[ANN][INK] INKcoin - Launched! SHAvite-3 Hash, NO PRE-M! CPU minable

[cryptobuddy]

Ok, I'm sorry that I called www.nxt-e.com team scammers, but it's so wierd when the new exchange just stop working.

Looks like they did smth with the site code and now it doesn't work in chrome. Works good on firefox!

Really? I tried but it works great on chrome. You can clear your browser and try again.

I have purchased some coins from nxt-e using Chrome. I didn't encounter any problem.

[1714519819]

1714519819

[1714519819]

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[BChydro]

Diff at 4096 now.

NEXT DIFF 16384 !!!

Whats the diff at now?

I don't know who is mining this coin but this morning I stopped all my mining...

last night I had an "aha" moment when I finally realized that this coin is fatally flawed.

the reason why this coin is designed to fail is quite simple..

for those who do not understand the relationship between block difficulty and transaction times please read this wiki

https://en.bitcoin.it/wiki/Blocks

it is fundamentally important that block difficulty be adjustable (both up and down) so that blocks can continue to be solved at a moderate pace.
this is because blocks are nothing more than a bunch of transactions bundled together in a block which secured (ie locked) by a cryptographic hash.
the cryptograpic hash of course is what every miner is competing for.. the guy who finds the solution to the mathematical problem defined by the Network difficulty is the guy who gets to process a block of transactions and gets to stamp a hash on the block so that it cant be tampered with. he/she/it gets paid 50 coins for their trouble.

now consider this...

once the difficulty gets so high that it literally takes HOURS for the network to solve the next block, then this means that transaction times will blow out exponentially. considering that most transactions require a large number of confirmations to be considered safe (on some smaller alt coins this is as high as 120 confirmations) this means that the actual time for a transaction to be processed and considered SAFE could end up taking days.

https://en.bitcoin.it/wiki/Confirmation

sure you might think.. we are a long way off blocks taking hours to solve.. but actually the truth is with a lot of these smaller coins.. it doesn't take long before miners move on to mine more profitable coins.. this means that over time as the difficulty rises the total network hashing power decreases which makes it even harder for the existing miners (those who joined together in a pool) to solve blocks so they too move on to other coins and the spiral continues downward...

in normal crypto coins, block difficulty re-targeting is designed to counter this problem by reducing the difficulty so that a steady stream of blocks can be processed...
based on what others have stated on this forum (and observation), what the stupid incompetent dev of this coin has done is modify that feature so that the difficulty can NEVER go down.
this means that the network cannot adjust to any decrease in mining capacity..

so in conclusion any decrease in mining capacity is likely to lead to a further decreases in mining capacity which will eventually result in it being too difficult for the remaining miners to solve blocks in a reasonable amount of time and at that point the network will grind to a halt.

so IMO it could be days away, or even weeks away, but I don't think we are years away from seeing this network collapse.

of course the dev could solve this problem if he/she/they hard forked and reworked the targeting algorithm (and I hope they do because I have some coins) but until then this coin is relegated to becoming nearly worthless as a transaction currency.

I doubt it, the difficulty will likely stop rising after this adjustment and get to an equilibrium. The difficulty isn't actually all that high, I can still get a block every couple days on my 3 year old laptop.

[tabnk]

0.0000045 BTC NOW !!! 

[Alphi]

I doubt it, the difficulty will likely stop rising after this adjustment and get to an equilibrium.

there is no KGW (Kimoto gravity well) and it looks like there is no way for it to re-target the difficulty in any direction other than up.. so by virtue of that, it has no way to reach equilibrium.
lol obviously you need to read up a bit more on how this coin works.. im done here... no point in arguing with people who aren't willing to take the time to research what the coin actually does. if you don't believe me read the source code.

[tabnk]

With Diiff 16,384 soon, we shall know the future of this coin .

Let's hold on it ....  

[turint]

I doubt it, the difficulty will likely stop rising after this adjustment and get to an equilibrium.

there is no KGW (Kimoto gravity well) and it looks like there is no way for it to re-target the difficulty in any direction other than up.. so by virtue of that, it has no way to reach equilibrium.
lol obviously you need to read up a bit more on how this coin works.. im done here... no point in arguing with people who aren't willing to take the time to research what the coin actually does. if you don't believe me read the source code.

Err, really? There is no diff readjustment?? I'll find some time today to look in the code. And yes you're right, without readjustment and with such high diff jumps it's really insane business... What's the point of this design, I don't get it... Dev?

[BChydro]

I doubt it, the difficulty will likely stop rising after this adjustment and get to an equilibrium.

there is no KGW (Kimoto gravity well) and it looks like there is no way for it to re-target the difficulty in any direction other than up.. so by virtue of that, it has no way to reach equilibrium.
lol obviously you need to read up a bit more on how this coin works.. im done here... no point in arguing with people who aren't willing to take the time to research what the coin actually does. if you don't believe me read the source code.

I doubt that, but don't know how to read the source code. Is anyone else able to?

[holimem]

Why so hard to get this shit coin>?
fuck///The pool rate is only 250+M,and not a lot of miner.WHY?
Price is so low ,why?

[kaene]

Why so hard to get this shit coin>?
fuck///The pool rate is only 250+M,and not a lot of miner.WHY?
Price is so low ,why?

It went to exchange market too soon, that not really good and it will take some time for the coin to reach its real value.

[tabnk]

Diff is 4096 and ONLY CPU MINABLE .

Why so hard to get this shit coin>?
fuck///The pool rate is only 250+M,and not a lot of miner.WHY?
Price is so low ,why?

[tabnk]

{
"blocks" : 82010,
"currentblocksize" : 0,
"currentblocktx" : 0,
"difficulty" : 4096.00000000,
"errors" : "",
"generate" : false,
"genproclimit" : -1,
"hashespersec" : 0,
"pooledtx" : 0,
"testnet" : false
}

[tabnk]

Developer what is your future plan for this coin? 

[Buratino]

It is very interesting experiment with new algo. Currently, technical idea overtakes commercial part.

[evoked22]

Can someone please edit the souce and fix the wallet issue?

Dev if you are around can you solve this issue so that peoples wallets can run smoothly

Cheers

[tabnk]

What issue ? Window Wallet is fine .

Can someone please edit the souce and fix the wallet issue?

Dev if you are around can you solve this issue so that peoples wallets can run smoothly

Cheers

[coolisbad]

Speaking of the wallet.

I just sent 3800 INK 7 hours ago, and the wallet show this:

Status: 0/unconfirmed
Date: 2/26/2014 14:47
To: [private]
Debit: -3800.00 INK
Transaction fee: -0.0001 INK
Net amount: -3800.0001 INK
Transaction ID: fc653b2bbe859c01b5393406587da0aab92b6a26b6ad6547d35ee6ec53c1c1c8

And that TX ID doesn't show in the blockchain.

Did the wallet just robbed me of 3800 INK? That would be fun...

[phm]

Speaking of the wallet.

I just sent 3800 INK 7 hours ago, and the wallet show this:

Status: 0/unconfirmed
Date: 2/26/2014 14:47
To: [private]
Debit: -3800.00 INK
Transaction fee: -0.0001 INK
Net amount: -3800.0001 INK
Transaction ID: fc653b2bbe859c01b5393406587da0aab92b6a26b6ad6547d35ee6ec53c1c1c8

And that TX ID doesn't show in the blockchain.

Did the wallet just robbed me of 3800 INK? That would be fun...

Happened to me too, but with 15300 INK. I tried various things: restarting wallet, exporting and importing private key (usually worked for me in such cases, but not here), -salvagewallet (2/3 of my remaining money disappeared, fortunately I had a backup), but couldn't get the INKs back. Finally after a while I solo-mined a block and then this transaction got included in this block and sent to the network. Hope you get a happy ending as well.

[coolisbad]

Speaking of the wallet.

I just sent 3800 INK 7 hours ago, and the wallet show this:

Status: 0/unconfirmed
Date: 2/26/2014 14:47
To: [private]
Debit: -3800.00 INK
Transaction fee: -0.0001 INK
Net amount: -3800.0001 INK
Transaction ID: fc653b2bbe859c01b5393406587da0aab92b6a26b6ad6547d35ee6ec53c1c1c8

And that TX ID doesn't show in the blockchain.

Did the wallet just robbed me of 3800 INK? That would be fun...

Happened to me too, but with 15300 INK. I tried various things: restarting wallet, exporting and importing private key (usually worked for me in such cases, but not here), -salvagewallet (2/3 of my remaining money disappeared, fortunately I had a backup), but couldn't get the INKs back. Finally after a while I solo-mined a block and then this transaction got included in this block and sent to the network. Hope you get a happy ending as well.

Thanks for the answer. I just exported the privkey, backed up the wallet, deleted the blockchain and started e full resync before importing. But now I have low hopes for this.
Maybe solomining, but on this diff my Phenom X6 1045T will prolly never find a block.
That is some buggy wallet, never happened to my before.

[phm]

Speaking of the wallet.

I just sent 3800 INK 7 hours ago, and the wallet show this:

Status: 0/unconfirmed
Date: 2/26/2014 14:47
To: [private]
Debit: -3800.00 INK
Transaction fee: -0.0001 INK
Net amount: -3800.0001 INK
Transaction ID: fc653b2bbe859c01b5393406587da0aab92b6a26b6ad6547d35ee6ec53c1c1c8

And that TX ID doesn't show in the blockchain.

Did the wallet just robbed me of 3800 INK? That would be fun...

Happened to me too, but with 15300 INK. I tried various things: restarting wallet, exporting and importing private key (usually worked for me in such cases, but not here), -salvagewallet (2/3 of my remaining money disappeared, fortunately I had a backup), but couldn't get the INKs back. Finally after a while I solo-mined a block and then this transaction got included in this block and sent to the network. Hope you get a happy ending as well.

Thanks for the answer. I just exported the privkey, backed up the wallet, deleted the blockchain and started e full resync before importing. But now I have low hopes for this.
Maybe solomining, but on this diff my Phenom X6 1045T will prolly never find a block.
That is some buggy wallet, never happened to my before.

If it doesn't work move the remaining money somewhere else and send me your wallet file, I'll try to broadcast this transaction in mined block just for fun.

[SteamGamesBTC.com]

@coolisbad
Same here, I did a test transaction for 50 INK and it's unconfirmed since few days already. This is the 1st bug.
2nd bug is mining with the official windows wallet - I've lost ~50k INK (first hours of INK), because the fresh mined coins had Immature status and never been confirmed. Once I've restarted machines - they disappeared forever...
3rd bug is the official windows wallet likes to freeze after hours of working, I mean it looks it works, but sending "getinfo" command (in console) shows wallet is stopped on some block and won't download/synchronize, even if there's ~120 connections.
Good news is... I've compiled the linux version and it doesn't afflicted with these problems.