[ANNOUNCE] RuCoin - Russian alternate cryptocurrency - exchange is up already!

[CaptChadd]

Why so many haters in here for Rucoin? The client offers different and impressive features and for the first time offers a system to reduce 51% attacks.

Seems like a very stable and secure coin.

If you can read Russian, you will know that there main goal with this coin is for it to be stable and not it being about how much it might be "worth".

Bitcoin is "worth" a lot right now but it is not stable from a trading point of view at all.

[smoothie]

Wow so they took a pumped and dumped premined coin and put a chat feature into it as well as allow you to do Scrypt and SHA256 mining.

Hmm Scrypt uses SHA256  and oh why have two mining algorithms? Why not just mine SHA256 because it is less memory intensive?

And all those premined coins....yeah...fuck that shit.  

They use the separate algo's to protect the pool from >51% attack (see my last post with the pretty pictures, luke-jr couldn't kill this chain if he tried) making it the ONLY chain safe from >51% and with separate difficulties cpu AND gpu miners have equal opportunity at finding every block.

Thanks for playing have a nice day...


In other news, they updated the client and you can now buy/sell your RUC/BTC straight from the client.

I mean, very cool idea with the 2 algos. But it's a pump and dump clear through. Maybe not dump as in kill-it-dump but there is an enormous premine that is just waiting to pick up the BTC of the naive.

+1 I'm with crazy_rabbit on this...

[markm]

The downloads section seems to only have a windows setup exe, no sign of source code so it can be built for other platforms?

Also it seems to be a -qt, no sign of the daemon.

-MarkM-

the linux version is the daemon, still no source, so nty (VM only)

So you have to install some specific version of some specific flavour of linux into a virtual machine in order to get it to run?

Where do you even get it itself? Does it include a whole VM image with all the right versions of all the dependencies or something like that?

I have to compile all the coin types myself because I use Fedora, and Fedora does not include elliptic crypto in its openssl, so I have to make a custom version of openssl that I compile specially to provide the elliptic curve stuff. Installing a virtualisation system and running a virtual machine seems like overkill security, how likely is it that running it as user "ruc" with no access to other usernames' blockchains and wallets could give it access to other coins' wallets?

-MarkM-

[crazy_rabbit]

Why so many haters in here for Rucoin? The client offers different and impressive features and for the first time offers a system to reduce 51% attacks.

Seems like a very stable and secure coin.

If you can read Russian, you will know that there main goal with this coin is for it to be stable and not it being about how much it might be "worth".

Bitcoin is "worth" a lot right now but it is not stable from a trading point of view at all.

Unfortunately there are haters for *EVERY* coin here.

I'm actually kinda impressed at the client and the sha+scrypt. I must say I'm super leery about premine. You could argue that does or does not make a difference, but I prefer fair/advance warning.
I'm also a bit skeptical of it being a 'hidden' exchange at BTC and the really high level of integration of the client with BTC-e. Is it BTC-e's own coin? If so- they should say so. Having a hidden exchange gives you the feeling that special set of people have been allowed to "buy in early". It's weird. Also- imagine if MtGox had actually made Bitcoin, would you really feel comfortable sending them Bank transfers to "buy" bitcoin from them?

Food for thought. For the record, I'm not a hater. :-)

[420]

who summarized the benefiits of RUC in one post?

[smoothie]

https://btc-e.com/news/67

"Dear participants of the exchange BTC-e.com In view of the minimal volume of currencies pairs RUC/USD and the SC/USD from April 15 trades with them will be closed. https://btc-e.com/exchange/sc_usd SC/USD https://btc-e.com/exchange/ruc_usd RUC/USD"

^ Doesn't this just make you want to invest your life savings into RUC? 

[K1773R]

The downloads section seems to only have a windows setup exe, no sign of source code so it can be built for other platforms?

Also it seems to be a -qt, no sign of the daemon.

-MarkM-

the linux version is the daemon, still no source, so nty (VM only)

So you have to install some specific version of some specific flavour of linux into a virtual machine in order to get it to run?

Where do you even get it itself? Does it include a whole VM image with all the right versions of all the dependencies or something like that?

I have to compile all the coin types myself because I use Fedora, and Fedora does not include elliptic crypto in its openssl, so I have to make a custom version of openssl that I compile specially to provide the elliptic curve stuff. Installing a virtualisation system and running a virtual machine seems like overkill security, how likely is it that running it as user "ruc" with no access to other usernames' blockchains and wallets could give it access to other coins' wallets?

-MarkM-

the linux download contains either a x86 or x64 rucoind.
its a russian software, binary only. so most likely a trojan horse who includes proxys/sniffing/ecetera, even if you run it as own user it can hurt u. Using a VM for a malicious/suspicious software is de facto standard. if one of ur librarys/daemons are vulnerable, it can takeover your whole machine and access wallet.dat of course!

[CaptChadd]

As long as the RUC chain still continues so will the coin.

There is not one coin out there that I can say I hate, maybe Solidcoin but that is only because RealSolid disappeared with a lot of peoples invested Bitcoins.

The difference with Solidcoin being removed from trading on BTC-E is that it died a complete death and even the chain stopped.

About half an hour ago the Dev's for Rucoin pushed out another client update, which shows they are still working on it and that's it far from "Dead".

Every single coin, including Bitcoin, is only "worth" something because the general masses have deemed it to be so, the more people that want something, the higher they are willing to pay, which means Bitcoin in theory has no currency ceiling until it gets to the point where everyone has to deal in decimal points and not actual whole Bitcoins for purchases.

Even though BTC-E has the trading link for RUC not openly visible means that Rucoin is still "worth" something, meaning at least some people want it.

With regards to pre mining, even if you mine a few million coins, is nothing compared to the amount of coins that can be mined given enough time.

[markm]

With regards to pre mining, even if you mine a few million coins, is nothing compared to the amount of coins that can be mined given enough time.

Are you saying RUCoin keeps making coins forever like devcoin and groupcoin, instead of lowering the minting over time until it eventually stops making new coins so only a fixed known in advance total will ever exist?

One thing I don't like about RUCoin is if they can one day arbitrarily paste scrypt in on top of the original plain old bitcoin style hashing they might as easily one day decide to create another couple of million coins for themselves in some special hard-coded block, or change the total coins that will ever exist, or basically screw with it any way they choose... Solidcoin comes to mind for good reason.

-MarkM-

[doublec]

According to the website, source is here. I haven't tried it but the source does include scrypt stuff so I'm assuming it's a recent version. Can anyone confirm?

[markm]

Hmm grep does find one mention of it in main src dir:

grep scrypt *
crypter.h:which may require more parameters (such as scrypt).
crypter.h:    // 1 = scrypt()
crypter.h:    // such as the various parameters to scrypt

-MarkM-

EDIT: I looked at the mining code, it definitely only does the normal old bitcoin style mining, no scrypt.

-MarkM-

[CaptChadd]

I have developed a website to translate the Russian website into English.

I feel this would increase the chance of new users wanting to give Rucoin a try but were initially uneasy about when seeing a Russian website.

More features will be added soon, as they get verified, like for instance the source code.

Every download on my site has been tested by myself and with various virus, malware and spyware software.

If in doubt then there are links to go straight to the Russian website to look for yourself.

Website address : http://rucoin-uk.com/

Thanks

[Explodicle]

Seems like a very stable and secure coin.

If you can read Russian, you will know that there main goal with this coin is for it to be stable and not it being about how much it might be "worth".

Bitcoin is "worth" a lot right now but it is not stable from a trading point of view at all.

[K1773R]

According to the website, source is here. I haven't tried it but the source does include scrypt stuff so I'm assuming it's a recent version. Can anyone confirm?

still the old deprecated version

[HowGudAmI]

Does anybody know why BTC-E keeps the RUC to BTC link hidden? Its not exactly hard to find (just google 'ruc to btc')

[CaptChadd]

I would say to make the exchange less depressing, if you saw coins on an exchange that are struggling badly or have no BTC's backing them up.

Solidcoin is still on there too and hidden.

Maybe they keep them active in case the coins get another burst of life.

[CaptChadd]

Is the client chat working for everyone else? I have not seen anyone message in there for ages, even the Russians.

[zulzedd]

Does anybody know why BTC-E keeps the RUC to BTC link hidden? Its not exactly hard to find (just google 'ruc to btc')

Yep. Here is link https://btc-e.com/exchange/ruc_btc. And you must know — BTC-E closing pair BTC/RUC at March 10. News article: https://btc-e.com/news/110

[milly6]

Is Rucoin dead?

[Balthazar]

It's dead for a long time. And it's normal for proprietary projects. No one will trust this again until there is no source code published. Especially valid for exchanges and merchants.