[ANN][AID] AidBit | Digital-currency redefined | POW/POS | Groestl | Charity

[vger888]

Well, coin control is indeed working nicely (when I keep the total amount of bytes below 100.000) and I am in currently the process of moving all around (bitchjob, but if I can stake for my full amount well worth it) ...  any reason for that 100Kb border by the way?

(This does explain some other issues I had with other coins I mined for a longer period; with Myriad for example I could not send more then ~ 100K , so I guess it's common behaviour)

For anyone else who is moving coins by coin control:  the sweet spot seems to be 675 inputs

100,000 bytes transaction size limit is a rule implemented by Bitcoin and most of the coins decided to keep it.
I'll do a bit of a research to see if we need to keep it.

Thanks,

V.

[1715573369]

1715573369

[1715573369]

1715573369

[AidBit]

NEWS:

We'd like to inform you - the community on the main ongoing operations:

1. AidBit's Forum is getting the final touches
2. Client and mining tools optimization
3. We began contacting humanitarian organizations around the world
4. We're reviewing options for our first humanitarian project

Thank you for your trust,

AidBit

[SimkoMiner]

It's good to see that there is some trading activity on CCEX for this coin. So it's not yet dead. I'm holding strong and hope one day this coin will reach at least earth orbit.

[virgojeep]

We should try to get our coin recognized by this site https://openbazaar.org/ to boost it's brand image. Maybe even set up a shop for our humanitarian stuff if thats possible.

[bitcurrenty]

No deflation,price will continue to go down 

[SimkoMiner]

Or up.

[vetzdog]

lol ... you must be joking 0.00000003 p/AID

[vger888]

lol ... you must be joking 0.00000003 p/AID

Oh, vetzdog where have you been, we've almost missed you!

[virgojeep]

We should add Tor to Aidbit to give it next gen anonymity. I've been following a coin called Sonic that has TOR built in and something they call Vortex for simplified anonymity. IMO it has the best second gen tech of most alt coins today because its simple and uses tech that most people know and trust.

[Semedisenape]

Poloniex Coin Request
Your coin request has been recorded and will be reviewed by Poloniex staff. Thank you. Please only submit this form once per user per coin.

[vger888]

I've received a request to fix one guys corrupted wallet.dat.
Please take care to backup your wallets or export your private keys.

Curently I'm working on a tool to simplify the recovery process.

Regards,

V.

[AidBit]

Poloniex Coin Request
Your coin request has been recorded and will be reviewed by Poloniex staff. Thank you. Please only submit this form once per user per coin.

Thank you!

[vger888]

We should add Tor to Aidbit to give it next gen anonymity. I've been following a coin called Sonic that has TOR built in and something they call Vortex for simplified anonymity. IMO it has the best second gen tech of most alt coins today because its simple and uses tech that most people know and trust.

The concept is good, of course but I think we need to work on transparency and not on anonymity. There's plenty of other coins swimming towards the "murky waters" and I really don't think we should follow.  

Cheers,

V.

[HR]

I've come to the conclusion that AltCoins in general are dying. There's no denying the fact that the number of miners (not hashrates, thanks to hugely centralized ASIC mining in particular) has decreased at a staggering rate. Otherwise, how can we explain that there has been virtually no new material generated with respect to mining hardware for months now? That's just to name the most prominent example of evidence for the mass exodus of miners over recent months. Another, less evident, but just as informative example is the drop-off in BitCoinTalk activity. Where are all the miners talking about new mining software, their optimized configurations, and mining comparisons? Indeed, they haven't vanished completely, but the level of activity pales in comparison to late 2013 and early 2014.

If there is no participation, then there is no widely distributed user base, and the AltCoin without a widely distributed user base is a big ZERO.

I'm of the opinion that if an AltCoin wants to survive long term, it has no other choice but to address this dwindling user base issue. A strategy to bring new users, in this case miners, or to put it another way, EARLY ADOPTERS, to the coin has got to be the most important and pressing goal. Every effort must be made to first bring existing miners from other, dying, coins to your coin, and, secondly, to bring in 'new blood'.

How can that be achieved? I'm terribly sorry to say that I don't have a magic wand and I don't have the answer, but this is where the task begins. Devs and the community, as a group, need to develop a coherent strategy to bring people to AID. I have no doubt what-so-ever about this. AID has got to attract early adopters, and has got to do it now. This starts with an answer as to how this can be achieved. We've got to ask the question and find the answer.

I would only add that as of today, the only effective way to get people mining your coin is with the carrot, that is to say, with mining rewards. The only coins with activity of note are those with handsome mining rewards. However, this is a two edged sword. DOGE did it too fast, and now they are 'out of gas'. Their predicament was so bad that they had their backs to the wall and were forced to merge mining with LTC. By going too fast, DOGE has relegated itself to status of perpetual niche 'tipping' coin, forever, if they're lucky enough to even get that. Incredibly, in spite of the recent surge resulting from their merge mining fork, DOGE is still UNPROFITABLE even for ASIC miners!

On the other hand, going too slow can mean that you never get off the ground. This is my fear for AID. The idea is great - long term stability with no pump and dump - but have we shifted too far to the opposite extreme? With average diffs of 3 or 4 generating block rewards of 40 to 60, only the diehards are going to mine, and regardless of how easy it is, no new miners are going to be knocking at your door. That's great for scarcity, but if the scarcity of users is just as scarce, what good is that scarcity? The official pools only have a combined hashrate of around 250 MH, and the third party pools are dead (ATM). At this rate, total money supply will never even get to 50 million. This needs to be, first, recognized, and, second, addressed, or it will be a gentle into that good night (IMVHO).

My suggestion, and this is just to throw something out for debate, would be to invert the block reward scheme. The exact opposite: the lower the diff, the higher the reward. My second suggestion would be to look at the most profitable coins' payouts and up the reward to diff ratio to match those most profitable coins. The idea is to get on par with the most talked about, most mined, most everything, coins. The question is how to get there, and, well, that's how I see things and those are a couple of ideas that have come to my mind.

[pallas]

block reward by itself doesn't mean much.
what really matters is block reward * btc change.
i.e. you need buyers.

[virgojeep]

BTC is getting ready to break out so we should position ourselves to make the best of that situation. Maybe we should peg ourselves to the value of btc and get on a chinese exchange. That would at least make people aware of our existence when the value of btc goes back up. I still suggest BTC38 if thats possible and a peg of .003 btc per Aidbit.

[vger888]

BTC is getting ready to break out so we should position ourselves to make the best of that situation. Maybe we should peg ourselves to the value of btc and get on a chinese exchange. That would at least make people aware of our existence when the value of btc goes back up. I still suggest BTC38 if thats possible and a peg of .003 btc per Aidbit.

I've just sent the request to BTC38. Thanks for the suggestion.

V.

[loadist]

@vger888
You're awesome!

My AID coins are looking back. Thank you very much! 

[vger888]

@vger888
You're awesome!

My AID coins are looking back. Thank you very much! 

You're very welcome.

V.

[HR]

BTC is getting ready to break out so we should position ourselves to make the best of that situation. Maybe we should peg ourselves to the value of btc and get on a chinese exchange. That would at least make people aware of our existence when the value of btc goes back up. I still suggest BTC38 if thats possible and a peg of .003 btc per Aidbit.

That's a pretty good peg. I was thinking that if the block subsidy algorithm were inverted, it would take some serious number crunching to derive an 'equilibrium' reward number around which the reward would either increase or decrease. That would take some serious analysis indeed as it would directly affect network hashrate and profitability: you need a very precise number that neither causes super profitability (attracting everybody and their brother) or the opposite (driving everyone away), and that, as much as possible, also decreases volatility and leads to a stable steadily rising user base.

I think the same analysis needs to be done with deriving a peg. .003 would have everyone on AID, but for how long? And what would that miner's average profile look like? And this, of course, assumes that a peg would be honored and that a 'black market' would not arise. A realistic peg would be an absolute necessity, and I think it's probably going to take some serious thinking. What network hashrate would we really like to shoot for? What would be feasible? What would be reasonable to expect. 6 GH? More? Do we really want to press the envelop in search of as many new early adopters as we possibly can? 12 GH? Or less? A sustained network hashrate of 6 GH would lead to 1 billion or so AID by 2024. That would be a theoretical peg of .021! A real .003 peg would assume an average sustained network hashrate of 42 GH. That's ambitious, but not at all impossible.

Most importantly though, is the fact that the money supply has got to be there, if not, it's dead in the water; the rewards have to be there to begin with (with or without present buyers), or it just ain't getting off the ground (in my very humble opinion).