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

[throughput]

http://en.wikipedia.org/wiki/Currency_intervention

For example.  

I do realize how that works.

However, I am curious as to how the "buying" part of intervention will work.... did someone seriously invest more than half a million USD in it ?

I see two variants:
 1. One is going to get profits out of manipulating the exchange rate. It means out of participants of exchange.
 2. One does not care about the USD amounts he is willing to throw out. Maybe because he is the FED and prints USD.

Neither makes any trust for me.

[1715023839]

1715023839

[Lolcust]

did someone seriously invest more than half a million USD in it ?

Well there are many kinds of "crazy" people. Some of them have a lot of money. We'll see what will happen in next months. 

Hey, if they have a few spare dimes left after investing thousands and millions of dollars into Rucoin Centrobank, could they throw me some ? I'll figure out a way to make up for that lol

[Balthazar]

could they throw me some ?

And for me too. I'm really WANT this money. Money... Money-money-money. * Starting meditation on the USD symbol. *

[Bitcoin Oz]

If you wanted to launder lots of drug money you might create your own cryptocurrency since its just a front and you dont care how much cash you wash through.

[Clipse]

rucoin.itzod.ru SMPPS must be broken or something isnt right.

Its been 48hrs now and countless blocks since I last mined there and yet still only 16RUC out of my 120RUC have cleared from the buffer.

This is quote absurd, at this rate I estimate it would take me a month to have access to my mined coins? How is this at all feasable?

[Balthazar]

It's not broken, current situation is just a result of extreme unluck on startup. At the moment, each new block proportionally divides between users, which have unpaid rewards. Rewards calculated by using this formula:

Reward = 50 * Shares / Difficulty;

I agree that it can be annoying, but we are honest. If you in doubt, you can view this Excel table, file created at morning (GMT+4, 10:00 AM):

http://zalil.ru/31909799

Or examine our statistics and buffer history pages.

[Balthazar]

Clipse

I've placed my own 2000 RUC's into buffer, and this sum was divided between users... For illustration of my intentions. You can see result on "Your rewards" page.

[Clipse]

Clipse

I've placed my own 2000 RUC's into buffer, and this sum was divided between users... For illustration of my intentions. You can see result on "Your rewards" page.

Im sure you are honest, its just even with honest setup the current payout method is just not working out. Sure the early badluck is likely the cause but at this rate using SMPPS is causing alot of headache for people atleast wanting payouts within 24hrs after earning it.

Even your 2000RUC buffer only added another 5RUC from my pending 120RUC in the last 24hrs ? This is quite sick :/

[luffy]

is there a site or something we can see total hash power and difficulty?

[Balthazar]

Clipse

I've placed my own 2000 RUC's into buffer, and this sum was divided between users... For illustration of my intentions. You can see result on "Your rewards" page.

Im sure you are honest, its just even with honest setup the current payout method is just not working out. Sure the early badluck is likely the cause but at this rate using SMPPS is causing alot of headache for people atleast wanting payouts within 24hrs after earning it.

Even your 2000RUC buffer only added another 5RUC from my pending 120RUC in the last 24hrs ? This is quite sick :/

System works as designed, just

select sum(user_reward - user_payed_reward) from user_rewards;

sum
71825.420015135
1 record

Query time: 3.173 ms

we have 71825.420015135 RUC of delayed rewards.  This is the result of a low difficulty at the beginning.

At the moment, each new block proportionally divides between users, which have unpaid rewards.

I don't know what else do I need to say. Users asks this questions every day, about 10-15 times. And every question is identical to previous.
What shall I do, cancel the rewards of old users, or what? And what I'll tell them after that? Try to think about this situation before asking obvious questions.

The payment algorithm in simple notation:

if current_rewards_sum_for_all_users - paid_sum_for_all_users > sum_in_the_payment_buffer
   k = sum_in_the_payment_buffer / (current_rewards_sum_for_all_users - paid_sum_for_all_users )
else
   k = 1
end if

If k > 0.001, then
Loop until there is the users with delayed payments, and we have money in the payment buffer:
payment_volume = (user_current_rewards - user_payed) * k
user_balance = user_balance + payment_volume
sum_in_the_payment_buffer = sum_in_the_payment_buffer - payment_volume
End loop
End if

Are there any questions?

[Balthazar]

select sum(user_reward - user_payed_reward) from user_rewards;

sum
69024.6167961611

Also, I have a plan to reduce the unpaid work sum to 63-64k RUC today.

// EDIT: It's done. Now we have 63661.2068941353 RUC of unpaid work sum.

[Balthazar]

Hello BitcoinEXpress, thank you for your interest.

Do you have Linux 64 client or source?

Here is updated linux amd64 client:

http://rucoin.itzod.ru/rucoin-linux-amd64.tar.bz2

If someone uses previous build, I recommend to update it, because block chain rules will be changed since block #8600. Updated client for windows coming soon.

P.S. Merged mining with namecoind (rucoind as master) also coming soon.

[ama]

Hello.  Is there a blockexplorer for Rucoin.  If not, is there interest in one?

[Balthazar]

Hello.  Is there a blockexplorer for Rucoin.  If not, is there interest in one?

No, block explorer for rucoin doesn't exist for now. But we have interest for any suggestions.

// Linux-AMD64 build with merged mining support will be published tomorrow.

[tacotime]

market manipulation much?

[Balthazar]

market manipulation much?

This is result of speculations, performed by old user, which have around 40k USD on balance. Must be bitcoin tired him and he decided to try something new. Users of exchange call him "Кaмaзиcт" or "Maшиниcт бpoнeпoeздa" (which mean "trucker" and "armored train driver" accordingly) because of volume of his orders.

[Balthazar]

Hello BitcoinEXpress, thank you for your interest.

Do you have Linux 64 client or source?

Here is updated linux amd64 client:

http://rucoin.itzod.ru/rucoin-linux-amd64.tar.bz2

If someone uses previous build, I recommend to update it, because block chain rules will be changed since block #8600. Updated client for windows coming soon.

P.S. Merged mining with namecoind (rucoind as master) also coming soon.

Updated windows binaries, without installer:

http://rucoin.itzod.ru/rucoin-0.4b-win32.7z

Possible issues:

• Binaries are incompatible with old database files, so all files from "appdata\roaming\rucoin" should be deleted (except for wallet.dat or config file, of course).
• If client can't find other nodes, try use it with -irc0 command line key.

Installer coming soon...

// 3:40 AM, time go to bed..

[Balthazar]

As promised earlier, the new build of rucoind for linux-amd64 with merged mining support. Only parent mode implemented yet. So you can mine rucoins and namecoins at the same time, by using this build of rucoind + modified by vinced version of namecoind behind merged-mine-proxy.

http://rucoin.itzod.ru/rucoind-linux-amd64-0.4b-mm.tar.bz2

Any tests or reports are welcome. If you have questions about merged mining set up, you can ask me here or in PM.

[Balthazar]

Not so many questions or reports, as I can see.

[luffy]

i have a question. where i can see difficulty and total hash rate?