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WALKEN-COIN
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April 07, 2014, 03:26:23 AM |
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Most GPU miners, no matter how big their farm, operate on a very tight profit margin. Forking back to block 7000 would basically penalize them instead of the devs for this mistake. Losing even an hour or two of mining means they have a net loss for the day..............not to mention the net loss they will already have since so many coins have been dumped. Forking at 7200 rewards them for supporting the coin and network, without doing major damage to the coin itself.
As it stands, even the miners that were loyal and benefit from a fork at 7200, they are still operating at a net loss until prices can recover.
What happens to the coins that have been traded on the exchanges. Are people who have paid BTC to buy WATER going to loose their coins if they were mined after the 7000 block? No. Basically, a bunch of miners just suddenly became large stakeholders. Unfortunately, they have already begun dumping on the Bittrex, which will lower overall perceived value in the short term. The positive side is that more coins are available in the short term, making it more attractive to new buyers due to discounted price. This will increase overall volume, and as a positive side effect, we may get on some charts we would not have otherwise been on in the short term. This will increase exposure, and as more people buy coins, more will vote to get the coin on larger exchanges. So this COULD be a good thing, but investors REALLY don't like watching coin value plummet due to bad math, so you are going to hear about it regardless. |
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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YouIsPeng
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April 07, 2014, 03:36:32 AM |
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Most GPU miners, no matter how big their farm, operate on a very tight profit margin. Forking back to block 7000 would basically penalize them instead of the devs for this mistake. Losing even an hour or two of mining means they have a net loss for the day..............not to mention the net loss they will already have since so many coins have been dumped. Forking at 7200 rewards them for supporting the coin and network, without doing major damage to the coin itself.
As it stands, even the miners that were loyal and benefit from a fork at 7200, they are still operating at near a net loss until prices can recover.
No one wins, I mined for 24hrs a couple of days ago and held the coins I earnt, now they are virtually worthless. Same applies to those traders who supported the coin from the start and bought in early. Best suggestion I can think of atm (after about 4min of pondering) is to hard fork, new daemon sets the block reward for 7000 - 7200 as tx fees only, plus reset the difficulty so they can get mined out swiftly. The old blockchain will have a list of the addresses paid out to for the original 200 blocks, devs manually credit those with a set amount of coin consistent with the previous 500 blocks. Hopefully it wont be too much work for those pool admins involved to roll back their databases and then reprocess their miners rewards on their usual per share scheme. Devs might have to compensate the pools with a bit of coin also, then it just leaves the orphaned transactions on the exchanges, too which I dont have an answer yet.... If they do that the exchanges are a pretty massive problem! Try telling someone who just bought WATER that is is about to disappear from their wallet for no compensation. Oops, sorry we made a mistake.. |
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YouIsPeng
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April 07, 2014, 03:39:23 AM |
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Just had another thought, I really hope the devs are going to check the code for blocks 250,000+ and 500,000+ while they're at it.
If this coin isn't dead by the time this is sorted out I don't want to see the same happen again at the next planned reward changes.
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IntroVert
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April 07, 2014, 03:41:56 AM |
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Most GPU miners, no matter how big their farm, operate on a very tight profit margin. Forking back to block 7000 would basically penalize them instead of the devs for this mistake. Losing even an hour or two of mining means they have a net loss for the day..............not to mention the net loss they will already have since so many coins have been dumped. Forking at 7200 rewards them for supporting the coin and network, without doing major damage to the coin itself.
As it stands, even the miners that were loyal and benefit from a fork at 7200, they are still operating at near a net loss until prices can recover.
No one wins, I mined for 24hrs a couple of days ago and held the coins I earnt, now they are virtually worthless. Same applies to those traders who supported the coin from the start and bought in early. Best suggestion I can think of atm (after about 4min of pondering) is to hard fork, new daemon sets the block reward for 7000 - 7200 as tx fees only, plus reset the difficulty so they can get mined out swiftly. The old blockchain will have a list of the addresses paid out to for the original 200 blocks, devs manually credit those with a set amount of coin consistent with the previous 500 blocks. Hopefully it wont be too much work for those pool admins involved to roll back their databases and then reprocess their miners rewards on their usual per share scheme. Devs might have to compensate the pools with a bit of coin also, then it just leaves the orphaned transactions on the exchanges, too which I dont have an answer yet.... If they do that the exchanges are a pretty massive problem! Try telling someone who just bought WATER that is is about to disappear from their wallet for no compensation. Oops, sorry we made a mistake.. And this is one of the reasons why the manner in which this fix is delivered will determine the viability of the coin and why I think that the fix will not be quick in coming. It is not just a simple issue of fixing a typo. There are multiple stakeholders involved, and someone will have to lose... |
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voxelot
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April 07, 2014, 03:42:49 AM
Last edit: April 07, 2014, 04:23:55 AM by voxelot |
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Just had another thought, I really hope the devs are going to check the code for blocks 250,000+ and 500,000+ while they're at it.
If this coin isn't dead by the time this is sorted out I don't want to see the same happen again at the next planned reward changes.
I already checked the code and they didn't multiply by 1/over the sqrt for any of the reward changes. So yes they need to fix that too. |
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DigitalDrops
Newbie
 Offline
Activity: 42
Merit: 0
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April 07, 2014, 03:44:23 AM |
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I just got on and am trying to get a full update. I think they are working on fixing out the payout math and will then fork. More updates to follow. Feel free to join us on #CleanWaterCoin.
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IntroVert
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April 07, 2014, 03:44:42 AM |
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Just had another thought, I really hope the devs are going to check the code for blocks 250,000+ and 500,000+ while they're at it.
If this coin isn't dead by the time this is sorted out I don't want to see the same happen again at the next planned reward changes.
I already checked the code and they didn't multiply by 1/over the sqrt for any of the reward changes. So yes they need to fix that too. Definitely NOT surprised this is the case. Thank you for checking. |
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leewilson
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April 07, 2014, 03:48:44 AM
Last edit: April 07, 2014, 05:39:14 AM by leewilson |
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4/1/14: $1,920 Donated
We pledged to donate 2 BTC from the PLC and to match that donation personally. Today we donated $1,920 to our charity: water Digital Drops fundraising campaign. Because of your support 96 people will get clean water! With your continued support we will be able to save many more lives.
Are you saving them with water or jesus? I would rather have cholera than be forced to listen to christian teachings to get clean water. Agape Ametros Agape= Christian love, esp as contrasted with erotic love; charity - a communal meal in the early Church taken in commemoration of the Last Supper Ametros= "without measure" |
“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State BlockNet can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State BlockNet to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State BlockNet.” - Joseph Goebbels |
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Stedy
Member
Offline
Activity: 79
Merit: 10
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April 07, 2014, 03:49:39 AM |
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so i've been mining on Suchpool and none of the coins have been confirmed since block 7000, is this the same across all pools? or something the pool operator has implemented?
Either way this is pretty disappointing, after spending money on voting at Mintpal and other methods of support, i really hope it can be resolved very very soon.
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louiseth1
Legendary
Offline
Activity: 924
Merit: 1000
Bitfarms.io
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April 07, 2014, 03:55:26 AM |
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Suchpool requires 120 confirmations until the coins are released, as usual.
The issue will be when users will request over 15K WATER payouts, like on every other pools
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Bitfarms.io - Powering Blockchains with Sustainable Energy
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Xardas2014
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April 07, 2014, 04:17:22 AM |
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so i've been mining on Suchpool and none of the coins have been confirmed since block 7000, is this the same across all pools? or something the pool operator has implemented?
Either way this is pretty disappointing, after spending money on voting at Mintpal and other methods of support, i really hope it can be resolved very very soon.
I hope you have a fail-over pool set. Suchpool has suspended mining |
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Stedy
Member
Offline
Activity: 79
Merit: 10
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April 07, 2014, 04:18:22 AM |
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Suchpool requires 120 confirmations until the coins are released, as usual.
The issue will be when users will request over 15K WATER payouts, like on every other pools
ahh, yes, confirmations were taking their time. Thanks |
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louiseth1
Legendary
Offline
Activity: 924
Merit: 1000
Bitfarms.io
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April 07, 2014, 04:23:14 AM |
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We left our wallet up to monitor the "correct" fork, but miners should know that the MINING IS HALTED ON SUCHPOOL UNTIL FURTHER NOTICE. DUE TO THE LACK OF FIXES TO THE WALLET BY THE DEVTEAM, PAYOUTS OVER 15000 WATER WILL HALT THE CRONS AND FAIL. I also got a couple chats with the admin of hashing.at, what a dumb individual, none the less. |
Bitfarms.io - Powering Blockchains with Sustainable Energy
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iiikkkxj
Member
Offline
Activity: 86
Merit: 10
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April 07, 2014, 04:59:16 AM |
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when can dev fix this ?
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ficklepickle
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April 07, 2014, 05:05:11 AM |
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 this is turning into a coin of tears, not clean water.
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binaryclock
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April 07, 2014, 05:08:23 AM |
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BTW miners, you guys better figure out who is forked and who is not. You're all mining on two different chains :p
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DEDICATEDPOOL.COM
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124C41
Sr. Member
Offline
Activity: 308
Merit: 250
EVERYTHING YOU CAN IMAGINE IS REAL
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April 07, 2014, 05:21:00 AM |
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Yep, Binaryclock is right. BTW miners, you guys better figure out who is forked and who is not. You're all mining on two different chains :p
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Whether you think you can, or you think you can't - you're right.
BTC: 1Ex3zmaHoqbMBUWQVcG7kdTCktyng7Ld9M LTC: Lhrp8G9EjoyKCqKAmtuprUcV9KvqZQKAfk
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