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bob131313
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April 21, 2014, 06:53:40 PM |
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One of the weaknesses of crypto is block diff and centralization of pools. Crypto was meant to be mined by millions of computers running the software. The trap that btc and others fell into is the mining arms race. This causes the blockchain to be secured by fewer folks. So when 3 of the 5 miners on the network go down, you see blips like this. Going to POS will help to fix this as the chain will still move forward when people are not mining with POW.
Keep in mind that a major disadvantage of POS is the blockchain bloat that securing the network creates, but it is a move in the right direction.
Kudos
can you explain i better?  Which part? POW diff readjustment, or POS block-chain bloat? For the first, it was never intended to have huge facilities mining a cryptocoin, each client was suppose to maintain the network by providing a full node, + confirming transactions as they happen. Then a random person that had the computer running and confirmed transactions would get a block and the reward as incentive to keep the program open. As more people opened the program, the difficulty to create a block ( sha256 has of previous block ending in 00000 etc..) would go up. If 10 people are mining and the difficulty is holding at 5, but then 7 of those people stop mining...you will still have to deal with a difficulty of 5 until a re-target. In SAT's case this is 25-33 blocks. Hope that helps..perhaps someone else can explain better. BTW This guy Satoshi wrote a nice white paper..Worth reading. Also the one that Sunny King wrote is a good read. https://bitcoin.org/bitcoin.pdfhttp://en.wikipedia.org/wiki/Peercoin |
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Honeypot
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April 21, 2014, 07:13:51 PM |
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One of the weaknesses of crypto is block diff and centralization of pools. Crypto was meant to be mined by millions of computers running the software. The trap that btc and others fell into is the mining arms race. This causes the blockchain to be secured by fewer folks. So when 3 of the 5 miners on the network go down, you see blips like this. Going to POS will help to fix this as the chain will still move forward when people are not mining with POW.
Keep in mind that a major disadvantage of POS is the blockchain bloat that securing the network creates, but it is a move in the right direction.
Kudos
+1 Saturn is a great opportunity for new comers and old money to see how a crypto can grow and mature over time. The upcoming POS on may 1st and multipool will rocket the demand, and see this coin going up to a proper value  |
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bob131313
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April 21, 2014, 08:03:22 PM |
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We are averaging 28 minute blocks with the re-target set to hit in 17 blocks. So it will be slow going for the next 8 hours unless some hash gets added to the network.
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freskhu
Newbie
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Activity: 62
Merit: 0
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April 21, 2014, 10:40:16 PM |
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how many mh you need? i can point my farm...
slavo is that your pool?
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slavo
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April 21, 2014, 11:32:08 PM |
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how many mh you need? i can point my farm...
slavo is that your pool?
No but I know the owner and mine here when I can. I asked him because i didn't find a working pool with low fees for sat. here we are  cheers |
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LegendaryAnvil
Newbie
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Activity: 42
Merit: 0
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April 22, 2014, 02:26:38 AM |
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Mining on it. Great pool! Thanks. |
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slavo
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April 22, 2014, 06:42:57 AM |
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Mining on it. Great pool! Thanks. Welcome We are not much but coins are falling into my wallet so we're all good :p I will not sell under 20sat whatever happens. Dev team, I count on you making the smoothest transition possible ! |
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signorama
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April 22, 2014, 01:32:13 PM |
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Whilst waiting for the major move-over come May 1st, for the fun of it I just Linux-compiled my Sat wallet from source. So I've some info to share. Sync is very OK and blocks are moving.
protocolversion : 2000000, walletversion : 60000,
Hard coded nodes if you need them;
addnode=107.2.184.151:10017
addnode=31.128.130.2:10017
addnode=72.24.164.159:10017
addnode=23.252.113.113:10017
addnode=95.95.171.218:10017
addnode=54.201.183.106:10017
addnode=84.27.142.184:10017
addnode=50.154.163.162:10017
addnode=79.2.196.206:10017
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freskhu
Newbie
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Activity: 62
Merit: 0
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April 22, 2014, 02:23:23 PM |
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buy order re-filled
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bob131313
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April 22, 2014, 02:37:04 PM |
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Lots of folks selling at 4, wonder why. Guess mining and converting to btc is still the safest bet.
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LegendaryAnvil
Newbie
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Activity: 42
Merit: 0
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April 22, 2014, 03:28:44 PM |
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buy order re-filled
Same and keep mining. Easy as pie. |
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Bitcoines
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April 22, 2014, 03:51:01 PM
Last edit: May 16, 2015, 10:17:31 PM by Bitcoines |
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Whilst waiting for the major move-over come May 1st, for the fun of it I just Linux-compiled my Sat wallet from source. So I've some info to share. Sync is very OK and blocks are moving.
protocolversion : 2000000, walletversion : 60000,
Hard coded nodes if you need them;
addnode=107.2.184.151:10017
addnode=31.128.130.2:10017
addnode=72.24.164.159:10017
addnode=23.252.113.113:10017
addnode=95.95.171.218:10017
addnode=54.201.183.106:10017
addnode=84.27.142.184:10017
addnode=50.154.163.162:10017
addnode=79.2.196.206:10017
+1! ive had to go out of the city coz a family issue, im coming back tomorrow wednesday to continue as is hard to get internet working in here. Cheers! |
"[Virtual Currencies] may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system." ~Ben Bernanke
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kakp
Member
Offline
Activity: 62
Merit: 10
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April 22, 2014, 03:54:34 PM |
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I'm buying some more millions at 4-5 satoshis, I think we are at the bottom until end of april then it will be a fireworks !
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bob131313
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April 22, 2014, 04:05:31 PM |
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I'm buying some more millions at 4-5 satoshis, I think we are at the bottom until end of april then it will be a fireworks !
Considering it is still profitable to mine from 2-4 satoshi per SAT, I am sure we may get a bit lower. Also the crypto community tends to.... ....look a squirrel... Sorry....where was I...oooooohhhh shiny IPO...... sigh. So without news from dev team being posted on a daily basis you will get some wavering in the masses. |
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LegendaryAnvil
Newbie
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Activity: 42
Merit: 0
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April 22, 2014, 04:19:41 PM |
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I'm buying some more millions at 4-5 satoshis, I think we are at the bottom until end of april then it will be a fireworks !
Considering it is still profitable to mine from 2-4 satoshi per SAT, I am sure we may get a bit lower. Also the crypto community tends to.... ....look a squirrel... Sorry....where was I...oooooohhhh shiny IPO...... sigh. So without news from dev team being posted on a daily basis you will get some wavering in the masses. LOL that is the truth! Said so perfectly ... it might be in a book one day lol |
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freskhu
Newbie
Offline
Activity: 62
Merit: 0
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April 22, 2014, 04:22:20 PM |
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i think we need more activity from the dev
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bob131313
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April 22, 2014, 04:29:02 PM |
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If someone has their wallet open. Please send 1 or 2 SAT to this address: SdUXqaYtNEVoq9fTTTvPMed47BFGVoZV2i
testing a compile and want to make sure it is in a happy place.
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tevayo
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April 22, 2014, 04:49:25 PM |
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If someone has their wallet open. Please send 1 or 2 SAT to this address: SdUXqaYtNEVoq9fTTTvPMed47BFGVoZV2i
testing a compile and want to make sure it is in a happy place.
Sent from Cryptsy 5, I guess to prove served. The main portfolio is cold and I prefer not to touch |
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signorama
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April 22, 2014, 06:57:36 PM |
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If someone has their wallet open. Please send 1 or 2 SAT to this address: SdUXqaYtNEVoq9fTTTvPMed47BFGVoZV2i
testing a compile and want to make sure it is in a happy place.
I sent 10 SAT from SgAygaz7ZqwceAq5W1q4WHGkgpTpvQcRyj Chin chin! |
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