[ANN][SHA-256D] PETRODOLLAR (P$): BIG OIL COMES TO CRYPTO

[neuroMode]

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

Well, the model foreshadows a price increase at block 43200. If the price doesn't increase this coin will surely lose miners because the block rewards drop drastically. You might have a few that will set a few GH/s out of novelty/interest sake but if it remains less profitable than bitcoin to mine it'll be hard to survive. However, something tells me that there will be enough miners around that deem it worthy.

[neuroMode]

I just started an IRC for P$. Join me on Freenode #petro.dollar

I would have chosen #petrodollar but someone appears to be squatting on it.

[raskul]

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

Well, the model foreshadows a price increase at block 43200. If the price doesn't increase this coin will surely lose miners because the block rewards drop drastically. You might have a few that will set a few GH/s out of novelty/interest sake but if it remains less profitable than bitcoin to mine it'll be hard to survive. However, something tells me that there will be enough miners around that deem it worthy.

agreed, and I am content to keep mining this, however, can we clarify what it is that will drive up the price? The reason I ask is because as is so inherent with so many other coins, price is solely dependent on the sell price on the exchanges of folk who have the coin in possession. I see no method on any of the ALT/BTC exchanges which will drive up the price. Is there any kind of price driver, aside from the price one is willing to sell at, on exchanges such as cryptorush? (I dismay at the low price that folks are currently willing to sell P$ at). If I had enough BTC, I would buy up the lot and hold onto it... perhaps what we need is a big whale to sweep the low sell orders out and mark up the price to something a bit more respectable? I know, it's early days, but I would like to see some kind of method in which the ability for a coin to rise in value will follow, apart from the dumpers sell price. Are we solely relying that someone will come along and buy up all the coins at a cheap price?

[crackfoo]

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

My bfg proxy point to my P$ pool just fine... What seems to be the problem?

[raskul]

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

My bfg proxy point to my P$ pool just fine... What seems to be the problem?

i'm not sure... proxy works for all other pools when i'm mining BTC, but not for alt coins. bearing in mind the blades are all 130nm and edging close to being a loss leader... thinking of selling them on ebay.

[raskul]

i'm loading up my vault with P$
some of the sell orders on cryptorush are ridiculously cheap!!

I'm going to write a book - 'Pumpers Without a Clue'

 

[ArcticWolfie]

Deadly-silence Petrodollar pool now open!

https://kgw.deadly-silence.org/index.php?page=dashboard

1% fee, PPLNS (MPOS default), Vardiff enabled.
Location: Europe.

Happy mining!

[raskul]

for those who don't frequent CCtalk, i'll copy this here, just a few thoughts on the evolution and distribution of P$;

I have indeed been treating P$ as I would any other alt coin... (and how oil is distributed.) I've been mining it, selling it and cashing out my returns. mining it some more, selling it, and chasing out it's returns. This is a viable option whilst the block sizes are still large and I can only anticipate that, by the time we get to the first block-cut, i'll become a little more precious about my vault of P$. I see some massive miners on the pools, whom I hope are doing the same, while they can. A block size of this current magnitude, I think that you would be a tad silly to hold everything. For me, It's easy to mine 0.1btc worth of P$ each day, and as is my perpetual whinge - i've got bills to pay. So for this first 6 months, i'm content to mine and pass those reaped gains around to those who wish to buy P$ from me. I think, the more people who get involved, the better as the spread of all mined P$ should, and will be vast.
 
I think the buzzword here should be 'distribution'
 
Those who don't have the facility to mine P$ in volume, should be buying it at the early stages, and if miners are not distributing their mined gains, that essential 'distribution' will never occur.

[neuroMode]

http://www.reddit.com/r/thePetroDollar/

[neuroMode]

May I suggest editing the Subject header of this thread? I just think the "Petrodollar (P$)" part should be placed at the beginning because that's where everyone's eyes go first to find the name of the coin when looking down the coin list here.

[coinweaver]

Developers of the PetroDollar will be featured at the CryptoCurrency Convention, April 9th, 2014 in NYC.

cryptocurrencyconvention.com

[neuroMode]

Developers of the PetroDollar will be featured at the CryptoCurrency Convention, April 9th, 2014 in NYC.

cryptocurrencyconvention.com

Awesome!

I was thinking about advertising PetroDollar to some economic circles but I don't know where to start. It's definitely a cool experiment that they would get all giggly about. Must...do....some searching.

Best of luck to the devs at the conference!

[coinweaver]

for those who don't frequent CCtalk, i'll copy this here, just a few thoughts on the evolution and distribution of P$;

I have indeed been treating P$ as I would any other alt coin... (and how oil is distributed.) I've been mining it, selling it and cashing out my returns. mining it some more, selling it, and chasing out it's returns. This is a viable option whilst the block sizes are still large and I can only anticipate that, by the time we get to the first block-cut, i'll become a little more precious about my vault of P$. I see some massive miners on the pools, whom I hope are doing the same, while they can. A block size of this current magnitude, I think that you would be a tad silly to hold everything. For me, It's easy to mine 0.1btc worth of P$ each day, and as is my perpetual whinge - i've got bills to pay. So for this first 6 months, i'm content to mine and pass those reaped gains around to those who wish to buy P$ from me. I think, the more people who get involved, the better as the spread of all mined P$ should, and will be vast.
 
I think the buzzword here should be 'distribution'
 
Those who don't have the facility to mine P$ in volume, should be buying it at the early stages, and if miners are not distributing their mined gains, that essential 'distribution' will never occur.

As stated elsewhere, the one thing the model provides is a wealth of historical analogies from which to draw upon for inspiration.

How did the oil companies get the world addicted to oil?

[neuroMode]

for those who don't frequent CCtalk, i'll copy this here, just a few thoughts on the evolution and distribution of P$;

I have indeed been treating P$ as I would any other alt coin... (and how oil is distributed.) I've been mining it, selling it and cashing out my returns. mining it some more, selling it, and chasing out it's returns. This is a viable option whilst the block sizes are still large and I can only anticipate that, by the time we get to the first block-cut, i'll become a little more precious about my vault of P$. I see some massive miners on the pools, whom I hope are doing the same, while they can. A block size of this current magnitude, I think that you would be a tad silly to hold everything. For me, It's easy to mine 0.1btc worth of P$ each day, and as is my perpetual whinge - i've got bills to pay. So for this first 6 months, i'm content to mine and pass those reaped gains around to those who wish to buy P$ from me. I think, the more people who get involved, the better as the spread of all mined P$ should, and will be vast.
 
I think the buzzword here should be 'distribution'
 
Those who don't have the facility to mine P$ in volume, should be buying it at the early stages, and if miners are not distributing their mined gains, that essential 'distribution' will never occur.

As stated elsewhere, the one thing the model provides is a wealth of historical analogies from which to draw upon for inspiration.

How did the oil companies get the world addicted to oil?

They made it widely available for cheap?

[coinweaver]

This is still a very, very young coin.  There is time to make plans and plot a course as individuals and the course of a coin - any coin - is the sum total of the individual decisions of those who hold the coin.

In the early days of the oil industry, oil was used to make paraffin wax which was used on all sorts of things: from kitchen to military applications.  Paraffin wax replaced waxes from rendered animal fat as it was cheaper to mass produce.

To help draw the analogy to cryptocurrency, the coin first needs to be used for basic things for which other coins are already used.

There is a faucet which is linked in the OP.  Some more exchanges wouldn't be a bad idea, nor would having the coin be added to the list of currencies accepted by CoinPayments.net or even a custom payment gateway service.

The burden resided with the oil companies that needed to create a market for their product.  In the case of a cryptocurrency, this resides with the miners that hold the greatest stake.

Those first miners of a coin have the greatest burden for ensuring the success or failure of any naturally launched, no premine coin where the devs don't meddle with it.

This coin is a DAC in the truest sense of the term.  I only offer this as food for thought.  Do as you please.

[atchoum6760]

  http://cryptocurrencyconvention.com/

[coinweaver]

[crackfoo]

Earn some P$ mining at the Hasher pool:

http://petro.hasher.ca   -  PPLNS 1.5%

Happy Hashing!

[atchoum6760]

oupssssssssssssssssssssssssssssss   

[XiaoRui]

oupssssssssssssssssssssssssssssss   

OH YEAH ,GOOD JOB