New coin tomorrow

[HiroS]

No surprise, there are new coins every day now.

This is to give some notice that I will launch a coin tomorrow that has been thoroughly developed avoiding the mistakes of other coins. That's a good start but what sets us apart is that we use a different hashing algorithm that only one other coin has used so far. There is certainly no point in launching a new Scrypt coin no matter how well coded. Scrypt ASICs are coming and they will squeeze many Scrypt alts leaving them unusable. We look to move into new territory. Anyway, more will come tomorrow morning.

If nothing else this new coin will give a clear commit history on GitHub for those who want to start a coin and make sure that all steps are covered

[cryptojette]

Good Call, whats the coin name or time of release, haha

[HiroS]

Many pardons for being so vague. I do not want to give to many details so a megaminer is not waiting to take early coins from everyone. I have modest mining power on one computer and this is my only opportunity to mine enough coins for bounties to further coin support and am not willing to premine. KGW does not start working until block 15,000 for this reason which allows a decent amount of coins to go out. It is the people who manage to mine early who are willing to put in the most work. This has been a benefit of all the large coins we are familiar with today. I do not want to release the name to stop someone doing a very quick copy and paste coin.

Please note that the coin halving is set to ~4 years so there is no rapid drop in coin production that can be seen in some of the recent coins, even coins that had great potential used this unfair tactic.

I hope people will keep an eye out as to get many individuals involved with this new crypto.

[brokedummy]

Scrypt asic will make scrypt coins unusable? Sort of like how bitcoin asics made bitcoin unusable?

[HiroS]

Scrypt asic will make scrypt coins unusable? Sort of like how bitcoin asics made bitcoin unusable?

Just to clarify, Bitcoin loves ASICs though the centralising of the hash power is not so desirable and there is no doubt that Litecoin will love Scrypt ASICs in  a similar way. But many SHA-256 altcoins suffered greatly at the hands of SHA-256 ASIC owners. Smaller coins got mined heavily by ASICs and were then left in terrible states. This will probably be much worse considering the number of very small Scrypt coins out there.

You can imagine a Scrypt ASIC mining a small coins very fast pushing the difficulty up, selling those coins and the moving on leaving the block retarget potentially at hours. This is what we saw with SHA-256 ASICs.

[brokedummy]

The solution to this is to buy a scrypt asic and not make 5000 stupid coins nobody will ever use.

[anteater2009]

If you are not gonna announce a coin that is going to be launched tomorrow, what makes you different from preminers?

[HiroS]

The solution to this is to buy a scrypt asic and not make 5000 stupid coins nobody will ever use.

But very few people can afford the cost of Scrypt miners. Crypto currency should be within reach of as many people as possible, not just those that can afford expensive setups.

If you are not gonna announce a coin that is going to be launched tomorrow, what makes you different from preminers?

I have told you that this is going to be launched tomorrow and there will be no premine. I have explained my reasons as to why the launch is vague. Some may remember just-for-fun BBQcoin which had malicious miners waiting for it which lost BBQCoin their original dev. I do not intend to be a victim in this way. I intend to put the coins to good use to further development. There is no need to begrudge coin developers this and their is no unfair weighting in this coin as explained.

[CoinTropolis_JustaBitTime]

The solution to this is to buy a scrypt asic and not make 5000 stupid coins nobody will ever use.

But very few people can afford the cost of Scrypt miners. Crypto currency should be within reach of as many people as possible, not just those that can afford expensive setups.

If you are not gonna announce a coin that is going to be launched tomorrow, what makes you different from preminers?

I have told you that this is going to be launched tomorrow and there will be no premine. I have explained my reasons as to why the launch is vague. Some may remember just-for-fun BBQcoin which had malicious miners waiting for it which lost BBQCoin their original dev. I do not intend to be a victim in this way. I intend to put the coins to good use to further development. There is no need to begrudge coin developers this and their is no unfair weighting in this coin as explained.

Good use? Do you know how many 'devs' came that one? Almost all of them. How many coins will be remembered even a year from now? A few at most.

[HiroS]

Good use? Do you know how many 'devs' came that one? Almost all of them. How many coins will be remembered even a year from now? A few at most.

I know exactly what you mean. Take a look at the coin and the comprehensive development that has been done on it. This is not your copy and paste coin that we see so many of. Most of the coins that come out are for the early mining which is simply dumped if it ever hits an exchange and the coin dev is never seen again. I understand and share your skepticism.

Even Quark which had a alternative hashing made early coin reward 2048 and reduced this over a short period to 1 coin per block. What a waste of time.

[brokedummy]

The solution to this is to buy a scrypt asic and not make 5000 stupid coins nobody will ever use.

But very few people can afford the cost of Scrypt miners. Crypto currency should be within reach of as many people as possible, not just those that can afford expensive setups.

Nope, you are wrong. Pine needles are within reach of everybody, which is exactly why pine needles make a shitty currency.

[HiroS]

Nope, you are wrong. Pine needles are within reach of everybody, which is exactly why pine needles make a shitty currency.

Interesting argument, but one that favors the rich to generate the wealth only. We could be back to a single control of the printing press which is what crypto tries to break from in its decentralised nature.

[brokedummy]

Nope, you are wrong. Pine needles are within reach of everybody, which is exactly why pine needles make a shitty currency.

Interesting argument, but one that favors the rich to generate the wealth only. We could be back to a single control of the printing press which is what crypto tries to break from in its decentralised nature.

You don't have to be rich, but you do need to make an investment. Why would anybody want to buy a currency that is easily created by anybody without making any investments? Sounds worthless to me. When anybody could mine bitcoins with their PC the price of bitcoins was very low. Once you needed to make an investment into expensive mining equipment the price went up. If you make a currency that anybody can easily mine forever the price will forever remain low. Sorry you don't want to make any worthy investments and would rather scam the community with yet another shitcoin.

[master-P]

Scrypt ASICs are not really powerful miners compared to GFX cards. Their main advantage is low power consumption. There really isn't a major centralization of Scrypt mining at this time.

[HiroS]

Nope, you are wrong. Pine needles are within reach of everybody, which is exactly why pine needles make a shitty currency.

Interesting argument, but one that favors the rich to generate the wealth only. We could be back to a single control of the printing press which is what crypto tries to break from in its decentralised nature.

You don't have to be rich, but you do need to make an investment. Why would anybody want to buy a currency that is easily created by anybody without making any investments? Sounds worthless to me. When anybody could mine bitcoins with their PC the price of bitcoins was very low. Once you needed to make an investment into expensive mining equipment the price went up. If you make a currency that anybody can easily mine forever the price will forever remain low. Sorry you don't want to make any worthy investments and would rather scam the community with yet another shitcoin.

Mining on a GPU is not easy though, to mine a whole Litecoin would take me slightly over 8 days. Making a crypto minable on a GPU does not equal easy so is not worthless. With ASICs I may well be completely squeezed out. Let's not be too first world about this, ASICs are going to make crypto even more unobtainable in third world countries.

Scrypt ASICs are not really powerful miners compared to GFX cards. Their main advantage is low power consumption. There really isn't a major centralization of Scrypt mining at this time.

Alpha-T 25MH miner was priced at around $8,000. This is roughly equal to 37x AMD 7970s. That is a single unit that is much more powerful than a GPU. The Scrypt FPGAs that seemed to be coming close to reality were not going to be faster than GPUs but more power efficient. Scrypt ASICs may still be sometime away and their impact may be less than that of SHA-256 ASICs, however more SHA-256 ASICs were around to mine coins out of trouble. Scrypt based ones are going to be much more rare.

[brokedummy]

Why would I want to buy a currency that any Nigerian in a hut could make with an OLPC laptop? Sorry but crypto is a not a charity mechanism to lift up the poor at the expense of the rich.

[HiroS]

It could well be an empowering mechanism that allows people to bypass Government all over the world. Did you see the posters in the Ukraine asking for Bitcoin donations?

Anyone and every should be able to use what crypto has to offer. What we have here is some incredibly powerful software that could lead to a revolution that will affect our daily lives. Change is already happening. It has been said before that crypto is the biggest thing since the Internet and I believe that.

[brokedummy]

Crypto is still available to everyone but only in proportion to your hash. Would you mine at a pool that split the rewards based not on hash rate contributed but equally among all users? Sounds like you want communism. If you want a larger stake in crypto you need to make the investments. It's not a charity that aims to evenly distribute all currency among all people regardless of contribution. If you can't afford an asic, well you are not going to have as large a stake as somebody that could and did invest in the asic. And rightly so.

[wasamata]

Crypto is still available to everyone but only in proportion to your hash. Would you mine at a pool that split the rewards based not on hash rate contributed but equally among all users? Sounds like you want communism. If you want a larger stake in crypto you need to make the investments. It's not a charity that aims to evenly distribute all currency among all people regardless of contribution. If you can't afford an asic, well you are not going to have as large a stake as somebody that could and did invest in the asic. And rightly so.

Well if communism means less centralization of the network for the small percentage of people with scrypt ASICS, I say give me communism!

[HiroS]

I never said that everyone should have an equal share and there's no need to drop the c-word. I am saying that this technology can benefit everyone. There are alternatives that can not be mined by ASICs but you would not have us use them because of the low entry requirement?

Also saying that you would not use a currency that can be mined in the third world is very unkind indeed. There are different language boards on this forum which may give you a clue that this is a global space