[ANN][KARM] Karmacoin - New Initiatives - Helping People Do Good

[bitwho]

From the Dev:

Several members of the community wrote about how the Karmacoin rewards needed to be changed.  We are listening, and we are going to change the way the rewards work to make sure the large multi-miners cannot get an advantage in the rewards they get. 

This change will increase the value of the coin as well because the reward payouts will be more predictable and will remove an exploit that large-blackhat miners can take advantage of.  The coin inflation, total coins, planned coin release flow, etc will not change at all.  Estimated payouts in coinwarz, pools, coinmarketcap.com. etc will also not need to be changed as the estimates were based on the same numbers used in the new rewards program.

We will be posting a new version of the wallet shortly to implement the new rewards.

Currently, if someone has a large amount of hashpower (i.e. 1GH of mining capability) relative to the entire network, they can exploit the system by only mining when they determine the next block will have a large payout.  This issue is related to the way the random payouts work.  The random payout algorithm is the same that DOGE uses, only because DOGE's network is larger, the issue is not seen as readily with DOGE.  See http://www.reddit.com/r/dogemining/comments/1x1p76/something_is_rotten_in_the_state_of_doge_mining/ for more details.

The new rewards will work as following:

0-10,000 blocks => 10,000 + 1,000,000 bonus
10,000-25,000 blocks => 10,000 + 750,000 bonus
25,000-50,000 blocks => 10,000 + 500,0000 bonus
50,000-100,000 blocks => 10,000 + 250,000 bonus
100,000-200,000 blocks => 10,000 + 100,000 bonus
200,000-300,000 blocks => 10,000 + 25,000 bonus
300,000-400,000 blocks => 10,000 + 10,000 bonus
500,000+ blocks => 10,000 coins

this f...cking dev.. he listens. How many times did he restart the coin. how many time did his team change the codes? Everysingle time we complained!

i feel spoiled 

[djslick]

thank you DEV for taking a firm stance with this, it's your baby on the line after all. my previous post was just reflecting my own feelings if i was heavily invested in this coin (which i'm not, but that might change now that i've seen this progress).

you're a posterboy for every other coin out there who uses the same reward system as DOGE (how many dozens of them now?), all of them have to be refitted without the variable rewards now that we've seen this exploit.

in this respect, be grateful this is happening BEFORE you get on major exchanges, and not AFTER, cause after will just be a bigger headache, look at LEAFCOIN, i love that coin, the DEV team is amazing, but they face the same issue with the exploit, and now have to get that many more exchanges/pools to changeover, after they literally just 10 days ago did a hard fork to implement KGW. seems like there's no end to the manipulation attempts by large private pools... c'est la vie. if i had control of a pool that big, i'd be %100 transparent and earn people's trust, while undercutting the competition with lower fees. i'd be the biggest pool out there cause everyone would always get what they earn, no bullshit... and then the DDoS attacks would start LOL

[p4r4m0un7]

From the Dev:

Several members of the community wrote about how the Karmacoin rewards needed to be changed.  We are listening, and we are going to change the way the rewards work to make sure the large multi-miners cannot get an advantage in the rewards they get.  

This change will increase the value of the coin as well because the reward payouts will be more predictable and will remove an exploit that large-blackhat miners can take advantage of.  The coin inflation, total coins, planned coin release flow, etc will not change at all.  Estimated payouts in coinwarz, pools, coinmarketcap.com. etc will also not need to be changed as the estimates were based on the same numbers used in the new rewards program.

We will be posting a new version of the wallet shortly to implement the new rewards.

Currently, if someone has a large amount of hashpower (i.e. 1GH of mining capability) relative to the entire network, they can exploit the system by only mining when they determine the next block will have a large payout.  This issue is related to the way the random payouts work.  The random payout algorithm is the same that DOGE uses, only because DOGE's network is larger, the issue is not seen as readily with DOGE.  See http://www.reddit.com/r/dogemining/comments/1x1p76/something_is_rotten_in_the_state_of_doge_mining/ for more details.

The new rewards will work as following:

0-10,000 blocks => 10,000 + 1,000,000 bonus
10,000-25,000 blocks => 10,000 + 750,000 bonus
25,000-50,000 blocks => 10,000 + 500,0000 bonus
50,000-100,000 blocks => 10,000 + 250,000 bonus
100,000-200,000 blocks => 10,000 + 100,000 bonus
200,000-300,000 blocks => 10,000 + 25,000 bonus
300,000-400,000 blocks => 10,000 + 10,000 bonus
500,000+ blocks => 10,000 coins

Guys, point all your hashing power on our baby Karmacoin. And do it now! Let`s take it to the SUN. Go to your forums and spread the news. Attract more miners. Just ask them to try.

[Karmagood]

Mandatory Wallet Upgrade (0.8.6.2.4) - Install by Monday Feb 24th 10AM (block 29,000)

Our popularity is again causing us to need to release a new version of the wallet to avoid unfair large pools from taking advantage of small miners.

Several members of the community wrote about how the Karmacoin rewards needed to be changed.  We are listening, and we are going to change the way the rewards work to make sure the large multi-miners cannot get an advantage in the rewards they get.  This change will increase the value of the coin as well because the reward payouts will be more predictable and will remove an exploit that large-blackhat miners can take advantage of.  The coin inflation, total coins, planned coin release flow, etc will not change at all.  Estimated payouts in coinwarz, pools, coinmarketcap.com. etc will also not need to be changed as the estimates were based on the same numbers used in the new rewards program.

The new rewards will work as following:

0-10,000 blocks => 10,000 + 1,000,000 bonus
10,000-25,000 blocks => 10,000 + 750,000 bonus
25,000-50,000 blocks => 10,000 + 500,0000 bonus
50,000-100,000 blocks => 10,000 + 250,000 bonus
100,000-200,000 blocks => 10,000 + 100,000 bonus
200,000-300,000 blocks => 10,000 + 25,000 bonus
300,000-400,000 blocks => 10,000 + 10,000 bonus
500,000+ blocks => 10,000 coins

Dowload links

Windows installation program (setup.exe):    http://www.karmacoin.info/downloads/karmacoin-0.8.6.2.4-win32-setup (add .exe to the end of this URL to download it - the forum blocks the link otherwise)

Windows zip file only:    http://www.karmacoin.info/downloads/karmacoin-0.8.6.2.4-win32.zip

Mac:    http://www.karmacoin.info/downloads/karmacoin-qt-0.8.6.2.4.pkg

Linux:    http://www.karmacoin.info/downloads/karmacoin-0.8.6.2.4-amd64.deb

[alexkravets]

You guys should have rolled out the new logo with this update :-)

[ntz]

..........

[th00ber]

When i'm writing

karmacoin.info : last 20 block average : 318k/block
hashstrike : last 20 block average : 527k/block

Don't trust coinwarz and the 755k/block, better mine another coin or you will be disappointed.

[nrg_wolf]

you obviously havent been keeping up with whats been going on with karma coin, please read the previous pages before you decide to scream scam pool, as i have mined there and had no issues. the real issue with the random block rewards being targeted by a blackhat miner causeing the rest of us miners to get much lower rewards.....

[ntz]

When i'm writing

karmacoin.info : last 20 block average : 318k/block
hashstrike : last 20 block average : 527k/block

Don't trust coinwarz and the 755k/block, better mine another coin or you will be disappointed.

hashstrike is much better for me at the moment

[btcforthefuture]

wow what happened with the 30+ btc buy support at 3 sat while I was asleep?

[pmflxh]

You guys are fucking hardworking.Try to bring KARM to the SUN.

[pikuchato]

Holy fuck I just sold all my karma few hours ago after realizing this coin is being abused...
I guess the abusers just dumped their loot  

[nrg_wolf]

Holy fuck I just sold all my karma few hours ago after realizing this coin is being abused...
I guess the abusers just dumped their loot  

you should have held as now the coin has been fixed when it hits the right block..... karma will climb in value in time....

[c4shm3n]

wow what happened with the 30+ btc buy support at 3 sat while I was asleep?

some one got weak hands and dump from 4 to 3 satoshi 20+ btc. It was very good for buyers who get karma at this price of 3 satoshi and very bad for the dumpers. You see in few days extremely rise of karma. With new payouts, miners will not get so much karma anymore and the price will rise. Only a fool would sell now at 3/4 satoshi if the price is double in the week or two.

[anon42342342]

this is a message for: http://pool.karmacoin.info/index.php

since your contact form is not working i am posting it here.
"
i requested a manual payout and the message said i allready asked for one so i cant ask again. i think the first request was a blank so i would appreciate it if you withdraw my funds to the following address.

verifying by email beforehand is an acceptable precaution, so you can email me at
*********  (username: cocoregfdg) and receive a karma address from there.

my karma address:
KDnAdTYN6qaSJtiKpJ4E16vgGb6Qd7honw

have a great day
"

[pandher]

Requesting donations for giveaway on cryptoindia.org

[Alphi]

Holy fuck I just sold all my karma few hours ago after realizing this coin is being abused...
I guess the abusers just dumped their loot  

every coin is being abused in one way or another... it is bad karma to assume that this coin is the only one.

look how much quark and nxt were pre-mined and they still trade on the markets without crashing.

[mison]

The best thing on KARMA coin s that devs care about coin. Many others coins are just forgotten by devs. Lets hope this is the last big change.

[crackfoo]

Just wanted to let you know, the Hasher pool has just now re-compiled the latest from github and upgraded the running wallet.

http://karm.hasher.ca

Just need some miners to hop on the pool.

Thanks and Happy Hashing!

[MuffinMaster]

Holy fuck I just sold all my karma few hours ago after realizing this coin is being abused...
I guess the abusers just dumped their loot  

every coin is being abused in one way or another... it is bad karma to assume that this coin is the only one.

look how much quark and nxt were pre-mined and they still trade on the markets without crashing.

Its was rather surprising to see an update so soon to counter the super pools mining only high value blocks. Looking forward to no more rants about it and will have a definite positive over DOGE.