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Author Topic: BTCD is no more  (Read 1315188 times)
jeezy
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August 14, 2014, 06:19:16 AM
 #3441


That's really cool. Looking forward to all the new features to come. Keep up the good work James!
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August 14, 2014, 07:07:55 AM
 #3442


That's really cool. Looking forward to all the new features to come. Keep up the good work James!

very nice read indeed.

I hope we get past these "bitcoin is going to die" talks since it's causing heavy downtrend on altcoins too. Of course there are a lot going on behind the scenes but overall there is very negative atmosphere around the bitcoin.

I believe btcd is still better gain in long-term than shorting btc at the moment. Progress has been faster than expected and some big sells has been happening recently so there are even less coins up for graps if the bitcoin starts the ascent. (provided that weakhands sold to proper bitcoindark holder Smiley)

I know you are busy James but any thoughts to share about this matter? What is the rest of the community thinking?

My point is to assure investors that shorting might not be a better option in long-term.
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August 14, 2014, 07:14:12 AM
 #3443

I think BTC will see a resurgence once the wider community realizes the impact Teleport will have by turning BTC dark!
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August 14, 2014, 07:14:26 AM
 #3444

We are making some very fundamental changes to the BTCD core, these are changes that I doubt any existing coin will ever make. What this means is that BTCD will have a permanent advantage as to being the most efficient currency to Teleport. For all other coins, teleporting will also incur fees, which means that over the years (yes years), the overall teleport volumes for BTCD will keep rising. And the value of BTCD would also increase as more and more of it gets stored in long term telepods.

So, the future is quite bright for BTCD!

Now some people have asked me about the role of NXT in this. NXT can be thought of as the CPU, certainly a vital part of the computer, but what good is a CPU by itself? BTCD will be the brand, the entire user experience, network, and inside will be NXT. The only way I have been able to get so much tech done is by building on top of what already exists. Reinventing stuff that is already there is just a waste of time. NXT has a great 2.0 crypto feature set and dozens of devs continually improving it, so without much effort BTCD will get the benefit of all these improvements.

Now, a lot of you probably dont quite understand how assets work. It is quite a new sort of thing and it is a bit like shares in a company, not that there is an actual company, but that is the closest way to think about InstantDEX, NXTprivacy, etc. These are assets that were issued in NXT Asset Exchange, but other than the 1 NXT txfee when you trade it, it is pretty independent of NXT itself. To use the features of NXT, there will be the txfee to pay, though it is supposed to drop to 0.1 NXT in a few months. For most things its not really a big deal, but for trading, it is not so good to be charged each time you change your bid. That is why InstantDEX will only charge when there is a trade completed. A key point to realize is that InstantDEX will support direct wallet to wallet trading and in this case it wont need to use NXT at all.

I am solving a very big problem and piecing together a system out of the best components possible. Again back to the computer analogy, you want the best CPU, the best hard drive, the best RAM, the best monitor, the best power supply, etc. One weak link and it could make the whole computer not work. I view BTCD as not just any component, but the entire perfect system. So, I am routing revenue sharing from InstantDEX and NXTprivacy not to NXT holders, but to BTCD stakers. I own quite a larger percentage of BTCD than I do of NXT as I was pretty late in discovering NXT. My various assets, I view as components to the system and I will work to make them as good as possible.

crypto is very complicated and we need to make it simple for the mass market to use it, think Apple computer. They also have Intel CPU inside, but that is not much of a factor as far as customers are concerned, and their iPhone and other devices dont even have Intel compatible CPU, the Apple brand has transcended the CPU.

BTCD is rare, very rare by crypto standards and it will have a fundamental advantage as the contents of telepods. It will also be getting revenue sharing from my assets. At first this wont be that big of a factor, but over time it will become more and more important, this is why it is important to build as big of a network as possible. The more people using the network, the more people are discovering BTCD and the more fees are being generated. I think NXT will benefit to some degree to, but since it is so much bigger than BTCD, the relative impact will be minor. I am hoping that my assets will do quite nicely and I would like to offer some amounts of NXTprivacy to the bounty pool. I want to keep my BTCD Smiley

One problem with BTCD is that the coin creators didnt set aside enough, the launch was too fair. So now we are lacking funds to pay for all the things we need and to reward the volunteers working on all the different parts of BTCD. I will match all BTCD raised for donations with an equal market value of NXTprivacy. Unfortunately, I dont have that much InstantDEX left. So while NXTprivacy isnt BTCD itself, it will be a key component of the overall system. I doubt it will do as good as BTCD itself, but at least this doubles the current value of the funds raised. With all the things we have in progress, BTCD can easily go up tenfold from where it is now. I would be totally surprised if NXTprivacy goes up fivefold, so the profit potential for BTCD is quite a bit better, as well it should be, since it is the entire system and not just a component.

James

P.S. No buying panic! Just wait for the WH to sell below market price

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
bitkokos
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August 14, 2014, 07:42:59 AM
 #3445

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

O_o
Azeh
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August 14, 2014, 08:41:22 AM
 #3446

Donation Update!

459.359 BTCD received

In a recent development, James has reiterated the importance of funding for development and has offered to provide matching BTCD donations with NXTprivacy.

Keep those donations rolling in!  They will be put to good use.

Thanks
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August 14, 2014, 08:56:41 AM
Last edit: August 14, 2014, 09:10:30 AM by valarmg
 #3447

The only concern I have about BTCD is the 5% staking inflation. Short term, that doesn't matter much, but long term it seems high and will put a constant downward pressure on prices. Why was 5% chosen? 2% sounds a much better figure to me. (Or 5% initially, falling to 2% longterm). Any thoughts or is the 5% set in stone?
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August 14, 2014, 09:00:21 AM
 #3448

I don't know how to help, just donate 5 out of 16 BTCD for the coin development.
TxID:
ded3afd372a2fab73285f63fd22383b2842381bc3457607e852675b74a32e85a-000
IceColdTommy
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August 14, 2014, 09:03:59 AM
 #3449

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own
jl777
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August 14, 2014, 09:10:51 AM
 #3450

The only concern I have about BTCD is the 5% staking inflation. Short term, that doesn't matter much, but long term it seems high and will put a constant downward pressure on prices. Why was 5% chosen? 2% sounds a much better figure to me.
I wasnt around when this was decided, but
The actual figure is closer to 4%, so it is about 100 coins per day, even with compounding it will take decades to get to 10 million coins, I think around 60 years to reach the max

so for practical purposes, since the base is so small, 1.2 mil, the number of coins over the critical next three years is 1.2 to 1.3 million
I think this rate of inflation is less than bitcoin is now after 5+ years, with a few more years before the inflation is about the same

One of the cool thinks about BTCD is that the staking actually provides meaningful income. While at current prices the staking income wont be that much, as the value of BTCD rises, the staking could provide a permanent funding for anybody who was smart enough to buy a big enough stake.

James

P.S. Longer term, we will need all the BTCD the staking will create if only to compensate for BTCD in cold storage telepods


http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
bitkokos
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August 14, 2014, 09:34:18 AM
 #3451

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

an R9-280X by gigabyte

O_o
valarmg
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August 14, 2014, 09:42:35 AM
Last edit: August 14, 2014, 10:28:39 AM by valarmg
 #3452

The only concern I have about BTCD is the 5% staking inflation. Short term, that doesn't matter much, but long term it seems high and will put a constant downward pressure on prices. Why was 5% chosen? 2% sounds a much better figure to me.
I wasnt around when this was decided, but
The actual figure is closer to 4%, so it is about 100 coins per day, even with compounding it will take decades to get to 10 million coins, I think around 60 years to reach the max

so for practical purposes, since the base is so small, 1.2 mil, the number of coins over the critical next three years is 1.2 to 1.3 million
I think this rate of inflation is less than bitcoin is now after 5+ years, with a few more years before the inflation is about the same

One of the cool thinks about BTCD is that the staking actually provides meaningful income. While at current prices the staking income wont be that much, as the value of BTCD rises, the staking could provide a permanent funding for anybody who was smart enough to buy a big enough stake.

James

P.S. Longer term, we will need all the BTCD the staking will create if only to compensate for BTCD in cold storage telepods

Without coin inflation, more BTCD in cold storage telepods means more scarcity and higher prices. I don't see a problem with that Smiley.

Is there a maximum number of coins hardcoded?

One of the things people love about bitcoin is the fixed supply. There will only ever be 21million. The more extra coins being added, the harder a coin has to hold its value (see Dogecoin, Mintcoin). From this point of view, 5% in perpetuity seems large. I'm thinking longterm here, as in 5, 10, 100 years down the line. Things can't be changed when a coin has matured, but perhaps it can now at this early stage. (If it can't then there's no much point in this discussion; if it can then maybe a poll?)

I'm imagining a world with BTCD as the main world currency. At 5% a year, the price of BTCD will continually go down. At 5% a year, it'll often be better for investors to hold their money rather than spend it, killing investment. 2%, though, is considered the best case inflation for modern economies. 2% will allow BTCD to be staked/saved for a reasonable return, but will also encourage spending/investment.

I realize that hardly anyone is thinking that far ahead, but the better thought out a coin is, the better its chance of success. Some economists dismiss bitcoin because of longterm deflation and could favor a 2% inflation coin. I know from an altcoin investment point of view, I'm more interested in coins with less inflation--I think some people could dismiss a 5% inflation coin out of hand just from that one fact.

Edit: used the 5% figure rather than 4% because that's what it says in the OP. Is the % fixed or does it vary based on how many people are staking?
bitkokos
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August 14, 2014, 10:22:35 AM
 #3453

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

an R9-280X by gigabyte

What do I have to put in the red part?


O_o
IceColdTommy
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August 14, 2014, 10:24:35 AM
 #3454

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

an R9-280X by gigabyte

What do I have to put in the red part?


either darkcoin or x11mod depends which kernel files you have
bitkokos
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August 14, 2014, 10:46:25 AM
 #3455

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

an R9-280X by gigabyte

What do I have to put in the red part?


either darkcoin or x11mod depends which kernel files you have

I have this in sgminer
sgminer -k x11mod  -o stratum+tcp://stratum.nicehash.com:3336 -u btcaddress here - p x I 18

sgminer shows like it's hashing at 3mh/s but it submits nothing.
nicehash shows 0mh for this worker

I have tried -k darkcoin instead of -k x11mod but same thing happens with lower hashrate.
PS I am on windows 7

O_o
IceColdTommy
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August 14, 2014, 10:55:23 AM
 #3456

I would like a little help mining btcd in bitcoindark.net multipool.
I have one small SHA256 miner and one 1.3mh/s scrypt miner pointed there.
Now I want to use a GPU to mine with X11 algo.
I have never mined anything else other than SHA256 and Scrypt so I need some help with X11.

First I know I must get sgminer.

What do I have to use for BTCD mining?
https://bitcointalk.org/index.php?topic=475795.0;all

If I want to mine BTCD in multipool with scrypt on a GPU I can write
cgminer --scrypt  -o stratum+tcp://stratum.nicehash.com:3333 -u BTCAddresshere -p x -I 15 -g 2 -w 128 --thread-concurrency 3048

how about sgminer?
Also, do I need any special version of sgminer or I can just use the latest?

thanks

you can download latest miner here
https://nicehash.com/software/

algo for x11 mining is x11mod

what kind of gpu you own

an R9-280X by gigabyte

What do I have to put in the red part?


either darkcoin or x11mod depends which kernel files you have

I have this in sgminer
sgminer -k x11mod  -o stratum+tcp://stratum.nicehash.com:3336 -u btcaddress here - p x I 18

sgminer shows like it's hashing at 3mh/s but it submits nothing.
nicehash shows 0mh for this worker

I have tried -k darkcoin instead of -k x11mod but same thing happens with lower hashrate.
PS I am on windows 7

are you getting any hardware errors?
bitkokos
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August 14, 2014, 11:03:49 AM
 #3457

at the beginning I put a wrong port. 3333 instead of 3336.
I saw I had to wait for a few minutes after starting sgminer.

now it's hashing and submitting shares at 3mh. I think It can go to 4mh/s somehow

O_o
IceColdTommy
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August 14, 2014, 11:07:52 AM
 #3458

at the beginning I put a wrong port. 3333 instead of 3336.
I saw I had to wait for a few minutes after starting sgminer.

now it's hashing and submitting shares at 3mh. I think It can go to 4mh/s somehow
i am currently of my pc but as soon as i get back i can send you a conf file so you can improve hashrate
bitkokos
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August 14, 2014, 12:27:50 PM
 #3459

at the beginning I put a wrong port. 3333 instead of 3336.
I saw I had to wait for a few minutes after starting sgminer.

now it's hashing and submitting shares at 3mh. I think It can go to 4mh/s somehow
i am currently of my pc but as soon as i get back i can send you a conf file so you can improve hashrate

For the moment I am trying X11 for testing purposes.
Electricity is too expensive here so I will only mine for a few hours to see how is the total profitability over scrypt.
Wattage dropped from 410watts (Scrypt) to 265 (x11)

O_o
IceColdTommy
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August 14, 2014, 12:30:43 PM
 #3460

at the beginning I put a wrong port. 3333 instead of 3336.
I saw I had to wait for a few minutes after starting sgminer.

now it's hashing and submitting shares at 3mh. I think It can go to 4mh/s somehow
i am currently of my pc but as soon as i get back i can send you a conf file so you can improve hashrate

For the moment I am trying X11 for testing purposes.
Electricity is too expensive here so I will only mine for a few hours to see how is the total profitability over scrypt.
Wattage dropped from 410watts (Scrypt) to 265 (x11)
x11 uses less power than scrypt and as for profitability curently scrypt is 0.3580 BTC/GH/Day and x11 0.1842 BTC/GH/Day
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