me after days and days of mining. But like I said, I am buying to hold long so it is almost like mining gold that nobody knows is gold yet. 

Benjamins Baby!