[ANN][XMY] Myriad | Multi-Algo, Fair, Secure

[primer-]

I wish it was possible to add cryptonote algo, including its own blockchain, on top of MYR. If not, lets just fork the hashing algo?
Either would launch MYR to the moon!

edit: replace the damn scrypt with cryptonote and we're set for the moon..

[killermonkeys]

I wish it was possible to add cryptonote algo, including its own blockchain, on top of MYR. If not, lets just fork the hashing algo?
Either would launch MYR to the moon!

edit: replace the damn scrypt with cryptonote and we're set for the moon..

You know what, I've thought long and hard about this and I actually agree with you.

We've been discussing the impact of asics for days, and I feel like the common misconception is that it's the asics that are the problem.  It's not the asics, its the multipools, hands down.  No argument there.

I've been repeating myself saying we need asics for polymyr to work, but after re-reading the whitepaper a few times, I came to a realization.  Yes we need asics, but we don't need SCRYPT asics.  The sha-256 asics can cover the whole spread.  The thing that clicked for me was reading about the offset block rewards for the merged mining of alt coins on the network (the whitepaper won't let me copy/paste, go read the future plans section).  If done correctly, scrypt coins could still merge with myr, but with an adjusted block reward to make it worthwhile, we could say screw mining scrypt altogether and still contribute enough buy support to keep scrypt coins' heads above water.

Plus cryptonote is a pretty interesting protocol with it's own unique anon based perks and so on and so forth.

So ya, Primer, I agree with you (fuck!).

We should lose scrypt in favor of another gpu based algo (albeit one that can contribute a unique benefit to myr).  Scrypt is wrought with multipool dumping, and sha-256 can handle super heavy hashrates well enough alone.

Does this keep us in line with the Myriad philosophy?

[BitcoinDN.com]

I wish it was possible to add cryptonote algo, including its own blockchain, on top of MYR. If not, lets just fork the hashing algo?
Either would launch MYR to the moon!

edit: replace the damn scrypt with cryptonote and we're set for the moon..

You know what, I've thought long and hard about this and I actually agree with you.

We've been discussing the impact of asics for days, and I feel like the common misconception is that it's the asics that are the problem.  It's not the asics, its the multipools, hands down.  No argument there.

I've been repeating myself saying we need asics for polymyr to work, but after re-reading the whitepaper a few times, I came to a realization.  Yes we need asics, but we don't need SCRYPT asics.  The sha-256 asics can cover the whole spread.  The thing that clicked for me was reading about the offset block rewards for the merged mining of alt coins on the network (the whitepaper won't let me copy/paste, go read the future plans section).  If done correctly, scrypt coins could still merge with myr, but with an adjusted block reward to make it worthwhile, we could say screw mining scrypt altogether and still contribute enough buy support to keep scrypt coins' heads above water.

Plus cryptonote is a pretty interesting protocol with it's own unique anon based perks and so on and so forth.

So ya, Primer, I agree with you (fuck!).

We should lose scrypt in favor of another gpu based algo (albeit one that can contribute a unique benefit to myr).  Scrypt is wrought with multipool dumping, and sha-256 can handle super heavy hashrates well enough alone.

Does this keep us in line with the Myriad philosophy?

I agree with this entirely. How can we move this forward? Myriad needs to evolve or it will go extinct.

[HR]

I've been repeating myself saying we need asics for polymyr to work, but after re-reading the whitepaper a few times, I came to a realization.  Yes we need asics, but we don't need SCRYPT asics.  The sha-256 asics can cover the whole spread.  The thing that clicked for me was reading about the offset block rewards for the merged mining of alt coins on the network (the whitepaper won't let me copy/paste, go read the future plans section).  If done correctly, scrypt coins could still merge with myr, but with an adjusted block reward to make it worthwhile, we could say screw mining scrypt altogether and still contribute enough buy support to keep scrypt coins' heads above water.

There's no need to screw anyone (if we could do it for SHA-256, then we could do it for both without discriminating). We only need to make things fair for miners.

The mining cost basis just needs to be equalized.

A 1/20th block reward for SHA-256 and Scrypt would accomplish that.

That would be 50 coins for ASIC, and 1000 for GPU.

It would create a level playing field where everyone could play.

Everyone would happy. (Even the multipools, who could still participate . . . if they wanted to at the new adjusted profitability . . .)

And it would be easy to do.

[foodies123]

I would like to make this clear here for anyone interested. ASIC miners have the least dump risk of all. Right now the biggest dumping is being done by two entities:
1. multipools because that's what they do.
2. gpu miners because of the high costs of running a gpu mining operation.

Asic miners have the least power consumption and best $/mh ratio so thei have the smallest incentive to mine and dump at these prices.


This is just my reasoning if you feel I'm wrong please comment.


PS: I'm a gpu miner too so there's no need for me to defend asics but I just think that the current schema is the best possible solution to include everyone.

[primer-]

I wish it was possible to add cryptonote algo, including its own blockchain, on top of MYR. If not, lets just fork the hashing algo?
Either would launch MYR to the moon!

edit: replace the damn scrypt with cryptonote and we're set for the moon..

You know what, I've thought long and hard about this and I actually agree with you.

We've been discussing the impact of asics for days, and I feel like the common misconception is that it's the asics that are the problem.  It's not the asics, its the multipools, hands down.  No argument there.

I've been repeating myself saying we need asics for polymyr to work, but after re-reading the whitepaper a few times, I came to a realization.  Yes we need asics, but we don't need SCRYPT asics.  The sha-256 asics can cover the whole spread.  The thing that clicked for me was reading about the offset block rewards for the merged mining of alt coins on the network (the whitepaper won't let me copy/paste, go read the future plans section).  If done correctly, scrypt coins could still merge with myr, but with an adjusted block reward to make it worthwhile, we could say screw mining scrypt altogether and still contribute enough buy support to keep scrypt coins' heads above water.

Plus cryptonote is a pretty interesting protocol with it's own unique anon based perks and so on and so forth.

So ya, Primer, I agree with you (fuck!).

We should lose scrypt in favor of another gpu based algo (albeit one that can contribute a unique benefit to myr).  Scrypt is wrought with multipool dumping, and sha-256 can handle super heavy hashrates well enough alone.

Does this keep us in line with the Myriad philosophy?

I am one of the smarter guys here, a bit emotional at times due to a large, 20k usd MYR investment.

8bitcoder, is it possible to implement the entire cryptonote algo on top of MYR and its current blockchain ??

[HR]

I would like to make this clear here for anyone interested. ASIC miners have the least dump risk of all. Right now the biggest dumping is being done by two entities:
1. multipools because that's what they do.
2. gpu miners because of the high costs of running a gpu mining operation.

Asic miners have the least power consumption and best $/mh ratio so thei have the smallest incentive to mine and dump at these prices.


This is just my reasoning if you feel I'm wrong please comment.


PS: I'm a gpu miner too so there's no need for me to defend asics but I just think that the current schema is the best possible solution to include everyone.

I would take issue with your assumption that ASIC miners have the smallest incentive to mine and dump at these prices. In fact, they are the only ones who can do so at a profit at these prices. I would suggest that the only long term holders among miners at this time would be the GPU miners, or how else could we justify their mining at a loss (short term loss in their minds since they are thinking long term). It would just make no rational economic sense at all to be mining and immediately selling at a loss. That's tantamount to giving your money away to strangers. The GPU miner who is looking to support GPU mining operations currently does so at a guaranteed loss and would be better advised to shut down if not holding for the long term.

My assumptions are based on classical economic theory: if you can produce something at a lower cost, you can also profitably sell it at a lower cost, meaning the price of the product adjusts lower accordingly.

And a 20:1 differential is nothing to shake a stick at.  

(An adjusted block reward would also solve the multipool issue as well.)

[primer-]

I would like to make this clear here for anyone interested. ASIC miners have the least dump risk of all. Right now the biggest dumping is being done by two entities:

Such clown.

[Phorna]

I would like to make this clear here for anyone interested. ASIC miners have the least dump risk of all. Right now the biggest dumping is being done by two entities:
1. multipools because that's what they do.
2. gpu miners because of the high costs of running a gpu mining operation.

Asic miners have the least power consumption and best $/mh ratio so thei have the smallest incentive to mine and dump at these prices.


This is just my reasoning if you feel I'm wrong please comment.


PS: I'm a gpu miner too so there's no need for me to defend asics but I just think that the current schema is the best possible solution to include everyone.

Common denominator - electricity prices. People that think ASICS are wrong for Myriad don't understand the concept of 5 algos at all.

Just an example from current status quo:

Script (ASIC) - 305 MYR / 1 MH - power usage 30 W - 10,2 MYR per 1W consupmption daily
Skein (GPU) - 2500 MYR / 1 MH - power usage 280 W - 8,9 MYR per 1W consupmption daily

Pretty much the same efficiency.

EVERY ONE IS INVITED. EVERY ONE CAN MINE ON EQUAL TERMS! THAT'S THE BEAUTY OF THIS COIN!

[primer-]

I would like to make this clear here for anyone interested. ASIC miners have the least dump risk of all. Right now the biggest dumping is being done by two entities:
1. multipools because that's what they do.
2. gpu miners because of the high costs of running a gpu mining operation.

Asic miners have the least power consumption and best $/mh ratio so thei have the smallest incentive to mine and dump at these prices.


This is just my reasoning if you feel I'm wrong please comment.


PS: I'm a gpu miner too so there's no need for me to defend asics but I just think that the current schema is the best possible solution to include everyone.

Common denominator - electricity prices. People that think ASICS are wrong for Myriad don't understand the concept of 5 algos at all.

Just an example from current status quo:

Script (ASIC) - 305 MYR / 1 MH - power usage 30 W - 10,2 MYR per 1W consupmption daily
Skein (GPU) - 2500 MYR / 1 MH - power usage 280 W - 8,9 MYR per 1W consupmption daily

Pretty much the same efficiency.

EVERY ONE IS INVITED. EVERY ONE CAN MINE ON EQUAL TERMS! THAT'S THE BEAUTY OF THIS COIN!

Get lost ASIC troll...

[Phorna]

Get lost ASIC troll...

I honestly believe that your grand^24 father was the one who burned down The Great Library of Alexandria.

[novag]

Wake up already developers. Do as you requested community. Already appeared on Asik 1Gh approaching https://www.ehsminer.com/product/ehs-asic-scrypt-miner-vi

[HR]

Common denominator - electricity prices. People that think ASICS are wrong for Myriad don't understand the concept of 5 algos at all.

Just an example from current status quo:

Script (ASIC) - 305 MYR / 1 MH - power usage 30 W - 10,2 MYR per 1W consupmption daily
Skein (GPU) - 2500 MYR / 1 MH - power usage 280 W - 8,9 MYR per 1W consupmption daily

Pretty much the same efficiency.

EVERY ONE IS INVITED. EVERY ONE CAN MINE ON EQUAL TERMS! THAT'S THE BEAUTY OF THIS COIN!

Do you really think so? Where are you getting your data? Blocks are being mined at an equal rate (more or less) regardless of the algo being used.  http://myriad.theblockexplorer.com  And the block reward is the same.

Here's another block explorer where you can go through and compare directly (if you prefer first hand confirmation). You can do an easy face-to-face comparison between ASIC and Skein simply counting the blocks found with the 6-7 digit difficulty that correspond to the ASIC King (aka SHA-256) and those with 4 digit difficulty that correspond to Skein. https://altexplorer.net/chain/MyriadCoin

[Phorna]

Do you really think so? Where are you getting your data? Blocks are being mined at an equal rate (more or less) regardless of the algo being used.  http://myriad.theblockexplorer.com  And the block reward is the same.

Yes I have used this page. On that page you have an information how many coins you are getting per unified MH unit.

340 MYR / MH day by Sricpt
2805 MYR / MH day by Skein

Of course this data fluctuates with every block a bit.

My SKEIN GPU rig has power usage 300 W / 1 MH = 2805/300 = 9,35 MYR / W
My SCRIPT ZEUS Blizzard miner has 38 W / 1 MH = 340/38 = 8,94 MYR / W

[primer-]

Do you really think so? Where are you getting your data? Blocks are being mined at an equal rate (more or less) regardless of the algo being used.  http://myriad.theblockexplorer.com  And the block reward is the same.

Yes I have used this page. On that page you have an information how many coins you are getting per unified MH unit.

340 MYR / MH day by Sricpt
2805 MYR / MH day by Skein

Of course this data fluctuates with every block a bit.

My SKEIN GPU rig has power usage 300 W / 1 MH = 2805/300 = 9,35 MYR / WAT
My SCRIPT ZEUS Blizzard miner has 38 W / 1 MH = 340/38 = 8,94 MYR / WAT

Moron.

[Phorna]

Moron.

Paul. Nice to meet you.

[novag]

VOTE PLS https://bitcointalk.org/index.php?topic=684401.0 [/size]

[apesconcert]

Why would anyone want to remove the "ASIC-algos"? It's completely stupid. Let's say you go ahead with that - what will you do once the algos in place get ASICs created for them? Will MYR be forked every time ASICs are created for an algo? MYR isn't being dumped because of that - it's because there is no perception of solidity in the project as it stands right now. Lots of brilliant ideas, a true anti-51% attack system in place which will be utilised by Bitcoin sooner or later - but there is no proper driving force in place. Using cuss words on twitter or bla-blahing any criticism which is leveled at the Development team is a huge turn-off for investors. Start pulling your own weight - and this applies to all the whiners on here as well. There is a dire need for developers to step up the pace on the current projects - why not try searching for any potentially interested guys instead of complaining on here? Why not spread the word positively instead of harming your own investment and spreading FUD? I understand that some of you might be 17-year olds with a bit of money made off Doge or some other crapcoin - but it's high time you realised what the world of investment is like and what it entails. Never, ever harm your own investment.

[killermonkeys]

I would like to make this clear here for anyone interested. ASIC miners have the least dump risk of all. Right now the biggest dumping is being done by two entities:
1. multipools because that's what they do.
2. gpu miners because of the high costs of running a gpu mining operation.

Asic miners have the least power consumption and best $/mh ratio so thei have the smallest incentive to mine and dump at these prices.


This is just my reasoning if you feel I'm wrong please comment.


PS: I'm a gpu miner too so there's no need for me to defend asics but I just think that the current schema is the best possible solution to include everyone.

I would take issue with your assumption that ASIC miners have the smallest incentive to mine and dump at these prices. In fact, they are the only ones who can do so at a profit at these prices. I would suggest that the only long term holders among miners at this time would be the GPU miners, or how else could we justify their mining at a loss (short term loss in their minds since they are thinking long term). It would just make no rational economic sense at all to be mining and immediately selling at a loss. That's tantamount to giving your money away to strangers. The GPU miner who is looking to support GPU mining operations currently does so at a guaranteed loss and would be better advised to shut down if not holding for the long term.

My assumptions are based on classical economic theory: if you can produce something at a lower cost, you can also profitably sell it at a lower cost, meaning the price of the product adjusts lower accordingly.

And a 20:1 differential is nothing to shake a stick at.  

(An adjusted block reward would also solve the multipool issue as well.)

As someone who mines both gpu and asic, I must say that my asics are currently making a KILLING with this coin in comparison to my gpu's.  From an investment standpoint, they've cost me about the same (~$2500 usd for asics, ~$2500 worth of gpus), but my asics clear ~25k myr a day while my gpus get around 7000 myr (roughed in numbers, just illustrating my point).

I agree with foodies' notion that we shouldn't really shut the door on any type of mining gear.  
I also think that we shouldn't change myriads block reward system (my prior post was talking about offset block rewards for MERGED coins, big distinction there).
But what about adjusting the difficulties?

edited numers

[killermonkeys]

Why would anyone want to remove the "ASIC-algos"? It's completely stupid. Let's say you go ahead with that - what will you do once the algos in place get ASICs created for them? Will MYR be forked every time ASICs are created for an algo? MYR isn't being dumped because of that - it's because there is no perception of solidity in the project as it stands right now. Lots of brilliant ideas, a true anti-51% attack system in place which will be utilised by Bitcoin sooner or later - but there is no proper driving force in place. Using cuss words on twitter or bla-blahing any criticism which is leveled at the Development team is a huge turn-off for investors. Start pulling your own weight - and this applies to all the whiners on here as well. There is a dire need for developers to step up the pace on the current projects - why not try searching for any potentially interested guys instead of complaining on here? Why not spread the word positively instead of harming your own investment and spreading FUD? I understand that some of you might be 17-year olds with a bit of money made off Doge or some other crapcoin - but it's high time you realised what the world of investment is like and what it entails. Never, ever harm your own investment.

+1

reddit and twitter should be clean/professional.