[ANN][SPT] - Spots - Cryptsy | Fork 9/19 | Scrypt | Introducing Reward Reduction

[AmericanComputerNerd]

Remember the $25 Amazon Gift Card Raffle ends tonight!
Only 250 SPT per entry: http://www.crypto2.net/raffle.html

Happy birthday Spots!!!  I just Tweeted the same info for you.

[Desten]

Only few coins with Scrypt-N protocol. Maybe 3. Other coins are... dumbass coins. So when they are dumped to be unprofitable all miners switching to spots. Most of the time... Unprofitable at all... but anyone who mines scrypt-n do this dump. And almost stable coin producing ratio making a lot of coins in short period of time...

[Desten]

Anybody home? How's doing?

[AmericanComputerNerd]

Anybody home? How's doing?

I'm still here, just watching for now...  Trying to figure out the next move, and mostly seeing if we settle at a floor price.

[Desten]

I'm still here, just watching for now...  Trying to figure out the next move, and mostly seeing if we settle at a floor price.

Your pool is 2.8Mh now and getting 20k/day?..
Hmm

[AmericanComputerNerd]

I'm still here, just watching for now...  Trying to figure out the next move, and mostly seeing if we settle at a floor price.

Your pool is 2.8Mh now and getting 20k/day?..
Hmm

I'm not sure what point you are trying to make...  I am aware the hash rate is dropping, along with the trade price.  As I mentioned before, I'm waiting for the coin to settle at a floor.  I'm also cautious that any attempts to raise the coin trade price will be met with multipools mine and dumping the coin.

Whatever I do next, I want to be calculated and effective...  I'm thinking about next steps.

[Desten]

Change difficulty drop rate, but leave difficulty raise rate. But this will change client...
When multipools will jump off the coin - the diff must be dropped slower than now.
You tried to protect coin from multipools when changed to scrypt-n algorythm... as i remember.

[AmericanComputerNerd]

Change difficulty drop rate, but leave difficulty raise rate. But this will change client...
When multipools will jump off the coin - the diff must be dropped slower than now.
You tried to protect coin from multipools when changed to scrypt-n algorythm... as i remember.

We have very fast difficulty adjustments so that the coin isn't taken advantage of by multipools.  However, when a multipool throws 100 mh/s at a network with only 25 mh/s they are going to earn the majority of the block rewards until the environment changes.  I can't think of a way to change this...

The KGW was introduced to ensure multipools didn't wreak havoc on our difficulty levels when they did hit our network.  Scrypt-N was introduced to mitigate risks associated with Scrypt ASIC's that were being reported to ship in Q3 of this year.

The last thing we need is another fork right now...  Unless we are certain that the changes will be effective.

[AmericanComputerNerd]

Hello out there!  I see trade activity and mining has picked up a little bit over the last few days.  Anyone have ideas on why?  It'd be nice to keep it going and build on it.

[Matory]

Happy 10 million SPT anniversary! Swiftly road to wonder future! 

[Desten]

Wow. And what it means?
Let's see. Oh. Price is 61 now. Crazy. Last time i watched it was near 150. Hmm...

[coin_star]

 ScryptN is just too hot and might do harm to GPU

[Desten]

coinmarketcap
367    Spots Spots    SPT    $ 2,719    $ 0.000264    10,284,913    Low Vol    -0.10 %    -7.32 %    -17.15 %

[Desten]

I've calculated real capitalisation of SPT.
It's 465.13$.
Till the end of buy orders there are 0.97653947 BTC worth of 6520572 SPT.
Now 0.97653947 at btce @476.3 is 465.13$.
Why are miners dumping? Mining 0.0001$/day? LOL ))

[AmericanComputerNerd]

It's a good coin that has been around for a long time.  It still serves it's purpose, as well.  I will randomly get orders for silver metal through the exchange.

As far as mining / trading for a profit, I think that the block reward not halving or phasing out has done a disservice to the coin.  But, I'm not a fan of forking it again...  It took weeks to get the exchanges back online after the last changes.

If we did fork it though, I would begin phasing out the block reward and change the algo...  Scrypt-N was a popular alternative to Scrypt when we forked the coin.  But, I do agree, it is very resource intensive compared to new alternatives.  We're also being mined by Scrypt-N multipools that are bouncing between 3 or 4 like coins.  Every time we start to increase in value, the multipools switch to us and drop us right back down...

[Desten]

So, until other 2-3 scrypt-n (that this multipools working with) coins are worth nothing spt will be at the floor according to this?
At cryptsy i see 726k for selling. Holders are waiting something or buy and forgot. Maybe there are still 1-3 biggest holders that are continue buying now (as few other coins that have very low liquidity). Buy for nothing then will make thousands of %%. When they will have a most of coins then drive it up crazy and drive bots and traders to the point they need. 10 month of falling. Didn't record statistics for a few month here but it can be interesting.

[AmericanComputerNerd]

So, until other 2-3 scrypt-n (that this multipools working with) coins are worth nothing spt will be at the floor according to this?
At cryptsy i see 726k for selling. Holders are waiting something or buy and forgot. Maybe there are still 1-3 biggest holders that are continue buying now (as few other coins that have very low liquidity). Buy for nothing then will make thousands of %%. When they will have a most of coins then drive it up crazy and drive bots and traders to the point they need. 10 month of falling. Didn't record statistics for a few month here but it can be interesting.

To answer your question, it's actually the opposite...  Until the other Scrypt-N coins are consistently more profitable to mine, the multipools see any increase in our value and switch to us and mine / dump until the value has been pulled from our economy.

In general, our value is falling at a rate (more or less) equal to the inflation.  48 new SPT are being introduced in to the market every 70 seconds.  This is putting downward pressure on the market at a steady rate.  It's the same problem with all PoW coins, and why you see more PoS coins now-a-days....

Normally, you could combat the inflation by using PR tactics / giving the coin a purpose / pushing to have it accepted for services / etc...  In this case, any attempt to raise the price is hit with a ceiling being caused by the Scrypt-N multipools.  Once we exceed the profitability of mining Execoin or Vertcoin, they switch to us and mine / dump until our value is diminished and one of the others is back on top.

[Desten]

OMG. Under "until other 2-3" i mean "while other 2-3"... English is not my native language but russian (and ukrainian, but now i wish to forget this, no more ukraine to me because all ukrainian symbolic etc are fascist now).

[MrData]

We can always go back to regular scrypt, even adjust the block rewards to a lower or halving algorithm.

[Desten]

go back to regular scrypt

then it will be beaten by multipools + ASICs...