[ANN] AIRcoin

[ISAWHIM]

Great... solo-mining! Um... Where is the wallet?

I see the connection information, not seeing the actual wallet required to actually connect to.

Sorry, found it inside the TLDR content... mumbo-jumbo...

First rule of marketing... KISS (Keep it simple Simon)

1: What am I about to read about...
2: Where is the source (main website)...
3: Where is the wallet/Pools (Link and version #)
4: How do I connect to the wallet (If mining, the usual specifics)
5: Where are the exchanges
6: Further support or assistance (Beyond this forum)
7: Useless mining details that are only read once (rewards/premine)
8: Bonus stuff... supporting sources... credits...

[Shadow_Runner]

Well I mined few hours ~1500 AIR and feel stupid right now, if block reward will be changed to x10 or more later.

Well according to the OP, "... those who mined in the first 30 minutes recieved 48x more proportional coins than normal, those who mined in the first two hours have received between 4-20x more coins depending on what difficulty level they jumped in at."

I wouldn't call getting more coins than forecast stupid. Be happy that you mined more coins than otherwise.

If that so, than good. I'm not clearly understood it.

[AIRcoin]

Well I mined few hours ~1500 AIR and feel stupid right now, if block reward will be changed to x10 or more later.

If I understand this correctly, which I might not, the block reward will only go up if the price goes up and there is substantial interest in the coin - so you should be better off having mined early.

Happy to be corrected by the OP if this is wrong.

Well, let the OP confirms that. Coz I'm not clearly understand. Maybe coz my eng is bad.

That is correct. I would guess that Shadow_Runner probably profited the most (he was the dominant miner in the first group of 720 blocks I believe) from the first stage. The block reward will only drop significantly if the exchange rate rises by the same inflation % that the higher block reward would cause.

Network hashrates did not increase significantly over the night, so the inflation rate (projected) for the first 24 hours has dropped from 0.96% to 0.74%. Normally, there is supposed to only be 0.1% inflation, that trends down to 0 if the exchange rate is stable. If the exchange increases faster than our goal of 5% per week, then block reward will increase as well. However, that doesn't reduce the value of the coins currently being held or that have been mined before, because we ensure that 5% is always higher than the increase in block reward so the exchange rate doesn't go down.

This is what we mean by "effective" inflation.

This means that, right now if the development team does nothing your coins will drop in value by about 0.74%. (note: not 74%, 0.74%) So if 1 AIR = 1 BTC before, now 1AIR=0.926BTC now.

However, our development team doesn't plan on doing nothing, and it means we just have to gain 5.75% instead of 5% one week to offset the balance until we release the new wallet that adjusts the block reward dynamically on the exchange rate.

[ISAWHIM]

As pointed out in the post, the wallet can be downloaded from our website here: http://teamaircoin.org/download/

Found it... eventually... (Edited my post above)

Too much words, words, words, words, words, (something important), words words words words (something important) words words words words...

Save the "what we are about" for the "what we are about" page... Or have it follow the important stuff... (The links clearly marked as what they are, not just a hyperlink sentence.)

EG...

TOP OF POST, after brief coin info or title...

Website: www.somesite.com

Windows Wallet: V1.02 http://somelink.com/file=4324234.zip
Linux Wallet: V1.01 http://somelink.com/file=4324234.zip
Mac Wallet: V1.14 http://somelink.com/file=4324234.zip

Source: http://somelink.com/sourcecode.htm

Solo Mining Details:

INSERT TLDR content "words words words words" here...

LAST TO READ coin details here... (Will be useless once mining starts anyways.)

Bad use of a link...
This is a link to something you might need
^^^ Not an obvious link. Looks like just colored text.

[Shadow_Runner]

Yes, I mined while others mined %shitcoin% (sorry can't tell name, avoid trolling).

[Shadow_Runner]

However, our development team doesn't plan on doing nothing, and it means we just have to gain 5.75% instead of 5% one week to offset the balance until we release the new wallet that adjusts the block reward dynamically on the exchange rate.

Sounds good. But will see how's it going. Thanks for details.

[ISAWHIM]

"24 Hour Difficulty Retarget Time"

Ouch... So much for hopper protection there...

Might want a 24-hour retarget-goal, but a per-block retarget time. Seems to kick pool-hoppers off before they cause all sorts of reward damage. (They mine too many too fast, causing diff of next target to be too high for others to mine for actual reward, which makes them leave with the hoppers. Sticking a few miners to keep mining with less reward, which causes the next target to be way under, dropping diff, which brings the hoppers back for more. Creates saw-tooth effect in difficulty that amplifies as time progresses, until the coin has a higher steady miner-base that is larger than hoppers from pool-switchers. Unless it is per-block diff adjustments. Then they leave after two or three or twenty blocks. One block later, balance is restored.)

You could also under-estimate diff adjustments. That reduces hopper damage. Since the diff would be too high for them to mine still, but not quite "perfect calculated adjustment"... when they go, the ones left behind are mining less difficult, which would still be greater than what was actually needed after the hoppers left...

EG, if 30K is needed... only adjust 20K up... if it still needs it, it will adjust up again. But chances are, if the diff was 10K before hoppers came... then 30K after, that is 20K over, as opposed to going up to only 20K, which is only 10K over. Thus less loss to the steady miners. If it was wrong, it would have gone 10K, 20K(30K est), 25K(35K est), 28K(31K est), 30K(30.5K est)

[Shadow_Runner]

{
"blocks" : 4564,
"currentblocksize" : 0,
"currentblocktx" : 0,
"difficulty" : 0.25000000,
"errors" : "",
"generate" : false,
"genproclimit" : -1,
"hashespersec" : 0,
"networkhashps" : 8274530,
"pooledtx" : 0,
"testnet" : false
}


Diff is still acceptable for solo.

[ISAWHIM]

Only getting one connection... (Thought we need 3 minimum to mine)

Block: #4567
Diff: (16.4K) 0.250244140625
Reward: 3.72

Also find it odd that each mined coin goes to a random wallet address... if this goes beyond the initial 100... is that going to make recovery impossible? We can't re-create the address beyond the first 100 in the wallet. Those are pure random. If the wallet can't "read those", it can not "recreate them", because they were random.

Might want to move all mined coins ASAP, every few days... One corrupted wallet will destroy any chance of recovering that address as yours. Unless you get lucky and randomly generate the same address again, and check the balance of coins deposited to that address. (Which would reveal the lost coins.)

This has been talked about before. (Addresses beyond the initial 100 generated addresses.) Have they changed the code to make it non-random, or programmatic pseudo-random, from a "known base-value" for recreation?

[Shadow_Runner]

Only getting one connection... (Thought we need 3 minimum to mine)

Block: #4567
Diff: (16.4K) 0.250244140625
Reward: 3.72

I have one connection too and yesterday successfully mined solo. Confirmed, not orphans.

[kronicblazer]

are there any pools yet for this coin?

[Shadow_Runner]

Now 3 connections.

[
{
"addr" : "107.170.20.200:1631",
"services" : "00000003",
"lastsend" : 1393186383,
"lastrecv" : 1393186369,
"bytessent" : 1599,
"bytesrecv" : 5093,
"blocksrequested" : 0,
"conntime" : 1393186130,
"version" : 70002,
"subver" : "/Satoshi2:0.8.6.2/",
"inbound" : false,
"startingheight" : 4571,
"banscore" : 0,
"syncnode" : true
},
{
"addr" : "46.249.59.220:35831",
"services" : "00000003",
"lastsend" : 1393186383,
"lastrecv" : 1393186383,
"bytessent" : 1736,
"bytesrecv" : 230,
"blocksrequested" : 0,
"conntime" : 1393186382,
"version" : 70002,
"subver" : "/Satoshi2:0.8.6.2/",
"inbound" : true,
"startingheight" : 4575,
"banscore" : 0
},
{
"addr" : "46.249.59.220:64028",
"services" : "00000003",
"lastsend" : 1393186408,
"lastrecv" : 1393186408,
"bytessent" : 1736,
"bytesrecv" : 230,
"blocksrequested" : 0,
"conntime" : 1393186407,
"version" : 70002,
"subver" : "/Satoshi2:0.8.6.2/",
"inbound" : true,
"startingheight" : 4575,
"banscore" : 0
}
]

[drakoin]

chosen not to release the source code immediately.

Do not download oreocoin, but please have a look at that oreocoin
disaster, and you might start to understand what you are demanding.


CAREFUL WITH THIS COIN, UNTIL THE SOURCECODE IS RELEASED!


I am very much interested
in seeing your block reward idea live,
but ... sorry, your coin is too risky right now.

[ISAWHIM]

P.S. What the heck is that logo? Not sure what to think of it. Looks like a grave-stone/coffin with an upside-down "?" etched on it.

Just asking... because that is not clear. Might be in the TLDR stuff.

P.P.S. "Coin Supply can last between 100 and 1000+ Years" Might want to change that to say...
"Initial Mining-reward can last between 100 and 1000+ Years"

Don't want people thinking the coin-supply itself is only going to last that long! (Supply is usually "captured assets", not "uncaptured assets"... You don't refer to unmined gold as a "supply", only mined gold sitting in vaults is a "supply". (It is unknown how much gold the earth actually contains. )

Found on the ABOUT page... http://teamaircoin.org/about/

[ISAWHIM]

Got 2 solid connections now.

Coin is running perfect.

With my smaller work-load size, of 64*, this is my results.

Difficulty: (16.4K) 0.250244140625
Blocks: 70 accepted
Time: 9 Hrs
Hash/Pow: 3 MHs / 1200 Wh (1.2KWh)
Acc/Rej: 70/15 = 85 [17% rejects] * Due to small workload, rejects may be higher than yours
Coins: 260.40

Daily estimate: 694.40 Per day @ 3 MHs = (231.46666/MHs/Day)
Electric cost: $5.00 per day

Estimated "bottom dollar" cost per coin, at the moment: $0.0072004608294931 USD/AIR
Estimated "bottom dollar" coins per dollar, at the moment: 138.88 AIR/USD

Estimates would imply that I only made $5.00 per day mining, to cover electric costs only, at my local rates and at my estimated power consumption of my rig. That is not the trade-value I would expect/hope to get in the future. That is only the "bottom dollar", which is needed in value, to make the coin equal to zero-value. As opposed to being negative OROI (Operating Return On Investment).

Similar coin rewards of this yield, would expect to return $18.00 to $10.00 per day, at 3 MHs, after the $5.00 electric cost has been removed. ($23.00 to $15.00 if electricity was free.)

Figured this might help to determine some reasonable starting value.

Not sure how accurate those estimates are... Since it takes 24-hrs for the coin to adjust to actual workload/yield. Might be getting more than expected, or way less than expected.

[Shadow_moon]

There doesn't any pool without sources. And Windows wallet may has virus

[AIRcoin]

There doesn't any pool without sources. And Windows wallet may has virus

See this post:

aircoind:

https://www.virustotal.com/en/file/a5c6b40a171ef632fcbf7ea641f9f5ff3c9be6319509c966fee54947f2ec0e95/analysis/

Another user ran our wallet through an anti-virus. Only a chinese-based antivirus software (likely a false positive, although it could flag anything even remotely related to bitcoin) alerted. All reputable anti-virus scans clear fine.

So far, those who were interested in setting up pools and have contacted us have not taken the initiative to set up a pool themselves, as far as our development team knows. As soon as we are alerted of a new pool, we will let you guys know.

Got 2 solid connections now.

Coin is running perfect.

With my smaller work-load size, of 64*, this is my results.

Difficulty: (16.4K) 0.250244140625
Blocks: 70 accepted
Time: 9 Hrs
Hash/Pow: 3 MHs / 1200 Wh (1.2KWh)
Acc/Rej: 70/15 = 85 [17% rejects] * Due to small workload, rejects may be higher than yours
Coins: 260.40

Daily estimate: 694.40 Per day @ 3 MHs = (231.46666/MHs/Day)
Electric cost: $5.00 per day

Estimated "bottom dollar" cost per coin, at the moment: $0.0072004608294931 USD/AIR
Estimated "bottom dollar" coins per dollar, at the moment: 138.88 AIR/USD

Estimates would imply that I only made $5.00 per day mining, to cover electric costs only, at my local rates and at my estimated power consumption of my rig. That is not the trade-value I would expect/hope to get in the future. That is only the "bottom dollar", which is needed in value, to make the coin equal to zero-value. As opposed to being negative OROI (Operating Return On Investment).

Similar coin rewards of this yield, would expect to return $18.00 to $10.00 per day, at 3 MHs, after the $5.00 electric cost has been removed. ($23.00 to $15.00 if electricity was free.)

Figured this might help to determine some reasonable starting value.

Not sure how accurate those estimates are... Since it takes 24-hrs for the coin to adjust to actual workload/yield. Might be getting more than expected, or way less than expected.

We've observed that the Mining market and the Exchange market trend toward .00002500 BKD or Bitcoin-equivalent-per-kilohash-per-day (+/-.000005 BKD). This is caused by two effects:

1. Miners sell for Bitcoin, rather than buy other currencies, since they mine instead of buying
2. Miners will gravitate toward mining whatever coin is most profitable at the time
3. If a coin is not profitable to mine, it will instead be bought directly

This means that the market for mined coins (using "difficulty" as an exchange rate balancing out hashing power (demand) and block reward (supply)) and the market for buying coins (exchange sites, which have buy orders for demand and sell orders for supply) are self-regulating. The difference is that the supply and demand of the exchange rate market, and the demand of the mining market, are all based on human action. But the supply of the mining market is not, and can't be changed readily by humans. This makes for some interesting interplay between these markets as they try to self-regulate. This phenomena is called "trending toward the BKD".

It works like having many restaurants next to eachother. As customers flood one restaurant that tastes the best, the restaurant raises prices. This causes them to go to competitor restaurants. However, each restaurant in the area is pulling in supply from a food supplier, so if a restaurant doesn't change their price, (and people consume anyway) then the supply is going to run thin and the supplier will have to raise their price forcing a price raise at the restaurant. The relationships between buyers and sellers can be seen as that of the customer and the restaurant, and the restaurant and the supplier's relationship is that of the miner and the mining algorithm. There are a finite number of customers (buyers or miners), but there could be an infinite number restaurants (coins) each with their own supplier (algorithm).

If the BKD gets higher than the top average BKD (somewhere around .00002500 for coins listed on an exchange, it doesn't tend to move back and forth much), then miners will mine and sell the currency, dropping the exchange rate, OR more miners will come and enter the mining pool, raising the difficulty. This brings the BKD back down. If the BKD gets too low, then miners will move on to more profitable coins, lowering the difficulty, or people will buy the coin on exchanges instead of mining, raising the prices.

This dual-equilibrium (outlined in Alexander's whitepaper as well) is one method of exchange rate control.

At the current difficulty (which is about to rise in about 100 blocks) this puts the "equivalent" exchange rate (if AIR was being exchanged) at ~.0000875 +/- .000025 BTC. If that exchange rate was any lower, then the difficulty should drop to reflect that. That is, again, due to those three assumptions that tie demand-for-mining and demand-for-buying. This means coins mined during this period will try to stabilize toward $0.0464 USD/AIR, with resistance to move above or below that price. As you stated, this number will too grow.

If difficulty goes from .25 to 1 in the next period, the projected exchange rate will rise to $0.232 AIR. Since blocks are being released about once every 30-50 seconds, we can expect the next difficulty to be close to 2x-4x larger, to restablize to blocks being released once every 2 minutes, bringing us to an AIR/BTC rate of .00034, which is $0.1972/AIR. Since we expect within a few days for this value to trend (as hashing power increases) to $0.50USD/AIR, we're right on track. We'll see if it gets close to $0.50 USD/AIR by the end of tomorrow.

So if you take the "minimal cost possible" from ISAWHIM's post, and allow it to trend toward the BKD-equivalent coins will be worth about .00034 BTC/AIR once we open on an exchange. This is assuming there is not additional demand beyond being a liquid asset that can be converted to BTC, which would raise the price further.

When that "bottom dollar" cost per coin meets the "BKD equivalent" price per coin, then there will be no additional demand for mining the coin, and all further demand will be pointed at the exchange rate.

So, in other words, coins mined today are worth 27x times more than what it costs for ISAWHIM to mine, if they remain near the top and are not subject to other market forces that would drop the exchange rate.

And thank you for the suggestions, ISAWHIM, to the front post. We're still making minor improvements to our website (including finishing up our Forums) and there's a lot of wording or grammatical errors that may need fixed or made more clear. Hopefully we'll soon have it refined to the point where anyone can jump up and start mining or using AIRcoin without having any cryptocoin experience before.

[psybase64]

There doesn't any pool without sources. And Windows wallet may has virus

That's right there is no pool yet so it's good old solo mining for now...

Everyone always yells virus when a new coin is launched so nothing new there.

Have you read the white paper by Alexander yet?

http://www.teamaircoin.org/whitepaper.pdf

It's very interesting what he has written there.

I think a lot of Aurora and VTC miners will start move to  this coin soon.

[AIRcoin]

There doesn't any pool without sources. And Windows wallet may has virus

That's right there is no pool yet so it's good old solo mining for now...

Everyone always yells virus when a new coin is launched so nothing new there.

Have you read the white paper by Alexander yet?

http://www.teamaircoin.org/whitepaper.pdf

It's very interesting what he has written there.

I think a lot of Aurora and VTC miners will start move to  this coin soon.

Considering that Vertcoin's exchange rate has fallen to 50% in the last 2 weeks (there's nothing there to raise the rate, only slow it from falling), and Auroracoin is about to experience massive inflation from the airdrop, I'd say we have a good chance at surviving a lot longer and with a lot better rate.

I imagine that if BTC had gone up since Feb. 8th (as opposed to crashing) Vertcoin would have seen a much worse exchange rate drop too, since there's still a lot of demand to "shelter" holdings in Altcoins until BTC comes back up.

Auroracoin is an interesting case though, and it can't be judged on its speculative rate alone. I think it's an important (if a little misguided) step toward cryptocurrency adoption, but AIRcoin is playing a very different game in aiming for investment viability rather than ubiquitous usage.

[ISAWHIM]

Would be interesting to see a coin that actually had two exchange-rates...

One for "unspent" minted block-rewards, (virgin coins).
One for "living" coins, (coins moved to any output, other than the virgin exchange).

Once moved, it is now a living coin. The special "mint exchange", would be for us miners only. Only virgin coins accepted for deposits. All coin withdraws would have to move out to a wallet, or onto the "live" exchange.

Thus, keeping mining value slightly distant from actual coins being used/traded, once separated from the miners grip/possession.
(Not that I believe this coin should do that. It was just a thought which came as I read your reply.)

The one thing I always wanted coins to do, is have a tie-in to any exchange the user actually trades on. For the only purpose of showing the coins values, as they were earned or accepted and spent. (Even if only the final average, based off the "received by date" of the incoming transaction.)

For miners, traders, and users... This would help a lot. Letting them know that the value NOW, is less than the average value of the coin they had originally mined or obtained. (Excessive to show each individual coins value, but not impossible, since each tx has a date and each exchange has historic charts.) On the plus side, it could let some people more comfortable letting some go at a slight loss or increase spending when value was high. On the negative side, it could stall use of the coin when value is too low. (Both can be swapped, depending on the situation, as being positive or negative.) This, as opposed to just having to "remember" what the value was when you got the coins, which is impossible to do. Also, knowing the price now is almost irrelevant, as lower prices could still be a gain to some holders. While higher prices might actually be a loss, to some.

Just throwing more stuff around for your code-guru's to play with.

Might also want some of the traders, that will be adding value in the future, to be forced to "put their money where their mouth is". That is a slightly uncommon, but highly effective tool to reduce risk as a trader. You force them to put-up a percentage of their own finances, to trade with others finances. If they are unwilling to risk their own funds, then they should not be allowed to risk others funds. (That is how I do brokering. I won't make a trade, with others funds, that I would not make myself.) Just telling them they get a percentage of the reward, is not enough. Nor is telling them that they must take a percentage of the loss... (or all the trade-loss, for "no-risk" broker-trading.)

P.S. I don't like the idea of being tied to BTC-Value, since BTC is not a fixed value. Being worth 0.1BTC means nothing, without knowing what that 0.1BTC is worth in the denomination you will be withdrawing/buying with. That is one of the major flaws in cryptsy. It shows you value in BTC. It should show value in USD or CNY or JPY, based off BTC-Val/USD CNY JPY, etc... but only because you are actually trading in BTC as the medium. Going from 0.1BTC val to 0.2BTC val is not a gain, if BTC just dropped in value from $1200 USD to $200 USD... it would be a loss, and thus, makes it a useless base for "value comparison". (Since you have to value BTC as some currency, then that should be the foundation for representation, and expressed as such.) But, if you only use BTC as the value, that is fine by me. Because at the moment, my goal is simply more BTC, no matter what the cost is now. But that is not everyone's desire.