[ANN] [COINO] The Coin(O) Community Discussion thread

[dr00g]

Here is my view on algorithm and ASIC:

I think SoreGums has a valid point about ASIC hardware will get cheaper.
As of now ASIC hardware has a very limited market for miners, and therefore I am worried about that a few people will be mining most of the coins and make a very high difficulty, which is unfair for the other miners.
If at some point ASIC has gone really mainstream and is super cheap and easy to use for not so techy people, then it would make sense to use an ASIC friendly algorithm, as it would be fair for everyone.

Due to my concerns I think the best option is to change to an algorithm which is currently ASIC resistant.

My own intentions are to vote for features which will make the coin available and mining friendly for everyone, in a fair way.
The lesser the bother, the more people will want to actually bother at all.
When I talk to people about crypto, they ask "well, why should I bother about crypto/mining", because they need a reason to actually mine/wanting the coins, and even if there is a good reason, not everyone will want to do a lot of research about how to start mining.

Therefore I think Coino should be a friendly coin to get a broad audience. As you will need a GPU, gamers will be the first adopters, and what they invest into mining will also be useable for gaming, so even if they loose interest their gear is still useable or should be fairly easy to sell to either other miners or gamers.

I personally like x11, as it greatly helps with some of the issues that scares people off:
- It's much more energy efficient, which means a lower electricity bill
- Due to being more energy efficient, the hardware will get far less hot, which means lesser fan noise
- ASIC resistant, which means those who has a newer GPU can mine fairly


Regarding block halving, I would like to hear people opinion on why exactly they want it, before I can take a proper stand.

[CoinoFanMan]

I think ultimately whatever gets Coin(O) more exposure and meets our endgame goals would be the better path.  Sometimes we want to take short cuts and miss out on the fundamentals.  I am all for the x11 algo, but I think halving will only encourage cycles of pump and dump.

[DDerTyp]

Hey dr00g,
I totally agree to you! X11 is great, new and gives the Coin something special. I would like to see coino running with X11.

So, I think, that we should make a block halving. Maybe even 100.000 Blocks. Why? That's easy:

Let's say, Coino goes up to 1$. The diff and net hashrate is high and the reward is 35 Coino/Block. We all now, that this won't happen in the near future. If now the user holds a lot of coino, the volume goes up on the exchange platforms and everybody want to sell it. What happens? The price drops and coino crashes.
You can compare it with USD or EUR. If you print too much USD or EUR it will cause an inflation. And that's not cool.

So, this is my personal opinion. Please share your ideas guys, it's still a community coin!
If you like, connect to the IRC channel and share your ideas there (##coinocoin on Freenode)!

Greetings,
DDerTyp

[vipin.khatri20]

In my opinion X11 is great and we should also do something about inflation. A lot of investors are these days interested in POS because they know that no other coin will be generated other than people already holding it. For example I had Worldcoin once and I don't know how to mine. Miners kept dumping their coin, decreasing the value of coin. I was loosing my money's value everyday and I can't do anything about it. If you want Coin(O) to be used for general transactions than inflation should be controlled. Also if its POS with very low rate of interest , it gives incentive to hold your coin. And if suppose I am holding 100k out of 20 million current supply, it is 0.5% of current supply, to keep this percentage of supply I have to buy 400k more after its fully minted, which probably I can't because I have already invested what I had. This is the reason I like POS.

Please post your views on this.

[Oldminer]

Is this coin even tradeable now its been removed from Poloniex 

[CoinoFanMan]

Is this coin even tradeable now its been removed from Poloniex 

Yes you can, it's on: https://www.swisscex.com/market/CON_BTC as well.

[Oldminer]

Is this coin even tradeable now its been removed from Poloniex 

Yes you can, it's on: https://www.swisscex.com/market/CON_BTC as well.

Cheers bud

[crackfoo]

Come get your COINO!



http://www.hasher.ca

PROP reward system
Works Stats
DDoS Protected
High Performance Backend
Simple setup and usage
ProfitPorts (beta testing now)

To mine:

Username: your COINO wallet address OR your generated Global Key
Password: anything
URL (vardiff): stratum+tcp://stratum.hasher.ca:3594

COINO go straight to your wallet once the block is confirmed. We don't hold your COINO!

Cheers and Happy Hashing!

[RichardT]

I'm down with x11 too as that seems to be what's "in" right now. Look at the recent huge increase in value of darkcoin.

I don't know anything about coding so please excuse my ignorance, but how hard would it be to develop a completely new algorithm? Now that would really give this coin a huge boost. Again, excuse my ignorance. Just a thought I had.

[Jonesd]

Did not know about this takeover. What happened? And why was it taken from poloniex?

[SoreGums]

Did not know about this takeover. What happened? And why was it taken from poloniex?

The original Dev had real life to deal with and picked a different path than Coin(O) going forward.

For the other people participating in Coin(O) the choice was:

• disband (wallet got stuck on a block, no more blocks were being mined)
• or keep going, so some people stepped up and the community is still here

Poloniex is an independent entity run by people - they make choices about their endeavour and they chose to remove Coin(O) from their project - life.
There is no malice or ill will or anything else that would be "taken from", business, choices.

[SoreGums]

tldr; looking forward to an algorithm that enables as many people as possible to participate, for as long as possible (important).
The current immediate issue is that Scrypt ASICs are available, only purchasable by a minority.

Therefore I think Coino should be a friendly coin to get a broad audience. As you will need a GPU, gamers will be the first adopters, and what they invest into mining will also be useable for gaming, so even if they loose interest their gear is still useable or should be fairly easy to sell to either other miners or gamers.

I personally like x11, as it greatly helps with some of the issues that scares people off:
- It's much more energy efficient, which means a lower electricity bill
- Due to being more energy efficient, the hardware will get far less hot, which means lesser fan noise
- ASIC resistant, which means those who has a newer GPU can mine fairly

Exactly what I was thinking, crypto currency accessible to the majority.
By any chance is there a proper write up going in depth into all these algorithms or is it pretty much a personal quest at this stage to figure it out yourself?

Based on the briefest flick through the pages of X11, it does seem appealing. This notion that it uses less power as it simply does less work is a bit of an issue though, all it takes then is for someone to make it efficient. Once that happens, 100% use of 100w is still 100w...

The switching in algorithm needs to be considered and thought out. Snap decisions in doing "anything" will most likely result in an unfavourable outcome that in hindsight would probably have been avoided if no decision was even made. A bit like age old developer time suck of optimising because it is fun even though the gain is 0.01%.

Needless to say, this is something we'd all need to keep reading up on, an informed decision and all that jazz.

[Anonz]

I am here to support Coino... but I don't see a tremendous advantage to keeping and holding my Coino
Today, I plan to make some trades and see how it becomes a success. I want to use my Coino to buy other coins from the forums.

Does anyone want to buy my Coino for PHCoin? I'll make a thread about this, I want to see how this plays since PHC launches soon.

[vipin.khatri20]

I am here to support Coino... but I don't see a tremendous advantage to keeping and holding my Coino
Today, I plan to make some trades and see how it becomes a success. I want to use my Coino to buy other coins from the forums.

Does anyone want to buy my Coino for PHCoin? I'll make a thread about this, I want to see how this plays since PHC launches soon.

How many do you want to sell for BTC?

[Anonz]

I am here to support Coino... but I don't see a tremendous advantage to keeping and holding my Coino
Today, I plan to make some trades and see how it becomes a success. I want to use my Coino to buy other coins from the forums.

Does anyone want to buy my Coino for PHCoin? I'll make a thread about this, I want to see how this plays since PHC launches soon.

How many do you want to sell for BTC?

I am not looking for BTC yet because PHCoin is pre-launch right now until about a few hours, I just want to hold PHC and will trade coino for it.
What is the current rate on coino now for BTC?  its been a while since I followed up with it.

[dr00g]

True SoreGums, I was also aware of there being a possibility of a more efficient miner, which also could be kept private, at least for a while.

The team who made x11 is the Darkcoin team, which has been getting some popularity lately.

To me it sounds like it shouldn't be the big issue, as x11 is not made in a way that actually should be able to utilize a GPU more than ~50 %.

I found this where a few people discuess the issue about optimized miners:
https://darkcointalk.org/threads/why-does-x11-run-cooler.178/

I have no idea whether it's possible to make hardware which would be able to be fully utilized, but a lot seems possible these days...


There is an article about x11 here, which seems to have kind of the same beliefs as me:
http://www.cryptocoinsnews.com/news/pros-cons-x11-algorithm/2014/04/10

Also, interesting read from an interview with the Darkcoin x11 developer here:
http://coinchomp.com/2014/05/09/interview-tale-of-two-halves-the-most-secure-algorithm-1/

Remember part 2:
http://coinchomp.com/2014/05/09/interview-tale-of-two-halves-the-most-secure-algorithm-2/



So, this seems like a slight concern to me. Every kind of algorithm will likely be hit by ASICs someday, if there is enough money involved.
Should it ever be an issue for us with x11, we could fork the coin by a new vote, of which it would require a majority of ASIC owners to vote no.

It's worth taking into consideration that a fork of a large coin could cause a split in community with 2 forks being used, such as with Litecoin, which was forked by some due to scrypt ASICs.


The reason I prefer x11 is because of the algorithms I know of, this seems very appealing right now, and I think the worry about ASIC for this is rather long term, so we would a least be able to avoid ASICs for a while. Especially taking into account we are already vulnerable to ASICs at this very moment.

[DDerTyp]

So, this seems like a slight concern to me. Every kind of algorithm will likely be hit by ASICs someday, if there is enough money involved.
Should it ever be an issue for us with x11, we could fork the coin by a new vote, of which it would require a majority of ASIC owners to vote no.

It's worth taking into consideration that a fork of a large coin could cause a split in community with 2 forks being used, such as with Litecoin, which was forked by some due to scrypt ASICs.


The reason I prefer x11 is because of the algorithms I know of, this seems very appealing right now, and I think the worry about ASIC for this is rather long term, so we would a least be able to avoid ASICs for a while. Especially taking into account we are already vulnerable to ASICs at this very moment.

True! Every algorithm will be hit by ASIC's - it just needs some time & money. X11 is pretty good atm, because it get's a lot of attention at the moment.

I personally like x11, as it greatly helps with some of the issues that scares people off:
- It's much more energy efficient, which means a lower electricity bill
- Due to being more energy efficient, the hardware will get far less hot, which means lesser fan noise
- ASIC resistant, which means those who has a newer GPU can mine fairly

Yep, that's the reasons. Nothing else to say. We need to make decisions now. What do you guys think about a survey? Or is it too early?


Greetings,
DDerTyp

[RichardT]

Just a thought:  Has anyone considered the possibility of switching to the good old SHA-256 instead of one of the newer algos?  I mean, if you think about it, bitcoin asics are cheap and widely available now so many miners already own them or can easily get their hands on them (unlike scrypt asics).  GPUs are actually pretty expensive and use much more energy.  Wouldn't asics increase the security of the network and also raise the mining difficulty making the coin more rare and thus more valuable?

I mean look what asics did to bitcoin.  Didn't it actually make it a stronger coin?  Perhaps bitcoin is an exception since it is the father of all coins.  But the fact remains is that it seems to be a natural evolution to have more efficient ways to mine and at higher speeds i.e. asic miners.  We can't depend on inefficient GPUs forever can we?

Also, since no algo is truly asic resistant, will it be forever a game of cat and mouse as newer asics come out?  There's gotta be a stopping point somewhere.

There are probably a lot of points that I'm missing but just wanted to throw that thought out there as the community decides on the possibility of switching algo.  Not trying to suggest anything.  Just wanted to contemplate and stir up some discussion

[vipin.khatri20]

Just a thought:  Has anyone considered the possibility of switching to the good old SHA-256 instead of one of the newer algos?  I mean, if you think about it, bitcoin asics are cheap and widely available now so many miners already own them or can easily get their hands on them (unlike scrypt asics).  GPUs are actually pretty expensive and use much more energy.  Wouldn't asics increase the security of the network and also raise the mining difficulty making the coin more rare and thus more valuable?

I mean look what asics did to bitcoin.  Didn't it actually make it a stronger coin?  Perhaps bitcoin is an exception since it is the father of all coins.  But the fact remains is that it seems to be a natural evolution to have more efficient ways to mine and at higher speeds i.e. asic miners.  We can't depend on inefficient GPUs forever can we?

Also, since no algo is truly asic resistant, will it be forever a game of cat and mouse as newer asics come out?  There's gotta be a stopping point somewhere.

There are probably a lot of points that I'm missing but just wanted to throw that thought out there as the community decides on the possibility of switching algo.  Not trying to suggest anything.  Just wanted to contemplate and stir up some discussion

You have got a point there. +1

[Omega6]

I am interested in this coin.

If you need any help on the marketing side then I can render assistance.

I am currently the active Developer of Extremecoin, BBQcoin and Bitcoin Scrypt, just to give you a bit of a bio.

Thanks.