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

[AllAboutTheBenjaminsBaby]

I don't care.
Just bought several thousands, move to cold storage, close all the web and wait for 6 or 12 months later.

Could always use the paper wallets 

http://www.benjaminsbaby.com/paperwallet.html

[1715530429]

1715530429

[Nthused]

I Can tell you right now honestly I'm Sitting on a stack as I don't particularly care if I Win or Lose as to the Price, This coin has Got Great Potential & is using it as we speak yet most People won't realise that calling it shit/copy coin & so On.

This whole KGW Difficulty is Bullsh%t, so many new coins using it with their Billions of coins makes no sense to mine, 1 person jumps on then the next and so on making diff increase insanely High and people will just Mine in early Diff then wait for Diff to drop and Repeat, That's the Con of KGW yet everyone is adopting it....

IMHO Bitcoin Difficulty & Litecoin Difficulty are by far the Most Stable to keep a coin's network active with Decent Rewards to Miners !

[itsunderstood]

I Can tell you right now honestly I'm Sitting on a stack as I don't particularly care if I Win or Lose as to the Price, This coin has Got Great Potential & is using it as we speak yet most People won't realise that calling it shit/copy coin & so On.

This whole KGW Difficulty is Bullsh%t, so many new coins using it with their Billions of coins makes no sense to mine, 1 person jumps on then the next and so on making diff increase insanely and people will just Mine in early Diff then wait for Diff to drop and Repeat, That's the Con of KGW yet everyone is adopting it....

IMHO Bitcoin Difficulty & Litecoin Difficulty are by far the Most Stable to keep a coin's network active with Decent Rewards to Miners !

I agree, but what of the issue of merchant being perhaps defrauded within the 2-hours long window?  Perhaps the merchant won't care so much, so long as TX is done correctly unlike
Gox with their extra-blockchain system that eventually went poof.

Why for example does the merchant care if TX takes so long?  All of business runs on credit, so why can't the blockchain just be seen the same way? Why is that 2 hours of time for full crediting, actually an issue, if the merchant is properly prepared for that to be so?

Anyway, let's get some of these new people who bought cubes, up and running, and hashing Benjamins.  I say it's got electricity.

[itsunderstood]

[Marty19]

*** 0% Fees *** Stratum *** VarDiff ***

Free Benjamins pool available at iSpace Mining Pools

http://ispace.co.uk

 

[vual]

I dont see the issue with 10min block times at all.
Lets face it what merchant will even look at there email to know you paid in a day anyway?
I have a couple stores running zencart and let me tell you, if i post your item the next day your really fucken lucky.....
How will 10min effect anything to do with internet merchants? I cant understand why it needs to be lower then 10min.

[crackfoo]

I dont see the issue with 10min block times at all.
Lets face it what merchant will even look at there email to know you paid in a day anyway?
I have a couple stores running zencart and let me tell you, if i post your item the next day your really fucken lucky.....
How will 10min effect anything to do with internet merchants? I cant understand why it needs to be lower then 10min.

I'm fine with 10 min block times too.... but the coin needs to be fixed. Right now we're nearly 3 hours a block.

[iGotSpots]

I dont see the issue with 10min block times at all.
Lets face it what merchant will even look at there email to know you paid in a day anyway?
I have a couple stores running zencart and let me tell you, if i post your item the next day your really fucken lucky.....
How will 10min effect anything to do with internet merchants? I cant understand why it needs to be lower then 10min.

I'm fine with 10 min block times too.... but the coin needs to be fixed. Right now we're nearly 3 hours a block.

With 10 min blocks there is nothing to fix. It should only be on block 4200 or so which is why they are long in between right now

[AllAboutTheBenjaminsBaby]

The general consensus last night was to let it be. This will keep the block time of all 4 coins on Paysha at 10 minutes

What does this mean for Benjamins?

It's going to suck mining for a little while. The difficulty keeps increasing, because we should only be on block 4500ish right now, not 20,000. We got way ahead early because so many ASIC miners jumped on before the first few adjustments. Benjamins will become extremely hard to mine for the next month, or even longer, depending on hash rate. Paysha will support BEN even if the transactions are slow for the first few months due to the problem. Both teams feel as if 10 minute blocks are better in the long run for network and transaction security, regardless of the short term damage. Changing the difficulty now would alter the lifespan of the coin to a degree that would ruin it. It would be mined out too fast. I know it seems like it's broken, but it's the exact opposite. Benjamins network is spiking difficulty to fix itself, rather than allow more Benjamins to be mined ahead of schedule

Thanks for your continued support of Benjamins

I assume the next few pages will be extremely negative, and it's deserved, so let's have it

[CryptoGuy]

And someone just bought up everything all the way to 4400 satoshis on Cryptsy 36k BEN

[Mortimer452]

And someone just bought up everything all the way to 4400 satoshis on Cryptsy 36k BEN

And the trading bots brought it right back down . . .

[itsunderstood]

I am glad to hear you are letting it run its course through the mud of true difficulty, I think that's good.  I am mining Benjamins, probably won't bother worrying about price.  Also the paper wallets and blockchain explorer give Ben some nice features.

If Ben is keeping this coin on a true diff BTC profile, then I am happier to mine it.  I just don't feel like mining to pump and dump, I intend to hold long.  Thanks Ben, I say its good to keep the backbone in your coin, the right miners will catch on to what good stuff you're doing.  Complaining about difficulty and then mining some crap coin you can get 2000 of, is basically the opposite of what creates long term value.

[AllAboutTheBenjaminsBaby]

I am glad to hear you are letting it run its course through the mud of true difficulty, I think that's good.  I am mining Benjamins, probably won't bother worrying about price.  Also the paper wallets and blockchain explorer give Ben some nice features.

If Ben is keeping this coin on a true diff BTC profile, then I am happier to mine it.  I just don't feel like mining to pump and dump, I intend to hold long.  Thanks Ben, I say its good to keep the backbone in your coin, the right miners will catch on to what good stuff you're doing.  Complaining about difficulty and then mining some crap coin you can get 2000 of, is basically the opposite of what creates long term value.

Hopefully others agree with you. The only thing we need to really fix it without the fork is more hashpower on the network

Thanks for sticking around, we are here for the long run, as well

[Mortimer452]

The general consensus last night was to let it be. This will keep the block time of all 4 coins on Paysha at 10 minutes

What does this mean for Benjamins?

It's going to suck mining for a little while. The difficulty keeps increasing, because we should only be on block 4500ish right now, not 20,000. We got way ahead early because so many ASIC miners jumped on before the first few adjustments. Benjamins will become extremely hard to mine for the next month, or even longer, depending on hash rate. Paysha will support BEN even if the transactions are slow for the first few months due to the problem. Both teams feel as if 10 minute blocks are better in the long run for network and transaction security, regardless of the short term damage. Changing the difficulty now would alter the lifespan of the coin to a degree that would ruin it. It would be mined out too fast. I know it seems like it's broken, but it's the exact opposite. Benjamins network is spiking difficulty to fix itself, rather than allow more Benjamins to be mined ahead of schedule

Thanks for your continued support of Benjamins

I assume the next few pages will be extremely negative, and it's deserved, so let's have it

I respect your decision to keep the 10-min block times, but I still have the same concerns as posted earlier.  I still think the increased block time until the coin "fixes itself" is going to be an issue.  BEN has already gone from 32 min block times to 50 min block times since I posted about this yesterday, less than 24 hrs ago.  At that rate BEN is 70 days away from the next retarget.  I have no doubt this will continue to increase until BEN is looking at several months, maybe even a year to retarget the diff again.  I have seen this happen with many, many coins before.

I'm also concerned this coin will not be "fixed" at the next diff adjustment either.  At the next diff adjustment, BEN will be at block 26,208 - depending on when that happens, BEN still might be ahead of schedule in terms of block height.  I think there is a fair chance the diff will adjust even higher at block 26208, making things even worse.

For example (maybe my math is wrong, but I don't think it is):

70 days at "normal" block rate of 10 minutes should produce 10,080 blocks
This means expected block height 70 days from now would be ~14,500ish blocks
At current network rates, 70 days from now we will be at block 26,208 - still way over schedule

[itsunderstood]

[...]

At that rate BEN is 70 days away from the next retarget.  I have no doubt this will continue to increase until BEN is looking at several months, maybe even a year to retarget the diff again.  I have seen this happen with many, many coins before.

[...]

At current network rates, 70 days from now we will be at block 26,208 - still way over schedule

Overschedule for what?  I need to understand more about these things, forgive me if I am dense.  The world will surely go through at least one war inside 5 years, so, I think capital flight will be more of a factor.  I intend to mine a solid coin perhaps not BTC but something with a spine, something not premined.  I like the plain and hard face of Benjamins, sure, there will be lots of market violence, but that is as may be.  What coin hath a steady keel laid by a steady hand?  I will mine that coin.

What coins did you say you worked on?  I want to learn more, because I have some cool ideas and I am interested to hear people talk about coinwarz (where I found Benjamins) and the general state of cryptomining.  You speak of crapcoins of antiquity, upon which ye have sweated without payment?? what coins are they?  Thanks for the info, I appreciate all the smart people in these sectors.

[AllAboutTheBenjaminsBaby]

The general consensus last night was to let it be. This will keep the block time of all 4 coins on Paysha at 10 minutes

What does this mean for Benjamins?

It's going to suck mining for a little while. The difficulty keeps increasing, because we should only be on block 4500ish right now, not 20,000. We got way ahead early because so many ASIC miners jumped on before the first few adjustments. Benjamins will become extremely hard to mine for the next month, or even longer, depending on hash rate. Paysha will support BEN even if the transactions are slow for the first few months due to the problem. Both teams feel as if 10 minute blocks are better in the long run for network and transaction security, regardless of the short term damage. Changing the difficulty now would alter the lifespan of the coin to a degree that would ruin it. It would be mined out too fast. I know it seems like it's broken, but it's the exact opposite. Benjamins network is spiking difficulty to fix itself, rather than allow more Benjamins to be mined ahead of schedule

Thanks for your continued support of Benjamins

I assume the next few pages will be extremely negative, and it's deserved, so let's have it

I respect your decision to keep the 10-min block times, but I still have the same concerns as posted earlier.  I still think the increased block time until the coin "fixes itself" is going to be an issue.  BEN has already gone from 32 min block times to 50 min block times since I posted about this yesterday, less than 24 hrs ago.  At that rate BEN is 70 days away from the next retarget.  I have no doubt this will continue to increase until BEN is looking at several months, maybe even a year to retarget the diff again.  I have seen this happen with many, many coins before.

I'm also concerned this coin will not be "fixed" at the next diff adjustment either.  At the next diff adjustment, BEN will be at block 26,208 - depending on when that happens, BEN still might be ahead of schedule in terms of block height.  I think there is a fair chance the diff will adjust even higher at block 26208, making things even worse.

For example (maybe my math is wrong, but I don't think it is):

70 days at "normal" block rate of 10 minutes should produce 10,080 blocks
This means expected block height 70 days from now would be ~14,500ish blocks
At current network rates, 70 days from now we will be at block 26,208 - still way over schedule

You are correct. However, even if we were to adjust difficulty now, it would slowly creep up and each block would get harder and harder. This way it will stay this hard for a while and the jumps will be bigger, but less often. Instead of slowly creeping up every block, we hope the jumps will stall enough time to drive it back down to where it should be in the next few adjustments

[Poogasm]

Rather than try to understand the maths involved with the difficulty I'll just move on to ask:

Any word on BTC38?

I heard they are about to launch an English interface:
https://bitcointalk.org/index.php?topic=501433.new#new

[AllAboutTheBenjaminsBaby]

Still in touch, lots of Chinese traffic on the website, still. Russia just passed UK as #3

[Poogasm]

also this:
https://bitcointalk.org/index.php?topic=501963.0

[AllAboutTheBenjaminsBaby]

also this:
https://bitcointalk.org/index.php?topic=501963.0

Don't see Benjamins on that list, but we are on way more exchanges than most of those coins anyway