[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink

[frameLAlife]

Here are a couple of examples in full size (800 px)




I have them made in 800px, 468px, 240px and 180px widths. See them all at http://garycalvert.com/octo You can save them individually or there is a zip file download link with all the images.

Enjoy!

awesome!

[frameLAlife]

my vote is for the 188 block reward..... stay steady.

great jobs devs... when things really need to be addressed you guys are always on the ball.

[shellbunner]

my vote is for the 188 block reward..... stay steady.

great jobs devs... when things really need to be addressed you guys are always on the ball.

+888

[frameLAlife]

I've kinda sorta been keeping my eye on it as well, but it's definitely reassuring to know that people have been comparing earnings vs FH and that my pool is on the right track. I really haven't been able to do the research here, but what MEGAman was saying makes some sense. I've thought some on actually putting some elbow grease in and setting up a multipool of my own, but I've kinda abandoned that idea, multipools just seem to rub everyone the wrong way, too much work, lots of risk, etc. But, nonetheless, I'm glad there's nothing wrong with the pool. When the bonus blocks are gone, maybe there won't be so much to worry about.

Anyway, I'd like to announce that, tentatively, within 2 days time, I'm going to have another game up and running for 888. If I have the time to make the final touches I'll try to have it ready by tomorrow. I'm going to keep the premise of the game a surprise until it's ready, but I will say that it has an invest system, so that has potential to make people some extra coin, if it becomes popular. I'll want to test everything out pretty thoroughly before I'd encourage heavy investing and betting but so far I'm pretty confident it's going to be good!

I haven't decided if I'm going to keep the grid game running or not, that depends on if people want to play

I was hoping to get more work done this weekend but I've been feeling pretty awful the past couple of days. It seems like since we've moved that I just cannot get anything done, like being in this house is somehow counterproductive. I did get the pool's software up to date early this morning, lots of improvements to MPOS, haven't done much of a test drive yet. Please PM me if anything funny happens. See you guys soon

PS. kskwerl, you're welcome to bring some of your asics to Fedaykin's Pool, spread the love :b

Edric, actually, over the two 24 hour tests I conducted your pool came out on top.  However, I do think the difficulty was generally higher over the 24 hour period I was at Fusion Hash's pool.  On balance and notwithstanding the bonus block issue which will be addressed soon, all is well.

FusionHash... 2nd time of asking in here; PLEASE respond to my emails.  I am still missing 3000 Octo after waiting over 2 weeks.

+888

[frameLAlife]

by the way, can anyone actually list the +/- of each decision?

most users hear the word hard fork and freak.

what's the advantage of the +188 blocks over a fork that just gets rid of the bonus blocks?

[joshycoin]

The consensus thus far seems to be 188 coins/block - we'll continue to process feedback for another 12 hours or so and then lock in the final decision in the morning. There is a division within the OctoCoin team on the topic which is why we are looking to you guys to help us make the call. Since we will need to hard fork things anyway, we will also make some tweaks to the difficulty adjustment formula. While I believe the current formula has served us well and tweaking it wasn't worthy of a fork on its own, we might as well make the adjustments we want while we have the opportunity. There have been a lot of requests for implementation of KGW but, based on our calculations and testnet runs, we have determined there are better options for a more consistent network.

We will try to get the updated client out tomorrow; keep in mind, however, that the fork will not actually occur until block 68,888. Also, just to clarify, this will have no effect on the total number of coins or how soon we get there. We have received more than one enquiry on the topic and wanted to ensure this point is clear. The only change to the distribution is that the remainder of the bonus blocks period will be modified to a static 188 coins/block with no bonus blocks - this averages out to be the same number of coins and is just a slightly different method of distribution. Every consistent miner will be rewarded by this change and the only miners that will be negatively affected are the coin-jumpers that are exploiting the bonus blocks. We apologize for not noticing and addressing this "exploit" sooner but, as they say, better late than never. We can take solace in the fact that the majority of miners exploiting the 888 bonus blocks are likely dumping their coins as the blocks mature meaning they are selling well below even the short-term value projections.

188 coins/block... I have been mining Octo since launch and while I do not totally understand the situation I do know that hard forks can cause a loss of coins. I love this coin and this community, I certainly would hate to lose any that I have spent time and power mining. Thanks.

[OctoCoin]

The consensus thus far seems to be 188 coins/block - we'll continue to process feedback for another 12 hours or so and then lock in the final decision in the morning. There is a division within the OctoCoin team on the topic which is why we are looking to you guys to help us make the call. Since we will need to hard fork things anyway, we will also make some tweaks to the difficulty adjustment formula. While I believe the current formula has served us well and tweaking it wasn't worthy of a fork on its own, we might as well make the adjustments we want while we have the opportunity. There have been a lot of requests for implementation of KGW but, based on our calculations and testnet runs, we have determined there are better options for a more consistent network.

We will try to get the updated client out tomorrow; keep in mind, however, that the fork will not actually occur until block 68,888. Also, just to clarify, this will have no effect on the total number of coins or how soon we get there. We have received more than one enquiry on the topic and wanted to ensure this point is clear. The only change to the distribution is that the remainder of the bonus blocks period will be modified to a static 188 coins/block with no bonus blocks - this averages out to be the same number of coins and is just a slightly different method of distribution. Every consistent miner will be rewarded by this change and the only miners that will be negatively affected are the coin-jumpers that are exploiting the bonus blocks. We apologize for not noticing and addressing this "exploit" sooner but, as they say, better late than never. We can take solace in the fact that the majority of miners exploiting the 888 bonus blocks are likely dumping their coins as the blocks mature meaning they are selling well below even the short-term value projections.

188 coins/block... I have been mining Octo since launch and while I do not totally understand the situation I do know that hard forks can cause a loss of coins. I love this coin and this community, I certainly would hate to lose any that I have spent time and power mining. Thanks.

There will be no loss of coins - as long as you have the new client running before block 68,888 (as well as the pool you're mining on if you're mining in a pool) the transition should be quite smooth. There is zero chance of losing any coins you've already mined pre-fork even if you didn't have the new client running in time as the fork will not occur until that point. I know the term "hard fork" sounds scary and we have all experienced a fork-fiasco and/or heard horror stories but we are well-prepared for this one. We have performed extensive testing and we are in full control of all of the nodes - we are confident this will be a breeze.

[OctoCoin]

what's the advantage of the +188 blocks over a fork that just gets rid of the bonus blocks?

During the "bonus block period" we are in the midst of right now, the average block reward is 188 coins/block. This average is calculated from 7/8 blocks containing 88 coins and 1/8 blocks containing 888 coins (the bonus block). If we completely dropped the bonus blocks without any other changes, it would change all of the specifications for the coin. Total number of coins would drop and this bonus period would come to an abrupt end. We chose the specs we did for specific reasons and, as a result, the only proper way to remove the bonus blocks from the equation is to increase the standard block reward to 188 coins/block and remove the random bonus blocks completely for the remainder of this phase. Then, in about a month, the reward will drop to 88 coins/block as scheduled. This will result in the same number of coins and the same speed of distribution while simultaneously eliminating the opportunity for exploiting the bonus blocks. As everyone seemed to agree on the 188 coins/block solution, one of our developers has already begun moving forward on the new client+fork.

[ozie]

Transaction issue at FusionHash.com 888 pool resolved. Coins arrived in desktop wallet. Took a few hours, but it is taken care of.

Yes, mine seem to be finding their way through now.  I just had a response from FusionHash support, which I have to say went above and beyond expectations, cheers guys.

It may only be small at the moment, but I really like this community and I'll continue to support both FusionHash and Edric's pool with my hashes.

One day we will ALL reap the benefits of 888, for now it's the best kept secret in crypto! 

Still waiting on one transaction for 3,098.65529839 and silence from FusionHash despite repeated requests now.  Support for and patience with them on a rapid decline here.

Seems this would be a good time to reactivate the P2Pool that was once running very well with this coin.
Currently there are 2 US based nodes and one in EU.

http://octoscanner.qemulab.com/

If you want to set up your own node please use this repo:

https://github.com/TheoRettisch/p2pool-octocoin

Seems there is finally some movement with this coin after the Devs are awake from their winter sleep 

[frameLAlife]

Transaction issue at FusionHash.com 888 pool resolved. Coins arrived in desktop wallet. Took a few hours, but it is taken care of.

Yes, mine seem to be finding their way through now.  I just had a response from FusionHash support, which I have to say went above and beyond expectations, cheers guys.

It may only be small at the moment, but I really like this community and I'll continue to support both FusionHash and Edric's pool with my hashes.

One day we will ALL reap the benefits of 888, for now it's the best kept secret in crypto! 

Still waiting on one transaction for 3,098.65529839 and silence from FusionHash despite repeated requests now.  Support for and patience with them on a rapid decline here.

I wonder what the deal is.... last time they posted here they said they'd have someone watching this board more often for instances such as this.

[frameLAlife]

what's the advantage of the +188 blocks over a fork that just gets rid of the bonus blocks?

During the "bonus block period" we are in the midst of right now, the average block reward is 188 coins/block. This average is calculated from 7/8 blocks containing 88 coins and 1/8 blocks containing 888 coins (the bonus block). If we completely dropped the bonus blocks without any other changes, it would change all of the specifications for the coin. Total number of coins would drop and this bonus period would come to an abrupt end. We chose the specs we did for specific reasons and, as a result, the only proper way to remove the bonus blocks from the equation is to increase the standard block reward to 188 coins/block and remove the random bonus blocks completely for the remainder of this phase. Then, in about a month, the reward will drop to 88 coins/block as scheduled. This will result in the same number of coins and the same speed of distribution while simultaneously eliminating the opportunity for exploiting the bonus blocks. As everyone seemed to agree on the 188 coins/block solution, one of our developers has already begun moving forward on the new client+fork.

thanks for the explanations

[shellbunner]

Transaction issue at FusionHash.com 888 pool resolved. Coins arrived in desktop wallet. Took a few hours, but it is taken care of.

Yes, mine seem to be finding their way through now.  I just had a response from FusionHash support, which I have to say went above and beyond expectations, cheers guys.

It may only be small at the moment, but I really like this community and I'll continue to support both FusionHash and Edric's pool with my hashes.

One day we will ALL reap the benefits of 888, for now it's the best kept secret in crypto! 

Still waiting on one transaction for 3,098.65529839 and silence from FusionHash despite repeated requests now.  Support for and patience with them on a rapid decline here.

I'm sure you have already, but try emailing them at admin@fusionhash.com
I tried the contact form on the pool's site for weeks, and it never went through.
They've responded to my emails, so I'm sure they will respond to you.

[djslick]

1) +888 to vote for 188 octo blocks, a no-brainer, and honestly this issue has not been exploited to the best of my knowledge. there have been some farms trying to snipe coins, but i've been on the pools, and have gotten a meaty piece of any bonus block in the last week, i check every few hours, and only under microscopic inquiry has an issue been found, and is immediately being resolved. great job team octo!

2) I was heartened to hear of the added implementation of a new difficulty switching algorithm being introduced. I feel that this is the ideal solution for continued mining success, ESPECIALLY as these scrypt asics are starting to come online. just wait until one guy with a KnC titan can double the total net hashrate, this is definitely something to keep in mind, and on the radar. I believe that switching the algorithm to something like x11 or scrypt-n is NOT the right path forward, as it would alter the nature of what this coin was founded on. Us GPU miners have had more than enough of a "honeymoon period" to mine, clearing the way for the scrypt asics is only the natural procession. Being able to court a few KnC titans onto our network will not only strengthen the coin, but it will rattle some cages once we see the network hashrate going through the roof. Man i wish i had one of em! but honestly by now, if you haven't been mining octo every waking minute, then you've been doing it wrong. I think that we need to clear the way for the rapid explosion in growth the moment OCTO lands on Mintpal (boo cryptsy). this will also include the need for more operational pools, and for the existing pools to be reinforced. time will tell, but i have a feeling that when it happens, it's going to be chaotic if we're unprepared. and if the OCTO devs have proven anything to us, it's that they're never behind the 8-ball

all that being said, what if someone came on the network with just 3 or 4 KnC miners, could they strip-mine the coin? perform a %51 attack? etc? i hope that safeguards are being implemented to save off these kinds of very unfortunate but forseeable future events?

[Stonerboy]

@djslick

Yeah, I too think that ASICs aren't as bad as many people believe.
More Hashingpower = harder to get some coins = higher price.
Of course i will be sad this golddigging will have an end, but at least i was part of it.   (man this sounds selfish...)
I mined Octo since day 1 and believe me, when i had to move my miners and couldn't mine for 4 whole days! i was really pissed off  



And yes, i vote for the 188 Blocks  

[OctoCoin]

Just so everybody is aware, 188 blocks are locked and loaded in the updated code and we will release everything ASAP.

[shellbunner]

Just so everybody is aware, 188 blocks are locked and loaded in the updated code and we will release everything ASAP.

 

[summs]

Just so everybody is aware, 188 blocks are locked and loaded in the updated code and we will release everything ASAP.

Great new!

[JesstersDead]

Just so everybody is aware, 188 blocks are locked and loaded in the updated code and we will release everything ASAP.

Nice, thanks for the update +888

[frameLAlife]

Just so everybody is aware, 188 blocks are locked and loaded in the updated code and we will release everything ASAP.

sweet action.

[comppi]

Wow, the winner of the latest mintpal vote sure is something. XXLcoin Max Coins: 700,000,000,000. Price 0.00000001 LTC, Sell orders at 0.00000002. Cannot understand how the coin even won, probably voting with a botnet or something like that. I want to buy octos, not coins like that.