[ANN][SMC] SmartCoin Official Thread - Hard Fork Halving Successful + Digishield

[Vlad2Vlad]

~4 million new SmartCoins being minted, mined and dumped on the market every month, right now.

Nobody sees the obvious problem inherent with massive inflation?  This is the exact same issue with fiat from which people are running to crupto coins from.

The max cap and subsidy should to be cut if SmartCoin has any chance of a sustained, long-term price increase.

It's a fair Strategy which raises the net value of the large holder the same as the poor holder, proportionally and equally.

Stop the massive inflation and dilution and the price will rise on its own merits.


Regards.

Spaincoin dev announced to destroy a big part of their Coin supply and look what is happening to the price at this moment.
Vlad2Vlad is very right.
Maybe wait if it gets in the top 5 of Mintpal voting

BINGO!

SpainCoin is up 10 fold in 24 hours.

Nobody likes dilution, that's what Fiat is and everyone is running away from it.

The max cap needs to be taken down significantly and so does the subsidy.  You make a coin harder to obtain, more scarce, and the value automatically rises.

[psionin]

BINGO!

SpainCoin is up 10 fold in 24 hours.

Nobody likes dilution, that's what Fiat is and everyone is running away from it.

The max cap needs to be taken down significantly and so does the subsidy.  You make a coin harder to obtain, more scarce, and the value automatically rises.

There was an experiment done with Topcoin, where the main idea behind it was a very fast block reward halving (every 2 days) in order to increase the value by "making it more scarce". At one point the price did spike up, but it's trading only on LTC markets now.

The referenced SMC coin generation is part of an initial distribution and not an ongoing process, so I don't think the comparison to fiat is valid here.

[shogun47]

BINGO!

SpainCoin is up 10 fold in 24 hours.

Nobody likes dilution, that's what Fiat is and everyone is running away from it.

The max cap needs to be taken down significantly and so does the subsidy.  You make a coin harder to obtain, more scarce, and the value automatically rises.

There was an experiment done with Topcoin, where the main idea behind it was a very fast block reward halving (every 2 days) in order to increase the value by "making it more scarce". At one point the price did spike up, but it's trading only on LTC markets now.

The current SMC coin generation is part of an initial distribution and not an ongoing process, so I don't think the comparison to fiat is valid here.

In the pos stage there really isn't block halving just a certain % made daily,weekly,yearly whatever is set up. Pow generates block way more quickly so higher inflation. A lot of pos coins trade in BTC and LTC markets?

[psionin]

BINGO!

SpainCoin is up 10 fold in 24 hours.

Nobody likes dilution, that's what Fiat is and everyone is running away from it.

The max cap needs to be taken down significantly and so does the subsidy.  You make a coin harder to obtain, more scarce, and the value automatically rises.

There was an experiment done with Topcoin, where the main idea behind it was a very fast block reward halving (every 2 days) in order to increase the value by "making it more scarce". At one point the price did spike up, but it's trading only on LTC markets now.

The current SMC coin generation is part of an initial distribution and not an ongoing process, so I don't think the comparison to fiat is valid here.

In the pos stage there really isn't block halving just a certain % made daily,weekly,yearly whatever is set up. Pow generates block way more quickly so higher inflation. A lot of pos coins trade in BTC and LTC markets?

PoS is a different discussion, and if the next step is to switch to X11 mining, it would have to be revisited later. The thing is, I'm not sure that having free money being generated for nothing is really a good idea. If the benefit accrued from proof of stake is transaction verification, then the compensation should be for the computing cycles used, which implies a flat and non percentage based reward, which is what happens in mining.

I understand that PoS can make a coin attractive to buy because it appears to be like an investment returning a yield, but after a certain amount, the percentage based returns are arbitrary and are not based on a productive activity.

[zuldarrs]

PoS is a different discussion, and if the next step is to switch to X11 mining, it would have to be revisited later. The thing is, I'm not sure that having free money being generated for nothing is really a good idea. If the benefit accrued from proof of stake is transaction verification, then the compensation should be for the computing cycles used, which implies a flat and non percentage based reward, which is what happens in mining.

I understand that PoS can make a coin attractive to buy because it appears to be like an investment returning a yield, but after a certain amount, the percentage based returns are arbitrary and are not based on a productive activity.

What would happen to current SmartCoins if we switched to X11?

[psionin]

PoS is a different discussion, and if the next step is to switch to X11 mining, it would have to be revisited later. The thing is, I'm not sure that having free money being generated for nothing is really a good idea. If the benefit accrued from proof of stake is transaction verification, then the compensation should be for the computing cycles used, which implies a flat and non percentage based reward, which is what happens in mining.

I understand that PoS can make a coin attractive to buy because it appears to be like an investment returning a yield, but after a certain amount, the percentage based returns are arbitrary and are not based on a productive activity.

What would happen to current SmartCoins if we switched to X11?

Nothing, but the wallet would need to be updated to sync.

[zuldarrs]

 So what's the plan now? 

[psionin]

So what's the plan now?  

Well, I am working on it when there is time. I can post updates when there are any, and request feedback on features that are up in the air.

But also as I've mentioned before, a large part of a coin's value rests upon the community and the people who use it, so the plan is to tell your friends about SmartCoin and use it whenever possible.

[psionin]

Anyone know why the SmartCoin subreddit was set to private? There wasn't much discussion there, but it is still convenient to use in some cases, like when a separate thread should be started for a topic.

[zuldarrs]

So what's the plan now?  

Well, I am working on it when there is time. I can post updates when there are any, and request feedback on features that are up in the air.

But also as I've mentioned before, a large part of a coin's value rests upon the community and the people who use it, so the plan is to tell your friends about SmartCoin and use it whenever possible.

Actually I was asking weather you want to change to X11 now since it seems like everyone supports the idea of it.

mm Dunno what happened to the reddit page.. Old dev prob did that

[shogun47]

So what's the plan now?  

Well, I am working on it when there is time. I can post updates when there are any, and request feedback on features that are up in the air.

But also as I've mentioned before, a large part of a coin's value rests upon the community and the people who use it, so the plan is to tell your friends about SmartCoin and use it whenever possible.

So its pretty much been that "plan" since Feb. Not really working. the coin is stagnant. It needs something else to tell friends about. X-11 ming should be setup in tandem with pos. It really isnt to mine more coins. Hell I mined solo 20K in SMC coins with a single gridseed. Here is my address check with blockexplorer SYKWKPW9Ct4DAE6oFNb54Ep77Z64PFaKEX. See all the 32 coins transactions? No bullshit here.  I'll keep digging them too with it.  I've mined it from day one. The real point is to generate interest in the coin by more people. X-11 and x-13 coins get tons of hash and people want to mine them mainly because its more efficient and doesn't run their rigs hot. Scrypt for the most part will be mined with asics. Big farms of asics concentrating the coins into the hands of a few. x-11 is strictly gpu at the moment. Yes there are farms of gpus but there are also just about every person with a computer minable. far better distribution to more people. Pos after a week or two of x-11 makes for a cutoff of sorts so it drives a ton of miners to "get it while they can" pos usually starts up while x-11 mining is going on in an overlap. this helps to find any issues while the coin is still mining and changes can be made if not while mining can still be done. Once pow ends the pos is on its own. Not entirely. Once the pos starts a multipool that pays out in SMC can be set up. This is a pool that mines the most profitable coins out there and then sells them on exchange and buys SMC to pay it's miners in. This causes a demand as it buys SMC off the market at the expense of other coins. This drives the value too. This in coordination with telling your friends and getting them to use smc will give a lot more life to this coin. Just doing the x-11 part will make it one of the coins the multi-pools for other coins mines and then dumps to buy coins of its miners desires. Most people mined or bought this coin and others mainly as an investment. they want it to grow. We all do. What I stated above will grow this way more than "the plan" we had for 4 months.

Adding features like ano and lessor ones like android wallets and tickers and sms things in the wallet will also help make it something to tell our friends about. These will also make it stand out and grow.

Creating social groups for it will help like on Facebook and Reddit. Keeping this forum lively and active and some presence for the dev to give quick little updates goes a long way as well. Twitter is actually a real big thing for getting news out about a coin. it's quite huge.

[sosruko]

Anyone know why the SmartCoin subreddit was set to private? There wasn't much discussion there, but it is still convenient to use in some cases, like when a separate thread should be started for a topic.

I texted the old dev in here and asked him to give SMC Reddit & IRC to you or invisible hands. Hope he responds...

[whale123]

Vote on Mintpal.
This is our greatest opportunity.

[smartMav]

Vote on Mintpal.
This is our greatest opportunity.

Mintpal is good at the start, then every coin is going down with some small pumps. Our key is to create strong community and bring this coin to life.

[zuldarrs]

Is invisible hands still around?!

[Antebellum]

Any Eta on when x11 is going live 

my rig is way to hot to mine scrypt right now so i have to wait for more smc until x11 is coming. 

[Invisible Hands]

Is invisible hands still around?!

I'm still here, I'm not going anywhere.  I've been voting for SMC on MintPal several times a day.  I can't wait to see what psionin is cooking up!

[c08]

Wallet will not go past block 129999 .... is there a working node?

I'm also having the same problem with getting past block 129,999. I've tried on 3 computers and they all get the exact same result.
Is there a known fix? I've tried the nodes that Invisible Hands listed with no luck.

This is where the error shows in the debug log file:

Code:

received block aff29f2f405442fca796
Kimoto Gravity Well: PastRateAdjustmentRatio = 0.939882
Before: 1d076d75 000000076d750000000000000000000000000000000000000000000000000000
After: 1d0768cc 0000000768cc383ffb6b1bfc29b43cc953bfb56956f4bb6c06902a78b256c52f
ERROR: AcceptBlock() : rejected by checkpoint lockin at 130000
ERROR: ProcessBlock() : AcceptBlock FAILED
disconnecting node 176.9.189.114:58585
Disconnected 176.9.189.114:58585 for misbehavior (score=100)

[shogun47]

Is invisible hands still around?!

*snip* I can't wait to see what psionin is cooking up!

You and me both.

[psionin]

Wallet will not go past block 129999 .... is there a working node?

I'm also having the same problem with getting past block 129,999. I've tried on 3 computers and they all get the exact same result.
Is there a known fix? I've tried the nodes that Invisible Hands listed with no luck.

This is where the error shows in the debug log file:

Code:

received block aff29f2f405442fca796
Kimoto Gravity Well: PastRateAdjustmentRatio = 0.939882
Before: 1d076d75 000000076d750000000000000000000000000000000000000000000000000000
After: 1d0768cc 0000000768cc383ffb6b1bfc29b43cc953bfb56956f4bb6c06902a78b256c52f
ERROR: AcceptBlock() : rejected by checkpoint lockin at 130000
ERROR: ProcessBlock() : AcceptBlock FAILED
disconnecting node 176.9.189.114:58585
Disconnected 176.9.189.114:58585 for misbehavior (score=100)

What version are you running? Is it the latest from here? https://github.com/psionin/smartcoin/releases/tag/v1.3.2.0 Windows?

It says rejected by checkpoint lockin at 130000, meaning that the next block probably does not have the hash 0x1260c931c38e127cce3b7aa54ca7e0ac841ed9bbef5481913996baa598cef9c6 in checkpoints.cpp, put there to ensure that the client is on the right fork. If I recall correctly, it was after 120,000 when a fork didn't go through because a major exchange stayed on the original one, and maybe there are still some clients that are sending block history from the incorrect one?

I can look into adding some DNS seeding nodes at some time, perhaps, but this takes more time. If anyone can help with that, it would be great, I could add them to the next release. Right now we only have the following, and that site looks to be down.

Code:

static const char *strMainNetDNSSeed[][2] = {
    {"seed.getsmartcoin.com", "seed.getsmartcoin.com"},
    {NULL, NULL}
};

I had the 129,999 sync issue maybe once or twice when I was testing the last release, it was resolved by deleting the data in the \Roaming\SmartCoin folder and trying again.