[ANN][SCRYPT-N-R][MEG] Megcoin | No premine | Forked from bitcoin 0.9 | New PoW

[atleticofa]

When GPU? and marketing!

[earlz]

When GPU? and marketing!

I've been reaching out to people to port a GPU miner, but no takers yet. And there is a new logo coming that will be much improved over the current one, along with a bit of a clearer direction on marketing. This should come in a couple days. In the mean time I'm attempting to learn OpenCL for porting a GPU miner myself, but it's terribly difficult. And I'm submitting to lots of exchanges.

[billotronic]

I will match your bounty of 10M MEG for the AMD GPU miner

[earlz]

I will match your bounty of 10M MEG for the AMD GPU miner

Thank you. I've updated this ANN and will later update the rest of the pages with this bounty to say 20M

[theprofileth]

Can we get a bounty on a new logo that isn't crap I will put up 200k for that to start

[earlz]

Can we get a bounty on a new logo that isn't crap I will put up 200k for that to start

There is one already being worked on. We'll also be moving away from the pink hat design for legal reasons, but don't worry, it'll still be a fun and noteworthy design

[theprofileth]

Can we get a bounty on a new logo that isn't crap I will put up 200k for that to start

There is one already being worked on. We'll also be moving away from the pink hat design for legal reasons, but don't worry, it'll still be a fun and noteworthy design

Can it please just look nice... don't make it fun make it professional nobody wants another crap coin for the lulz

[ShXnot]

it would be good if you add a bounty for block explorer

[tygarbyte]

it would be good if you add a bounty for block explorer

check OP

megchain.earlz.net:8080
http://cryptexplorer.com/chain/Megcoin

[theprofileth]

I suggest that you add proof of stake to help secure the network and provide an incentive for people who don't dump their coins plus it helps to effectively lower inflation as the number of blocks generated will be increased but the total number of coins before each halving is decreased.
Also I suggest burning transaction fees and making tx fees be a min of 1 coin if you do all of this then you will have a relatively good shot at a reasonable coin.

[earlz]

I suggest that you add proof of stake to help secure the network and provide an incentive for people who don't dump their coins plus it helps to effectively lower inflation as the number of blocks generated will be increased but the total number of coins before each halving is decreased.
Also I suggest burning transaction fees and making tx fees be a min of 1 coin if you do all of this then you will have a relatively good shot at a reasonable coin.

Yea this was in my mind at the time of launch. However, I wanted to see the reactions to the coin and such and didn't want to delay it's launch any further than I had.

If PoS was implemented, it would probably be after block 800,000 or 1,000,000, so it would be fairly far future anyway. My reasoning is so that anyone can join in with a GPU and get some Megcoin. I don't want to force people to go to exchanges to get some of the coin. However, when the payout streak is over for mining, PoS sounds like a good plan to keep the network secure.

Can we get a bounty on a new logo that isn't crap I will put up 200k for that to start

There is one already being worked on. We'll also be moving away from the pink hat design for legal reasons, but don't worry, it'll still be a fun and noteworthy design

Can it please just look nice... don't make it fun make it professional nobody wants another crap coin for the lulz

It's being made by an artist much more talented than previously and will look professional. However, it'll be fun, because that's the direction I'm going with Megcoin. A joke coin with serious innovation.

[theprofileth]

I suggest that you add proof of stake to help secure the network and provide an incentive for people who don't dump their coins plus it helps to effectively lower inflation as the number of blocks generated will be increased but the total number of coins before each halving is decreased.
Also I suggest burning transaction fees and making tx fees be a min of 1 coin if you do all of this then you will have a relatively good shot at a reasonable coin.

Yea this was in my mind at the time of launch. However, I wanted to see the reactions to the coin and such and didn't want to delay it's launch any further than I had.

If PoS was implemented, it would probably be after block 800,000 or 1,000,000, so it would be fairly far future anyway. My reasoning is so that anyone can join in with a GPU and get some Megcoin. I don't want to force people to go to exchanges to get some of the coin. However, when the payout streak is over for mining, PoS sounds like a good plan to keep the network secure.

I don't think you understand what "secure the network" means, remember that if gpu miner comes out it will give a HUGE advantage to people with gpu's over cpu's so much so that it could be VERY easy for some large miner to fork your entire network let alone do double spend attacks. You are  vastly underestimating how much hardware is in the hands of a few people, remember Auroracoin yeah that got forked, Dogecoin got forked your coin will be even MORE at risk due to its easy of implementation if anyone wants to fork it since you have no measures in place to counteract this kind of attack. Proof of stake is one of the few ways to due this effectively due to every person's power to produce a block which hinders if not completely removes the chance of many hash rate attacks. I mean just consider what could happen if a gpu miner gets created and used privately the advantage they would have would be immense and combined with even a small gpu farm your coin's fate would be in their hands.

[earlz]

I suggest that you add proof of stake to help secure the network and provide an incentive for people who don't dump their coins plus it helps to effectively lower inflation as the number of blocks generated will be increased but the total number of coins before each halving is decreased.
Also I suggest burning transaction fees and making tx fees be a min of 1 coin if you do all of this then you will have a relatively good shot at a reasonable coin.

Yea this was in my mind at the time of launch. However, I wanted to see the reactions to the coin and such and didn't want to delay it's launch any further than I had.

If PoS was implemented, it would probably be after block 800,000 or 1,000,000, so it would be fairly far future anyway. My reasoning is so that anyone can join in with a GPU and get some Megcoin. I don't want to force people to go to exchanges to get some of the coin. However, when the payout streak is over for mining, PoS sounds like a good plan to keep the network secure.

I don't think you understand what "secure the network" means, remember that if gpu miner comes out it will give a HUGE advantage to people with gpu's over cpu's so much so that it could be VERY easy for some large miner to fork your entire network let alone do double spend attacks. You are  vastly underestimating how much hardware is in the hands of a few people, remember Auroracoin yeah that got forked, Dogecoin got forked your coin will be even MORE at risk due to its easy of implementation if anyone wants to fork it since you have no measures in place to counteract this kind of attack. Proof of stake is one of the few ways to due this effectively due to every person's power to produce a block which hinders if not completely removes the chance of many hash rate attacks. I mean just consider what could happen if a gpu miner gets created and used privately the advantage they would have would be immense and combined with even a small gpu farm your coin's fate would be in their hands.

There would be little point in doing a 51% attack at this point, especially with no exchanges being listed yet. This is why the bounty for a GPU miner to be released is so high. As soon as a GPU miner is released, sure it will overpower all the CPUs currently mining, but they will be replaced by honest miners using GPUs. Leaving the algorithm to target only CPUs also makes it susceptible to botnets, so a GPU miner is actually higher priority than getting onto an exchange at this point. But either would be nice.

Right now the coin is young and as such there is very little risk. Getting a GPU miner will be a huge step of maturity, not make us susceptible to 51% attacks. PoS mining will NOT happen for quite some time, if ever. It would require careful consideration as to the conditions of the network in say 6 months or so. This is why I'm currently sticking with just PoW. When to implement PoS is highly variable on network health in the relatively far future. The reason I'm so reluctant to do anything with PoS in this early stage is because it causes hoarding and makes distribution of wealth to new comers more difficult

[theprofileth]

I suggest that you add proof of stake to help secure the network and provide an incentive for people who don't dump their coins plus it helps to effectively lower inflation as the number of blocks generated will be increased but the total number of coins before each halving is decreased.
Also I suggest burning transaction fees and making tx fees be a min of 1 coin if you do all of this then you will have a relatively good shot at a reasonable coin.

Yea this was in my mind at the time of launch. However, I wanted to see the reactions to the coin and such and didn't want to delay it's launch any further than I had.

If PoS was implemented, it would probably be after block 800,000 or 1,000,000, so it would be fairly far future anyway. My reasoning is so that anyone can join in with a GPU and get some Megcoin. I don't want to force people to go to exchanges to get some of the coin. However, when the payout streak is over for mining, PoS sounds like a good plan to keep the network secure.

I don't think you understand what "secure the network" means, remember that if gpu miner comes out it will give a HUGE advantage to people with gpu's over cpu's so much so that it could be VERY easy for some large miner to fork your entire network let alone do double spend attacks. You are  vastly underestimating how much hardware is in the hands of a few people, remember Auroracoin yeah that got forked, Dogecoin got forked your coin will be even MORE at risk due to its easy of implementation if anyone wants to fork it since you have no measures in place to counteract this kind of attack. Proof of stake is one of the few ways to due this effectively due to every person's power to produce a block which hinders if not completely removes the chance of many hash rate attacks. I mean just consider what could happen if a gpu miner gets created and used privately the advantage they would have would be immense and combined with even a small gpu farm your coin's fate would be in their hands.

There would be little point in doing a 51% attack at this point, especially with no exchanges being listed yet. This is why the bounty for a GPU miner to be released is so high. As soon as a GPU miner is released, sure it will overpower all the CPUs currently mining, but they will be replaced by honest miners using GPUs. Leaving the algorithm to target only CPUs also makes it susceptible to botnets, so a GPU miner is actually higher priority than getting onto an exchange at this point. But either would be nice.

Right now the coin is young and as such there is very little risk. Getting a GPU miner will be a huge step of maturity, not make us susceptible to 51% attacks. PoS mining will NOT happen for quite some time, if ever. It would require careful consideration as to the conditions of the network in say 6 months or so. This is why I'm currently sticking with just PoW. When to implement PoS is highly variable on network health in the relatively far future. The reason I'm so reluctant to do anything with PoS in this early stage is because it causes hoarding and makes distribution of wealth to new comers more difficult

I never suggested you leave the algo for cpu only I just suggested you make sure your coin doesn't get raped by gpu botnets by having a backup plan IE PoS which really is important for not only providing a long term investment but also for securing the network. How does PoS make hoarding any more of a problem? How does 2 or 3% per year encourage hoarding anymore so than what is happening currently? PoS isn't some mysterious force that only works on mature coins it works period. That is why PoS is superior, it speeds up confirmation times, raises security and reduces inflation. Hoarding is a natural part of ultra high inflation coins like the one you are currently running PoS just means that you can be sure that you aren't going to lose everything to a coordinated attack. Just think back to a while ago when many coins had "new algos" with no actual substance, very few of them survived or even got onto an exchange but if you look at the new wave of coins that are uber fast mining then pure PoS nearly all of them get onto an exchange and even the ones that simply have some form of PoS get onto an exchange and actually get attention because everyone has already learned that mining via pure pow is inherently flawed. Furthermore PoS gives investors some returns on their investment and potentially raises the value of the coin. Either way I hope this gets onto an exchange but 720,000,000 coins per day is kind of a lot of inflation just fyi.

[ShXnot]

it would be good if you add a bounty for block explorer

check OP

megchain.earlz.net:8080
http://cryptexplorer.com/chain/Megcoin

thanks
i think i need a doctor for my eyes 

[earlz]

I have increased the AMD GPU miner bounty to 40 million MEG total.

[atleticofa]

I have increased the AMD GPU miner bounty to 40 million MEG total.

 


Awesome bounty.

[theprofileth]

Listen earlz all I am saying is that this coin has no community, no hype, no draw and no "innovation" other than a lower mem requirement all I am saying is that PoS would insure longevity and make this seem more legit rather than a simple clone with an algo change, PoS harnesses the ability to run a wallet as an effective way to generate blocks fairly and far more democratically than through PoW plus it is extremely hard to exploit unlike PoW. I know you think you know what you are doing by saying it is important to 'carefully consider the condition of the network' but that doesn't make any sense when PoS helps to make sure the network keeps working even if nobody is mining.

[atleticofa]

This coin only needs a GPU miner for now...

[candidakefyr]

Megcoin Mining Pool
meg.poolz.ws

Prop Payout
1% Fee
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