[ANN][SYN] SynCoin | [NO PRE-M][Auto Reward, Anti-ASIC]

[neuroMode]

Hey guys!

Lazycoins.com is a new exchange launching soon. If you want to see SynCoin get listed there then make a new thread for the coin and upvote it on reddit.com/r/lazycoins or tweet the coin to @LazyCoins!

Cheers!

[blueangel01]

I see two cons of this coin:

1- So, I saw the payout is linear with difficulty. Current payout is 109 per block and difficulty is around 10.
So, even if difficulty goes to 1000 which I think takes more than 2 months, the payout will go to around 10,000 which is still very low considering the 250B coins. This will disappoint miners and they will move away and therefore difficulty will stuck and so will payout.

2- Since the payout increases with difficulty, people on exchange sites do not have enough motivation to buy and hold coins because they scare the price will drop because of incoming more coins. I can say the price will be reduced over time rather than increase.

Dev, could you comment on these ?
 

1 - The supply will meet the demand of the miners. Therefore, the price will not need to compensate, less volatility. 250 B coins is just a number. They plan to change it.

2 - You can say that SYN is equivalent to the amount of electricity used. This coin is much closer to dollar than any other speculative coin. Cryptocurrency was made to become a medium of an exchange of trades and services, rather than speculative investments. I think it is unfair to mine 1 SYN a day just because a lot of people are mining it. You get more coins based on the electricity and machines you have.

In my opinion, it is unique and close to dollar. Dollar depreciates in value every year but people still holds it. It did not scare you when you got your 1st pay check, did it?

[ibitcoiner]

I see two cons of this coin:

1- So, I saw the payout is linear with difficulty. Current payout is 109 per block and difficulty is around 10.
So, even if difficulty goes to 1000 which I think takes more than 2 months, the payout will go to around 10,000 which is still very low considering the 250B coins. This will disappoint miners and they will move away and therefore difficulty will stuck and so will payout.

2- Since the payout increases with difficulty, people on exchange sites do not have enough motivation to buy and hold coins because they scare the price will drop because of incoming more coins. I can say the price will be reduced over time rather than increase.

Dev, could you comment on these ?
 

1 - The supply will meet the demand of the miners. Therefore, the price will not need to compensate, less volatility. 250 B coins is just a number. They plan to change it.

2 - You can say that SYN is equivalent to the amount of electricity used. This coin is much closer to dollar than any other speculative coin. Cryptocurrency was made to become a medium of an exchange of trades and services, rather than speculative investments. I think it is unfair to mine 1 SYN a day just because a lot of people are mining it. You get more coins based on the electricity and machines you have.

In my opinion, it is unique and close to dollar. Dollar depreciates in value every year but people still holds it. It did not scare you when you got your 1st pay check, did it?

for (1) I think it is better to change to to less value. or they can change the linear formula to much complex formula to calculate payout from difficulty. something that does not have linear relation with difficulty. may be a 1.5 power relation.

for (2) it is true that $ depreciates over time, and its why people do NOT hold it and convert to property, stock, crypto, gold, and etc. So, I believe people will not hold Syn and spend it very soon and that creates a rush to sell SYN over time.

[TheGer]

for every rush to sell there needs to be buyers and they will realize the same thing, and not buy so much, feeding into a stagnant situation unless something changes.

[ab12321]

I realize you have been a bit busy, fixing the mac wallet and all.  I was wondering how long you were going to keep the windows wallet password protected?  It might help at this point if you took the password away. Just a thought but thats just me

[lemfuture]

i realize this coin is not for investors but for miners. back to mining tips with mixer 

[Amph]

exchange for this?


this coin is not scrypt-n right? there is a different algo to prevent asic?

[syncoin]

I realize you have been a bit busy, fixing the mac wallet and all.  I was wondering how long you were going to keep the windows wallet password protected?  It might help at this point if you took the password away. Just a thought but thats just me

When I get back from Uni I'll remove the passwords for both wallets.

i realize this coin is not for investors but for miners. back to mining tips with mixer 

Not sure what you mean by that...

exchange for this?

Looking into a few at the moment right now.

Hey guys!

Lazycoins.com is a new exchange launching soon. If you want to see SynCoin get listed there then make a new thread for the coin and upvote it on reddit.com/r/lazycoins or tweet the coin to @LazyCoins!

Cheers!

Will do, mate.

I see two cons of this coin:

1- So, I saw the payout is linear with difficulty. Current payout is 109 per block and difficulty is around 10.
So, even if difficulty goes to 1000 which I think takes more than 2 months, the payout will go to around 10,000 which is still very low considering the 250B coins. This will disappoint miners and they will move away and therefore difficulty will stuck and so will payout.

2- Since the payout increases with difficulty, people on exchange sites do not have enough motivation to buy and hold coins because they scare the price will drop because of incoming more coins. I can say the price will be reduced over time rather than increase.

Dev, could you comment on these ?
 

1) So the formula isn't 100 percent linear; it will still halve on a long-term schedule; additionally, you're not taking into account the block height (which is used in the formula).

[(10 * difficulty) / (number of blocks + 97200)] * 97200

So looking here, if the difficulty increases at a higher rate, it will lead to a non-linear curve.
The only way payout would be linear is if the number of blocks increases at a similar rate to difficulty. However, the block height has been increasing fairly slowly; difficulty has gone up 50,000 times since launch.

2) Holding coins would actually be more profitable; the reward doesn't just increase over time. The difficulty is a large motivator for miners; when there's too much hashpower being thrown at the coin, in order to prevent hyperscarcity the payout increases. I understand scarcity is needed for value to increase, but when difficulty drops, the payout will drop enough to create lesser supply. Overall this allows SYN to reach and maintain its equilibrium price.

[syncoin]

exchange for this?


this coin is not scrypt-n right? there is a different algo to prevent asic?

Actually, it is. Starting in June. Read the OP, it mentions phase2.

[Amph]

but it doesn't need vertminer to mine it

[syncoin]

but it doesn't need vertminer to mine it

Not until it reaches phase2. Also, vertminer will only work for a while; I'm developing a miner for our coin specifically. It'll be done around next week.

[1976]

I realize you have been a bit busy, fixing the mac wallet and all.  I was wondering how long you were going to keep the windows wallet password protected?  It might help at this point if you took the password away. Just a thought but thats just me

When I get back from Uni I'll remove the passwords for both wallets.

i realize this coin is not for investors but for miners. back to mining tips with mixer 

Not sure what you mean by that...

exchange for this?

Looking into a few at the moment right now.

Hey guys!

Lazycoins.com is a new exchange launching soon. If you want to see SynCoin get listed there then make a new thread for the coin and upvote it on reddit.com/r/lazycoins or tweet the coin to @LazyCoins!

Cheers!

Will do, mate.

I see two cons of this coin:

1- So, I saw the payout is linear with difficulty. Current payout is 109 per block and difficulty is around 10.
So, even if difficulty goes to 1000 which I think takes more than 2 months, the payout will go to around 10,000 which is still very low considering the 250B coins. This will disappoint miners and they will move away and therefore difficulty will stuck and so will payout.

2- Since the payout increases with difficulty, people on exchange sites do not have enough motivation to buy and hold coins because they scare the price will drop because of incoming more coins. I can say the price will be reduced over time rather than increase.

Dev, could you comment on these ?
 

1) So the formula isn't 100 percent linear; it will still halve on a long-term schedule; additionally, you're not taking into account the block height (which is used in the formula).

[(10 * difficulty) / (number of blocks + 97200)] * 97200

So looking here, if the difficulty increases at a higher rate, it will lead to a non-linear curve.
The only way payout would be linear is if the number of blocks increases at a similar rate to difficulty. However, the block height has been increasing fairly slowly; difficulty has gone up 50,000 times since launch.

2) Holding coins would actually be more profitable; the reward doesn't just increase over time. The difficulty is a large motivator for miners; when there's too much hashpower being thrown at the coin, in order to prevent hyperscarcity the payout increases. I understand scarcity is needed for value to increase, but when difficulty drops, the payout will drop enough to create lesser supply. Overall this allows SYN to reach and maintain its equilibrium price.

hoho,we will see it.

[TheGer]

What is the confirm time?  I'm sitting at 86% unconfirmed and confirmed hasn't budged from the 30's in forever.  248 unconfirmed.  On Validerror.

[lazycoins]

Hi guys,

I have received couple of votes for you guys on twitter so just dropping by to let you know that we will need at least 20 votes for us to consider adding SyCoin to our upcoming exchange lazycoins.com https://bitcointalk.org/index.php?topic=471779.0.

We are helping news coins and bring them to exchange right away. Follow us on and VOTE on twitter for announcements @lazycoins

[blueangel01]

Hi guys,

I have received couple of votes for you guys on twitter so just dropping by to let you know that we will need at least 20 votes for us to consider adding SyCoin to our upcoming exchange lazycoins.com https://bitcointalk.org/index.php?topic=471779.0.

We are helping news coins and bring them to exchange right away. Follow us on and VOTE on twitter for announcements @lazycoins

That would be great!.

[tic-tac-totoro]

Why is tx fee so high right now? Shouldn't it also be proportional to net hashrate or something like that?

[syncoin]

Why is tx fee so high right now? Shouldn't it also be proportional to net hashrate or something like that?

Good suggestion! Will be added to to-do list for next update.

UPDATE: P2POOL CRASH HAS BEEN RESOLVED

[syncoin]

What is the confirm time?  I'm sitting at 86% unconfirmed and confirmed hasn't budged from the 30's in forever.  248 unconfirmed.  On Validerror.

We experienced a pool crash earlier today; someone knocked off all other p2pool nodes
Pool back online, will be renting a rig to help along the network this afternoon as well.

[syncoin]

Hi guys,

I have received couple of votes for you guys on twitter so just dropping by to let you know that we will need at least 20 votes for us to consider adding SyCoin to our upcoming exchange lazycoins.com https://bitcointalk.org/index.php?topic=471779.0.

We are helping news coins and bring them to exchange right away. Follow us on and VOTE on twitter for announcements @lazycoins

Just followed you; we'll work on getting those votes. Is it just Twitter that matters?

[dima_a123]

I don't understand. Seems like it doesn't matter what's the difficulty, I will always get the same amount of coins per constant hashrate. Is this correct?