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

[AmericanComputerNerd]

Desten - If you don't reply by later this afternoon, we'll have to move forward in another direction.  I appreciate your opinion, and don't want you to think it is being disregarded.  What you are proposing is complex, and I don't understand the benefit of doing it this way.

[Desten]

This algorythm will prevent sharp reward drops. And this of course will prevent situation when most of miners will out when "next" halving occurs. Decreasing of reward in this algorhytm will be semi-smooth and will better effect at mining and trading. And i don't think it's so hard to program such algo. Once i saw bitcoin source and read this reward halving block. That was a simple code. Adding some formulas will increase code by 10 lines maximum.

[AmericanComputerNerd]

This algorythm will prevent sharp reward drops. And this of course will prevent situation when most of miners will out when "next" halving occurs. Decreasing of reward in this algorhytm will be semi-smooth and will better effect at mining and trading. And i don't think it's so hard to program such algo. Once i saw bitcoin source and read this reward halving block. That was a simple code. Adding some formulas will increase code by 10 lines maximum.

I'm not suggesting it is hard to program.  MrData commented earlier that it was something he felt comfortable accomplishing.  I am suggesting that to explain it in the OP, and for SPT users to understand, it is complex to understand.

So, in general, what you are suggesting is that the block reward drop by 5 - 10% instead of 50%...  In this scenario you would do the reduction more frequently than your standard halving.  The goal being to not significantly change the mining / trading climate by drastically reducing the coins being placed in circulation.

 MrData - I don't think this makes a big difference either way.  I think Matory and I are comfortable with whatever is decided upon.  No one else has chimed in.  Please move forward how you feel most comfortable, since the majority of the work will fall on you.

[MrData]

What minimum reward do you want? (ie. so the reductions never take the reward below X amount.)
Edit: Also how long do you want before the hardfork should kick in?

[Matory]

What minimum reward do you want? (ie. so the reductions never take the reward below X amount.)

If halving every NNNNNN coin (f.e. 11 mill) mining take so time:
48 now - 1 year 2 month
48 > 24  ~1 year 1 months
24 > 12 ~2 years 2 months
12 > 6 ~4 years 4 month
6 > 3 ~8 years 9months (!!!! Really?)

Lifetime more 14 years! 

Below 3 coins per block seems to me uninteresting

[Desten]

Played a little with numbers and decided that good combination will be 0.95 (95%) of previous reward each 48k blocks with ceiling to 0.2. First graph is reward after block #, second graph is reward after passing of #days (beginning from reward 24spt/blk).
As you can see from this pics is that 12.2spt/blk (~half of 24spt/blk) will be at block #946'000, after 429 days from first 24spt/blk.
6spt/blk will be at block #1'858'000 - 971 days from first 24spt/blk.
And minimum block reward will start at block #2'386'000 after 1286 days from first 24spt/blk and will never decrease.
If you want .xls of this data - write me pm with your email, i'll send it.

[AmericanComputerNerd]

This is perfect, if it works for MrData...  I can just reference this chart in the OP and webpage.

Is this a new concept, or have other coins done it?  You should name it if it's a new concept.  Do you want to call it "smooth reward reduction"?

[MrData]

Ok, I've implemented an algorithm based closely on that formula. Block reward starting with 24 reducing by 5% every 48k blocks then rounded up to the nearest 0.25 SPT. Eventually bottoming out at a block reward of 4.5 SPT.

[Desten]

Is this a new concept, or have other coins done it?  You should name it if it's a new concept.  Do you want to call it "smooth reward reduction"?

Never seen this before and don't understand why noone did this before.
As you wish. You can call it as you wish.

Ok, I've implemented an algorithm based closely on that formula. Block reward starting with 24 reducing by 5% every 48k blocks then rounded up to the nearest 0.25 SPT. Eventually bottoming out at a block reward of 4.5 SPT.

With this params i have bottom at 4.75.

[MrData]

Is this a new concept, or have other coins done it?  You should name it if it's a new concept.  Do you want to call it "smooth reward reduction"?

Never seen this before and don't understand why noone did this before.
As you wish. You can call it as you wish.

Yeah, it's been done before; I can't seem to recall which coin I saw doing it though.

How far out do you guys want the hardfork to be? If you want to use a round number like block 230,000 that would be about 9 days from now and give people/exchanges/pools time to upgrade.

[AmericanComputerNerd]

Is this a new concept, or have other coins done it?  You should name it if it's a new concept.  Do you want to call it "smooth reward reduction"?

Never seen this before and don't understand why noone did this before.
As you wish. You can call it as you wish.

Yeah, it's been done before; I can't seem to recall which coin I saw doing it though.

How far out do you guys want the hardfork to be? If you want to use a round number like block 230,000 that would be about 9 days from now and give people/exchanges/pools time to upgrade.

That sounds good to me.  Maybe even a little further back, to give everyone ample time to upgrade.  I am having nightmare flashbacks to the last hard fork.  But, that was more of a "take over"...

[Matory]

Is this a new concept, or have other coins done it?  You should name it if it's a new concept.  Do you want to call it "smooth reward reduction"?

Never seen this before and don't understand why noone did this before.
As you wish. You can call it as you wish.

Yeah, it's been done before; I can't seem to recall which coin I saw doing it though.

How far out do you guys want the hardfork to be? If you want to use a round number like block 230,000 that would be about 9 days from now and give people/exchanges/pools time to upgrade.

That sounds good to me.  Maybe even a little further back, to give everyone ample time to upgrade.  I am having nightmare flashbacks to the last hard fork.  But, that was more of a "take over"...

9 days enough, if pools and exchanges will receive update soon.
I'll gouge Cryptsy support everyday!

[AmericanComputerNerd]

ANNOUNCEMENT -

As the cryptocurrency environment is constantly changing, any coin that hopes to be successful and have longevity must adapt to changing market conditions.  In the spirit of adapting to changing conditions, the development team is making the following changes, effective Sept. 19th.

Please see the OP for instructions to upgrade to the latest client and be prepared for the upcoming hard forks.

Change 1 -

Spots was originally designed to not have a block reward halving.  In reading some of the older archives, iGotSpots had made the assumption that the price would continue to raise indefinitely and thought that by not introducing a halving that the price could be made to stay static by keeping a steady amount of new coins coming in to circulation.  The goal with this was to keep a steady SPT / Silver or Gold price point over a long period of time.

What has happened, is that the demand for the coin has slowed because the altcoin market is simply flooded.  Now, a block reward that never phases out is placing downward pressure on a market that isn't able to combat it.  To solve for this, and still try to remain true to the original concepts, we are introducing a "smooth reward phase out".  The block reward will be reduced to 24 SPT at Block 230,000 and reduce by 5% every 48,000 blocks.  To ensure network security, the reward will never be less than 4.5 SPT.

Change 2 -

When our team took over Spots, there was a fear of Scrypt ASICs and how they would impact the marketplace.  We introduced a change to Scrypt-N, which has presented another set of problems.  In the Scrypt-N arena, we have seen significant downward pressure from multipools that have only a few Scrypt-N coins to compare against.  The mining software is also specialized and more difficult to use.

The feared "Scrypt ASIC invasion" wasn't as significant as we originally feared.  As a result of this, and other factors, Scrypt-N never gained mainstream popularity.  Reverting back to Scrypt places us in the same arena as many other popular altcoins like Litecoin, Dogecoin, Feathercoin, and more.  As such, we shall be reverting back to Scrypt effective Sept 19th at midnight GMT.

Over the next day, or so, I will release the links to the new version.  Thanks to all!

[AmericanComputerNerd]

OP / Webpage Updated!

New clients are here:
- Linux / Daemon Source (v2.0.0.2 Fork) - http://github.com/theSPT/spots2
- Windows QT (v2.0.0.2 Fork) - Click Here
- Mac QT (v2.0.0.2 Fork) - Click Here

[Desten]

Fine.
Please add .rar/.7z archive with winqt .exe (there is nothing to install but some people didn't like any unneeded actions in software, like me... i'm installing at main machine only software that can't run without full installation) If you have 3 minutes to pack all .exe/.dll

[nixon99]

OP / Webpage Updated!

New clients are here:
- Linux / Daemon Source (v2.0.0.2 Fork) - http://github.com/theSPT/spots2
- Windows QT (v2.0.0.2 Fork) - Click Here
- Mac QT (v2.0.0.2 Fork) - Click Here

Do I need to download a new wallet and just copy over my old wallet.dat file?  Is there a date I need to do this by?
Cheers

[Matory]

OP / Webpage Updated!

New clients are here:
- Linux / Daemon Source (v2.0.0.2 Fork) - http://github.com/theSPT/spots2
- Windows QT (v2.0.0.2 Fork) - Click Here
- Mac QT (v2.0.0.2 Fork) - Click Here

Do I need to download a new wallet and just copy over my old wallet.dat file?  Is there a date I need to do this by?
Cheers

Ye!
1. Take off you old wallet.
2. Copy wallet.dat to safe place.
3. Start new SPT wallet and wait while sync.
4. Enjoy!

[NineEleven]

Scrypt? Realy? another fork? Seriously?

I came to this coin when it changes to scryptN, and this is a huge mistake
this will make this coin just one more coin
If you really want  to avoid multipool , look ad DMD , that was a successfull fork , with a energy efeicient algo , or look a FTC/PXC  and neoscrypt , they are bulding their on solution

In the last weeks coins are recover the price , look at murraycoin, execoin,pxc  , even SPA is signaling some pump

another fork will kill this coin .

For me , i'm dumping all my coins and move on

I wish you the best off all luck.

best regards
Porfirio

[AmericanComputerNerd]

If we leave things as-is, we will continue on a steady decline...  The market has shown us that over the last several weeks.

The decision to revert back to Scrypt is not an easy one.  However, I think it is the right choice.  The newer algos are all experimental, and come with their own pro's and con's for each one.  The biggest con being that multipools compare coins in the same algo to determine which one is the most profitable to mine / dump.  Scrypt has the larget "sample" to choose from, which will give the coin some room to grow and increase in value.

I'm sorry you feel it is time for you to move on.  We wish you luck as well. 

[AmericanComputerNerd]

I'm starting to have second thoughts about moving forward with the fork.  The community has gone dark and I haven't heard anything back from Mullick @ Cryptsy regarding the client upgrade.

What do you guys think?  I'm not sure the coin can live through another fork, especially one that is slow to catch on...