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

[AidBit]

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.

Sorry, for taking a bit long to respond. We're deep into humanitarian works right now. I understand and agree with most said and I know our progress seems a bit slow. But considering that we are humanitarian oriented coin, this is quite understandable. Especially the reluctance of bigger exchanges to accept us. Therefore, we've decided to push our first humanitarian operation through, to spend the collected funds and show that we have no intention to scam anybody. This first humanitarian project will also serve as a marketing tool, trying to reach wider target audience. And our target audience doesn't really fit in the analysis above.

Regarding the algorithm in question; first when we designed the coin, vger wrote a special algorithm according to the Wright's Law (Moore's competitor) with higher reward at lower diff. In the end we've decided to make an algorithm that would shift from the usual pyramid scheme and make the coin interesting to later participants as well. I can assure you that as soon as the price rises, we will get our miners back but as long as we do not have enough investors, there is no need to rush.

Let's wait how the humanitarian project goes!

Thank you so much for you ideas,

AidBit

[vger888]

Just to keep you posted. We have finally decided on a humanitarian project and already sold humantiarian funds for BTC.
We will buy the goods (specifics are still a secret) in the store that accepts BTC, so everything will be as transparent as possible.

The official info and details will be posted on the day of handover, most likely early next week.
As soon as we get all the photo material, we will also notify local media.

Thank you,

Vger, lead dev, AidBit  

[broadsword]

was looking on OP couldn't find the max coins

[siliconchip]

really can't imagine AID could become a hit with an unlimited supply.

[vger888]

was looking on OP couldn't find the max coins

really can't imagine AID could become a hit with an unlimited supply.

There is NO unlimited supply. Block reward is gradually scaling on 12 month periods according to: ceil(8 * dDiff / (525600 + nHeight) * 525600)
(525600 blocks =~12 months). Actually supply should adjust to demand/profitability in line with difficulty.

Please check the Supply Chart:

www.aidbit.net/trading

V.

[vger888]

What's going on with c-cex.com? DDOS? Man, we really do need a reliable exchange! Cryptsy, Poloniex,... Cmon guyz, pls send a request or two.

https://cryptsy.freshdesk.com/support/tickets/new
https://poloniex.com/coinRequest

Thank you,

V.

[eeeeek]

Hi ... ten days since I moved all my coins to an address with just 1 input .... before i was at least getting like 10 AidBit every hour ... now it doesn't stake whatsoever ... it just uses the first address for staking (which is my mining wallet) and completely ignores the other two addresses which contain the bulk of my AidBit ...

Lost more then a month of stake already .... and seems I am going to have to move it again to an entirely different wallet to make the staking work and thus loose out on 7 more days :S

[vger888]

Hi ... ten days since I moved all my coins to an address with just 1 input .... before i was at least getting like 10 AidBit every hour ... now it doesn't stake whatsoever ... it just uses the first address for staking (which is my mining wallet) and completely ignores the other two addresses which contain the bulk of my AidBit ...

Lost more then a month of stake already .... and seems I am going to have to move it again to an entirely different wallet to make the staking work and thus loose out on 7 more days :S

I will try to replicate it, but on my end I haven't noticed anything similar. I wouldn't move the coins, I'd just leve the wallet to do its job. Are you sure you didn't miss it, it could've staked just once and burned all the coin age. For instance I've got 300k in one piece and the last reward it earned was 2510AID.

Will investigate it, though.

Thanks,

V.

[nickv]

hi, I can not sync. Lost all connections. Please tell IP working node.

[vger888]

hi, I can not sync. Lost all connections. Please tell IP working node.

Try to delete peers.dat file in %appdata%/AidBit. Main nodes are hardcoded in the wallet, no need to input them manually.

Regards,

V.

[eeeeek]

Hi ... ten days since I moved all my coins to an address with just 1 input .... before i was at least getting like 10 AidBit every hour ... now it doesn't stake whatsoever ... it just uses the first address for staking (which is my mining wallet) and completely ignores the other two addresses which contain the bulk of my AidBit ...

Lost more then a month of stake already .... and seems I am going to have to move it again to an entirely different wallet to make the staking work and thus loose out on 7 more days :S

I will try to replicate it, but on my end I haven't noticed anything similar. I wouldn't move the coins, I'd just leve the wallet to do its job. Are you sure you didn't miss it, it could've staked just once and burned all the coin age. For instance I've got 300k in one piece and the last reward it earned was 2510AID.

Will investigate it, though.

Thanks,

V.

Nope .. double checked my transaction logs ... it only used the 4K I had in my mine wallet (with 23 inputs) to stake and that gave me 20 AID, staking completely ignored my stake wallet (320K, 1 input) and swap wallet (2 inputs at that time) .. I just created a new wallet on another box and moved the sum I intend to use for staking there ... lets see in 7 more days again.

[St.Neman]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

[AidBit]

kei.aidbit.net will be down for maintenance (relocation) as soon as all mined blocks are payed out (in ~8 hours).
Please use maya.aidbit.net:3032, felix.aidbit.net:3032 or any of third party pools.

Thank you for your understanding,

AidBit

[HR]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

What's your kWh cost?

The U.S. average is 0.1305 USD. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a That would give you a daily electricity cost of $2.73 USD.

[St.Neman]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

What's your kWh cost?

The U.S. average is 0.1305 USD. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a That would give you a daily electricity cost of $2.73 USD.

1.12$/day / (0,87kW * 24h) = 0.0536$ / kWh
average electricity cost is about 0.054$/kWh if I have <1600kWh for month

[pallas]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

What's your kWh cost?

The U.S. average is 0.1305 USD. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a That would give you a daily electricity cost of $2.73 USD.

1.12$/day / (0,87kW * 24h) = 0.0536$ / kWh
average electricity cost is about 0.054$/kWh if I have <1600kWh for month

Could I ask you in which country you live?
That's crazy cheap electricity, I'm envious! :-)

[St.Neman]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

What's your kWh cost?

The U.S. average is 0.1305 USD. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a That would give you a daily electricity cost of $2.73 USD.

1.12$/day / (0,87kW * 24h) = 0.0536$ / kWh
average electricity cost is about 0.054$/kWh if I have <1600kWh for month

Could I ask you in which country you live?
That's crazy cheap electricity, I'm envious! :-)

in first three month this year i had about 50$ daily with 13gpu's and now mining is nonsense....
don't be envious....
i'm from Serbia, Europe

[HR]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

What's your kWh cost?

The U.S. average is 0.1305 USD. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a That would give you a daily electricity cost of $2.73 USD.

1.12$/day / (0,87kW * 24h) = 0.0536$ / kWh
average electricity cost is about 0.054$/kWh if I have <1600kWh for month

Could I ask you in which country you live?
That's crazy cheap electricity, I'm envious! :-)

in first three month this year i had about 50$ daily with 13gpu's and now mining is nonsense....
don't be envious....
i'm from Serbia, Europe

Wow, it's true . . . almost. You've got to add VAT (sales tax for Americans) and then convert Euros to USD though. Real USD cost is somewhere around $0.083

That's still cheap. The "lowest in the region and Europe". http://serbia-energy.eu/serbia-new-electricity-prices-for-households-and-industrial-consumers/

[vger888]

Moments ago the EMC2 board adopted the measure to move forward with plans to be involved with the Ebola project.   The extent of our involvement is contingent on our own community's commitment to the endeavor as well as the various levels of commitment other communities are expected to pledge.

Our board has approved leadership resources, social networking resources, and 1 Million EMC2 coins for the effort; these are all minimums; its important to note that since the endeavor is far larger than all of our previous endeavors we are seeking community ratification.  The project requires strategic partners, not just for currency but for leadership and volunteers as well.

An exploratory committee made up of representatives of each of the involved cause coin will determine if they move forward to take on the project and if so the scope of the project, what the respective communities could be expected to responsibly pledge, and the best way to address the goals of the project.  

Currently two coins are committed to the effort: EMC2 and WorldAidCoin.  

If anyone from Aidbit is interested in representing this coin in this endeavor please let me know.  

Hey, sorry for the late answer. We'll look into it as soon as we finish our humanitarian operation. Couple of days max.

Thanks,

V.

[St.Neman]

4gpu 280x = 69Mhs = about 7000AID x 0.00000086 = 0.00602 BTC/daily

(power consumption 870W/h)

0,00602BTC = 2,35$/daily
electricity = 1,12$/daily

2,35$ - 1,12$ = 1,23$/daily

What's your kWh cost?

The U.S. average is 0.1305 USD. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm?t=epmt_5_6_a That would give you a daily electricity cost of $2.73 USD.

1.12$/day / (0,87kW * 24h) = 0.0536$ / kWh
average electricity cost is about 0.054$/kWh if I have <1600kWh for month

Could I ask you in which country you live?
That's crazy cheap electricity, I'm envious! :-)

in first three month this year i had about 50$ daily with 13gpu's and now mining is nonsense....
don't be envious....
i'm from Serbia, Europe

Wow, it's true . . . almost. You've got to add VAT (sales tax for Americans) and then convert Euros to USD though. Real USD cost is somewhere around $0.083

That's still cheap. The "lowest in the region and Europe". http://serbia-energy.eu/serbia-new-electricity-prices-for-households-and-industrial-consumers/

I am on industrial electricity then no "VAT" for me!
I pay monthly bill orderly !