★[ANN] [Fatecoin] [FATE] IS ON YOUR SIDE! No Premine - CPU Friendly★

[Ritual]

No idea trademark, but I am interested to see this as well. I have some squirrelled away

The last few days it has been quite difficult to mine. I am getting very few accepted blocks. I'd value mine reasonably highly, as I do believe this coin has a future. Once the communication drought has been sorted ofc

Rit.

EDIT: Yep, serje put it well

[serje]

And don't forget that we only have 66.666.666 coins

not like other altcoins that have 90.000.000.000 or 900.000.000

when you compare fate to other coins don't do it on the difficulty!

do it on the maximum coins number and how hard is it to get it!

Don't forget that this coin is not so tempting for big miners because they might end up on a wrong chain and would mine without a fast profit!

All the big miners like to mine coins that get them a lot of coins/block

[trademark]

Yes, they are hard to mine. Do you guys know how many are currently on the market?  Also, what plans and usage do the devs have for this coin?

[Ritual]

It's reasonably pool-proof, which means that there won't be shittons of it put in circulation in the first 5 minutes. Which gives it more value in the long run. The possibility of an instant dump the minute it hits an exchange is considerably reduced.

I like this coin quite a bit.

Rit.

[trademark]

And don't forget that we only have 66.666.666 coins

not like other altcoins that have 90.000.000.000 or 900.000.000

when you compare fate to other coins don't do it on the difficulty!

do it on the maximum coins number and how hard is it to get it!

Don't forget that this coin is not so tempting for big miners because they might end up on a wrong chain and would mine without a fast profit!

All the big miners like to mine coins that get them a lot of coins/block

Yes, 66,666,666 is low compared to other coins, but I am not sure why the dev didn't use 88,888,888 since 8 is a lucky number in China.  Coin looks good, wallet is the best looking one I've seen so far.  Just curious on what usage this coin brings.  I hope its not a coin where I can only stare at the number in my wallet.  

[Ritual]

Yes, they are hard to mine. Do you guys know how many are currently on the market?  Also, what plans and usage do the devs have for this coin?

If anyone has more than 30 or 40K of this coin, I will be amazed. It took me since launch to mine the ones I have, and I am nowhere near that number. The block reward at the moment is 6-100 random. So you can only guesstimate the number in circulation by taking the current block and then multiplying it by 52 (the average). I can't check from here what the current block is, but I am sure you can check it.

Plans-wise is where it all falls down tbh :/ The user fate coin is delivering news from the dev, and I might be wrong, but using google translate to do it. The OP stated there'd be a casino, but we have not had any word on this yet.....of limited interest to me anyhow, tbh. There may be huge plans, or there may be none at all, we just don't know. The coin could be massive already in the Chinese crypto-community, but it's hard to find as an english speaker.

If anyone's got more info on Fate, I'd love to learn about it

Rit.

[serje]

Status: 28940 confirmations
Date: 25/02/2014 13:48
Source: Generated
Credit: 8.00 FATE
Net amount: +8.00 FATE
Transaction ID: bc081b1ed9c76a8dc871595311bd7295b3ba59ef0008fbad2f1a70b218c4e9fe
Status: 14283 confirmations
Date: 03/03/2014 12:16
Source: Generated
Credit: 16.00 FATE
Net amount: +16.00 FATE
Transaction ID: a812896847b48d2b647b0368927297f5a5622c2eee22ae88654a8db06d56e685

I think you can lower that 52 average

But I think we are still under 2 mil coins!

[trademark]

Yes, they are hard to mine. Do you guys know how many are currently on the market?  Also, what plans and usage do the devs have for this coin?

If anyone has more than 30 or 40K of this coin, I will be amazed. It took me since launch to mine the ones I have, and I am nowhere near that number. The block reward at the moment is 6-100 random. So you can only guesstimate the number in circulation by taking the current block and then multiplying it by 52 (the average). I can't check from here what the current block is, but I am sure you can check it.

Plans-wise is where it all falls down tbh :/ The user fate coin is delivering news from the dev, and I might be wrong, but using google translate to do it. The OP stated there'd be a casino, but we have not had any word on this yet.....of limited interest to me anyhow, tbh. There may be huge plans, or there may be none at all, we just don't know. The coin could be massive already in the Chinese crypto-community, but it's hard to find as an english speaker.

If anyone's got more info on Fate, I'd love to learn about it

Rit.

Chinese love casinos but the problem I see is there are not enough total coins for gambling, but maybe if there were a casino that plays chinese games like pai gow or big2 (chinese poker) against real players that will bring interest.  Since it seems like the dev is from China. He/She should hook up with a travel agency or something and maybe people will be able to go on tours to China with FATE.  Slogan could be "It's your FATE to discover China" or something like that. That would be original  and would skyrocket FATE!

[Ritual]

That's a cool idea Always wanted to visit China!

[trademark]

That's a cool idea Always wanted to visit China!

Yeah. Same here.  I have some coins that are immature, how does it move over to unconfirmed and then confirmed? Thanks.

[Ritual]

Imature means they're in the process of confirmation. You'll soon find out if they're really yours or not This is where the FATE thing kicks in....a high percentage of blocks will actually be phantoms...

Rit.

[serje]

That's a cool idea Always wanted to visit China!

Yeah. Same here.  I have some coins that are immature, how does it move over to unconfirmed and then confirmed? Thanks.

After 80 blocks they will be mature! of course only if you are on the right chain!

How you can find out?

close wallet wait 1 minute and open it again

At least this is what I do every time I find a block

Generated coins must mature 80 blocks before they can be spent. When you generated this block, it was broadcast to the network to be added to the block chain. If it fails to get into the chain, its state will change to "not accepted" and it won't be spendable. This may occasionally happen if another node generates a block within a few seconds of yours.

[trademark]

Thanks. Wait, so my FATE's could be FAKE?  lol, so who do these coins go to then?  Seems like a game of luck.  No wonder big rig miners don't want to play. 

[serje]

Thanks. Wait, so my FATE's could be FAKE?  lol, so who do these coins go to then?  Seems like a game of luck.  No wonder big rig miners don't want to play. 

To no one!
It's like walking on a road, and you have to find some bananas! At some point you have 2 options left or right!

Let's assume you take right and this is not the good way! You will find a lot of fake bananas because you are on a wrong road!
You go to left and you find one banana this means you are on the right one!

Also if you found 2-5 blocks in a matter of minutes then you are on the wrong path!

[trademark]

Thanks. Wait, so my FATE's could be FAKE?  lol, so who do these coins go to then?  Seems like a game of luck.  No wonder big rig miners don't want to play. 

To no one!
It's like walking on a road, and you have to find some bananas! At some point you have 2 options left or right!

Let's assume you take right and this is not the good way! You will find a lot of fake bananas because you are on a wrong road!
You go to left and you find one banana this means you are on the right one!

Also if you found 2-5 blocks in a matter of minutes then you are on the wrong path!

Cool analogy, but let's use gold instead of bananas. I can only eat 1 anyways but can handle as much gold as I find.  Ok, if that's the case I'm finding fools gold and not 24k, how do I go upon walking on the right path? 

[Ritual]

OK, so what happens here is that the blockchain splits (forks) randomly. We do not know how many blockchains there are, or which is the right one. We can only mine.

You find a block. It may, or may not be, on the correct chain. You will just have to wait for confirmations to find out.

If it was the correct one, you own the coins. If it was the wrong one, you will see it in transactions as "unconfirmed" or "rejected". This means you took a wrong turn (which you cannot control).

The easiest way to try to get back on the right chain is (as Serje said) to restart the wallet immediately. But you can also let it self correct, which it should do within a couple of hours. That is, the trails meet up eventually

This coin is extremely unfriendly to pools because they could end up on a wrong blockchain for hours, leaving them with no coins to show for their miners. It's VERY friendly towards solo miners or people who are not running gigantic GPU farms, because the difficulty is low, and mining blocks is reasonably easy, and also if you are on the wrong chain and waste a couple of hours CPU mining it doesn't really matter much. The difficulty for CPU mining only is lowered to almost nothing permanently. GPU miners will have a random difficulty assigned to them, which can be from 1x (same) to 1000x the CPU difficulty.

It's a really good, novel concept. I just wish the dev would pop in and say hello. I have alot of questions

Rit.

[trademark]

OK, so what happens here is that the blockchain splits (forks) randomly. We do not know how many blockchains there are, or which is the right one. We can only mine.

You find a block. It may, or may not be, on the correct chain. You will just have to wait for confirmations to find out.

If it was the correct one, you own the coins. If it was the wrong one, you will see it in transactions as "unconfirmed" or "rejected". This means you took a wrong turn (which you cannot control).

The easiest way to try to get back on the right chain is (as Serje said) to restart the wallet immediately. But you can also let it self correct, which it should do within a couple of hours. That is, the trails meet up eventually

This coin is extremely unfriendly to pools because they could end up on a wrong blockchain for hours, leaving them with no coins to show for their miners. It's VERY friendly towards solo miners or people who are not running gigantic GPU farms, because the difficulty is low, and mining blocks is reasonably easy, and also if you are on the wrong chain and waste a couple of hours CPU mining it doesn't really matter much. The difficulty for CPU mining only is lowered to almost nothing permanently. GPU miners will have a random difficulty assigned to them, which can be from 1x (same) to 1000x the CPU difficulty.

It's a really good, novel concept. I just wish the dev would pop in and say hello. I have alot of questions

Rit.

Thanks Rit. Once FATEs are in my balance, are they mine to keep forever?  or could they magically disappear?  Also, what algorithm is this coin? It seems very different and original.  I take it, it's not a clone right?

[trademark]

difficulty info(GPU and CPU will be the same in fatecoin):
 
1.For GPU mining the difficulty is random,
   0.00024414---0.24414

 2.For CPU mining get the lowest difficulty :0.00024414,Difficulty is the same.


So it looks like difficulty will never be higher than 0.24414, isn't that way too low?  and won't it keep prices down?

[Ritual]

Bear in mind that you could also be on the wrong chain, and there is no way to tell.

You could throw 50 Gigahash at this and mine a million in 2 hours....only to have them go poof when the chain resynchs.

It's luck

Rit.

[trademark]

Bear in mind that you could also be on the wrong chain, and there is no way to tell.

You could throw 50 Gigahash at this and mine a million in 2 hours....only to have them go poof when the chain resynchs.

It's luck

Rit.

That's if it's in the "unconfirmed" right? not in the "balance"?