[ANN][THC] The Hempcoin (THC)

[bocyaj]

I still think scrypt has been a poor choice. All it has done is allowed ASIC's to dump daily to keep the price down (which I guess is good if you are accumulating) and leads to 51% attacks. GPUs can't mine scrypt in the summer. Please remind me what the benefits are?

The dev told me that switching from scrypt is not an option as of today. All the hashes are in scrypt so you can not remove scrypt. The only option that is maybe possible is to become a scrypt & x11 mined coin.


Should we just end the POW and turn this into a POS only coin? Would that stop this difficulty fluctuation problem?

POS only.... hmmmmm, sounds interesting, what does everyone else think about it ?

I have liked mining hemp and would miss it if it was POS only, but ensuring a stable block chain is much more important than my mining preferences.  This is a big change, but we definitely need to find a way to avoid more events like what happened yesterday.  I lost about 75k coins due to this.

another idea... just thinking out loud and not sure if it would even help.

My understanding of the POS in a POW/POS coin is that it should help against attacks like this(was this an attack, who knows, but that's what I am calling it for now) , correct... maybe ?

but it doesn't seem to be helping us out.  I wonder if it is because the maturity period is too long (45 days).  with this long of a maturity period, there is probably a lot less coins actually staking blocks.  Is it possible to lower this time period significantly ? say like all the way down to 8 hours ?  this way there should be a lot more POS blocks getting generated and thus making an attack harder to implement.

I like the significance/reason behind the 45 day maturity time period.... but would not mind changing it if it helps the stability of the block chain.

any thought comments or confirmations that a change like this would actually help or not.

[1714503107]

1714503107

[kryptologist]

I still think scrypt has been a poor choice. All it has done is allowed ASIC's to dump daily to keep the price down (which I guess is good if you are accumulating) and leads to 51% attacks. GPUs can't mine scrypt in the summer. Please remind me what the benefits are?

The dev told me that switching from scrypt is not an option as of today. All the hashes are in scrypt so you can not remove scrypt. The only option that is maybe possible is to become a scrypt & x11 mined coin.


Should we just end the POW and turn this into a POS only coin? Would that stop this difficulty fluctuation problem?

If we wanted to change algo's we'd probably have to setup with exchanges to do a coinswap like SAT -> SAT2 recently did.

I had the same thought about dropping the POW soon instead of waiting for money supply to be over 250m coins.  It would stop the constant miner dump.  Personally I think 100+ million coins is plenty.  If there was a vote to switch to POS only I'd be a "yay".

We have an online wallet that fartbags created. Could we not use it to do a swap to x11?

I would also vote to go full POS.

[killsig]

I still think scrypt has been a poor choice. All it has done is allowed ASIC's to dump daily to keep the price down (which I guess is good if you are accumulating) and leads to 51% attacks. GPUs can't mine scrypt in the summer. Please remind me what the benefits are?

The dev told me that switching from scrypt is not an option as of today. All the hashes are in scrypt so you can not remove scrypt. The only option that is maybe possible is to become a scrypt & x11 mined coin.


Should we just end the POW and turn this into a POS only coin? Would that stop this difficulty fluctuation problem?

POS only.... hmmmmm, sounds interesting, what does everyone else think about it ?

I have liked mining hemp and would miss it if it was POS only, but ensuring a stable block chain is much more important than my mining preferences.  This is a big change, but we definitely need to find a way to avoid more events like what happened yesterday.  I lost about 75k coins due to this.

another idea... just thinking out loud and not sure if it would even help.

My understanding of the POS in a POW/POS coin is that it should help against attacks like this(was this an attack, who knows, but that's what I am calling it for now) , correct... maybe ?

but it doesn't seem to be helping us out.  I wonder if it is because the maturity period is too long (45 days).  with this long of a maturity period, there is probably a lot less coins actually staking blocks.  Is it possible to lower this time period significantly ? say like all the way down to 8 hours ?  this way there should be a lot more POS blocks getting generated and thus making an attack harder to implement.

I like the significance/reason behind the 45 day maturity time period.... but would not mind changing it if it helps the stability of the block chain.

any thought comments or confirmations that a change like this would actually help or not.

I never thought of changing the coin maturity but I like that idea as well!  The crypto community is like a pumped up classroom full of kids with sugar highs.  45 days is almost an eternity in the crypto world.  I'm not saying we should look for fast profits or anything like that..  But changing this might help bring in more community members over the short term.  Our goals can't all be long term or the coin will die before it gets there.

In a perfect world POW would secure our blockchain well but when you don't have many miners and it's one guy with 400MH and 10 guys with 0-4mh we're going to run into these things problems.  I believe strictly POS has it's drawbacks as well but I'm not totally sure what they are.

[HempCoin]

Currently working on a complete check pointed wallet with extra check nodes. While recompiling we are spending a little time to try a coin control wallet again.

We are on it. Thanks for all your feedback. Update soon.

[AFlatMinor]

OK can someone please explain what has happened in simple terms? 

To me it seems as though someone has thrown some hashing power at the coin and caused all kinds of problems, however I don't quite understand why it would cause a problem - isn't that the point of "mining" for coins? Sorry if this is a dumb question

[aws]

Should we just end the POW and turn this into a POS only coin? Would that stop this difficulty fluctuation problem?

No, we should not do that.
There was a paper published yesterday highlighting a flaw in POS that allows attacks

[aws]

OK can someone please explain what has happened in simple terms? 

To me it seems as though someone has thrown some hashing power at the coin and caused all kinds of problems, however I don't quite understand why it would cause a problem - isn't that the point of "mining" for coins? Sorry if this is a dumb question

basically in Bitcoin satoshi created something called the longest chain rule.
this means that the longest chain is the one that is accepted as valid.
the assumption is that at any time more that half of mining power is honest.
Now, if someone has so much mining power that they can create a longer chain, then they basically control the blockchain.
(I am not saying that is what happened, but it is one possibility)
so they can go back in the blockchain a number of blocks and re-write the blocks and create new ones, so that their blockchain becomes the longest and a valid one in the end.
This can also happen by accident (ie not an attack) when the network segments for some time, and majority of the mining power ends up in one sub-network.
Hope this makes some sense.

[fartbags]

Currently working on a complete check pointed wallet with extra check nodes. While recompiling we are spending a little time to try a coin control wallet again.

We are on it. Thanks for all your feedback. Update soon.

Thanks for being so active dev. It is nice to see.

[aws]

here is the information about POS:

https://blog.ethereum.org/2014/07/05/stake/

[AFlatMinor]

OK can someone please explain what has happened in simple terms? 

To me it seems as though someone has thrown some hashing power at the coin and caused all kinds of problems, however I don't quite understand why it would cause a problem - isn't that the point of "mining" for coins? Sorry if this is a dumb question

Hope this makes some sense.

Thanks for that, there is so much to learn about all this stuff. Its a bit hard on a older person   but slowly I am getting to understand this stuff.

Even though I do not fully understand it all I am very excited about this whole area and the great potential that I think will be realised. Some people are laughing at me (over 50) trying to get my head around this but I say to them 20 years ago people laughed at me when I said that they would be shopping via the internet - that generally shuts them up. To all you guys who are doing these things (as long as you have the right motives and are not greedy) you could end up being very wealthy and influential in a few years time. I just hope that it turns the world upside down - we need a good shakeup lol

[Wolf_Pack]

I've been really busy with work the last two days and didn't have a chance to log on here. I've notice the up and down of the difficulty and was wondering if there is a multipool mining thc. I am still working on getting an MPOS pool set up. I spent last night getting my VPS set up so I'm going to try and have the pool set up by early next week.

[blakeaholics]

New title cards for the OP. I also sent new images to the developer to bring the "brand" consistency up to speed. Colours are easily changed, I don't think we've really agree on colours.
Off to bed. Hope the issue is dealt with soon. Glad to hear you're working on it, dev.





http://imgur.com/a/fvBUF#0

[89keys]

news from bittrex? how many blocks got unconfirmed?

[bocyaj]

news from bittrex? how many blocks got unconfirmed?

I've heard nothing from Bittrex, but I know dev has been working with them to resolve the issue ASAP.  I think it ended up being about 20 hours worth of unconfirmed blocks (1200 blocks).

I can only guess/assume that the market may be offline until Dev releases the new wallet he is working on.  this is only a guess, I actually have no clue.

My suggestion would be to mine hemp while the difficulty is lower as I imagine it should jump up once these issues are resolved.  It would also help against a re-occurrence of this recent event.

The path to success is always along a bumpy road.

[aws]

you can still trade on europex:

https://www.europex.eu/#!coin/btc/thc

cheap coins on there

[blakeaholics]

news from bittrex? how many blocks got unconfirmed?

Can't wait till it's back up, I've got quite a few trades locked up. Until then I forgot I'd made this (my attempt at a currency symbol):

[richiela]

news from bittrex? how many blocks got unconfirmed?

I've heard nothing from Bittrex, but I know dev has been working with them to resolve the issue ASAP.  I think it ended up being about 20 hours worth of unconfirmed blocks (1200 blocks).

I can only guess/assume that the market may be offline until Dev releases the new wallet he is working on.  this is only a guess, I actually have no clue.

My suggestion would be to mine hemp while the difficulty is lower as I imagine it should jump up once these issues are resolved.  It would also help against a re-occurrence of this recent event.

The path to success is always along a bumpy road.

We are actively working with the devs on this.... If anyone is every looking for information from us, you can always find us in #bittrex in freenode and will answer what we can.

And yes, it was about a days worth, and we had 843 deposits that got unconfirmed.  Will work it all out once the dev finalizes on his plans.  We still have the market disabled.  If this isn't resolved shortly, we will likely cancel all orders just so we don't continue to lock up peoples BTC.  I apologize for this inconvenience.

thanks,
richie@bittrex

[fartbags]

here is the information about POS:

https://blog.ethereum.org/2014/07/05/stake/

I read this and to summarize what I understood about POS:
- each hemp coin = a draw in the lottery;
- coins in a closed wallet/paper wallet do not generate POS and can not win the lottery.
- win the lottery = give some sort of authority to the validity of the block chain through POS.

attacks/forks can happen when more than 51% of "active" coins are owned by one person.

It looks like it is in the hemp coins (and all other POS coins) best interest not to leave large amounts of the coin stored in one location and for users to leave their wallet open with all of their coins in the wallet.

.


The dev is working on a "checkpointed wallet". I can't find much info about what this is online. Not many coins have a checkpointed wallet. This will make the hemp coin one of the most secure cryptocoins once the new checkpointed wallet is implemented.

[fartbags]

XST and ROX are both disabled today on bittrex also.

[aws]

lots of cheap coins on europex
i see sells at 24 and buy at 15 satoshis

https://www.europex.eu/#!coin/btc/thc