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nagareteku (OP)
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January 13, 2023, 12:10:06 PM
Last edit: August 03, 2023, 08:56:02 PM by nagareteku
 #1

Welcome to this post on Ferrite coin!

I understand that ferritecoin is an ASIC coin since S-Crypt is no longer ASIC resistant (it is difficult for an algorithm to stay ASIC resistant for a long time), so it may not be worth your time and energy. Happy Friday the 13th.

As one of the new developers and large bagholder ($200 of electricity) of Ferrite Core, I would like to ensure the security of the experimental blockchain from a 51% attack, which means that more hashrate is required and therefore would like to call onto the Bitcoin Forum community to particpate in the mining of ferritecoin.

This coin is nothing new, it is simply another Litecoin clone. Let us skip all the marketing jargon and delve straight into the technicals.

Summary:
Algorithm: S-Crypt (scrypt)
Block time: 1 minute.
The purpose of a longer block time is to ensure that block propagation delays do not constitute a large percentage of the target interval. Compared to a decade ago, network infrastructure and computer performance have increased, and delays have been reduced to a few seconds. A propagation delay of 5 seconds correspond to a detached (orphan) block rate of 7%. This rate is similar to sales taxes, and is a fair trade-off for faster confirmation times as the network scales. A shorter block time will only disproportionately increase block time.

Difficulty readjustment time: 60 minutes (60 blocks)
Hindsight is 20/20. Given the volatile economics of cryptocurrency, difficulty readjustment is set to a shorter time span. While some may believe that an even shorter difficulty readjustment time would be better, 60 blocks will strike a fair balance between dynamic difficulty adjustment and difficulty stability. This is because blocks can be solved faster as a result of luck. By the central limit theorem, 60 blocks is a sample large enough to be approximately normal.

Coin generation:
Ferrite claims to have no premine. This is inaccurate. Ferrite coin has an effective [57,800 premined coins (578 blocks)](https://github.com/koh-gt/ferrite-core/blob/ferrite-main/src/chainparams.cpp). This significant premine may be considered unfairly mined, since coins will no premine are considered by the community to be more fair. It is explained that a large stash of premined coins will allow the developers to pay for bounties or events. It is claimed that the premine is to confirm the validity of the genesis block, as well as the difficulty readjustment.


Quote
> Dango Mango $FNNC (Will Not DM First):
I saw a post on Bitcointalk.org about how there was a small premine of sorts
> Dango Mango $FNNC (Will Not DM First):
I would be curious about what you think of this, do you mind if I send you the post?
> Dango Mango $FNNC (Will Not DM First):
Also, this is a real listing for FEC right?
https://xeggex.com/market/FEC_USDT
> Dango Mango $FNNC (Will Not DM First):
https://bitcointalk.org/index.php?topic=5434601.0
> nikolett:
I think I read about the article from nagareteku. At the start there were few miners, to get the chain moving I had to solo mine about 500+ blocks worth almost 50k FEC (0.1% total supply of 60.22m)

The total number of coins are 60,221,400 because this means that the number of atomic units (10^8 per coin) is very close to 1/10^8 of the number of atoms in one mole of ferrite.

Mining will generate 100 coins per block, with a halving time of 301,107 blocks. On the time this post was written, the block height is 50,000 with a 24h average hashrate of a mere 3.0 GH/s across 11 pools. We believe that with a high block reward, this can offer users a concrete stake in Ferrite and its development. We hope that early adopters will be willing to support this coin and spend time to create services to improve this coin.

The halving time is short, of only 7-8 months. I believe that koh-gt/artucuxi set this value because there is no point planning for time cycles longer than 100 years. The coin either works or it does not. There is no point to prolong the pain on a failed experiment.

Fair start:
The coin wallet is released with precompiled binaries. You can also compile the source code directly from Github. Mining pools and a quick start wiki guide have been created so that even those new to cryptocurrency can start mining on rental hashrate.

FAQ
I need help to install/use the wallet
(https://github.com/koh-gt/ferrite-core/wiki/Getting-Started)

Is this a scam?
If you see this coin on any exchanges, it is probably a scam. There are no exchanges that I know of trading ferritecoin.

What about profitability?
As there are no exchanges right now, you can always sell the ferritecoins to me. I will pay you 1 satoshi per coin. I will not entertain buying requests, buy from the miners instead. You can use the mining caclulator on (www.ferritecoin.org) to calculate how many coins you can mine. As of now, 1 GH/s nets you about $1 a day. The market cap is about 10k USD.

What is so special about this?
It is apparently koh-gt's major project. Nothing special, and definitely not whitepaper worthy.

Roadmap?
Bitcoin is digital gold. Litecoin can be considered digital silver. Ferrite... is ferrite. Better not to expect too much.

I want visuals.
Supply (https://user-images.githubusercontent.com/101822992/211856269-52aa141b-a737-4bba-b36b-4f84a3be5549.PNG)
Hyperinflation ends in 40 days time (https://user-images.githubusercontent.com/101822992/211856286-cb48032d-e363-422e-bd28-93ff064761c8.PNG)

Downloads
Source code:
https://github.com/koh-gt/ferrite-core

Binaries:
https://github.com/koh-gt/ferrite-core/releases/tag/v3.1.0
Latest version (20230804)

List of mining pools:
https://github.com/koh-gt/ferrite-core/wiki/Mining-Pools-List
https://miningpoolstats.stream/ferrite

Block Explorer:
http://explorer.ferritecoin.org
Website:
http://www.ferritecoin.org
Forum:
https://github.com/koh-gt/ferrite-core/issues

Telegram:
t.me/ferrite_core

miner29
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January 13, 2023, 02:26:23 PM
 #2

More hot garbage with a premine.  What worthless garbage is being hoisted on us lately. 
nagareteku (OP)
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January 13, 2023, 03:30:14 PM
 #3

More hot garbage with a premine.  What worthless garbage is being hoisted on us lately. 

Indeed, the coin is worthless for now.

To be fair I think a 0.1% effective premine of 53700 is next to nothing given that the total supply is 60 million with 5 million dirculating. Unless you run miners at a loss/for heating it might not be worth it.
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January 14, 2023, 08:48:31 AM
 #4

More hot garbage with a premine.  What worthless garbage is being hoisted on us lately. 
Well thats normal when miner so desperately trying to use their farm, creating coin with premine, just like 2015 again, i’m happy this mining section more activity than ghost town lol, there is someone will mine to for hobbies, like people in dessert ghost town  Cheesy

  ▄█▀                       ▀█▄
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|.BUY REXX.
nagareteku (OP)
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February 16, 2023, 12:00:26 PM
 #5

New version released. https://github.com/koh-gt/ferrite-core/releases/tag/v2.0.0
Current price: $0.00013 - Market Cap $1,127
anmining
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February 16, 2023, 03:27:39 PM
 #6

Hellow.
Can you check what suceed with mining in FEC. I have two L3++ mining FEC.
Miners begin to mine and after 10 or 15 minutes, miners don´t stop mining, but hasrate in pool go to 0 about 10 or 15 minutes, after this time hashrate in pools is normal again, other 10 or 15 minutes and down to 0 .....

Mi miners console hashrate is always beetwen 800 Mhs and 1200 MHs, but in pool hashrate is beetwen 0 Mhs and 1200 Mhs. The median is about half of total hashrate.
Pools report me all is ok and problem is with blockchain.

Are you stopping with maintenance tasks?
Why this erratic work?
Where is my miners hashrate in this downtimes?
Suceed me in at least two pools I probe, only with FEC, other scripts coins work with full hashrate in the same pools where FEC mining fail.
I have screenshots, but no contact way in website coin.
nagareteku (OP)
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February 17, 2023, 04:56:26 PM
 #7

I think you should contact nikolett in the telegram group t.me/ferrite_core or at the discord. It is possible that your own pool share difficulty is too low/the hashrate graph is reporting an inaccurate hashrate.
If you are getting more than 100 blocks a day with your hashrate currently I think all is well.

Quote
nikolett — Yesterday at 16:02
Unstable hashrate can be a result of setting too low/high of a share difficulty for your pool. For Scrypt the share difficulty should be multiplied by 65536 - for 1 GH/s you might want to set share difficulty to about 250k-500k

nikolett — Yesterday at 23:56
Do consider your pool latency as well, 1000ms of latency can reduce your block generation success slightly since 2s / 60s is about 3.3% of the average block time. Your latency should far lower if you port forward 9574, so that your node can relay any valid blocks to the network through fewer nodes.

These days networks have been getting much faster, broadcast latency should be on the order of at most tens of milliseconds.

For me I mine in one of the pools from https://miningpoolstats.stream/ferrite
nagareteku (OP)
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March 31, 2023, 09:04:10 AM
 #8

Listed on Xeggex, might be worth a very risky speculation on low-cap coins.
Current price: $0.000175
Market capitalisation: $2,162
Supply: 12,353,400 (20.5%)

https://xeggex.com/market/FEC_USDT

This is not financial advice, nothing in crypto is guaranteed except risk.
nagareteku (OP)
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August 03, 2023, 07:57:38 PM
 #9

An update
Current price: $0.001978
Market capitalisation: $29,592
Supply: 15,062,700 (25.0%)

https://xeggex.com/market/FEC_USDT

There's an upcoming hard fork at 250k because of the difficulty algo, latest version is v3.1.0. Currently watching https://t.me/ferrite_core
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August 07, 2023, 08:16:44 PM
 #10


Coin generation:
Ferrite claims to have no premine. This is inaccurate. Ferrite coin has an effective [57,800 premined coins (578 blocks)](https://github.com/koh-gt/ferrite-core/blob/ferrite-main/src/chainparams.cpp). This significant premine may be considered unfairly mined, since coins will no premine are considered by the community to be more fair. It is explained that a large stash of premined coins will allow the developers to pay for bounties or events. It is claimed that the premine is to confirm the validity of the genesis block, as well as the difficulty readjustment.


Quote
> Dango Mango $FNNC (Will Not DM First):
I saw a post on Bitcointalk.org about how there was a small premine of sorts
> Dango Mango $FNNC (Will Not DM First):
I would be curious about what you think of this, do you mind if I send you the post?
> Dango Mango $FNNC (Will Not DM First):
Also, this is a real listing for FEC right?
https://xeggex.com/market/FEC_USDT
> Dango Mango $FNNC (Will Not DM First):
https://bitcointalk.org/index.php?topic=5434601.0
> nikolett:
I think I read about the article from nagareteku. At the start there were few miners, to get the chain moving I had to solo mine about 500+ blocks worth almost 50k FEC (0.1% total supply of 60.22m)


I recently had a conversation with Nikolett concerning the suspected premine matter, and she revealed that they've burnt not just the entire early mine, but all coins mined by her (there are like 800k coins burnt in the FerriteBurnxxxx from what I have seen in the explorer) When I asked why about the reasons behind this move, she shared an intriguing perspective: "In the decentralized world of cryptocurrency, ultimate control rests with those who relinquish it willingly." It's quite an interesting take on things, don't you think? I find it doubtful that anyone would burn their entire stash, can anyone verify? I have everything to fear about, there are so many scams from medical AI to memes.
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August 10, 2023, 12:51:54 AM
 #11




https://www.publish0x.com/crypto-bits/ferritefec-a-crypto-pointing-to-an-unimaginable-future-xzgkzkz

Evolution doesn't depend only on external mechanisms; it goes far beyond that.

Note* I write about projects that can do something for society. Now whether this will happen depends not on me, but on the project team. I'm just a writer... DYOR
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August 10, 2023, 05:48:25 AM
 #12

Please, provide your discord
nagareteku (OP)
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September 06, 2023, 09:17:22 PM
 #13

Please, provide your discord
https://discord.gg/XSDGW9x43
nagareteku (OP)
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January 10, 2024, 12:04:19 PM
 #14

An update
Current price: $0.003966
Market capitalisation: $61,444
Supply: 15,492,800 (25.7%)

https://xeggex.com/market/FEC_USDT

CA: 0xA846ab3673dfb3d27F81EcFe5BcA79c06120eE6D
https://pancakeswap.finance/swap?outputCurrency=0xA846ab3673dfb3d27F81EcFe5BcA79c06120eE6D
https://app.uniswap.org/#/swap?outputCurrency=0xA846ab3673dfb3d27F81EcFe5BcA79c06120eE6D

OP_RETURN messenger FEXT https://github.com/koh-gt/ferritext/releases/tag/v0.9.0

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